DECEMBER 30, 2019

(as revised March 2, 2020)

2019 Summary Prospectus• iShares Currency Hedged MSCI Italy ETF | HEWI | NYSE ARCA

Before you invest, you may want to review the Fund’s prospectus, which contains moreinformation about the Fund and its risks. You can find the Fund’s prospectus (includingamendments and supplements) and other information about the Fund, including theFund’s statement of additional information and shareholder report, online at https://www.ishares.com/prospectus. You can also get this information at no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request toiSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectusand statement of additional information, both dated December 30, 2019, as amendedand supplemented from time to time, are incorporated by reference into (legally made apart of) this Summary Prospectus.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securitiesand Exchange Commission (“SEC”), paper copies of the Fund’s shareholder reportswill no longer be sent by mail, unless you specifically request paper copies of thereports from your financial intermediary, such as a broker-dealer or bank. Instead,the reports will be made available on a website, and you will be notified by mail eachtime a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not beaffected by this change and you need not take any action. If you hold accountsthrough a financial intermediary, you may contact your financial intermediary toenroll in electronic delivery. Please note that not all financial intermediaries may offerthis service.

You may elect to receive all future reports in paper free of charge. If you holdaccounts through a financial intermediary, you can follow the instructions includedwith this disclosure, if applicable, or contact your financial intermediary to requestthat you continue to receive paper copies of your shareholder reports. Please notethat not all financial intermediaries may offer this service. Your election to receivereports in paper will apply to all funds held with your financial intermediary.

The SEC has not approved or disapproved these securities or passed upon theadequacy of this prospectus. Any representation to the contrary is a criminal offense.

iShares®iShares Trust (the “Trust”)

Supplement dated June 12, 2020 (the “Supplement”)to the Summary Prospectuses, Prospectuses and

Statements of Additional Information (“SAIs”) for theiShares Edge MSCI Min Vol Europe ETF (EUMV),

iShares Edge MSCI Min Vol Japan ETF (JPMV),iShares Currency Hedged MSCI Australia ETF (HAUD),

iShares Currency Hedged MSCI Italy ETF (HEWI),iShares Currency Hedged MSCI South Korea ETF (HEWY),

iShares Currency Hedged MSCI Spain ETF (HEWP), andiShares Currency Hedged MSCI Switzerland ETF (HEWL)

(each, a “Fund” and together, the “Funds”)

The information in this Supplement updates information in, andshould be read in conjunction with, the Summary Prospectus,Prospectus and SAI for each Fund.

On June 10, 2020, the Board of Trustees of the Trust unanimously votedto close and liquidate the Funds. After the close of business onAugust 17, 2020 the Funds will no longer accept creation orders.Trading in the Funds will be halted prior to market open on August 18,2020. Proceeds of the liquidation are currently scheduled to be sent toshareholders on August 20, 2020.

When each Fund is in the process of liquidating its portfolio, which isanticipated to commence prior to August 18, 2020, the Fund will holdcash and securities that may not be consistent with the Fund’sinvestment objective and strategies and is likely to incur higher trackingerror than is typical for the Fund. Furthermore, during the time betweenmarket open on August 18, 2020 and August 20, 2020, because shareswill not be traded on NYSE Arca, Inc. (“NYSE Arca”), we cannot assureyou that there will be a trading market for your shares.

Shareholders may sell their holdings of a Fund on NYSE Arca until themarket close on August 17, 2020 and may incur the usual andcustomary brokerage commissions associated with the sale of Fundshares. At the time the liquidation of a Fund is complete, shares of theFund will be individually redeemed. If you still hold shares of a Fund onAugust 20, 2020, the Fund will automatically redeem your shares forcash based on the net asset value as of the close of business onAugust 17, 2020, which will include any dividends or distributionscalculated as of that date.

If you are subject to federal income tax, the liquidation of a Fund willresult in one or more taxable events for you. A sale or exchange of Fundshares prior to the liquidation will generally give rise to a capital gain orloss to you for federal income tax purposes. In connection with theliquidation, a Fund may declare taxable distributions of its investmentincome and/or taxable distributions of its net capital gain. Anyliquidation proceeds paid to you should generally be treated as receivedby you in exchange for your shares and will therefore generally give riseto a capital gain or loss depending on your tax basis. Please consultyour personal tax advisor about the potential tax consequences.

If you have any questions, please call 1-800-iShares (1-800-474-2737).

iShares® is a registered trademark of BlackRock Fund Advisors and its affiliates.

IS-A-FC2-0620

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iShares®iShares TrustiShares, Inc.

Supplement dated April 1, 2020 (the “Supplement”)to the Summary Prospectus and Prospectus

for each series of iShares Trust and iShares, Inc.(each, a “Fund”)

The information in this Supplement updates information in, andshould be read in conjunction with, the Summary Prospectus,Prospectus and SAI for each Fund.

Effective immediately, each Fund’s Summary Prospectus andProspectus are amended as follows:

The following is added to the section of each Fund’s SummaryProspectus and Prospectus entitled “Summary of Principal Risks”:

Infectious Illness Risk. An outbreak of an infectious respiratory illness,COVID-19, caused by a novel coronavirus has resulted in travelrestrictions, disruption of healthcare systems, prolonged quarantines,cancellations, supply chain disruptions, lower consumer demand,layoffs, defaults and other significant economic impacts. Certainmarkets have experienced temporary closures, reduced liquidity andincreased trading costs. These events will have an impact on the Fundand its investments and could impact the Fund’s ability to purchase orsell securities or cause elevated tracking error and increased premiumsor discounts to the Fund’s net asset value. Other infectious illnessoutbreaks in the future may result in similar impacts.

