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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

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Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

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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

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Portfolio Management Commentary

Stocks in Denmark declined significantly for the reporting period. Economic output slowed considerably in the first half of 2022 amid production constraints, rising inflation, and weaker consumer demand. However, a strengthening labor market helped stabilize the economy. Denmark’s stock market, which consists mainly of higher-valuation growth stocks, fell as cautious investors favored lower-valuation stocks. The declining value of the Danish krone relative to the U.S. dollar also diminished the value of Danish stocks in U.S. dollar terms.

The industrials sector detracted the most from the Index’s return. As interest rates rose, investors grew more concerned about the prospect of a global economic downturn, which weighed on Denmark’s air freight and logistics industry. Global rates for shipping freight steadily decreased from previous record highs amid weakened demand and expected increases in global shipping capacity. The electrical equipment industry also declined, as a large wind turbine manufacturer encountered rising raw material costs and supply chain disruptions, exacerbated by the war in Ukraine, even as that conflict boosted demand for non-fossil fuel energy alternatives. Profit margins fell as the company could not raise prices quickly enough to compensate.

The healthcare sector also detracted significantly from the Index’s return, driven by healthcare equipment and supplies companies. Supply chain issues led to considerable trouble securing production components, which pressured industry earnings despite strong demand for products such as hearing aids. Coronavirus pandemic-related shutdowns in China exacerbated supply problems and reduced demand for wound care products. The utilities sector also detracted as the electric utilities industry faced some of the lowest average wind speeds in decades in its European wind power projects, which forced customers to rely on other sources for power generation.

Portfolio Information

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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

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Portfolio Management Commentary

Stocks in Finland declined significantly for the reporting period amid rising global inflation, geopolitical tensions, and slowing economic growth. Russia’s invasion of neighboring Ukraine sharply curbed trade with Russia, raised security concerns within Finland (leading it to apply for membership in the North Atlantic Treaty Organization), and weakened Finland’s overall economic outlook. Although employment rates in Finland remained relatively strong, ongoing effects from the war in Ukraine and rising inflation, which reached a 38-year high in June 2022, led to recession concerns.

The industrials sector detracted the most from the Index’s performance, driven by machinery companies navigating ongoing global supply chain constraints, including substantially higher ocean freight shipping costs and parts shortages. The industry also faced headwinds from coronavirus pandemic-related shutdowns in China. For example, a large manufacturer of escalators and elevators experienced reduced demand for its products from Chinese property developers. Continued lockdowns exacerbated the ongoing liquidity problems in China’s real estate market, where sales and construction declined. Despite cost reduction efforts, supply constraints and deteriorating demand weighed on the company’s revenue and earnings outlook.

The information technology sector also detracted from the Index’s performance. Global semiconductor shortages constrained the communications equipment industry, limiting its ability to meet increased demand for 5G equipment. The utilities sector also detracted, as the Finnish government prompted the electric utilities industry to sell its power plants in Russia, leading companies to write off those assets, which weighed on profitability. In addition, the materials sector detracted, as stocks of paper and forest product companies declined late in the reporting period. Demand for pulp and timber weakened and supply-chain bottlenecks persisted, weighing on the industry.

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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.

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

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Portfolio Management Commentary

Small-capitalization German equities declined sharply during the reporting period. The war in Ukraine disrupted supply chains and contributed to record-high inflation as prices for commodities and energy soared. Germany’s economic growth slowed in 2022 despite the lifting of many coronavirus-related restrictions. Rising inflation led the ECB to increase interest rates in July 2022 for the first time in 11 years, further weakening business confidence and the economic outlook. The declining value of the euro relative to the U.S. dollar also diminished the value of German stocks in U.S. dollar terms.

The healthcare sector detracted the most from the Index’s performance, particularly pharmaceuticals, biotechnology, and life sciences companies whose valuations depend upon the success of drugs in development. Stock prices for many healthcare companies dropped as cash inflows from mergers and acquisitions or licensing deals grew scarce. In addition, the stock price of a German life sciences tools and services company fell after a partnership with a global pharmaceutical company dissolved following disappointing drug test performance.

The industrials sector also detracted significantly from the Index’s performance. Companies in the sector lowered their earnings outlooks as coronavirus-related lockdowns in major Chinese cities constrained the supply of critical parts, hindering production and raising costs. Disruption to the supply of natural gas to Germany after Russia’s invasion of Ukraine forced some industrial companies to seek alternative sources of energy.

Information technology (“IT”) stocks also detracted from the Index’s performance. Bottlenecks in the supply chain network and slowing sales to public sector businesses negatively impacted the IT services industry. Real estate stocks also declined, as rising interest rates increased the cost of borrowing for real estate companies, while higher mortgage rates made housing less affordable.

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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)

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

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Portfolio Management Commentary

Stocks in Ireland fell significantly for the reporting period as the country faced its highest rate of inflation in almost four decades. Economic growth slowed considerably late in the reporting period as consumer spending and investment eased and labor costs rose. Many central banks around the world, including the ECB, increased interest rates in response to rising global inflation. Those increases and the war in Ukraine prompted recession concerns as households’ real income and consumer spending were projected to decline. The declining value of the euro relative to the U.S. dollar also diminished the value of Irish stocks in U.S. dollar terms.

The consumer discretionary sector detracted the most from the Index’s return. Slowing growth in European gaming demand drove the decline in the hotel, restaurants, and leisure industry. Investors grew concerned about the large sums of money the industry spent on marketing and advertising, which, along with costs related to merger activity, constrained profitability.

