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AUGUST 31, 2026

2026 Annual Financial Statements and

Additional Information

iShares Trust

• iShares Currency Hedged MSCI Eurozone ETF | HEZU | NYSE Arca • iShares Currency Hedged MSCI Japan ETF | HEWJ | NYSE Arca

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Table of Contents

Schedules of Investments ................................................................................................. 3 Statements of Assets and Liabilities ........................................................................................... 9 Statements of Operations ................................................................................................. 10 Statements of Changes in Net Assets .......................................................................................... 11 Financial Highlights ..................................................................................................... 12 Notes to Financial Statements ............................................................................................... 14 Report of Independent Registered Public Accounting Firm .............................................................................. 21 Important Tax Information ................................................................................................. 22 Additional Information ................................................................................................... 23 Board Review and Approval of Investment Advisory Contract ........................................................................... 24 Glossary of Terms Used in these Financial Statements ................................................................................ 27

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iShares ® Schedule of Investments ® Currency Hedged MSCI Eurozone ETF

August 31, 2026 (Percentages shown are based on Net Assets)

S c h e d u l e o f I n v e s t m e n t s 3

Security Shares Value a Investment Companies (a)

Exchange-Traded Funds — 100 .1 % iShares MSCI Eurozone ETF ................. 8,413,733 $ 592,831,627 a Total Long-Term Investments — 100.1% (Cost: $ 469,254,904 ) ................................ 592,831,627

a Short-Term Securities

Money Market Funds — 0 .0 % BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (a) (b) ............................ 153,755 153,755 a Total Short-Term Securities — 0.0% (Cost: $ 153,755 ) ................................... 153,755 Total Investments — 100.1% (Cost: $ 469,408,659 ) ................................ 592,985,382

Liabilities in Excess of Other Assets — ( 0 .1 ) % ............... ( 620,920 )

Net Assets — 100.0% ................................. $ 592,364,462

(a) Affiliate of the Fund. (b) Annualized 7-day yield as of period end.

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer

Value at 08/31/25

Purchases at Cost

Proceeds from Sale s

Net Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Value at 08/31/26

Shares Held at 08/31/26 Income

Capital Gain Distributions from Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares (a) ...... $ 37,474,940 $ — $ ( 37,475,003 ) (b) $ 1,707 $ ( 1,644 ) $ — — $ 8,762 (c) $ — BlackRock Cash Funds: Treasury, SL Agency Shares 370,000 — ( 216,245 ) (b) — — 153,755 153,755 22,428 — iShares MSCI Eurozone ETF .. 725,375,201 152,871,487 ( 384,409,417 ) 76,378,712 22,615,644 592,831,627 8,413,733 15,834,679 — $ — $ 76,380,419 $ 22,614,000 $ 592,985,382 $ 15,865,869 $ —

(a) As of period end, the entity is no longer held. (b) Represents net amount purchased (sold). (c) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased Currency Sold Counterparty

Settlement Date

Unrealized Appreciation (Depreciation) EUR 507,474,345 USD 588,720,988 Bank of America N.A. 09/02/26 $ 735,564 EUR 2,225,000 USD 2,562,932 Morgan Stanley & Co. International PLC 09/02/26 21,515 USD 2,469,809 EUR 2,114,000 Morgan Stanley & Co. International PLC 09/02/26 14,294 771,373

USD 564,735,110 EUR 491,022,345 Barclays Bank PLC 09/02/26 ( 5,611,628 ) USD 4,474,869 EUR 3,876,000 Citibank N.A. 09/02/26 ( 27,297 ) USD 9,798,113 EUR 8,458,000 Deutsche Bank Securities, Inc. 09/02/26 ( 26,272 )

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Schedule of Investments (continued) August 31, 2026

iShares ® ® Currency Hedged MSCI Eurozone ETF

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Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased Currency Sold Counterparty

Settlement Date

Unrealized Appreciation (Depreciation) USD 4,895,242 EUR 4,229,000 State Street Bank & Trust Company 09/02/26 $ ( 16,951 ) EUR 2,650,000 USD 3,081,864 Morgan Stanley & Co. International PLC 10/02/26 ( 164 ) USD 591,460,350 EUR 509,239,345 Bank of America N.A. 10/02/26 ( 736,955 ) ( 6,419,267 ) $ ( 5,647,894 )