The section of each Fund’s Summary Prospectus and Prospectusentitled “Summary of Principal Risks” is revised such that thefollowing is appended to the end of the paragraph entitled “MarketRisk”:

Local, regional or global events such as war, acts of terrorism, thespread of infectious illness or other public health issue, recessions, orother events could have a significant impact on the Fund and itsinvestments.

The section of each Fund’s Summary Prospectus and Prospectusentitled “Summary of Principal Risks” is revised such that the

following is appended to the end of the paragraph entitled “Index-Related Risk”:

Unusual market conditions may cause the Index Provider to postpone ascheduled rebalance, which could cause the Underlying Index to varyfrom its normal or expected composition.

The following is added to the section of each Fund’s Prospectusentitled “A Further Discussion of Principal Risks”:

Infectious Illness Risk. An outbreak of an infectious respiratory illness,COVID-19, caused by a novel coronavirus was first detected in China inDecember 2019 and has spread globally. This outbreak has resulted intravel restrictions, closed international borders, enhanced healthscreenings at ports of entry and elsewhere, disruption of and delays inhealthcare service preparation and delivery, prolonged quarantines,cancellations, supply chain disruptions, disruptions in markets, lowerconsumer demand, layoffs, defaults and other significant economicimpacts, as well as general concern and uncertainty. Disruptions inmarkets can adversely impact the Fund and its investments, includingimpairing hedging activity to the extent a Fund engages in such activity,as expected correlations between related markets or instruments mayno longer apply. In addition, to the extent the Fund invests in short-terminstruments that have negative yields, the Fund’s value may be impairedas a result. Further, certain local markets have been or may be subjectto closures, and there can be no assurance that trading will continue inany local markets in which the Fund may invest, when any resumptionof trading will occur or, once such markets resume trading, whetherthey will face further closures. Any suspension of trading in markets inwhich the Fund invests will have an impact on the Fund and itsinvestments and will impact the Fund’s ability to purchase or sellsecurities in such markets. Any market or economic disruption can beexpected to result in elevated tracking error and increased premiums ordiscounts to the Fund’s net asset value. The outbreak could also impairthe information technology and other operational systems upon whichthe Fund’s service providers, including BFA, rely, and could otherwisedisrupt the ability of employees of the Fund’s service providers toperform critical tasks relating to the Fund. The impact of this outbreakhas adversely affected the economies of many nations and the entireglobal economy and may impact individual issuers and capital marketsin ways that cannot be foreseen. In the past, governmental and quasi-governmental authorities and regulators throughout the world have attimes responded to major economic disruptions with a variety of fiscaland monetary policy changes, including direct capital infusions into

companies and other issuers, new monetary policy tools, and lowerinterest rates. An unexpected or sudden reversal of these policies, or theineffectiveness of such policies, is likely to increase market volatility,which could adversely affect the Fund’s investments. Other infectiousillness outbreaks that may arise in the future could have similar or otherunforeseen effects. Public health crises caused by the outbreak mayexacerbate other pre-existing political, social and economic risks incertain countries or globally. The duration of the outbreak and itseffects cannot be determined with certainty.

The section of each Fund’s Prospectus entitled “A Further Discussionof Principal Risks” is revised such that the last paragraph of thesection of each Fund’s Prospectus entitled “Index-Related Risk” isdeleted in its entirety and replaced with the following:

Unusual market conditions may cause the Index Provider to postpone ascheduled rebalance, which could cause the Underlying Index to vary fromits normal or expected composition. The postponement of a scheduledrebalance in a time of market volatility could mean that constituents thatwould otherwise be removed at rebalance due to changes in marketcapitalizations, issuer credit ratings, or other reasons may remain, causingthe performance and constituents of the Underlying Index to vary fromthose expected under normal conditions. Apart from scheduled rebalances,the Index Provider or its agents may carry out additional ad hoc rebalancesto the Underlying Index due to unusual market conditions or in order, forexample, to correct an error in the selection of index constituents. Whenthe Underlying Index is rebalanced and the Fund in turn rebalances itsportfolio to attempt to increase the correlation between the Fund’sportfolio and the Underlying Index, any transaction costs and marketexposure arising from such portfolio rebalancing will be borne directly bythe Fund and its shareholders. Therefore, errors and additional ad hocrebalances carried out by the Index Provider or its agents to the UnderlyingIndex may increase the costs to and the tracking error risk of the Fund.

The section of each Fund’s Prospectus entitled “A Further Discussionof Principal Risks” is revised such that the following is appended tothe end of the paragraph entitled “Market Risk”:

Local, regional or global events such as war, acts of terrorism, the spread ofinfectious illness or other public health issue, recessions, or other eventscould have a significant impact on the Fund and its investments.iShares® is a registered trademark of BlackRock Fund Advisors and its affiliates.

IS-SUPP-TRUST-INC-0420

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iSHARES® CURRENCY HEDGED MSCIITALY ETF

Ticker: HEWI Stock Exchange: NYSE Arca

Investment ObjectiveThe iShares Currency Hedged MSCI Italy ETF (the “Fund”) seeks to track theinvestment results of an index composed of large- and mid-capitalization Italianequities while mitigating exposure to fluctuations between the value of the euro andthe U.S. dollar.

Fees and ExpensesThe following table describes the fees and expenses that you will incur if you ownshares of the Fund. The investment advisory agreement between iShares Trust (the“Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”)provides that BFA will pay all operating expenses of the Fund, except the managementfees, interest expenses, taxes, expenses incurred with respect to the acquisition anddisposition of portfolio securities and the execution of portfolio transactions, includingbrokerage commissions, distribution fees or expenses, litigation expenses and anyextraordinary expenses. The Fund may incur “Acquired Fund Fees and Expenses.”Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees andexpenses incurred by investing in other investment companies. The impact of AcquiredFund Fees and Expenses is included in the total returns of the Fund. Acquired FundFees and Expenses are not included in the calculation of the ratio of expenses toaverage net assets shown in the Financial Highlights section of the Fund’s prospectus(the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreedto waive a portion of its management fees so that the Fund’s total annual fundoperating expenses after this fee waiver is equal to the Acquired Fund Fees andExpenses attributable to the Fund’s investment in the iShares MSCI Italy ETF (“EWI” orthe “Underlying Fund”), after taking into account any fee waivers by EWI, plus 0.03%through December 31, 2020. The contractual waiver may be terminated prior toDecember 31, 2020 only upon written agreement of the Trust and BFA. BFA hascontractually agreed to waive its management fees by an additional amount equal to0.03% through December 31, 2020. The contractual waiver may be terminated prior toDecember 31, 2020 only upon written agreement of the Trust and BFA.

You may also incur usual and customary brokerage commissions and other chargeswhen buying or selling shares of the Fund, which are not reflected in the Example thatfollows:

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Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)

ManagementFees

Distributionand

Service (12b-1)Fees

OtherExpenses

Acquired FundFees

and Expenses

Total AnnualFund

OperatingExpenses Fee Waiver

Total AnnualFund

OperatingExpenses

AfterFee Waiver

0.62% None None 0.49% 1.11% (0.62)% 0.49%

Example. This Example is intended to help you compare the cost of owning shares ofthe Fund with the cost of investing in other funds. The Example assumes that youinvest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investmenthas a 5% return each year and that the Fund’s operating expenses remain the same.Although your actual costs may be higher or lower, based on these assumptions, yourcosts would be:

1 Year 3 Years 5 Years 10 Years

$50 $291 $551 $1295

Portfolio Turnover. The Fund and theUnderlying Fund in which the Fundprincipally invests, the iShares MSCIItaly ETF, may pay transaction costs,such as commissions, when they buyand sell securities (or “turn over” theirportfolios). A higher portfolio turnoverrate for the Fund or the Underlying Fundmay indicate higher transaction costsand may cause the Fund or theUnderlying Fund to incur increasedexpenses. These costs, which are notreflected in the Annual Fund OperatingExpenses or in the Example (exceptcosts to the Underlying Fund includedas part of Acquired Fund Fees andExpenses), affect the Fund’sperformance. During the most recentfiscal year, the Fund’s portfolio turnoverrate was 8% of the average value of itsportfolio. To the extent the UnderlyingFund incurs costs from high portfolioturnover, such costs may have anegative effect on the performance ofthe Fund.

Principal InvestmentStrategiesThe Fund seeks to track the investmentresults of the MSCI Italy 25/50 100%Hedged to USD Index (the “UnderlyingIndex”), which primarily consists ofstocks traded on the Milan StockExchange with the currency riskinherent in the securities included in theUnderlying Index hedged to the U.S.dollar on a monthly basis. TheUnderlying Index is a free float-adjustedmarket capitalization-weighted indexwith a capping methodology applied toissuer weights so that no single issuerexceeds 25% of the Underlying Indexweight, and all issuers with a weightabove 5% do not cumulatively exceed50% of the Underlying Index weight. TheUnderlying Index will include large- andmid-capitalization companies and maychange over time. As of August 31,2019, a significant portion of theUnderlying Index is represented bysecurities of companies in the financialsand utilities industries or sectors. The

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components of the Underlying Index arelikely to change over time.

Currently, the Fund achieves itsinvestment objective by investing asubstantial portion of its assets in theUnderlying Fund.

BFA uses a “passive” or indexingapproach to try to achieve the Fund’sinvestment objective. Unlike manyinvestment companies, the Fund doesnot try to “beat” the index it tracks anddoes not seek temporary defensivepositions when markets decline orappear overvalued.

Indexing may eliminate the chance thatthe Fund will substantially outperformthe Underlying Index but also mayreduce some of the risks of activemanagement, such as poor securityselection. Indexing seeks to achievelower costs and better after-taxperformance by aiming to keep portfolioturnover low in comparison to activelymanaged investment companies.

BFA uses a representative samplingindexing strategy to manage the Fundand the Underlying Fund.“Representative sampling” is anindexing strategy that involves investingin a representative sample of securitiesor other instruments comprising anapplicable underlying index. Thesecurities selected are expected tohave, in the aggregate, investmentcharacteristics (based on factors suchas market capitalization and industryweightings), fundamentalcharacteristics (such as returnvariability and yield) and liquiditymeasures similar to those of anapplicable underlying index. The Fundand the Underlying Fund may or maynot hold all of the securities and othercomponents of the applicableunderlying index.

The Fund generally will invest at least90% of its assets in the componentsecurities (including indirectinvestments through the UnderlyingFund) and other instruments of theUnderlying Index and in investmentsthat have economic characteristics thatare substantially identical to thecomponent securities of the UnderlyingIndex (i.e., depositary receiptsrepresenting securities of theUnderlying Index) and may invest up to10% of its assets in certain futures,options and swap contracts, cash andcash equivalents, including shares ofmoney market funds advised by BFA orits affiliates, as well as in securities notincluded in the Underlying Index, butwhich BFA believes will help the Fundtrack the Underlying Index. Componentsof the Underlying Index include equitysecurities and foreign currency forwardcontracts (both deliverable and non-deliverable) designed to hedge non-U.S.currency fluctuations against the U.S.dollar. The notional exposure to foreigncurrency forward contracts (bothdeliverable and non-deliverable)generally will be a short position thathedges the currency risk of the equityportfolio. The Fund seeks to track theinvestment results of the UnderlyingIndex before fees and expenses of theFund.

