iShares Trust

· iShares MSCI Denmark ETF | EDEN | Cboe BZX

· iShares MSCI Finland ETF | EFNL | Cboe BZX

· iShares MSCI Germany Small-Cap ETF | EWGS | Cboe BZX

· iShares MSCI Ireland ETF | EIRL | NYSE Arca

· iShares MSCI Kuwait ETF | KWT | Cboe BZX

· iShares MSCI New Zealand ETF | ENZL | NASDAQ

· iShares MSCI Norway ETF | ENOR | Cboe BZX

Table of Contents

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

Investment Objective

The iShares MSCI Denmark ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Danish equities, as represented by the MSCI Denmark IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Portfolio Management Commentary

Stocks in Denmark rose for the reporting period. Denmark’s economy grew modestly, as strength in the country’s healthcare sector outweighed weakness in other parts of the economy. Denmark’s central bank raised interest rates eight times during the reporting period, mirroring the ECB, and inflation gradually decreased from a four-decade high of 10.1% in October 2022 to 2.4% in August 2023, well below the European average. However, the Danish central bank set interest rates lower than the ECB to weaken the Danish krone, which is pegged to the euro, as conversion of an influx of U.S. dollars from pharmaceuticals exports pushed the Danish currency higher.

Healthcare stocks contributed the most to the Index’s performance, led by the pharmaceuticals industry. Strong demand for new anti-obesity drugs drove the outlook for sales and profits higher, as demand exceeded available production capacity. A new study showed that the obesity treatments may also reduce the risk of heart attacks and strokes from cardiovascular disease, broadening the already robust outlook for this new class of drugs and putting pressure on healthcare plans to cover the treatment costs.

The financials sector also contributed to the Index’s performance, particularly bank stocks. Banks posted stronger profits, driven by interest income, as higher interest rates increased the gap between the interest banks charge for loans and the interest they pay on customer deposits. Trading activity in financial markets also boosted earnings.

The industrials sector added to the Index’s gains, led by the transportation industry. The strengthening outlook for global trade volume benefited Denmark’s air freight and logistics industry.

Conversely, the utilities sector detracted from the Index’s return. The electric utilities industry declined, as high interest rates, supplier delays, and elevated materials costs weakened the outlook for offshore wind energy projects.

Portfolio Information

Investment Objective

The iShares MSCI Finland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Finnish equities, as represented by the MSCI Finland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Portfolio Management Commentary

Stocks in Finland were flat for the reporting period, as an economic recession and high inflation weighed on the market. Finland’s economy contracted during the second half of 2022, as consumer spending weakened amid rising interest rates and high rates of inflation, which peaked at 9.1% in November and December 2022. Inflation rates declined in 2023, which combined with growing wages increased consumer purchasing power, contributing to a resumption in Finnish economic growth in the first half of 2023.

The capital goods industry contributed the most to the Index’s performance. Manufacturers of mining equipment benefited from expanding mining operations, particularly for the minerals and metals that power the transition to green energy technologies. The construction machinery industry benefited from North American demand for machinery used to extract aggregates such as sand and gravel. Additionally, the transition to renewable energy solutions such as wind and solar farms increased sales for manufacturers of energy storage systems, while merger and acquisition activity drove gains in the plumbing products industry.

Stocks in the utilities sector also contributed to the Index’s return. Germany’s plans to nationalize gas companies improved investor confidence in Finnish utilities that operated in the country.

On the downside, the information technology sector detracted the most from the Index’s performance. Telecommunications and networking equipment manufacturers cut their sales outlooks as high inflation and a modest economic outlook led carriers to delay investment plans.

The energy sector also detracted from the Index’s performance. Production of renewable fuels used in the aviation and transportation industries decreased following a fire at a major refinery. In addition, costs for raw materials to process renewable fuels increased as competitors entered the growing market for alternative energy sources.

