Fund Description: iShares MSCI ACWI Low Carbon Target ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the iShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The iShares MSCI ACWI Low Carbon Target ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Low Carbon Target Index. INDEX DESCRIPTION: The MSCI ACWI Low Carbon Target Index is designed to address two dimensions of carbon exposure; carbon emissions and potential carbon emissions from fossil fuel reserves. By overweighting companies with low carbon emissions relative to sales and those with low potential carbon emissions from fossil fuel reserves relative to market capitalization, the Index aims to reflect a lower carbon exposure than that of the broad market. Carbon emissions and potential carbon emissions from fossil fuel reserves are measured based on an issuer’s reported data from annual reports, corporate social responsibility reports, the Carbon Disclosure Project, oil and gas industry bodies, and other relevant third-party sources. The Index is a subset of the MSCI ACWI Index (the Parent Index) which measures the combined equity market performance of developed and emerging market countries and serves as the universe of eligible securities for the Index. Securities included in the Parent Index are first assigned a carbon exposure measured in terms of the issuer’s greenhouse gas emissions and potential carbon emissions from fossil fuel reserves held by the issuer. The Index is then constructed using a process that aims to achieve replicability and investability, subject to objectives and constraints. The Index may include large- or mid-capitalization companies, and components primarily include financials, healthcare, industrials, information technology companies and may change over time. FUND STRATEGY: The Fund uses a passive or indexing approach to try to achieve the Fund’s investment objective. Indexing may eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. A representative sampling is an indexing strategy that is used which involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index. The Fund generally invests at least 80% of its assets in securities of the Index and in depositary receipts representing securities of the Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds as well as in securities not included in the Index. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.