Fund Description: iShares Currency Hedged MSCI Eurozone ETF, formerly iShares Currency Hedged MSCI EMU 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: iShares Currency Hedged MSCI Eurozone ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EMU 100% USD Hedged Index. INDEX DESCRIPTION: The Hedged Index MSCI EMU 100% USD Hedged Index has been developed by MSCI Inc. (MSCI), the Index Provider, as an equity benchmark for the European Monetary Union countries with the currency risk of the securities included in the Index hedged against the U.S. dollar on a monthly basis. The Index consists of stocks from the following 10 developed market countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal and Spain. The Index may include large-, mid- or small-capitalization companies, and components primarily include consumer discretionary, financials and industrials companies. The countries and components of the Index, and the degree to which the components represent certain industries, may change over time. The Index applies a methodology that sells forward the total value of the non-U.S. dollar denominated securities included in the Index at a one-month forward rate to effectively create a hedge against fluctuations in the relative value of the component currencies 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 component currencies are weakening relative to the U.S. dollar. Conversely, the Index is designed to have lower returns than an equivalent unhedged investment when the component currencies are rising relative to the U.S. dollar. FUND STRATEGY: As of its inception date, the Fund intends to seek to achieve its investment objective initially by investing a substantial portion of its assets in one Fund, the iShares MSCI EMU ETF. 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 (including indirect investments through the iShares MSCI EMU ETF) and in depositary receipts representing securities of the Index, including foreign currency forward contracts (both deliverable and non-deliverable) designed to hedge against non-U.S. currency fluctuations. The notional exposure to currency forward contracts will be a short position that hedges the currency risk of the equity portfolio. The Fund will seek to provide effective total investment exposure equal to 100% of the return of the equity portfolio (other than currency effects) and approximately 0% of the currency risk of the equity portfolio (except for the currency exposure resulting from being over/under-hedged due to intra-month market movements). The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds as well as in securities not included in 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 component currencies. The Fund may use non-deliverable forward contracts to execute its hedging transactions. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment advisers to the Fund.