Fund Description: iShares MSCI USA Small-Cap ESG Optimized 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 USA Small-Cap ESG Optimized ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Small Cap Extended ESG Focus Index. INDEX DESCRIPTION: The MSCI USA Small Cap Extended ESG Focus Index is designed to produce investment results comparable to the MSCI USA Small Cap Index (the Parent Index), while reflecting a higher allocation than that of the Parent Index to U.S. small-capitalization companies with favorable ESG profiles. In constructing the Index, the Index Provider begins with the Parent Index, excludes securities of companies involved in the business of tobacco, controversial weapons, producers and retailers of civilian firearms, as well as companies involved in very severe business controversies and then follows a quantitative process that is designed to determine optimal weights for securities in the Index to maximize exposure to companies with higher ESG ratings. The Index Provider then rates each company’s exposure to each key issue based on the company’s business segment and geographic risk and analyzes the extent to which companies have developed robust strategies and programs to manage ESG risks and opportunities. The Index Provider scores companies based on both their risk exposure and risk management. A significant portion of the Index is represented by securities of companies in the financials, industrials and information technology sectors and 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 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. A representative sampling indexing strategy to manage the Fund is utilized. Representative sampling is an indexing strategy that 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 may or may not hold all of the securities in the Index. The Fund generally invests at least 90% 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 securities not included in the Index but which will help the Fund track the Index, and in futures contracts, options on futures contracts, options and swaps as well as cash and cash equivalents, including shares of money market funds. FUND MANAGEMENT: BlackRock Fund Advisors serves as the investment advisor to the Fund.