The Underlying Index sells forward thetotal value of the non-U.S. dollardenominated securities included in theUnderlying Index at a one-monthforward rate to effectively create a“hedge” against fluctuations in therelative value of the euro in relation tothe U.S. dollar. The hedge is reset on amonthly basis. The Underlying Index isdesigned to have higher returns than anequivalent unhedged investment whenthe euro is weakening relative to the

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U.S. dollar. Conversely, the UnderlyingIndex is designed to have lower returnsthan an equivalent unhedgedinvestment when the euro is risingrelative to the U.S. dollar.

In order to track the “hedging”component of the Underlying Index, theFund intends to enter into foreigncurrency forward contracts designed tooffset the Fund’s exposure to the euro.A foreign currency forward contract is acontract between two parties to buy orsell a specified amount of a specificcurrency in the future at an agreed-upon exchange rate. The Fund’sexposure to foreign currency forwardcontracts is based on the aggregateexposure of the Fund to the euro. Whilethis approach is designed to minimizethe impact of currency fluctuations onFund returns, it does not necessarilyeliminate the Fund’s exposure to theeuro. The return of the foreign currencyforward contracts may not perfectlyoffset the actual fluctuations in valuebetween the euro and the U.S. dollar.

The Fund may also use non-deliverableforward (“NDF”) contracts to execute itshedging transactions. An NDF is acontract where there is no physicalsettlement of two currencies atmaturity. Rather, based on themovement of the currencies and thecontractually agreed-upon exchangerate, a net cash settlement will be madeby one party to the other in U.S. dollars.

The Fund may lend securitiesrepresenting up to one-third of thevalue of the Fund’s total assets(including the value of any collateralreceived).

The Underlying Index is sponsored byMSCI Inc. (the “Index Provider” or“MSCI”), which is independent of theFund and BFA. The Index Provider

determines the composition and relativeweightings of the securities andcurrency forwards in the UnderlyingIndex and publishes informationregarding the market value of theUnderlying Index.

Industry Concentration Policy. TheFund will concentrate its investments(i.e., hold 25% or more of its totalassets) in a particular industry or groupof industries to approximately the sameextent that the Underlying Index isconcentrated. For purposes of thislimitation, securities of the U.S.government (including its agencies andinstrumentalities) and repurchaseagreements collateralized by U.S.government securities are notconsidered to be issued by members ofany industry.

Summary of Principal RisksAs with any investment, you could loseall or part of your investment in theFund, and the Fund’s performance couldtrail that of other investments. The Fundis subject to certain risks, including theprincipal risks noted below (eitherdirectly or through its investments inthe Underlying Fund), any of which mayadversely affect the Fund’s net assetvalue per share (“NAV”), trading price,yield, total return and ability to meet itsinvestment objective. The order of thebelow risk factors does not indicate thesignificance of any particular risk factor.

Asset Class Risk. Securities and otherassets in the Underlying Index or in theFund’s or the Underlying Fund’sportfolio may underperform incomparison to the general financialmarkets, a particular financial market orother asset classes.

Assets Under Management (AUM)Risk. From time to time, an Authorized

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Participant (as defined in the Creationsand Redemptions section of thisProspectus), a third-party investor, theFund’s adviser or an affiliate of theFund’s adviser, or a fund may invest inthe Fund and hold its investment for aspecific period of time to allow the Fundto achieve size or scale. There can beno assurance that any such entity wouldnot redeem its investment or that thesize of the Fund would be maintained atsuch levels, which could negativelyimpact the Fund.

Authorized Participant ConcentrationRisk. Only an Authorized Participantmay engage in creation or redemptiontransactions directly with the Fund, andnone of those Authorized Participants isobligated to engage in creation and/orredemption transactions. The Fund hasa limited number of institutions thatmay act as Authorized Participants onan agency basis (i.e., on behalf of othermarket participants). To the extent thatAuthorized Participants exit thebusiness or are unable to proceed withcreation or redemption orders withrespect to the Fund and no otherAuthorized Participant is able to stepforward to create or redeem CreationUnits (as defined in the Purchase andSale of Fund Shares section of theProspectus), Fund shares may be morelikely to trade at a premium or discountto NAV and possibly face trading haltsor delisting. Authorized Participantconcentration risk may be heightenedfor exchange-traded funds (“ETFs”),such as the Fund, that invest insecurities issued by non-U.S. issuers orother securities or instruments thathave lower trading volumes.

Concentration Risk. The Fund may besusceptible to an increased risk of loss,including losses due to adverse eventsthat affect the Fund’s investments more

than the market as a whole, to theextent that the Fund’s or the UnderlyingFund’s investments are concentrated inthe securities and/or other assets of aparticular issuer or issuers, country,group of countries, region, market,industry, group of industries, sector orasset class.

Currency Hedging Risk. In seeking totrack the “hedging” component of theUnderlying Index, the Fund invests incurrency forward contracts (which mayinclude both physically-settled forwardcontracts and NDFs) designed to hedgethe currency exposure of non-U.S.dollar denominated securities held in itsportfolio (directly or indirectly throughits investment in the Underlying Fund).While hedging can reduce or eliminatelosses, it can also reduce or eliminategains. Hedges are sometimes subject toimperfect matching between thederivative and its reference asset, andthere can be no assurance that theFund’s hedging transactions will beeffective.

