Fund Description: iShares U.S. Aerospace & Defense ETF, formerly iShares Dow Jones U.S. Aerospace & Defense 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. Aerospace & Defense ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Select Aerospace & Defense Index. INDEX DESCRIPTION: The Dow Jones U.S. Select Aerospace & Defense Index is a subset of the Dow Jones U.S. Industrial Goods & Services Index. The Index is a free-float adjusted market capitalization-weighted index. The Index measures the performance of the aerospace and defense sector of the U.S. equity market. Aerospace companies include manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment, and weapons. 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.