Fund Description: iShares Core 10+ Year USD Bond ETF, formerly iShares Core Long-Term USD Bond ETF, formerly iShares Core Long-Term U.S. Bond ETF, formerly iShares 10+ Year Government/Credit Bond Fund 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 Core 10+ Year USD Bond ETF seeks results that correspond generally to the price and yield performance before fees and expenses of the Barclays US Universal 10+ Year Index, formerly Barclays US Long Government/Credit Bond Index formerly the BofA Merrill Lynch 10+ Year US Corporate & Government Index. INDEX DESCRIPTION: The Barclays US Universal 10+ Year Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment-grade or high yield with remaining maturities greater than ten years. The Index includes U.S. Treasury bonds, government-related bonds (i.e., U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt), investment-grade and high yield U.S. corporate bonds, Eurodollar bonds, bonds registered with the SEC or exempt from registration and U.S. dollar-denominated emerging market bonds. The Index is a subset of the Barclays U.S. Universal Index. The Index may include large-, mid- or small-capitalization companies, and components primarily include treasury securities, and financials, industrials and utilities companies. The components of the Index, and the degree to which these components represent certain industries, may change over time. The securities in the Index have at least 10 years remaining to maturity, or at least 10 years remaining to the first call date in the case of callable perpetual securities. In addition, the securities in the Index must be denominated in U.S. dollars and be non-convertible. The Index is market-capitalization weighted and is rebalanced on the last day of the 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. Indexing may eliminate the chance that the Fund will substantially outperform its 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. A representative sampling is an indexing strategy that is used and 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, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Index. The Fund generally invests at least 80% of its assets in the securities of the Index or in depositary receipts representing securities in 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. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.