Fund Description: iShares MSCI USA ESG Optimized ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the iShares Trust an investment management company. INVESTMENT OBJECTIVE: The iShares MSCI USA ESG Optimized ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA ESG Focus Index. INDEX DESCRIPTION: The MSCI USA ESG Focus Index is an optimized equity index designed to reflect the equity performance of U.S. companies that have positive environmental, social and governance (ESG) characteristics (as determined by the Index Provider), while exhibiting risk and return characteristics similar to those of the MSCI USA Index (the Parent Index). MSCI Inc., the Index Provider, begins with the Parent Index, excludes securities of companies involved in the business of tobacco and controversial weapons companies, as well as securities of companies involved in very severe business controversies (as determined by the Index Provider), and then follows a quantitative process that is designed to determine optimal weights for securities to maximize exposure to securities of companies with higher ESG ratings, subject to maintaining risk and return characteristics similar to the Parent Index. The Index may include large- or mid-capitalization companies. Components of the Index primarily include financials, healthcare and information technology companies which are likely to change over time. FUND STRATEGY: A passive or indexing approach is used to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to beat the Index and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform its 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 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 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 as well as in securities not included in the Index. 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) serves as the investment adviser to the Fund.