Fund Description: iShares iBonds Dec 2025 Term Treasury 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 2025 Term Treasury ETF seeks to provide investment returns that closely correspond to the price and yield performance of the ICE 2025 Maturity US Treasury Index Index. The Fund is a term fund that will terminate on or about 12/15/2025. INDEX DESCRIPTION: The ICE 2025 Maturity US Treasury Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature after 12/31/2024 and before 12/16/2025. Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (SOMA). In addition, the securities in the Index must have a fixed coupon schedule and be denominated in U.S. dollars. The Index is market value weighted based on amounts outstanding reduced by amounts held by the Federal Reserve SOMA. Accrued interest is calculated assuming next-day settlement. The Index is rebalanced on the last calendar day of the month, FUND STRATEGY: A passive or indexing approach 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 that 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 an applicable 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, except during the last months of the Fund’s operations. The Fund 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. 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. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.