LDRT

The iShares iBonds 1-5 Year Treasury Ladder ETF (the "Fund") seeks to track the investment results of an index composed of a portfolio of underlying iShares iBonds Treasury ETFs with maturities less than six years. The Fund is a fund of funds and seeks to track the investment results of the BlackRock iBonds 1-5 Year Treasury Ladder Index (the "Underlying Index"). The Underlying Index is composed exclusively of underlying iShares iBonds Treasury ETFs ("iBonds ETFs" or "Underlying Funds") that themselves seek investment results corresponding to their own underlying indexes. The Fund seeks to track the investment results of the Underlying Index that provides exposure to U.S. Treasury bonds spanning five consecutive maturity years. The Underlying Index obtains this exposure by holding iShares iBonds ETFs as constituents. The Underlying Index is reconstituted and rebalanced annually on the last business day in June of each year.