iShares U.S. Equity High Income Active UCITS ETF EUR HedgedIndex, costs, backtest, listings and taxation

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The Fund is actively managed and aims to generate income and capital growth with lower volatility than the broader US equity market. In normal market conditions, the Fund will invest at least 80% of its total assets in the equity and equity-related instruments (namely, call options, futures and swaps) of large capitalisation companies domiciled in, listed in, or the main business of which is in, the United States of America.

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The Fund will also invest in accordance with its ESG Policy as outlined in the Fund’s prospectus. In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection and further the Fund will sell call options and buy futures on a large U.S. large capitalisation equity index to generate income. The investment manager (IM) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The Fund is actively managed, and the IM has discretion to select the Fund’s investments. In doing so may take into consideration the S&P 500 Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IM is not bound by the components or weighting of the Index when selecting investments. The IM may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. Recommendation: This Fund is not suitable for short term investment.

Your shares will be accumulating shares (i.e. income will be included in their value). The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference. Your shares will be hedged with the aim of reducing the effect of exchange rate fluctuations between the denominated currency of the shares and the Fund’s underlying portfolio currencies or the Fund’s base currency. FDIs, including FX forward contracts, will be used for currency hedging purposes. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares. Please see the prospectus for further details. The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded. Indicative net asset value is published on relevant stock exchanges websites.

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