Portfolio Information

Investment Objective

The iShares MSCI Germany Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization German equities, as represented by the MSCI Germany Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On June 6, 2023, the Board approved a proposal to close the Fund to new and subsequent investments and thereafter to liquidate the Fund. After the close of business on October 30, 2023, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on October 31, 2023. Proceeds of the liquidation will be sent to shareholders on or about November 2, 2023.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Portfolio Management Commentary

Despite slow economic growth, small-capitalization stocks in Germany advanced significantly for the reporting period. While inflation remained elevated, it declined notably as the ECB raised interest rates eight times during the reporting period in an attempt to control rising prices. Higher interest rates supported the euro, which appreciated relative to the U.S. dollar, making German stocks more valuable in U.S. dollar terms. German stocks also benefited from improved energy security, as alternate fuel suppliers and a warm winter helped offset supply problems in the wake of Russia’s decision to stop supplying Germany with natural gas shortly before the start of the reporting period. Small-capitalization stocks trailed larger-capitalization stocks in recent years, leading to attractive valuations during the reporting period, which was another tailwind for German small-capitalization stocks.

The industrials sector was the largest contributor to the Index’s return despite weak industrial production. The machinery industry advanced, partially due to demand for industrial truck services and improving supply chains, while the construction and engineering industry benefited from demand for high-tech infrastructure projects.

The information technology sector also contributed significantly to the Index’s return, as rising investment in applied artificial intelligence drove demand for semiconductors that can process large datasets. Sharply rising sales, especially increasing commercial orders for energy efficient electronics, and surging profitability drove strong results for a specialty semiconductor materials and equipment company. In the software and services industry, a provider of remote connectivity software continued to advance due to the coronavirus pandemic-driven shift toward communicating online. In the healthcare sector, a company that specializes in medical packaging and drug delivery systems posted strong sales, particularly for the biologics and injectables market, driving sector gains.

On the downside, the utilities sector detracted from the Index’s performance. Weaker earnings from a wind and solar park operator reflected the integration of a recent acquisition, unfavorable weather conditions, and slightly lower power prices.

Portfolio Information

Investment Objective

The iShares MSCI Ireland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Irish equities, as represented by the MSCI All Ireland Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Index performance through November 26, 2013 reflects the performance of the MSCI Ireland Investable Market Index 25/50. Index performance beginning on November 27, 2013 reflects the performance of the MSCI All Ireland Capped Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Portfolio Management Commentary

Stocks in Ireland increased for the reporting period as employment rates hit the highest level in 25 years, and the economy recovered from a short-lived slowdown. Ireland’s economy expanded slightly in the second quarter of 2023, rebounding from a technical recession. Growth was especially strong in sectors dominated by multinational corporations, attracted to Ireland for its low corporate taxes, access to Europe, and English-speaking workforce. Business investment and government expenditures led domestic growth, while consumer spending increased slightly, driven higher partly by increased tourism. The sharp rise in interest rates, at the fastest pace since the launch of the euro in 1999, sent inflation rates sharply lower, from a peak of 9.2% in October 2022 to 5.8% in July 2023. The value of Irish stocks in U.S. dollar terms increased as the euro strengthened relative to the U.S. dollar.

The materials sector contributed the most to the Index’s performance. The construction materials industry benefited from higher prices for aggregates, such as sand and gravel used in construction projects, and an increase in commercial building in the U.S., particularly in the telecommunications, water utilities, and energy markets. New U.S. laws passed in 2021 and 2022 to rebuild infrastructure and provide incentives for business investment in alternative energy sources and microchip manufacturing plants benefited the construction industry, including Irish companies with operations in the U.S.

The consumer discretionary sector also contributed to the Index’s strong performance, led by the hotels, restaurants, and leisure industry. Irish online sports betting and gambling operators benefited from the rapid growth of sports betting, particularly in the U.S., where more than 30 states legalized wagering on sports in recent years following a 2018 Supreme Court decision. Online gambling revenues also rose sharply.

Portfolio Information

Investment Objective

The iShares MSCI Kuwait ETF (the “Fund”) seeks to track the investment results of a broad-based equity index with exposure to Kuwait, as defined by the index provider, as represented by the MSCI All Kuwait Select Size Liquidity Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was September 1, 2020. The first day of secondary market trading was September 3, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Portfolio Management Commentary

Stocks in Kuwait declined for the reporting period amid ongoing political turmoil and lower global crude oil prices. Kuwait’s government resigned less than four months after elections changed the makeup of the country’s legislative assembly. In addition, the nation’s fifth finance minister in three years resigned after control over Kuwait’s sovereign wealth fund shifted to another ministry. Meanwhile, the Organization of Petroleum Exporting Countries, of which Kuwait is the fourth-largest supplier, cut production in an attempt to stabilize prices. Kuwait’s oil exports decreased substantially amid production cuts and diversion of some of its crude supply to a new domestic refinery. Oil accounts for approximately half of the trade-dependent nation’s economic output and all but a small portion of its exports.

