iShares Defense Industrials and Tech Active ETF IDEF Strategy

The investment seeks to maximize total return by investing in companies that fund management believes are well-positioned to benefit from increased global defense and security spending. Under normal market conditions, the fund invests at least 80% of its net assets plus any borrowings for investment purposes in equity securities issued by U.S. and non‑U.S. defense and related industrials companies and technology companies and in derivatives that provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The fund is non-diversified.