Fund Description: iShares iBonds Dec 2023 Term Muni 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 Dec 2023 Term Muni Bond ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P AMT- Free Municipal Series Dec 2023 Index. INDEX DESCRIPTION: The S&P AMT- Free Municipal Series Dec 2023 Index measures the performance of investment-grade, non-callable U.S. municipal bonds maturing in 2023. The Index includes municipal bonds primarily from issuers that are state or local governments or agencies such that the interest on the bonds is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). Each bond must have a rating of at least BBB- by S&P's Ratings Services, Baa3 by Moody’s or BBB- by Fitch Ratings, Inc. and must have a minimum maturity par amount of $2 million to be eligible for inclusion in the Index. To remain in the Index, bonds must maintain a minimum par amount greater than or equal to $2 million as of each rebalancing date. All bonds in the Index will mature after 12/31/2022 and before 12/2/2023. When a bond matures in the Index, an amount representing its value at maturity will be included in the Index throughout the remaining life of the Index, and any such amount will be assumed to earn a rate equal to the performance of the S&P's Financial Services LLC's, a subsidiary of The McGraw-Hill Companies, Inc., Weekly High Grade Index, which consists of Moody's Investment Grade-1 municipal tax-exempt notes that are not subject to federal AMT. The Index is a market value weighted index and is rebalanced after the market close on the last business day of each month. 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. 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 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. The Fund will generally hold municipal bond securities issued by state and local municipalities whose interest payments are exempt from U.S. federal income tax, the federal AMT and the federal Medicare contribution tax of 3.8% on net investment income, including dividends, interest and capital gains. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested in bonds but instead will be held in cash and cash equivalents, including, without limitation, shares of BlackRock Cash Funds, AMT-free tax-exempt municipal notes, variable rate demand notes and obligations, tender option bonds and municipal commercial paper. These cash equivalents may not be included in the Index. By December 2, 2023, the Index is expected to consist 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. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.