Fund Description: iShares iBonds Dec 2029 Term 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 2029 Term Corporate ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Bloomberg Barclays December 2029 Maturity Corporate Index. INDEX DESCRIPTION: The Bloomberg Barclays December 2029 Maturity Corporate Index consists of U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers that have $300 million or more of outstanding face value at the time of inclusion. The non-U.S. corporate issuers included in the Index consist primarily of companies domiciled in developed countries. To be included in the Index securities must be rated investment-grade. The Index is constructed using the Bloomberg Barclays U.S. Corporate Index (the Parent Index), representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, which is stripped of securities maturing outside of the maturity range. During the final two years of the Index bonds that mature in 2029 but had been screened out of the Parent Index due to being within one year of maturity will be added back into the Index until maturity. The securities in the Underlying Index are updated on the last calendar day of each month until one year prior to December 15, 2029. During this final one-year period, the Index will no longer be updated or rebalanced, except to remove securities which are downgraded to 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, causing the Fund to incur the fees and expenses of these funds. By 12/15/2029, 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 generally will invest at least 90% of its assets in the component securities of the Index, except during the last months of the Fund’s operations. From time to time when conditions warrant, however, the Fund may invest at least 80% of its assets in the component securities of the Index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.