Fund Description: iShares Morningstar Small-Cap ETF, formerly iShares Morningstar Small Core 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 Small-Cap ETF seeks investment results that correspond generally to the performance, before fees and expenses, of US small-cap core stocks, as represented by the Morningstar Small Core Index. INDEX DESCRIPTION: The Morningstar Small Core Index measures the performance of stocks issued by small-capitalization companies that have exhibited average growth and 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 the NASDAQ. The Morningstar index methodology defines small-capitalization stocks as those stocks that form the 7% of market capitalization between the 90th and 97th 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). Stocks of companies with, for example, relatively higher average historical and forecasted earnings, sales, equity and cash flow growth would be designated as growth securities. Stocks of companies with, for example, relatively low valuations based on price-to-book ratios, price-to-earnings ratios and other factors, are designated as value securities. Stocks that are not designated as growth or value securities are designated as core securities. 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.