Fund Description: iShares Short-Term National Muni Bond ETF, formerly iShares Short-Term National AMT-Free Muni Bond ETF, formerly iShares S&P Short Term National AMT-Free Municipal Bond 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 Short-Term National Muni Bond ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Short Term National AMT-Free Municipal Bond Index. INDEX DESCRIPTION: The S&P Short Term National AMT-Free Municipal Bond Index includes municipal bonds from issuers that are primarily state or local governments or agencies (including the Commonwealth of Puerto Rico and U.S. territories such as the U.S. Virgin Islands and Guam) such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Each bond must have a rating of at least BBB-by S&P, Baa3 by Moody's, Investors Service, Inc., or BBB- by Fitch Inc. Each bond must be denominated in U.S. dollars. Each bond in the Index must be a constituent of an offering where the original offering amount was at least $100 million. The bond must have a minimum par amount of $25 million to be eligible for inclusion. To remain in the Index, a bond must maintain a minimum par amount greater than or equal to $25 million as of the next rebalancing date. In addition, each bond must have a remaining term to maturity and/or pre-refunded or call date that is less than or equal to five years and greater than or equal to one calendar month to be included in the Index. The Index is a market value weighted index, and the securities in the Index are updated after the close on the last business day of each month. FUND STRATEGY: 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 it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. The Fund generally invests at least 80% of its assets in securities of its Index. Each Fund may invest the remainder of its assets in securities not included in its Index but which is believed will help each Fund track its Index, including shares of ETFs that are not included in the Index and in futures contracts, options on futures contracts and options as well as cash and cash equivalents, including shares of money market. Representative sampling is an indexing strategy that is used which involves investing in a representative sample of securities that collectively has an investment profile similar to 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. The Fund may or may not hold all of the securities in the Index. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.