iShares € AAA CLO Active UCITS ETFIndex, costs, backtest, listings and taxation

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The Fund is not suitable for retail investors unless the investor in question qualifies as an "advanced investor" as prescribed by the European MiFID Template (EMT), being an investor who has good knowledge of relevant financial products and transactions and/or has financial industry experience or whose investment is accompanied by professional investment advice or included in a discretionary portfolio service.

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The Fund is actively managed and aims to provide a total return, comprising income and capital, by investing in a portfolio predominantly of Euro-denominated AAA-rated collateralized loan obligations (CLOs). The Fund will invest a minimum of 80% in AAA-rated CLOs and may invest up to 20% in tranches of CLOs rated at least A-. The Fund will also invest in accordance with its ESG Policy as outlined in the Fund’s prospectus. 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) such as futures, forward contracts and swap contracts (including total return swaps) for direct investment purposes or for efficient portfolio management purposes. CLO securities may be downgraded even when they are highly rated and may experience losses particularly in stressed market conditions. The Fund is actively managed and the IM has discretion to select the Fund’s investments without reference to a benchmark. Investors may use the J.P. Morgan Euro CLOIE AAA Index to compare the performance of the Fund.

The price of fixed income securities may be affected by changing interest rates which in turn may affect the value of your investment. Fixed income securities prices move inversely to interest rates. Therefore, the market value of fixed income securities may decrease as interest rates increase. The credit rating of an issuing entity will generally affect the yield that can be earned on fixed income securities; the better the credit rating the smaller the yield. The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.

The return on your investment in the Fund is directly related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).

The depositary of the Fund is State Street Custodial Services (Ireland) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares II plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.

Your shares will be distributing shares (i.e. income will be paid on the shares quarterly). Your shares will be denominated in Euro, the Fund's base currency. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites. Intended investor: The Fund is not suitable for retail investors unless the investor in question qualifies as an "advanced investor" as prescribed by the European MiFID Template (EMT), being an investor who has good knowledge of relevant financial products and transactions and/or has financial industry experience or whose investment is accompanied by professional investment advice or included in a discretionary portfolio service.

Insurance benefits:The Fund does not offer any insurance benefits.

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Dividends