Exchange rates may be volatile and maychange quickly and unpredictably inresponse to both global economicdevelopments and economic conditionsin a geographic region in which theFund or the Underlying Fund invests. Inaddition, in order to minimizetransaction costs, or for other reasons,the Fund’s exposure to the euro maynot be fully hedged at all times.Because currency forwards are over-the-counter instruments, the Fund issubject to counterparty risk as well asmarket or liquidity risk with respect tothe hedging transactions the Fundenters into.

The effectiveness of the Fund’s currencyhedging strategy will in general beaffected by the volatility of both the

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Underlying Index and the volatility of theU.S. dollar relative to the euro,measured on an aggregate basis.Increased volatility in either or both ofthe Underlying Index and the U.S. dollarrelative to the euro will generally reducethe effectiveness of the Fund’s currencyhedging strategy. The effectiveness ofthe Fund’s currency hedging strategymay also in general be affected byinterest rates. Significant differencesbetween U.S. dollar interest rates andforeign currency interestrates applicable to the euro may impactthe effectiveness of the Fund’s currencyhedging strategy.

Currency Risk. Because the Fund’s andthe Underlying Fund’s NAVs aredetermined in U.S. dollars, the Fund’sNAV could decline if the eurodepreciates against the U.S. dollar and/or the Fund’s attempt to hedge currencyexposure to the euro is unsuccessful.Generally, an increase in the value ofthe U.S. dollar against the euro willreduce the value of a securitydenominated in the euro. In addition,fluctuations in the exchange rates ofcurrencies could affect the economy orparticular business operations ofcompanies in a geographic region,including securities in which the Fund orthe Underlying Fund invests, causing anadverse impact on the Fund’s or theUnderlying Fund’s investments in theaffected region and the U.S. As a result,investors have the potential for lossesregardless of the length of time theyintend to hold Fund shares. Currencyexchange rates can be very volatile andcan change quickly and unpredictably.As a result, the Fund’s NAV may changequickly and without warning.

Cybersecurity Risk. Failures orbreaches of the electronic systems ofthe Fund or the Underlying Fund, the

Fund’s or the Underlying Fund’s adviser,distributor, the Index Provider and otherservice providers, market makers,Authorized Participants, hedgingcounterparties to the Fund or theissuers of securities in which the Fundor the Underlying Fund invests have theability to cause disruptions, negativelyimpact the Fund’s business operationsand/or potentially result in financiallosses to the Fund and its shareholders.While the Fund has established businesscontinuity plans and risk managementsystems seeking to address systembreaches or failures, there are inherentlimitations in such plans and systems.Furthermore, the Fund cannot controlthe cybersecurity plans and systems ofthe Fund’s Index Provider and otherservice providers, market makers,Authorized Participants, hedgingcounterparties to the Fund or issuers ofsecurities in which the Fund or theUnderlying Fund invests.

Derivatives Risk. The Fund will usecurrency forwards and NDFs to hedgethe currency exposure resulting frominvestments in the foreign currency-denominated securities held by theFund or the Underlying Fund. TheFund’s or the Underlying Fund’s use ofthese instruments, like investments inother derivatives, may reduce theFund’s or the Underlying Fund’s returns,increase volatility and/or result inlosses due to credit risk or ineffectivehedging strategies. Volatility is definedas the characteristic of a security, acurrency, an index or a market, tofluctuate significantly in price within adefined time period. Currency forwards,like other derivatives, are also subjectto counterparty risk, which is the riskthat the other party in the transactionwill not fulfill its contractual obligation.

A risk of the Fund’s or the Underlying

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Fund’s use of derivatives is that thefluctuations in their values may notcorrelate perfectly with the value of theeuro as compared to that of the U.S.dollar. The possible lack of a liquidsecondary market for derivatives andthe resulting inability of the Fund or theUnderlying Fund to sell or otherwiseclose a derivatives position couldexpose the Fund or the Underlying Fundto losses and could make derivativesmore difficult for the Fund or theUnderlying Fund to value accurately.The Fund or the Underlying Fund couldalso suffer losses related to itsderivatives positions as a result ofunanticipated market movements,which losses are potentially unlimited.BFA’s use of derivatives is not intendedto predict the direction of securitiesprices, currency exchange rates,interest rates and other economicfactors, which could cause the Fund’sderivatives positions to lose value.Derivatives may give rise to a form ofleverage and may expose the Fund orthe Underlying Fund to greater risk andincrease its costs. Regulatoryrequirements may make derivativesmore costly, may limit the availability ofderivatives, and may delay or restrictthe exercise of remedies by the Fundupon a counterparty default underderivatives held by the Fund (whichcould result in losses), remedies ortermination rights by the Fund, and mayotherwise adversely affect the value andperformance of derivatives.

Dividend Risk. There is no guaranteethat issuers of the stocks held by theFund will declare dividends in the futureor that, if declared, they will eitherremain at current levels or increase overtime.

Equity Securities Risk. Equitysecurities are subject to changes in

value, and their values may be morevolatile than those of other assetclasses. The Underlying Index iscomprised of common stocks, whichgenerally subject their holders to morerisks than preferred stocks and debtsecurities because commonstockholders’ claims are subordinatedto those of holders of preferred stocksand debt securities upon the bankruptcyof the issuer.

