Fund Description: iShares Currency Hedged MSCI Japan ETF 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 Currency Hedged MSCI Japan ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Japan 100% Hedged to USD Index. INDEX DESCRIPTION: The MSCI Japan 100% Hedged to USD Index consists of stocks traded primarily on the Tokyo Stock Exchange with the currency risk of the securities included in the Index hedged against the U.S. dollar on a monthly basis. The Index may include large-, mid- or small-capitalization companies, and components primarily include consumer discretionary, financials and industrials companies. The Index applies a one-month forward rate to the total value of the non-U.S. dollar denominated securities included in the Index to effectively create a hedge against fluctuations in the relative value of the Japanese yen in relation to the U.S. dollar. The hedge is reset on a monthly basis. The Index is designed to have higher returns than an equivalent unhedged investment when the Japanese yen is weakening relative to the U.S. dollar. Conversely, the Index is designed to have lower returns than an equivalent unhedged investment when the Japanese yen is rising relative to the U.S. dollar. 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 and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform its 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. The Fund generally invests at least 80% of its assets in securities of the Index and in depositary receipts representing securities of the Index, including foreign currency forward contracts designed to hedge against non-U.S. currency fluctuations. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds. 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. In order to replicate the hedging component of the Index, the Fund intends to enter into foreign currency forward contracts designed to offset the Fund’s exposure to the Japanese yen. The Fund may use non-deliverable forward contracts to execute its hedging transactions and may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment advisers to the Fund.