Fund Description: iShares iBonds Dec 2023 Term Corporate ETF, formerly iShares iBonds Dec 2023 Corporate 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 Dec 2023 Term Corporate ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays December 2023 Maturity Corporate Index. INDEX DESCRIPTION: The Barclays December 2023 Maturity Corporate 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. The Index is constructed with the following methodology. A parent index, the Barclays U.S. Corporate Index, representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of securities maturing outside of the maturity range. Securities are then market-cap weighted within the index, with a 3% cap on any one issuer, and a pro rata distribution of any excess weight across the remaining issuers in the index. The securities in the Index are updated on the last calendar day of each month until one year prior to 12/31/2023. During this final one year period, the Index will no longer be updated or rebalanced, except to remove securities which are downgraded below investment-grade per the eligibility criteria. 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 underlying Funds, causing the Fund to incur the fees and expenses of these funds. By December 31, 2023, the Index value will be represented almost entirely by cash as no securities will remain in the Index. 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. 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 that of 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 or an Underlying 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. The Fund may invest the remainder of its assets in cash and cash equivalents as well as in investment grade bonds not included in the Index. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.