The materials sector also weighed on the Index’s return, particularly the construction materials industry. Demand for building materials fell in the wake of Russia’s invasion of Ukraine. Concerns about slowing global economic growth clouded the industry’s outlook as housing markets cooled and rising costs delayed or reduced large infrastructure projects.

Industrials stocks also detracted from the Index’s return. In the trading companies and distributors industry earnings declined from previous highs attained amid the coronavirus pandemic-related increase in home improvement projects. Persistent inflation raised investors’ concern that consumer demand for building, plumbing, and other household materials would diminish. Similarly, in the building products industry, orders and order backlogs fell as demand for building insulation and related products weakened.

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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

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Portfolio Management Commentary

Stocks in Kuwait advanced for the reporting period as rising global crude oil prices benefited the country’s economy and the government’s fiscal budget. Crude oil production constitutes approximately 60% of the country’s economic output and 95% of its export revenue. As oil prices rose, Kuwait’s finance ministry proposed a budget for fiscal year 2022 that projected a 74% decrease over the prior year’s record deficit. In addition, the April 2022 resignation of the country’s entire government, beset with infighting on budgetary matters, raised expectations that the country would move ahead with long-delayed plans to significantly boost oil production. However, political standoffs continued, and Kuwait dissolved its parliament in August 2022 with the budget still not approved.

Kuwait’s financials sector, which represented approximately 67% of the Index on average during the reporting period, contributed the most to the Index’s return. Banks in Kuwait rely heavily on large depositors, including many government-related institutions, for their loan commitments. The banking industry’s health ordinarily reflects development in global oil markets and geopolitics that, in turn, affect the ability of Kuwaiti authorities to support it. Amid high oil prices, private sector bank deposit volumes rose, and credit at Kuwaiti banks reached a record high in early 2022. Consumer loans also increased significantly. Bank earnings increased sharply, and the outlook improved as oil prices remained relatively high and the negative impacts of the COVID-19 pandemic on the global economy receded.

The industrials sector also contributed to the Index’s performance. The electrical equipment industry gained as sales costs fell for power and telecommunications cables. Preferential government contracts with relatively high profit margins favored domestic suppliers, boosting industry profitability. In addition, a large industrial conglomerate advanced, as it successfully raised capital from existing shareholders for future investment.

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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

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Portfolio Management Commentary

Stocks in New Zealand declined significantly for the reporting period amid rising inflation and slowing economic growth. Exports of goods and services, which comprise approximately one quarter of the nation’s economic output, declined substantially. Coronavirus pandemic-related lockdowns in China, New Zealand’s largest trade partner, disrupted supply chains across that country. In early 2022, New Zealand experienced its first significant wave of COVID-19 cases. Extended border closures weighed on tourism and international education. Domestic retail sales declined in the first two quarters of 2022, raising recession concerns. Nevertheless, the Bank of New Zealand continued raising interest rates to address inflation. A strong U.S. dollar also weighed on the Index’s performance, as the value of foreign currency-denominated investments diminished.

The healthcare sector detracted the most from the Index’s return, driven by the healthcare equipment industry. During the height of the coronavirus pandemic, global demand for healthcare equipment, such as breathing aids and respiratory masks used for treating COVID-19 patients, increased sharply. Production at a large manufacturer of respiratory equipment accelerated dramatically to meet that demand. However, during the reporting period, hospitals’ needs for that equipment decreased markedly as hospitalizations declined in most parts of the world. In turn, the company’s profits and stock price dropped sharply. Meanwhile, revenue and earnings outlooks dimmed as hospitals’ product inventories remained plentiful. At the same time, higher operating costs, including elevated freight and pandemic-related employee absenteeism expenses, further pressured profits.

The industrials sector also weighed on the Index’s performance. Within the transportation industry, airport and airline earnings declined amid New Zealand’s strict pandemic travel restrictions. Pandemic-related restrictions also disrupted the building products industry, particularly early in the reporting period.

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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

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Portfolio Management Commentary

Stocks in Norway declined for the reporting period as slowing global economic growth and supply chain issues outweighed the benefits from sharp increases in oil and gas prices and rising exports, which comprise approximately 40% of the country’s economic output. Norway’s central bank raised interest rates aggressively as global price pressures weighed on the economy. The declining value of the Norwegian krone relative to the U.S. dollar also diminished the value of Norwegian stocks in U.S. dollar terms.

The communication services sector detracted the most from the Index’s return. The media and entertainment industry declined amid weaker-than-expected revenue in classified advertising. Publishers of classified advertisements in Norway typically rely heavily on car manufacturers’ placements, but semiconductor shortages limited global automobile production and related advertising. The telecommunications industry weakened as rising inflation and growing economic uncertainty increased pressure to lower costs amid continued investment in 5G networks.

The information technology sector also detracted from the Index’s performance, driven by declines in the semiconductor industry as limited supplies of silicon wafers pressured companies’ ability to address order backlogs. Software and services stocks declined as disappointing earnings amplified investors’ concerns about generally high industry valuations. The consumer staples sector also detracted as global consumption of salmon dropped amid a decline in salmon populations.

On the upside, the energy sector contributed substantially to the Index’s performance. The integrated oil and gas industry advanced amid surging global energy prices. Russia responded to European sanctions over the war in Ukraine by reducing gas shipments to the E.U., and many large global economies shunned Russian oil. Norwegian crude oil and natural gas helped fill the ensuing supply gap in Europe. The industry also benefited from lower shipping costs as deliveries to Europe replaced shipments to Asia.

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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.

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Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: