ishares If you have additional questions, please call iShares ( ).

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1 ishares ishares Trust (the Trust ) Supplement dated January 26, 2018 (the Supplement ) to the Summary Prospectus dated March 1, 2017 (as revised May 9, 2017), Prospectus dated March 1, 2017 (as revised August 7, 2017) and Statement of Additional Information ( SAI ) dated March 1, 2017 (as revised January 3, 2018) for the ishares ibonds Mar 2018 Term Corporate ETF ( IBDB, or the Fund ) The information in this Supplement updates information in, and should be read in conjunction with, the Fund s Summary Prospectus, Prospectus and SAI. On March 22, 2013, in connection with the establishment of the Fund, the Board of Trustees of the Trust approved the planned liquidation, dissolution and termination of the Fund. As a result, the last day of trading in the Fund on NYSE Arca, Inc. ( NYSE Arca ) will be March 26, NYSE Arca will suspend trading in the Fund before the open of trading on March 27, 2018 and shares of the Fund will no longer be available for new investments as of this date. The liquidation of the Fund will be carried out on or about April 2, The Fund s final net asset value, as calculated on March 26, 2018, will include any costs associated with the liquidation expected to be borne by the Fund. Because shares of the Fund will not be traded on NYSE Arca during the period between March 27, 2018 and April 2, 2018, we cannot assure that there will be a market for your shares. Further, during this period, the Fund will be in the process of closing down and liquidating its portfolio, which will result in the Fund not being able to track its Underlying Index, and the Fund will hold cash and securities that may not be consistent with its investment objective and strategy. After March 26, 2018, shareholders that remain invested in the Fund will receive the entire amount of their pro rata share of the liquidation proceeds on or about April 2, 2018, subject to their brokerage firm s processes. Shareholders wishing to sell their holdings prior to March 27, 2018 may incur the usual and customary brokerage commissions associated with the sale of Fund shares. At the time the liquidation of the Fund is carried out, shares of the Fund will be individually redeemed. If you hold shares of the Fund after March 26, 2018, the Fund will redeem your shares for cash based on the net asset value as of close of business on March 26, 2018, which will include any dividends and distributions calculated as of that date. If you are subject to federal income tax, the liquidation of the Fund will result in one or more taxable events for you. A sale or exchange of Fund shares prior to the termination will generally give rise to a capital gain or loss to you for federal income tax purposes. In connection with the liquidation, the Fund may declare tax exempt or taxable distributions of its investment income and/or taxable distributions of its net capital gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis. If you have additional questions, please call iShares ( ). ishares is a registered trademark of BlackRock Fund Advisors or its affiliates. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE IS-A-IBDB-S1

2 IBDB ishares ibonds Mar 2018 Term Corporate ETF Fact Sheet as of 12/31/2017 The ishares ibonds Mar 2018 Term Corporate ETF seeks to track the investment results of an index composed of US dollar-denominated, investment-grade corporate bonds maturing after March 31, 2017 and before April 1, The Fund will terminate on or about March 31, This Fund is covered by U.S. Patent Nos. 8,438,100 and 8,655,770. WHY IBDB? 1 Exposure to investment grade corporate bonds that mature between April 2017 and March Combine the defined maturity and regular income distribution characteristics of a bond with the transparency and tradability of a stock 3 Use to seek income, build a bond ladder, and manage interest rate risk GROWTH OF 10,000 USD SINCE INCEPTION Fund Benchmark The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. PERFORMANCE 1 Year 3 Year 5 Year 10 Year Since Inception NAV 1.38% 1.54% N/A N/A 2.09% Market Price 1.34% 1.43% N/A N/A 2.08% Benchmark 1.23% 1.60% N/A N/A 2.18% The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting or Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. RISK PROFILE Lower Risk/ Reward Higher Risk/ Reward Based on the 1 year standard deviation of the fund. Standard deviation measures how dispersed returns are around the average. A higher standard deviation indicates that returns are spread out over a larger range of values and thus, more volatile or risky. Each increment on the scale above represents a 5% range of standard deviation except for the last segment which is >20%. KEY FACTS Fund Launch Date 07/09/2013 Net Expense Ratio 0.10% Benchmark Bloomberg Barclays 2018 Maturity Corporate Index 30 Day SEC Yield 1.42% Unsubsidized 30-Day 1.40% SEC Yield Number of Holdings 98 Net Assets of Share $98,458,305 Class Ticker CUSIP Exchange TOP HOLDINGS (%) IBDB 46432FAW7 NYSE Arca BLK CSH FND TREASURY SL AGENCY ISHRBD MAR 2018 TRM CRP XFINETF 4.82 GOLDMAN SACHS GROUP INC/ THE 1.08 BEAR STEARNS COMPANIES LLC/THE 1.05 ACTAVIS FUNDING SCS 0.95 BANK OF AMERICA CORP MTN 0.92 WELLS FARGO & COMPANY 0.87 CAPITAL ONE NA/MCLEAN VA 0.77 DEUTSCHE BANK AG (LONDON BRANCH) 0.74 AMERICAN EXPRESS COMPANY 0.71 Holdings are subject to change