Derivative Financial Instruments Categorized by Risk Exposure As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Commodity Contracts

Credit Contracts

Equity Contracts

Foreign Currency Exchange Contracts

Interest Rate Contracts

Other Contracts Total Assets — Derivative Financial Instruments Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts ............................... $ — $ — $ — $ 771,373 $ — $ — $ 771,373 Liabilities — Derivative Financial Instruments Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts ............................... $ — $ — $ — $ 6,419,267 $ — $ — $ 6,419,267

For the period ended August 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

Commodity Contracts

Credit Contracts

Equity Contracts

Foreign Currency Exchange Contracts

Interest Rate Contracts

Other Contracts Total Net Realized Gain (Loss) from: Forward foreign currency exchange contracts ............... $ — $ — $ — $ 7,608,572 $ — $ — $ 7,608,572

Net Change in Unrealized Appreciation (Depreciation) on: Forward foreign currency exchange contracts ............... $ — $ — $ — $ 8,896,444 $ — $ — $ 8,896,444

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: Average amounts purchased — in USD ..................................................................................... $ 627,838,370 Average amounts sold — in USD ......................................................................................... $ 1,233,606,098 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. Derivative Financial Instruments – Offsetting as of Period End The Fund’s derivative assets and liabilities (by type) were as follows:

Assets Liabilities Derivative Financial Instruments: Forward foreign currency exchange contracts ............................................................ $ 771,373 $ 6,419,267 Total derivative assets and liabilities in the Statements of Assets and Liabilities ....................................... $ 771,373 $ 6,419,267 Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) .................................... — — Total derivative assets and liabilities subject to an MNA ....................................................... $ 771,373 $ 6,419,267

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iShares ® Schedule of Investments ® Currency Hedged MSCI Eurozone ETF (continued) August 31, 2026

S c h e d u l e o f I n v e s t m e n t s 5

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: a a a a a a

Counterparty

Derivative Assets Subject to an MNA by Counterparty

Derivatives Available for Offset (a)

Non-Cash Collateral Received (b)

Cash Collateral Received (b)

Net Amount of Derivative Assets (c) (d) Bank of America N.A. .................................. $ 735,564 $ ( 735,564 ) $ — $ — $ — Morgan Stanley & Co. International PLC ..................... 35,809 ( 164 ) — — 35,645 $ 771,373 $ ( 735,728 ) $ — $ — $ 35,645 a a a a a

Counterparty

Derivative Liabilities Subject to an MNA by Counterparty

Derivatives Available for Offset (a)

Non-Cash Collateral Pledged (b)

Cash Collateral Pledged (b)

Net Amount of Derivative Liabilities (d) (e) Bank of America N.A. .................................. $ 736,955 $ ( 735,564 ) $ — $ — $ 1,391 Barclays Bank PLC ................................... 5,611,628 — — — 5,611,628 Citibank N.A. ........................................ 27,297 — — — 27,297 Deutsche Bank Securities, Inc. ............................ 26,272 — — — 26,272 Morgan Stanley & Co. International PLC ..................... 164 ( 164 ) — — — State Street Bank & Trust Company ........................ 16,951 — — — 16,951 $ 6,419,267 $ ( 735,728 ) $ — $ — $ 5,683,539

(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA. (b) Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. (c) Net amount represents the net amount receivable from the counterparty in the event of default. (d) Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. (e) Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Investment Companies ...................................... $ 592,831,627 $ — $ — $ 592,831,627 Short-Term Securities Money Market Funds ....................................... 153,755 — — 153,755 $ 592,985,382 $ — $ — $ 592,985,382 Derivative Financial Instruments (a) Assets Foreign Currency Exchange Contracts ............................. $ — $ 771,373 $ — $ 771,373 Liabilities Foreign Currency Exchange Contracts ............................. — ( 6,419,267 ) — ( 6,419,267 ) $ — $ ( 5,647,894 ) $ — $ ( 5,647,894 )

(a) Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

Derivative Financial Instruments – Offsetting as of Period End (continued)

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Schedule of Investments

August 31, 2026

iShares ® ® Currency Hedged MSCI Japan ETF (Percentages shown are based on Net Assets)

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Security Shares Value a Investment Companies (a)

Exchange-Traded Funds — 100 .1 % iShares MSCI Japan ETF ................... 8,073,819 $ 774,117,766 a Total Long-Term Investments — 100.1% (Cost: $ 685,712,766 ) ................................ 774,117,766

a Short-Term Securities

Money Market Funds — 0 .0 % BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (a) (b) ............................ 255,103 255,103 a Total Short-Term Securities — 0.0% (Cost: $ 255,103 ) ................................... 255,103 Total Investments — 100.1% (Cost: $ 685,967,869 ) ................................ 774,372,869

Liabilities in Excess of Other Assets — ( 0 .1 ) % ............... ( 474,176 )

Net Assets — 100.0% ................................. $ 773,898,693

(a) Affiliate of the Fund. (b) Annualized 7-day yield as of period end.

