Fund Description: iShares Morningstar Large-Cap Value ETF, formerly iShares Morningstar Large Value 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 Morningstar Large-Cap Value ETF seeks investment results that correspond generally to the performance, before fees and expenses, of US large-cap value stocks, as represented by the Morningstar Large Value Index. INDEX DESCRIPTION: The Morningstar Large Value Index measures the performance of stocks issued by large-capitalization companies that have exhibited value characteristics as determined by Morningstar’s proprietary index methodology. Index constituents are drawn from the pool of liquid, U.S.-domiciled stocks that trade publicly on the NYSE, the AMEX or NASDAQ. The Morningstar index methodology defines large-capitalization stocks as those stocks that form the top 70% of the market capitalization of the stocks eligible to be included in the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded US stocks). The stocks included in the Index are designated as value because they are issued by companies that typically have relatively low valuations based on price-to-earnings, price-to-book value, price-to-sales, price-to-cash flow and dividend yields. The stocks in the Index are weighted according to the total number of shares that are publicly owned and available for trading. FUND STRATEGY: The Fund uses a Representative Sampling strategy to try to track the Index. The Fund pays out dividends to investors at least annually and may pay them on a more frequent basis. The Fund distributes its net capital gains, if any, to investors annually. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.