iShares US Large Cap Max Buffer Mar UCITS ETFIndex, costs, backtest, listings and taxation

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The Fund is actively managed and aims to reflect the price return of US large cap equities represented by the S&P 500 Index (the "Index") up to an approximate cap on positive performance of the Index (the “Upside Cap”) whilst seeking to provide a level of downside protection against negative performance of the Index (the “Approximate Buffer”) when shares are held from the beginning to the end of a specified one year outcome period (the “Outcome Period”). The Approximate Buffer aims to protect against approximately 100% of the Index’s downside performance where shares are held for an entire Outcome Period. The performance of the Fund is subject to the Upside Cap which is an approximate cap on the positive performance of the Fund in respect of an Outcome Period. A new Upside Cap and Approximate Buffer will be set for each Outcome Period and will vary from one Outcome Period to the next. The Approximate Buffer and Upside Cap (and the Fund’s position relative to each during an Outcome Period) should be considered before investing in this Fund (see the Fund’s website). To achieve the target outcomes sought by the Fund for an Outcome Period, an investor must hold shares in the Fund for that entire Outcome Period. Investors who invest during an Outcome Period or sell their shares prior to the end of an Outcome Period may experience very different results than the Fund’s investment objective. In order to achieve its investment objective, the Fund will invest in financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). In particular in unfunded total return swaps which seek to deliver the performance of the Index and listed options in order to implement the Approximate Buffer and Upside Cap. 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 Investment Manager (the "IM") has discretion to select the Fund’s investments. The IM is not bound by the components or weighting of the Index when selecting investments. The Index should be used by investors to compare the performance of the Fund, although the implementation of the Approximate Buffer and the Upside Cap means that the performance of the Fund may differ significantly from the Index. Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index.

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Your shares will be accumulating shares (i.e. income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency. 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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