NAIC-DESIGNATED BOND
& PREFERRED STOCK
ETFs

Tools for insurers

BlackRock offers a comprehensive range of iShares ETFs with
National Association of Insurance Commissioners (“NAIC”)
Designations to help insurance companies meet their generalaccount investment needs.
NAIC-designated bond ETFsiShares bond ETFs can provide
help insurers by allowing:
the benefits of:• More favorable risk-based capital(RBC) requirements treatment.
• Them to consider ETFs to be “long-term bondissuer obligations“ as opposed to “commonstock” on statutory (Schedule D) filings.
• Favorable accounting treatment throughthe election of systematic value.

• Simplicity — Gain diversified access to broad
and targeted bond exposures in a singletrade.
• Liquidity — On-exchange trading of bond ETFs
is independent of the cash bond market and canact as an additional source of liquidity.
• Efficiency — Compared to transacting inindividual bonds, bond ETFs can offer
significant trade cost savings.

iShares bond ETFs on the NAIC’s SVO-Identified Bond ETF List
Multi-Sector
Fund NameTicker

NAIC Designation

Designation dateiShares Core U.S. Aggregate Bond ETF

AGG

Preliminary 1.E

August 2023

iShares ESG Aware U.S. Aggregate Bond ETF

EAGG

Preliminary 1.E

August 2023

iShares Government/Credit Bond ETF

GBF

Preliminary 1.F

August 2023

iShares Intermediate Government/Credit Bond ETF

GVI

Preliminary 1.F

August 2023

BlackRock Ultra Short-Term Bond ETF (Active Fund)

ICSH

1.G

December 2023

iShares Core Long-Term USD Bond ETF

ILTB

Preliminary 2.B

August 2022

iShares Core Short-Term USD Bond ETF

ISTB

Preliminary 2.C

August 2023

iShares Core Total USD Bond Market ETF

IUSBPreliminary 2.B

August 2023

BlackRock Short Duration Bond ETF (Active Fund)

NEAR2.A

December 2023

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Government/Municipal
Fund NameTicker

