iShares ESG MSCI USA Min Vol Factor ETF

The iShares ESG MSCI USA Min Vol Factor ETF (the Fund) seeks to track the investment results of an index composed of US large- and mid-capitalization equities that, in aggregate, have lower volatility characteristics, reduced carbon exposure and improved environmental, social and governance quality characteristics relative to the parent index. The Fund seeks to track the investment results of the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index (the Underlying Index), which has been developed by MSCI Inc. (the Index Provider or MSCI). The Underlying Index is designed to measure the performance of large- and mid-capitalization U.S. equity securities that, in the aggregate, reflect the performance of a minimum volatility strategy and, relative to the MSCI USA Index (Parent Index), have higher favorable environmental, social, and governance (ESG) characteristics (as defined by the Index Provider) and lower carbon exposure.