Fund Description: iShares ESG 1-5 Year USD Corporate Bond 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 ESG 1-5 Year USD Corporate Bond ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Bloomberg Barclays MSCI US Corporate 1-5 Year ESG Focus Index. INDEX DESCRIPTION: The Bloomberg Barclays MSCI US Corporate 1-5 Year ESG Focus Index is composed of U.S. dollar-denominated, investment-grade corporate bonds having remaining maturities between one and five years and issued by companies that have positive environmental, social and governance characteristics while exhibiting risk and return characteristics similar to those of the parent index of such index with environmental, social and governance (ESG) rating inputs. The Index is an optimized fixed-income index designed to reflect the performance of U.S. dollar-denominated, investment-grade corporate bonds while exhibiting risk and return characteristics similar to those of the Bloomberg Barclays US Corporate 1-5 Years Index (the Parent Index). The Index excludes securities of companies involved in the business of tobacco and controversial weapons companies, as well as securities of companies involved in very severe business controversies and then follows a quantitative process in an effort to determine optimal weights for securities to maximize exposure to securities of companies with higher ESG ratings. The Index includes securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers and are updated 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 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. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. 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. A Fund may or may not hold all of the securities in the Index. The Fund generally will invest at least 90% of its assets in the component securities of the Index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds as well as in securities not included in the Index. From time to time when conditions warrant, however, the Fund may invest at least 80% of its assets in the component securities of the Index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of BlackRock Cash Funds, as well as in securities not included in the Index. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.