Fund Description: iShares Currency Hedged MSCI EAFE Small-Cap 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 EAFE Small-Cap ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Small-Cap 100% Hedged to USD Index. INDEX DESCRIPTION: The MSCI EAFE Small-Cap 100% Hedged to USD Index represents the performance of international small-cap stocks with the currency risk of the securities included in the Index hedged to the U.S. dollar on a monthly basis. Under MSCI’s Global Investable Market Index methodology, the small-cap universe consists of securities of those companies not included in the large-cap or mid-cap segments of a particular market, which together comprise approximately 85% of each market’s free float-adjusted market capitalization. The small-cap segment covers the 85%-99% range of each market’s free float-adjusted market capitalization. The components primarily include consumer discretionary, financials and industrials companies which may change over time. Components of the Index include equity securities and foreign currency forward contracts (both deliverable and non-deliverable) designed to hedge against non-U.S. currency fluctuations. The notional exposure to foreign currency forward contracts (both deliverable and non-deliverable) generally will be a short position that hedges the currency risk of the equity portfolio. The Index 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. FUND STRATEGY: The Fund intends to seek to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap 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. Representative sampling is an indexing strategy that is used which involves investing in a representative sample of securities or other instruments comprising 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 generally will invest at least 90% of its assets in the component securities (including indirect investments through the Underlying Fund) and other instruments of the Index and in investments that have economic characteristics that are substantially identical to the component securities of the Index (i.e., depositary receipts representing securities of the Index) and may invest up to 10% 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, but which the adviser believes will help the Fund track 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 also use non-deliverable forward (NDF) contracts to execute its hedging transactions. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received). FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment advisers to the Fund.