NAIC Designation

Designation dateiShares Agency Bond ETF

AGZ

Preliminary 1.A

September 2023

iShares California Muni Bond ETF

CMF

Preliminary 1.E

August 2023

iShares J.P. Morgan USD Emerging Markets Bond ETF

EMB

Preliminary 3.C

August 2023

iShares U.S. Treasury Bond ETF

GOVTPreliminary 1.A

August 2023

iShares 7–10 Year Treasury Bond ETF

IEF

Preliminary 1.A

August 2023

iShares 3–7 Year Treasury Bond ETF

IEIPreliminary 1.A

August 2023iShares International Treasury Bond ETF

IGOV

Preliminary 1.E

September 2023

iShares 1–3 Year International Treasury Bond ETF

ISHG

Preliminary 1.E

September 2023

iShares J.P. Morgan EM Local Currency Bond ETF

LEMB

Preliminary 2.C

August 2023

iShares National Muni Bond ETF

MUB

1.GDecember 2023

iShares New York Muni Bond ETF

NYF

Preliminary 1.F

August 2023

iShares Short Treasury Bond ETF

SHVPreliminary 1.A

August 2023

iShares 1–3 Year Treasury Bond ETF

SHY

Preliminary 1.A

August 2023

iShares 0–5 Year TIPS Bond ETF

STIP

1.A

December 2023

iShares Short-Term National Muni Bond ETF

SUBPreliminary 1.G

August 2023

iShares Treasury Floating Rate Bond ETF

TFLO

1.A

December 2023

iShares TIPS Bond ETF

TIP

Preliminary 1.A

August 2023

iShares 10–20 Year Treasury Bond ETF

TLH

Preliminary 1.A

August 2023

iShares 20+ Year Treasury Bond ETF

TLT

Preliminary 1.A

August 2023

iShares 0-3 Month Treasury Bond ETF

SGOV

Preliminary 1.A

April 2023

TickerNAIC Designation

Designation dateiShares J.P. Morgan EM High Yield Bond ETF

EMHY

Preliminary 4.B

August 2023

iShares Fallen Angels USD Bond ETF

FALN

Preliminary 3.C

August 2023

iShares US & Intl High Yield Corp Bond ETF

GHYG

Preliminary 4.A

August 2023

iShares BB Rated Corporate Bond ETF

HYBB

Preliminary 3.B

September 2023

iShares High Yield Systematic Bond ETF

HYDB

Preliminary 4.A

August 2023

iShares iBoxx $ High Yield Corporate Bond ETF

HYG

4.B

December 2023

iShares ESG Advanced High Yield Corporate Bond ETF

HYXF

Preliminary 4.A

August 2023

iShares International High Yield Bond ETF

HYXU

Preliminary 4.A

August 2023

iShares 0–5 Year High Yield Corporate Bond ETF

SHYG

Preliminary 4.B

August 2023

iShares Broad USD High Yield Corporate Bond ETF

USHY

4.B

December 2023

High Yield
Fund Name

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CreditFund Name

TickerNAIC Designation

Designation dateiShares J.P. Morgan EM Corporate Bond ETF

CEMB

Preliminary 3.C

August 2023

iShares Floating Rate Bond ETF

FLOT

Preliminary 1.G

August 2023

iShares Investment Grade Systematic Bond ETF

IGEB

Preliminary 2.B

September 2023

iShares 5-10 Year Investment Grade Corporate Bond ETF

IGIB

2.B

December 2023

iShares 10+ Year Investment Grade Corporate Bond ETF

IGLB

2.A

December 2023

iShares 1-5 Year Investment Grade Corporate Bond ETF

IGSB

2.A

December 2023

iShares iBoxx $ Investment Grade Corporate Bond ETF

LQD

2.A

December 2023

iShares BBB Rated Corporate Bond ETF

LQDB

Preliminary 2.C

August 2023

iShares Aaa — A Rated Corporate Bond ETF

QLTA

Preliminary 1.F

August 2023

iShares 0–5 Year Investment Grade Corporate Bond ETF

SLQD2.A

December 2023

iShares ESG Aware 1-5 Year USD Corporate Bond ETF

SUSB

Preliminary 2.A

August 2023

iShares ESG Aware USD Corporate Bond ETF

SUSC

Preliminary 2.A

August 2023

iShares Broad USD Investment Grade Corporate Bond ETF

USIG

2.A

December 2023

iShares ESG Advanced Investment Grade Corporate Bond ETF

ELQD

Preliminary 2.A

April 2023

Fund Name

TickerNAIC Designation

Designation dateiShares CMBS ETF

CMBSPreliminary 1.B

September 2023

iShares GNMA Bond ETF

GNMAPreliminary 1.A

August 2023

iShares MBS ETF

MBB

1.A

December 2023

Fund Name

TickerNAIC Designation

Designation dateiShares Preferred and Income Securities ETF

PFF

4.B

December 2023

Fund NameTicker

NAIC Designation

Designation dateiShares iBonds Dec 2024 Term Corporate ETF

IBDP

Preliminary 2.A

September 2023

iShares iBonds Dec 2025 Term Corporate ETF

IBDQ

2.B

December 2023

iShares iBonds Dec 2026 Term Corporate ETF

IBDR

2.B

December 2023

iShares iBonds Dec 2027 Term Corporate ETF

IBDS

Preliminary 2.B

September 2023

iShares iBonds Dec 2028 Term Corporate ETF

IBDTPreliminary 2.B

September 2023

iShares iBonds Dec 2029 Term Corporate ETF

IBDU

Preliminary 2.B

September 2023

iShares iBonds Dec 2030 Term Corporate ETF

IBDVPreliminary 2.B

September 2023

iShares iBonds Dec 2031 Term Corporate ETF

IBDW

Preliminary 2.B

September 2023

iShares iBonds Dec 2032 Term Corporate ETF

IBDX

Preliminary 2.B

September 2023

Mortgages

PreferrediBonds

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New Funds
Fund Name

TickerNAIC Designation

Designation date

Blackrock Floating Rate Loan ETF

BRLN

Preliminary 4.B

April 2023

BlackRock AAA CLO ETFCLOA

Preliminary 1.A

June 2023*Preliminary NAIC Designation. All other ETFs in this list have been assigned an official NAIC Designation. Preliminary
NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are
redistributed here under license. A Preliminary NAIC Designation is an opinion of the NAIC Securities Valuation Office(SVO) of the probable credit quality Designation that would be assigned by the SVO to an investment if purchased by aninsurance company and reported to the SVO. A Preliminary NAIC Designation is only one of the regulatory factors
considered by the SVO as part of its analysis of probable regulatory treatment under the Regulatory Treatment Analysis
Service. A full discussion of such other regulatory factors is set forth in the Regulatory Treatment Analysis Service(RTAS) letter provided to iShares. A Preliminary NAIC Designation cannot be used to report the ETF to state insurance
regulators. However, the purchasing insurance company may obtain an NAIC Designation for the ETF by filing thesecurity and final documents for the ETF with the SVO. The indication of probable regulatory treatment indicated by aPreliminary NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval orendorsement of the ETF Sponsor or the ETF by the NAIC. NAIC Designations are the intellectual property of the NAIC
and are redistributed here under license.
An NAIC Designation is a proprietary symbol used by the SVO to denote a category or band of credit risk (i.e., thelikelihood of repayment in accordance with a written contract) for an issuer or for a security. NAIC Designations may benotched up or down to reflect the position of a specific liability in the issuer’s capital structure and/or the existence ofother non-payment risk in the specific security. Under NAIC reporting rules, shares of an ETF are presumed to bereportable as common stock. The SVO may classify an ETF as a bond or preferred stock and assign it an NAIC
Designation if it meets defined criteria. For a discussion of these criteria please call the SVO or refer to the Purposes
and Procedures Manual of the NAIC Investment Analysis Office. The assignment of an NAIC Designation is not arecommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or theETF by the NAIC. The NAIC does not endorse or recommend any securities or products, including iShares ETFs. NAIC
Designations are issued for specific regulatory purposes and these Designations are not equivalent to credit ratings
issued by nationally recognized statistical rating organizations. NAIC Designations are suitable only for NAIC members.
Fund list as of January 2024.

All ratings sourced and confirmed by the NAIC as of January 24, 2024.

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before
investing. This and other information can be found in the Funds’ prospectuses or, if available, thesummary prospectuses which may be obtained by visiting www.iShares.comor www.blackrock.com.
Read the prospectus carefully beforeinvesting. Investing involves risk, including possible loss ofprincipal.
Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding
decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal andinterest payments. Funds that invest in preferred stocks, asset- or mortgage-backed securities, municipal bonds,
privately issued securities and / or other funds or ETFs may be subject to additional risks and / or expenses. An
investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency and its return and yield will fluctuate with market conditions Please see each fund’s prospectus formore information on risks.
Prepared by BlackRock Investments, LLC, member FINRA.
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Markit Indices Limited, JPMorgan Chase &Co. or S&P Dow Jones Indices LLC. None of these companies make any representation regarding the advisability ofinvesting in the Funds. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. All Rights Reserved. BLACKROCK, iBONDS and iSHARES are trademarks of BlackRock, Inc. orits subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

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