3 CREDIT RATINGS BREAKDOWN (%) MATURITY BREAKDOWN (%) Credit quality ratings on underlying securities of the fund are received from S&P, Moody s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time. FUND CHARACTERISTICS Weighted Average Maturity 0.18 yrs Standard Deviation (3yrs) 0.70% Effective Duration 0.12 FEES AND EXPENSES BREAKDOWN Expense Ratio 0.11% Management Fee 0.10% Acquired Fund Fees and Expenses 0.01% Foreign Taxes and Other Expenses 0.00% - Fee Waivers 0.01% = Net Expense Ratio 0.10% BlackRock Fund Advisors ("BFA"), the investment adviser to the Fund and an affiliate of BlackRock Investments, LLC, has contractually agreed to waive a portion of its management fees through termination of the fund. Want to learn more? Carefully consider the Fund's investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Fund's prospectus, and if available, summary prospectus, which may be obtained by calling iShares ( ) or by visiting or Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. The ishares ibonds ETFs ( Funds ) will terminate on or about March 31 of the year in each Fund s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. Unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, the Fund(s) will make distributions of income that vary over time. In the final months of each Fund s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. As a result, its yield will tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields in the bond market. Investment in the ishares ibonds Corporate Term ETFs is subject to the risks of the other funds and ETFs (underlying funds) in which it invests. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers. Following the Fund s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds distributions and liquidation proceeds are not predictable at the time of investment and the Funds do not seek to return any predetermined amount. The rate of Fund distribution payments may adversely affect the tax characterization of an investor s returns from an investment in the Fund relative to a direct investment in bonds. If the amount an investor receives as liquidation proceeds upon the Fund s termination is higher or lower than the investor s cost basis, the investor may experience a gain or loss for tax purposes. Diversification may not protect against market risk or loss of principal. Shares of ishares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. "Acquired Fund Fees and Expenses" reflect the Fund's pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. The ishares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock"). The ishares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with S&P Dow Jones Indices LLC. The ishares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays or Bloomberg Finance L.P., nor do these companies make any representation regarding the advisibility of investing in the Funds. BlackRock is not affiliated with the companies listed above. FOR MORE INFORMATION, VISIT OR CALL ISHARES ( ) is is-ibdb-f1217 Not FDIC Insured - No Bank Guarantee - May Lose Value

4 Want to learn more? Carefully consider the Fund's investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Fund's prospectus, and if available, summary prospectus, which may be obtained by calling iShares ( ) or by visiting or Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. The ishares ibonds ETFs ( Funds ) will terminate on or about March 31 of the year in each Fund s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. Unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, the Fund(s) will make distributions of income that vary over time. In the final months of each Fund s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. As a result, its yield will tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields in the bond market. Investment in the ishares ibonds Corporate Term ETFs is subject to the risks of the other funds and ETFs (underlying funds) in which it invests. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers. Following the Fund s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds distributions and liquidation proceeds are not predictable at the time of investment and the Funds do not seek to return any predetermined amount. The rate of Fund distribution payments may adversely affect the tax characterization of an investor s returns from an investment in the Fund relative to a direct investment in bonds. If the amount an investor receives as liquidation proceeds upon the Fund s termination is higher or lower than the investor s cost basis, the investor may experience a gain or loss for tax purposes. Diversification may not protect against market risk or loss of principal. Shares of ishares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. "Acquired Fund Fees and Expenses" reflect the Fund's pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. The ishares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock"). The ishares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with S&P Dow Jones Indices LLC. The ishares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays or Bloomberg Finance L.P., nor do these companies make any representation regarding the advisibility of investing in the Funds. BlackRock is not affiliated with the companies listed above. FOR MORE INFORMATION, VISIT OR CALL ISHARES ( ) is is-ibdb-f1217 Not FDIC Insured - No Bank Guarantee - May Lose Value

5 GLOSSARY Weighted Average Maturity is the length of time until the average security in the fund will mature or be redeemed by its issuer. It indicates a fixed income fund's sensitivity to interest rate changes. Longer average weighted maturity implies greater volatility in response to interest rate changes. Effective Duration is a measure of the potential responsiveness of a bond or portfolio price to small parallel shifts in interest rates. Effective Duration takes into account the possible changes in expected bond cash flows due to small parallel shifts in interest rates.