Fund Description: iShares U.S. Oil & Gas Exploration & Production ETF, formerly iShares Dow Jones U.S. Oil & Gas Exploration & Production 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. Oil & Gas Exploration & Production ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Select Oil Exploration & Production Index. INDEX DESCRIPTION: The Dow Jones U.S. Select Oil Exploration & Production Index is a subset of the Dow Jones U.S. Oil & Gas Index. The Index is a free-float adjusted market capitalization-weighted index. The Index measures the performance of the oil exploration and production sub-sector of the U.S. equity market. The Index includes companies that are engaged in the exploration for and extraction, production, refining, and supply of oil and gas products. FUND STRATEGY: The Fund uses a passive or indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to beat the Index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund will invest at least 90% of its assets in the securities of its Index. A Fund may invest the remainder of its assets in securities not included in its Index, but which the Advisor believes will help the Fund track its Index. The Fund also may invest its other assets in futures contracts, options on futures contracts, options, and swaps related to its Index, as well as cash and cash equivalents, including shares of money market funds affiliated with the Advisor. The Fund will concentrate its investments in a particular industry or group of industries to approximately the same extent as the Index is so concentrated. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.