iShares

Liquidity

When it comes to trading, iShares offers two types of advantages. First, as part of BlackRock, an investment management firm with $3.513 trillion in assets under management*, iShares benefits from significant economies of scale and the access to market participants that come with being a visible market presence and a driver of large trading volumes. Investors can benefit from the ETF creation and redemption process, which allows an investor, through Authorized Participants, to theoretically create or redeem a large number of shares, therefore giving them access to significant market depth. Second, BlackRock has invested heavily in proprietary analytics to evaluate trade execution performance and constantly strives to minimize these costs in seeking to preserve more of an investor's total return.

*As of December 31, 2011.

Carefully consider the iShares Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses, which may be obtained by calling 1-800-iShares (1-800-474-2737), or by viewing or downloading a prospectus. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Buying and selling shares of iShares Funds will result in brokerage commissions. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.

Shares of the iShares Funds may be sold throughout the day on the exchange through any brokerage account. However, shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units.

The iShares Funds ("Funds") are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

© 2000-2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

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