Fund Description: iShares MSCI USA ESG Select ETF, formerly MSCI USA ESG Select Social Index Fund, formerly iShares KLD Select Social 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 MSCI USA ESG Select ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA ESG Select Index. INDEX DESCRIPTION: The MSCI USA ESG Select Index is designed to measure the equity performance of large capitalization companies that have positive environmental, social, and governance (ESG) characteristics relative to their industry and sector peers and in relation to the broader market, while exhibiting risk and return characteristics similar to the MSCI USA Index. The Index consists of approximately 250 companies from the universe of companies included in the MSCI USA Index. MSCI Inc. the Index Provider, evaluates each eligible company's ESG performance using standardized criteria and assigns an overall rating to each company. The selection process is designed so that companies with relatively high overall ratings have a higher representation in the Index than in the MSCI USA Index. Companies with relatively low overall ratings have a lower representation in the Index than in the MSCI USA Index. Exceptions may result from the Index's objective of having risk and return characteristics the same as the MSCI USA Index. Companies that MSCI determines are involved in the tobacco industry are excluded from the Index. 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. A representative sampling indexing strategy to manage the Fund is utilized. Representative sampling is an indexing strategy that 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. The Fund generally invests at least 90% of its assets in securities of the Index and in depositary receipts representing securities of the Index. The Fund may invest the remainder of its assets in securities not included in the Index but which will help the Fund track the Index, and in futures contracts, options on futures contracts, options and swaps as well as cash and cash equivalents, including shares of money market funds. FUND MANAGEMENT: BlackRock Fund Advisors serves as the investment advisor to the Fund.