Fund Description: iShares U.S. Utilities ETF, formerly iShares Dow Jones U.S. Utilities Sector Index Fund, 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 U.S. Utilities ETF seeks investment results that correspond to the performance of U.S. utilities stocks as represented by the Dow Jones U.S. Utilities Index. INDEX DESCRIPTION: The Dow Jones U.S. Utilities Index is a subset of the Dow Jones U.S. Total Market Index. The Index includes companies in the following sectors: electricity and gas, water and multi-utilities. The Index is capitalization-weighted and includes only companies in the utilities industry of the Dow Jones U.S. Total Market 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. Indexing may eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. The Adviser, BFA, uses a representative sampling indexing strategy to manage the Fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to 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 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 invests at least 90% of its assets in securities of the Index and in depositary receipts representing securities of the Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds as well as in securities not included in the Index. FUND MANAGEMENT: BlackRock Fund Advisors serves as the investment adviser to the Fund.