Fund Description: iShares iBoxx $ High Yield Corporate Bond 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 iBoxx $ High Yield Corporate Bond ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the iBoxx $ Liquid High Yield Index. INDEX DESCRIPTION: The iBoxx $ Liquid High Yield Index is a rules-based index consisting of liquid U.S. dollar-denominated, high yield corporate bonds for sale in the United States, as determined by the index provider. The is designed to provide a broad representation of the U.S. dollar-denominated liquid high yield corporate bond market. The Index is a modified market-value weighted index with a cap on each issuer of 3%. Bonds in the Index are selected using a rules-based criteria, as defined by the index provider. There is no limit to the number of issues in the Index. The Index may include large-, mid- or small-capitalization companies, and components primarily include consumer services, financial, industrials, and oil and gas companies. The components of the Index, and the degree to which these components represent certain industries, may change over time. FUND STRATEGY: The Fund generally will invest at least 90% of its assets in the securities of its Index. However, the Fund may at times invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds, as well as in high yield corporate bonds not included in the Index. 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. A Fund may or may not hold all of the securities in the Index. FUND MANAGEMENT: BlackRock Fund Advisors serves as the investment advisor to the Fund.