Financials Sector Risk. Performance ofcompanies in the financials sector maybe adversely impacted by many factors,including, among others, changes ingovernment regulations, economicconditions, interest rates, credit ratingdowngrades, and decreased liquidity incredit markets. The extent to which theFund may invest in a company thatengages in securities-related activitiesor banking is limited by applicable law.The impact of changes in capitalrequirements and recent or futureregulation of any individual financialcompany, or of the financials sector asa whole, cannot be predicted. In recentyears, cyberattacks and technologymalfunctions and failures have becomeincreasingly frequent in this sector andhave caused significant losses tocompanies in this sector, which maynegatively impact the Fund.

Geographic Risk. A natural disastercould occur in Italy, which couldadversely affect the economy or thebusiness operations of companies inItaly, causing an adverse impact on theFund’s or the Underlying Fund’sinvestments in Italy.

Index-Related Risk. There is noguarantee that the Fund’s investmentresults will have a high degree ofcorrelation to those of the UnderlyingIndex or that the Fund will achieve its

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investment objective. Marketdisruptions and regulatory restrictionscould have an adverse effect on theFund’s ability to adjust its exposure tothe required levels in order to track theUnderlying Index. Errors in index data,index computations or the constructionof the Underlying Index in accordancewith its methodology may occur fromtime to time and may not be identifiedand corrected by the Index Provider fora period of time or at all, which mayhave an adverse impact on the Fundand its shareholders.

Investment in Underlying Fund Risk.The Fund invests a substantial portionof its assets in the Underlying Fund, sothe Fund’s investment performance islikely to be directly related to theperformance of the Underlying Fund.The Fund’s NAV will change withchanges in the value of the UnderlyingFund and other instruments in which theFund invests based on their marketvaluations. An investment in the Fundwill entail more costs and expensesthan a direct investment in theUnderlying Fund, including as a result ofthe currency hedging activity conductedby the Fund.

As the Fund’s allocation to theUnderlying Fund changes from time totime, or to the extent that the totalannual fund operating expenses of theUnderlying Fund changes, the weightedaverage operating expenses borne bythe Fund may increase or decrease.

Issuer Risk. The performance of theFund depends on the performance ofindividual securities and otherinstruments to which the Fund and theUnderlying Fund have exposure.Changes in the financial condition orcredit rating of an issuer of thosesecurities or counterparty on other

instruments may cause the value of thesecurities or instruments to decline.

Large-Capitalization Companies Risk.Large-capitalization companies may beless able than smaller capitalizationcompanies to adapt to changing marketconditions. Large-capitalizationcompanies may be more mature andsubject to more limited growth potentialcompared with smaller capitalizationcompanies. During different marketcycles, the performance of large-capitalization companies has trailed theoverall performance of the broadersecurities markets.

Management Risk. As the Fund will notfully replicate the Underlying Index, it issubject to the risk that BFA’sinvestment strategy may not producethe intended results.

Market Risk. The Fund and theUnderlying Fund could lose money overshort periods due to short-term marketmovements and over longer periodsduring more prolonged marketdownturns. Local, regional or globalevents such as war, acts of terrorism,the spread of infectious illness or otherpublic health issue, recessions, or otherevents could have a significant impacton the Fund and its investments.

Market Trading Risk. The Fund and theUnderlying Fund face numerous markettrading risks, including the potentiallack of an active market for their shares,losses from trading in secondarymarkets, losses due to ineffectivecurrency hedges, periods of highvolatility and disruptions in thecreation/redemption process. ANY OFTHESE FACTORS, AMONG OTHERS,MAY LEAD TO THE FUND’S AND THEUNDERLYING FUND’S SHARESTRADING AT A PREMIUM ORDISCOUNT TO NAV.

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Mid-Capitalization Companies Risk.Compared to large-capitalizationcompanies, mid-capitalizationcompanies may be less stable and moresusceptible to adverse developments. Inaddition, the securities of mid-capitalization companies may be morevolatile and less liquid than those oflarge-capitalization companies.

National Closed Market Trading Risk.To the extent that the underlyingsecurities and/or other assets held bythe Fund or the Underlying Fund tradeon foreign exchanges or in foreignmarkets that may be closed when thesecurities exchange on which theFund’s or the Underlying Fund’s sharestrade is open, there are likely to bedeviations between the current price ofsuch an underlying security and the lastquoted price for the underlying security(i.e., the Fund’s or the Underlying Fund’squote from the closed foreign market).These deviations could result inpremiums or discounts to the Fund’s orthe Underlying Fund’s NAV that may begreater than those experienced by otherETFs.

Non-U.S. Securities Risk. Investmentsin the securities of non-U.S. issuers aresubject to the risks associated withinvesting in those non-U.S. markets,such as heightened risks of inflation ornationalization. The Fund or theUnderlying Fund may lose money due topolitical, economic and geographicevents affecting issuers of Italiansecurities or Italian markets. In addition,non-U.S. securities markets may trade asmall number of securities and may beunable to respond effectively tochanges in trading volume, potentiallymaking prompt liquidation of holdingsdifficult or impossible at times. TheFund and the Underlying Fund are

specifically exposed to EuropeanEconomic Risk.

Operational Risk. The Fund and theUnderlying Fund are exposed tooperational risks arising from a numberof factors, including, but not limited to,human error, processing andcommunication errors, errors of theFund’s or the Underlying Fund’s serviceproviders, counterparties or other third-parties, failed or inadequate processesand technology or systems failures. TheFund, the Underlying Fund and BFA seekto reduce these operational risksthrough controls and procedures.However, these measures do notaddress every possible risk and may beinadequate to address significantoperational risks.

