Fund Description: iShares iBonds Mar 2023 Term Corporate ex-Financials, formerly iShares iBonds Mar 2023 Corporate ex-Financials Term ETF, formerly iSharesBond Mar 2023 Corporate ex-Financials Term ETF, formerly iSharesBond 2023 Corporate ex-Financials Term ETF, formerly iShares 2023 Investment Grade 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 iBonds Mar 2023 Term Corporate ex-Financials seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays 2023 Maturity High Quality Corporate Index. INDEX DESCRIPTION: The Barclays 2023 Maturity High Quality Corporate Index is composed of U.S. dollar-denominated, taxable, investment-grade corporate bonds, scheduled to mature after 3/31/2022 and before 4/1/2023, and excludes financial issuers. Components primarily include industrials companies and utilities companies. The components of the Index, and the degree to which the components represent certain industries, may change over time. The Index includes U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers, that have $250 million or more of outstanding face value at the time of inclusion. The Fund’s investment in non-U.S. corporate issuers initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Index. Each bond must be registered with the SEC and have been exempt from registration at issuance. In addition, only securities rated Baa3 or higher by Moody’s or BBB- or higher by Standard & Poor’s or Fitch, Inc. will be included in the Index. When a bond that is included in the Index matures, its maturity value will be represented in the Index by cash throughout the remaining life of the Index. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and expenses of these funds. By March 31, 2023, the Index value will be represented almost entirely by cash as no securities will remain in the Index. FUND STRATEGY: The Fund is a term fund that will terminate on or about March 31, 2023, at which time it will distribute its remaining net assets to shareholders. 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. The Advisor uses a representative sampling indexing strategy to manage the Fund 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, duration, maturity or credit ratings 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 the securities of its Index, except during the last months of the Fund’s operations. The Fund may invest the remainder of its assets in cash and cash equivalents including money market funds as well as in bonds not included in the Index, but which the advisor believes will help the Fund track its Index. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By March 31, 2023, the Index is expected to consist almost entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.