Fund Description: iShares Morningstar Mid-Cap Value ETF, formerly iShares Morningstar Mid 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 Mid-Cap Value ETF seeks investment results that correspond generally to the performance, before fees and expenses, of US mid-cap value stocks, as represented by the Morningstar Mid Value Index. INDEX DESCRIPTION: The Morningstar Mid Value Index measures the performance of stocks issued by mid-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 mid-capitalization stocks as those stocks that form the 20% of market capitalization between the 70th and 90th percentile 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.