Affiliated Issuer

Value at 08/31/25

Purchases at Cost

Proceeds from Sale s

Net Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Value at 08/31/26

Shares Held at 08/31/26 Income

Capital Gain Distributions from Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares (a) $ 83,803,873 $ — $ ( 83,847,589 ) (b) $ 48,272 $ ( 4,556 ) $ — — $ 349,488 (c) $ — BlackRock Cash Funds: Treasury, SL Agency Shares ...... 220,000 35,103 (b) — — — 255,103 255,103 27,979 — iShares MSCI Japan ETF ........ 380,563,622 626,106,155 ( 338,147,154 ) 61,797,453 43,797,690 774,117,766 8,073,819 22,216,515 — $ — $ 61,845,725 $ 43,793,134 $ 774,372,869 $ 22,593,982 $ —

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased Currency Sold Counterparty

Settlement Date

Unrealized Appreciation (Depreciation) JPY 119,669,646,238 USD 748,590,306 Bank of America N.A. 09/02/26 $ 515,461 USD 3,193,973 JPY 502,814,000 Barclays Bank PLC 09/02/26 46,467 USD 12,626,090 JPY 2,011,255,000 BNP Paribas SA 09/02/26 36,075 USD 6,322,082 JPY 1,005,627,000 JPMorgan Chase Bank N.A. 09/02/26 27,078 USD 9,467,548 JPY 1,508,441,000 State Street Bank & Trust Company 09/02/26 25,038 USD 18,104,579 JPY 2,884,314,000 BNP Paribas SA 10/02/26 6,241

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iShares ® Schedule of Investments ® Currency Hedged MSCI Japan ETF (continued) August 31, 2026

S c h e d u l e o f I n v e s t m e n t s 7

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased Currency Sold Counterparty

Settlement Date

Unrealized Appreciation (Depreciation) USD 5,545,426 JPY 883,680,000 JPMorgan Chase Bank N.A. 10/02/26 $ 558 656,918

JPY 2,210,273,000 USD 13,912,601 BNP Paribas SA 09/02/26 ( 76,777 ) JPY 1,936,852,000 USD 12,214,803 JPMorgan Chase Bank N.A. 09/02/26 ( 90,534 ) USD 743,525,478 JPY 118,788,634,238 Barclays Bank PLC 09/02/26 ( 65,346 ) USD 750,381,533 JPY 119,669,646,238 Bank of America N.A. 10/02/26 ( 515,105 ) ( 747,762 ) $ ( 90,844 )

Commodity Contracts

Credit Contracts

Equity Contracts

Foreign Currency Exchange Contracts

Interest Rate Contracts

Other Contracts Total Assets — Derivative Financial Instruments Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts ............................... $ — $ — $ — $ 656,918 $ — $ — $ 656,918 Liabilities — Derivative Financial Instruments Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts ............................... $ — $ — $ — $ 747,762 $ — $ — $ 747,762

For the period ended August 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

Commodity Contracts

Credit Contracts

Equity Contracts

Foreign Currency Exchange Contracts

Interest Rate Contracts

Other Contracts Total Net Realized Gain (Loss) from: Forward foreign currency exchange contracts ............... $ — $ — $ — $ 56,745,836 $ — $ — $ 56,745,836

Net Change in Unrealized Appreciation (Depreciation) on: Forward foreign currency exchange contracts ............... $ — $ — $ — $ 7,454,955 $ — $ — $ 7,454,955

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: Average amounts purchased — in USD ..................................................................................... $ 659,566,613 Average amounts sold — in USD ......................................................................................... $ 1,320,537,060 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. Derivative Financial Instruments – Offsetting as of Period End The Fund’s derivative assets and liabilities (by type) were as follows:

