iShares U.S. Equity Factor Rotation Active ETF is an exchange-traded fund or exchange-traded product that provides investors with exposure to U.S. equities using an active factor-rotation approach across characteristics such as value, quality, momentum, size, and minimum volatility. It is designed to track or implement a defined investment strategy rather than represent a single operating company. Its performance depends on the underlying holdings or reference instruments, weighting methodology, fund expenses, liquidity, rebalancing rules, and broader market conditions affecting the targeted asset class or theme.