Kuwait’s financials sector, led by banks, detracted the most from the Index’s performance. Credit growth declined sharply from a more than 12-year high in 2022, turning negative in the second quarter of 2023. The credit growth slowdown occurred as interest rates increased, while oil production cuts weakened credit demand from oil producers, and the government reduced spending. Meanwhile, operating expenses and provisions for credit losses and impaired loans increased, pressuring profit growth at some banks. Investor concerns about repercussions from the global banking turmoil in Spring 2023 also weighed on Kuwaiti banks.

The industrials sector also detracted from performance. The air freight and logistics industry declined amid concerns about slowing demand, rising costs, and lingering effects from supply chain disruptions due to China’s coronavirus restrictions and the war in Ukraine. On the upside, the consumer discretionary sector contributed to performance, led by strong profit growth in the specialty retail industry.

Portfolio Information

Investment Objective

The iShares MSCI New Zealand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of New Zealand equities, as represented by the MSCI New Zealand IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through February 11, 2013 reflects the performance of the MSCI New Zealand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI New Zealand IMI 25/50 Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Portfolio Management Commentary

Stocks in New Zealand declined modestly for the reporting period as the nation’s economy entered a mild recession. The aftermath of two significant cyclones and widespread flash flooding in early 2023 led to reduced growth, a rising government budget deficit, and a contraction in manufacturing. Inconsistent exports, which account for about a third of the New Zealand’s economic output, was another headwind to economic growth. Exports to China, the nation’s largest trading partner, rose initially but later fell as China’s economic growth stalled. Meanwhile, inflation remained at the highest level since the 1990s, but moderated somewhat. Attempting to curb rising prices, the Reserve Bank of New Zealand more than doubled its policy rate. As interest rates rose, equity values retreated, and housing prices dropped dramatically.

Stocks in the consumer discretionary sector detracted the most from the Index’s return. Lingering effects from the coronavirus pandemic, including some structural business changes, affected the hotel, restaurants, and leisure industry. In addition, a large casino operator faced potential financial penalties related to alleged money laundering. Consumer staples also detracted from the Index’s return. Within the food products industry, China’s sluggish economy and falling birth rate reduced export demand for dairy products and infant formula. In addition, order delays, distribution changes within the industry, and weaker demand for certain products created inventory backlogs.

The utilities sector, on the other hand, contributed to the Index’s performance. Underlying profits increased in the electrical utilities industry, led by an investment conglomerate that acquired the full stake in a mobile and broadband partnership. Earnings also increased for the nation’s leading power generator as it substantially increased spending on renewable energy operations.

Portfolio Information

Investment Objective

The iShares MSCI Norway ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Norwegian equities, as represented by the MSCI Norway IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Portfolio Management Commentary

Stocks in Norway declined for the reporting period. Norway’s economy slowed, with growth stagnating in the second quarter of 2023, as higher interest rates and elevated inflation weakened consumer spending. Norway’s central bank raised interest rates seven times during the reporting period, slowing housing construction and household consumption. Higher wages and the weak Norwegian currency, which increased prices for imports, contributed to inflation.

The energy sector detracted the most from the Index’s performance. Oil and natural gas prices declined sharply from historically high levels in 2022 in the aftermath of Russia’s invasion of Ukraine, weakening stocks in the oil, gas, and consumable fuels industry. An unseasonably warm winter across Europe reduced demand for natural gas, sending prices lower. Sanctions imposed on Russia led to a sharp reduction in its gas exports to Europe, however, the continent secured other energy sources, increasing supplies at storage facilities to near capacity.

The consumer staples sector also detracted from the Index’s return, particularly the food products industry. Stocks of Norway’s large seafood companies dropped sharply after the government proposed a new 40% ground rent tax, charging for the use of natural resources. However, stocks partially rebounded, as salmon prices climbed to near historic highs, and the government ultimately implemented the new tax at a lower rate of 25%.

Norwegian industrials stocks also weighed on the Index’s performance, in particular the commercial services and supplies industry. Stocks in the industry declined as increasing costs weakened profits.

Conversely, the financials sector contributed to the Index’s performance. Banks posted stronger profits, mainly from interest income, as higher interest rates helped banks increase the gap between the interest they charge for loans and the interest they pay on customer deposits.

Portfolio Information

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.