Assets Liabilities Derivative Financial Instruments: Forward foreign currency exchange contracts ............................................................ $ 656,918 $ 747,762 Total derivative assets and liabilities in the Statements of Assets and Liabilities ....................................... $ 656,918 $ 747,762 Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) .................................... — — Total derivative assets and liabilities subject to an MNA ....................................................... $ 656,918 $ 747,762

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Schedule of Investments (continued) August 31, 2026

iShares ® ® Currency Hedged MSCI Japan ETF

8 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054784-8 I 2 n 8 f o r m a t i o n

Counterparty

Derivative Assets Subject to an MNA by Counterparty

Derivatives Available for Offset (a)

Non-Cash Collateral Received (b)

Cash Collateral Received (b)

Net Amount of Derivative Assets (c) (d) Bank of America N.A. .................................. $ 515,461 $ ( 515,105 ) $ — $ — $ 356 Barclays Bank PLC ................................... 46,467 ( 46,467 ) — — — BNP Paribas SA ..................................... 42,316 ( 42,316 ) — — — JPMorgan Chase Bank N.A. ............................. 27,636 ( 27,636 ) — — — State Street Bank & Trust Company ........................ 25,038 — — — 25,038 $ 656,918 $ ( 631,524 ) $ — $ — $ 25,394 a a a a a

Counterparty

Derivative Liabilities Subject to an MNA by Counterparty

Derivatives Available for Offset (a)

Non-Cash Collateral Pledged (b)

Cash Collateral Pledged (b)

Net Amount of Derivative Liabilities (d) (e) Bank of America N.A. .................................. $ 515,105 $ ( 515,105 ) $ — $ — $ — Barclays Bank PLC ................................... 65,346 ( 46,467 ) — — 18,879 BNP Paribas SA ..................................... 76,777 ( 42,316 ) — — 34,461 JPMorgan Chase Bank N.A. ............................. 90,534 ( 27,636 ) — — 62,898 $ 747,762 $ ( 631,524 ) $ — $ — $ 116,238

Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Investment Companies ...................................... $ 774,117,766 $ — $ — $ 774,117,766 Short-Term Securities Money Market Funds ....................................... 255,103 — — 255,103 $ 774,372,869 $ — $ — $ 774,372,869 Derivative Financial Instruments (a) Assets Foreign Currency Exchange Contracts ............................. $ — $ 656,918 $ — $ 656,918 Liabilities Foreign Currency Exchange Contracts ............................. — ( 747,762 ) — ( 747,762 ) $ — $ ( 90,844 ) $ — $ ( 90,844 )

See notes to financial statements.

Derivative Financial Instruments – Offsetting as of Period End (continued)

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S t a t e m e n t s o f A ss e t s a n d L i a b i l i t i e s 9

Statements of Assets and Liabilities

August 31, 2026

iShares Currency Hedged MSCI Eurozone ETF

iShares Currency Hedged MSCI Japan ETF

ASSETS Investments, at value — affiliated (a) ........................................................................ $ 592,985,382 $ 774,372,869 Receivables: Investments sold .................................................................................. 5,040,877 — Dividends — affiliated ............................................................................... 1,117 1,847 Unrealized appreciation on: Forward foreign currency exchange contracts ............................................................... 771,373 656,918 Total assets ....................................................................................... 598,798,749 775,031,634

LIABILITIES Payables: Investments purchased .............................................................................. — 379,866 Investment advisory fees ............................................................................. 15,020 5,313 Unrealized depreciation on: Forward foreign currency exchange contracts ............................................................... 6,419,267 747,762 Total liabilities ...................................................................................... 6,434,287 1,132,941 Commitments and contingent liabilities NET ASSETS ...................................................................................... $ 592,364,462 $ 773,898,693

NET ASSETS CONSIST OF: Paid-in capital ...................................................................................... $ 540,570,130 $ 651,019,407 Accumulated earnings ................................................................................ 51,794,332 122,879,286 NET ASSETS ...................................................................................... $ 592,364,462 $ 773,898,693

NET ASSET VALUE Shares outstanding .................................................................................. 12,000,000 11,900,000 Net asset value ..................................................................................... $ 49.36 $ 65.03 Shares authorized ................................................................................... Unlimited Unlimited Par value ......................................................................................... None None

(a) Investments, at cost — affiliated ........................................................................ $ 469,408,659 $ 685,967,869

See notes to financial statements.

