Fund Description: iShares iBonds 2023 Term High Yield and Income 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 2023 Term High Yield and Income ETF seeks to provide investment returns that closely correspond to the price and yield performance of the Bloomberg Barclays 2023 Term High Yield and Income Index. INDEX DESCRIPTION: The Bloomberg Barclays 2023 Term High Yield and Income Index is composed of U.S. dollar-denominated, taxable, fixed-rate, high yield and BBB or equivalently rated corporate bonds scheduled to mature after 12/31/2022 and before 12/15/2023. Securities eligible for inclusion in the Index are selected from a universe of corporate issuers (e.g., industrial, financial institutions, utilities). The bonds in the Index have $250 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 corporate bonds issued by companies domiciled in developed countries. The Index consists of bonds chosen from two sub-indices, the Bloomberg Barclays U.S. High Yield Index and the Bloomberg Barclays U.S. Corporate 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. By12/15/2023, 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 an applicable 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, 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 will invest at least 90% of its assets in the component securities of the Index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds as well as in securities not included in the Index. 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 . FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.