Fund Description: iShares U.S. Dividend and Buyback 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 U.S. Dividend and Buyback ETF seeks to provide investment returns that closely correspond to the price and yield performance of the Morningstar US Dividend and Buyback Index. INDEX DESCRIPTION: The Morningstar US Dividend and Buyback Index is designed to provide exposure to U.S.-based companies that return capital to shareholders through either dividend payments or share buybacks. The Index consists of companies with the largest dividend and buyback programs in the market measured by dollar value. In aggregate, Index constituents represent 90% of the total shareholder capital distributions from the companies in the Morningstar US Market Index. The Index is a subset of the Morningstar US Market Index, which is a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded U.S. stocks. The Index may include large-, mid- or small-capitalization companies. FUND STRATEGY: A passive or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. 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. 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 an applicable underlying 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 will invest at least 90% of its assets in the component securities of the Index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received). FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serve as the investment advisor to the Fund.