Passive Investment Risk. The Fund andthe Underlying Fund are not activelymanaged, and BFA generally does notattempt to take defensive positionsunder any market conditions, includingdeclining markets.

Reliance on Trading Partners Risk.The Fund and the Underlying Fundinvest in a country whose economy isheavily dependent upon trading with keypartners. Any reduction in this tradingmay have an adverse impact on theFund’s investments. Through itsholdings of securities of certain issuers,the Fund and the Underlying Fund arespecifically exposed to AsianEconomic Risk, European EconomicRisk and U.S. Economic Risk.

Risk of Investing in Italy. The Fund’sinvestments in Italian issuers subjectsthe Fund and the Underlying Fund tolegal, regulatory, political, currency andeconomic risks specific to Italy. Amongother things, Italy’s economy has beencharacterized by slow growth over thepast few decades due to factors such as

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a high tax rate, rigid labor market and agenerous pension system. Recently, theItalian government has experiencedsignificant budget deficits and a highamount of public debt, causing creditagencies to lower Italy’s sovereign debtrating. The Italian economy is alsoheavily dependent on trade with otherEuropean countries.

Securities Lending Risk. The Fund andthe Underlying Fund may engage insecurities lending. Securities lendinginvolves the risk that the Fund or theUnderlying Fund may lose moneybecause the borrower of the loanedsecurities fails to return the securities ina timely manner or at all. The Fund orthe Underlying Fund could also losemoney in the event of a decline in thevalue of collateral provided for loanedsecurities or a decline in the value ofany investments made with cashcollateral. These events could alsotrigger adverse tax consequences forthe Fund.

Small Fund Risk. When the Fund’s sizeis small, the Fund may experience lowtrading volume and wide bid/askspreads. In addition, the Fund may facethe risk of being delisted if the Funddoes not meet certain conditions of thelisting exchange. Any resultingliquidation of the Fund could cause theFund to incur elevated transaction costsfor the Fund and negative taxconsequences for its shareholders.

Tax Risk. Because the Fund invests inthe Underlying Fund, the Fund’s realizedlosses on sales of shares of theUnderlying Fund may be indefinitely orpermanently deferred as “wash sales.”Distributions of short-term capital gainsby the Underlying Fund will berecognized as ordinary income by theFund and would not be offset by the

Fund’s capital loss carryforwards, if any.Capital loss carryforwards of theUnderlying Fund, if any, would not offsetnet capital gains of the Fund. Each ofthese effects is caused by the Fund’sinvestment in the Underlying Fund andmay result in distributions to Fundshareholders being of higher magnitudeand less likely to qualify for lowercapital gain tax rates than if the Fundwere to invest directly in the securitiesand other instruments comprising theUnderlying Index. The Fund invests inderivatives. The federal income taxtreatment of a derivative may not be asfavorable as a direct investment in anunderlying asset. Derivatives mayproduce taxable income and taxablerealized gain. Derivatives may adverselyaffect the timing, character and amountof income the Fund realizes from itsinvestments. As a result, a largerportion of the Fund’s distributions maybe treated as ordinary income ratherthan as capital gains. In addition,certain derivatives are subject to mark-to-market or straddle provisions of theInternal Revenue Code of 1986, asamended (the “Internal Revenue Code”).If such provisions are applicable, therecould be an increase (or decrease) inthe amount of taxable dividends paid bythe Fund. Income from swaps isgenerally taxable. In addition, the taxtreatment of certain derivatives, such asswaps, is unsettled and may be subjectto future legislation, regulation oradministrative pronouncements issuedby the U.S. Internal Revenue Service(“IRS”).

Tracking Error Risk. The Fund may besubject to tracking error, which is thedivergence of the Fund’s performancefrom that of the Underlying Index.Tracking error may occur because ofdifferences between the

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securities (including shares of theUnderlying Fund) and other instrumentsheld in the Fund’s portfolio and thoseincluded in the Underlying Index, pricingdifferences (including, as applicable,differences between a security’s priceat the local market close and the Fund’svaluation of a security at the time ofcalculation of the Fund’s NAV),transaction and hedging costs incurredand forward rates achieved by the Fund,the Fund’s holding of uninvested cash,differences in timing of the accrual of orthe valuation of dividends or otherdistributions, interest, the requirementsto maintain pass-through tax treatment,portfolio transactions carried out tominimize the distribution of capitalgains to shareholders, changes to theUnderlying Index and the cost to theFund of complying with various new orexisting regulatory requirements. Theserisks may be heightened during times ofincreased market volatility or otherunusual market conditions in theaffected securities and/or foreignexchange markets. In addition, trackingerror may result because the Fundincurs fees and expenses, while theUnderlying Index does not, and becausethe Fund accepts creations andredemptions during time periodsbetween which it is able to adjust itscurrency hedges, whereas theUnderlying Index does not adjust itshedging during these periods. To theextent that the Fund seeks itsinvestment objective throughinvestments in the Underlying Fund, theFund may experience increasedtracking error as compared to investingdirectly in the component securities ofthe Underlying Index. The potential forincreased tracking error may result frominvestments in the Underlying Fund dueto, among other things, differences inthe composition of the investment

portfolio of the Underlying Fund ascompared to the index tracked by theUnderlying Fund and differences in thetiming of the Fund’s valuation of: (i) theUnderlying Fund and the currencyforward contracts (each valued as of theclose of the New York Stock Exchange(“NYSE”), typically 4:00 p.m., EasternTime), (ii) the valuation of the securitiesin the Underlying Index (generallyvalued as of each security’s localmarket close) and (iii) the currencyforward contracts included in theUnderlying Index (generally valued at4:00 p.m., London time).

