Fund Description: iShares Edge MSCI Min Vol USA Small-Cap 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 Edge MSCI Min Vol USA Small-Cap ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Small Cap Minimum Volatility (USD) Index. INDEX DESCRIPTION: The MSCI USA Small Cap Minimum Volatility (USD) Index is designed by selecting securities from the MSCI USA Small Cap Index (the Parent Index), which is a capitalization-weighted index that represents approximately 14% of the free-float adjusted market capitalization in the United States, and then follows a rules-based methodology to optimize the Index and determine weights for securities that seeks to minimize total risk of the Parent Index. Components of the Index primarily include financials, healthcare and consumer discretionary companies, which may change over time. FUND STRATEGY: The Fund seeks to track the investment results of the Index which has been developed by MSCI Inc. (the Index Provider or MSCI) to reflect performance characteristics of small-capitalization U.S. equities that in the aggregate are expected to have lower volatility characteristics relative to the small-capitalization U.S. equity market. 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 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. Representative sampling is an indexing strategy that is used which involves investing in a representative sample of securities or other instruments comprising 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 and yield) and liquidity measures similar to those of the Index. MSCI seeks to construct a portfolio of the lowest absolute volatility using its multi-factor risk model, and then the portfolio is further refined by an optimization tool that aims to determine the lowest absolute volatility based on the projected riskiness of securities in the Parent Index while subjected to constraints based on established minimum and maximum weightings of index constituents and sectors as well as factor constraints (for example, liquidity and financial leverage) as measured by MSCI. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment advisers to the Fund.