Fund Description: iShares 20+ Year Treasury Bond ETF, formerly iShares Barclays 20+ Year Treasury Bond Fund, formerly iShares Lehman 20+ Year Treasury 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 20+ Year Treasury Bond ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE US Treasury 20+ Year Index, formerly Barclays Capital U.S. 20+ Year Treasury Bond Index. INDEX DESCRIPTION: The ICE US Treasury 20+ Year Index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to twenty years or equal to twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Index must be fixed rate and denominated in U.S. dollars. The Index is weighted by market capitalization excluding amounts held by the Federal Reserve and the securities in the Index 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 invests at least 90% of its assets in the bonds of its Index and at least 95% of its assets in U.S. government bonds. The Fund may invest up to 10% of its assets in U.S. government bonds not included in the Index, but which is believed will help the Fund track its Index. The Fund also may invest up to 5% of its assets in repurchase agreements collateralized by U.S. government obligations and in cash and cash equivalents, including shares of money market funds. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.