Fund Description: iShares iBonds Mar 2023 Term Corporate ETF, formerly iShares iBonds Mar 2023 Corporate Term ETF, formerly iSharesBond Mar 2023 Corporate Term ETF, formerly iSharesBond 2023 Corporate Term 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 ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays 2023 Maturity Corporate Index. INDEX DESCRIPTION: The Barclays 2023 Maturity 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. 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 non-U.S. corporate issuers included in the Index initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. To be included in the Index securities must be rated investment grade by at least two rating agencies. 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, either directly, or through its holdings of the Funds, 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 seeks its investment objective by investing in the securities of one or more Underlying Funds that themselves seek investment results corresponding to their own indexes and individual securities which satisfy the criteria of the Barclays 2023 Maturity Corporate Index. As of its inception date, the Fund intends to initially invest in the following Underlying Fund: iSharesBond 2023 Corporate ex-Financials Term ETF. The Fund invests in a combination of individual fixed-income securities and Underlying Funds (primarily consisting of other iShares funds) and may also invest in other exchange-traded funds (ETFs), U.S. government securities, short-term paper, cash and cash equivalents, including shares of money market funds. 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. 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, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Index. The Fund generally invests at least 80% of its assets in the securities of its Index through holding shares of one or more Underlying Funds and direct investments in securities, except during the last months of the Fund’s operations the Fund's assets will consist of cash and cash equivalents. The Fund may invest the remainder of its assets in cash and cash equivalents (including BlackRock Cash Funds), as well as in bonds not included in the 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 pursuant to a plan of liquidation. 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.