Fund Description: iShares MSCI New Zealand ETF, formerly iShares MSCI New Zealand Capped ETF, formerly iShares MSCI New Zealand Capped Investable Market Index Fund, formerly the iShares MSCI New Zealand Investable Market Index Fund is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the iShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The iShares MSCI New Zealand ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI New Zealand IMI 25/50 Index, formerly the MSCI New Zealand Investable Market Index. INDEX DESCRIPTION: The MSCI New Zealand IMI 25/50 Index is designed to measure the performance of equity securities listed on stock exchanges in New Zealand. The Index is a free-float adjusted market capitalization weighted index with a capping methodology applied to issuer weights so that no single issuer of a component exceeds 25% of the Index weight and all issuers with weight above 5% do not exceed 50% of the Index weight. Components primarily include consumer discretionary, industrials, materials and telecommunications companies. The components of the Index, and the degree to which these components represent certain industries, may change over time. FUND STRATEGY: A passive or indexing approach is used to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. Representative sampling is an indexing strategy that is used which involves investing in a representative sample of securities that collectively has an investment profile similar to the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index. The Fund generally invests at least 80% of its assets in securities of the Index and in depositary receipts representing securities of the Index. The Fund may invest the remainder of its assets in securities not included in the Index, but which is believed will help the Fund track the Index and in futures contracts, options on futures contracts, options and swaps as well as cash and cash equivalents, including shares of money market funds. FUND MANAGEMENT: BlackRock Fund Advisors serves as the investment advisor to the Fund.