Utilities Sector Risk. The utilitiessector is subject to significantgovernment regulation and oversight.Deregulation, however, may subjectutility companies to greater competitionand may reduce their profitability.Companies in the utilities sector may beadversely affected due to increases infuel and operating costs, rising costs offinancing capital construction and thecost of complying with regulations,among other factors.

Valuation Risk. The price the Fund andthe Underlying Fund could receive uponthe sale of a security or unwind of afinancial instrument or other asset maydiffer from the Fund’s or the UnderlyingFund’s valuation of the security,instrument or other asset and from thevalue used by the Underlying Index,particularly for securities or otherinstruments that trade in low volume orvolatile markets or that are valued usinga fair value methodology as a result oftrade suspensions or for other reasons.In addition, the value of the securities orother instruments in the Fund’s or theUnderlying Fund’s portfolio may changeon days or during time periods whenshareholders will not be able topurchase or sell the Fund’s or the

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Underlying Fund’s shares. AuthorizedParticipants who purchase or redeemFund shares on days when the Fund orthe Underlying Fund is holding fair-valued securities may receive fewer ormore shares, or lower or higherredemption proceeds, than they wouldhave received had the Fund or the

Underlying Fund not fair-valuedsecurities or used a different valuationmethodology. The Fund’s or theUnderlying Fund’s ability to valueinvestments may be impacted bytechnological issues or errors by pricingservices or other third-party serviceproviders.

Performance InformationThe bar chart and table that follow show how the Fund has performed on a calendaryear basis and provide an indication of the risks of investing in the Fund. Both assumethat all dividends and distributions have been reinvested in the Fund. Past performance(before and after taxes) does not necessarily indicate how the Fund will perform in thefuture. Supplemental information about the Fund’s performance is shown under theheading Total Return Information in the Supplemental Information section of theProspectus. If BFA had not waived certain Fund fees during certain periods, the Fund’sreturns would have been lower.

Year by Year Returns1 (Years Ended December 31)

20%

10%

0%

-10%

-20%

2016 2017 2018

-3.80%

14.99%

-9.86%

1 The Fund’s year-to-date return as of September 30, 2019 was 26.71%.

The best calendar quarter return during the periods shown above was 18.51% in the4th quarter of 2016; the worst was -14.57% in the 1st quarter of 2016.

Updated performance information, including the Fund’s current NAV, may be obtainedby visiting our website at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).

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Average Annual Total Returns(for the periods ended December 31, 2018)

One YearSince FundInception

(Inception Date: 06/29/2015)Return Before Taxes -9.86% -1.37%Return After Taxes on Distributions1 -10.47% -4.27%Return After Taxes on Distributions and Sale of Fund Shares1 -4.40% -1.33%

MSCI Italy 25/50 100% Hedged to USD Index (Index returns donot reflect deductions for fees, expenses or taxes) -10.18% -1.73%

1 After-tax returns in the table above are calculated using the historical highest individualU.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from thoseshown, and after-tax returns shown are not relevant to tax-exempt investors or investorswho hold shares through tax-deferred arrangements, such as 401(k) plans or individualretirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fundshares are calculated assuming that an investor has sufficient capital gains of the samecharacter from other investments to offset any capital losses from the sale of Fund shares.As a result, Fund returns after taxes on distributions and sales of Fund shares may exceedFund returns before taxes and/or returns after taxes on distributions.

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ManagementInvestment Adviser. BlackRock FundAdvisors.

Portfolio Managers. Jennifer Hsui, AlanMason, Orlando Montalvo and GregSavage (the “Portfolio Managers”) areprimarily responsible for the day-to-daymanagement of the Fund. Each PortfolioManager supervises a portfoliomanagement team. Ms. Hsui, Mr.Montalvo and Mr. Savage have beenPortfolio Managers of the Fund since2015. Mr. Mason has been a PortfolioManager of the Fund since 2016.

Purchase and Sale of FundSharesThe Fund is an ETF. Individual shares ofthe Fund are listed on a nationalsecurities exchange. Most investors willbuy and sell shares of the Fund througha broker-dealer. The price of Fundshares is based on market price, andbecause ETF shares trade at marketprices rather than at NAV, shares maytrade at a price greater than NAV (apremium) or less than NAV (a discount).The Fund will only issue or redeemshares that have been aggregated intoblocks of 50,000 shares or multiplesthereof (“Creation Units”) to AuthorizedParticipants who have entered intoagreements with the Fund’s distributor.The Fund generally will issue or redeemCreation Units in return for a designatedportfolio of securities (and an amount ofcash) that the Fund specifies each day.

Tax InformationThe Fund intends to make distributionsthat may be taxable to you as ordinaryincome or capital gains, unless you areinvesting through a tax-deferredarrangement such as a 401(k) plan oran IRA, in which case, your distributionsgenerally will be taxed when withdrawn.

Payments to Broker-Dealersand Other FinancialIntermediariesIf you purchase shares of the Fundthrough a broker-dealer or otherfinancial intermediary (such as a bank),BFA or other related companies maypay the intermediary for marketingactivities and presentations,educational training programs,conferences, the development oftechnology platforms and reportingsystems or other services related to thesale or promotion of the Fund. Thesepayments may create a conflict ofinterest by influencing the broker-dealeror other intermediary and yoursalesperson to recommend the Fundover another investment. Ask yoursalesperson or visit your financialintermediary’s website for moreinformation.

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For more information visit www.iShares.com or call 1-800-474-2737

Investment Company Act file No.: 811-09729

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