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Statements of Operations

Year Ended August 31, 2026

iShares Currency Hedged MSCI Eurozone ETF

iShares Currency Hedged MSCI Japan ETF

INVESTMENT INCOME Dividends — affiliated .............................................................................. $ 15,857,107 $ 22,244,494 Interest — unaffiliated .............................................................................. 303 513 Securities lending income — affiliated — net ............................................................... 8,762 349,488 Total investment income .............................................................................. 15,866,172 22,594,495

EXPENSES Investment advisory ............................................................................... 3,802,019 3,239,252 Commitment costs ................................................................................ 1,848 5,329 Interest expense ................................................................................. 193 407 Total expenses .................................................................................... 3,804,060 3,244,988 Less: Investment advisory fees waived ....................................................................... ( 3,620,093 ) ( 3,213,528 ) Total expenses after fees waived ........................................................................ 183,967 31,460 Net investment income ............................................................................... 15,682,205 22,563,035

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — affiliated ........................................................................... ( 19,893 ) ( 1,166,332 ) Forward foreign currency exchange contracts ............................................................ 7,608,572 56,745,836 In-kind redemptions — affiliated (a) .................................................................... 76,400,312 63,012,057 83,988,991 118,591,561 Net change in unrealized appreciation (depreciation) on: Investments — affiliated ........................................................................... 22,614,000 43,793,134 Forward foreign currency exchange contracts ............................................................ 8,896,444 7,454,955 31,510,444 51,248,089 Net realized and unrealized gain ........................................................................ 115,499,435 169,839,650 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................................... $ 131,181,640 $ 192,402,685

(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

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S t a t e m e n t s o f C h a n g e s i n N e t A ss e t s 11

Statements of Changes in Net Assets

iShares Currency Hedged MSCI Eurozone ETF

iShares Currency Hedged MSCI Japan ETF Year Ended 08/31/26

Year Ended 08/31/25

Year Ended 08/31/26

Year Ended 08/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income ......................................... $ 15,682,205 $ 17,133,599 $ 22,563,035 $ 8,853,099 Net realized gain (loss) ......................................... 83,988,991 ( 23,380,001 ) 118,591,561 18,783,695 Net change in unrealized appreciation (depreciation) ..................... 31,510,444 70,271,872 51,248,089 24,450,773 Net increase in net assets resulting from operations ........................ 131,181,640 64,025,470 192,402,685 52,087,567

DISTRIBUTIONS TO SHAREHOLDERS (a) Decrease in net assets resulting from distributions to shareholders .............. ( 15,724,519 ) ( 17,008,056 ) ( 25,174,294 ) ( 8,867,653 )

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions ...... ( 248,783,454 ) 258,276,582 225,605,244 ( 64,376,742 ) Capital contribution from affiliate ..................................... — — — 104,238

NET ASSETS Total increase (decrease) in net assets ................................ ( 133,326,333 ) 305,293,996 392,833,635 ( 21,052,590 ) Beginning of year ............................................... 725,690,795 420,396,799 381,065,058 402,117,648 End of year ................................................... $ 592,364,462 $ 725,690,795 $ 773,898,693 $ 381,065,058

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

iShares Currency Hedged MSCI Eurozone ETF Year Ended 08/31/26

Year Ended 08/31/25

Year Ended 08/31/24

Year Ended 08/31/23

Year Ended 08/31/22

Net asset value, beginning of year .......................... $ 40.77 $ 36.40 $ 31.74 $ 30.98 $ 37.33 Net investment income (a) ................................ 1 .16 1 .26 1 .05 0 .75 1 .18 Net realized and unrealized gain (loss) (b) ...................... 8 .69 4 .21 4 .61 6 .16 ( 6 .17 ) Net increase (decrease) from investment operations ............... 9 .85 5 .47 5 .66 6 .91 ( 4 .99 ) Distributions (c) From net investment income ............................. ( 1 .26 ) ( 1 .10 ) ( 1 .00 ) ( 0 .71 ) ( 1 .36 ) From net realized gain .................................. — — — ( 5 .44 ) ( 0 .00 ) (d) Total distributions ...................................... ( 1 .26 ) ( 1 .10 ) ( 1 .00 ) ( 6 .15 ) ( 1 .36 )

Net asset value, end of year .............................. $ 49.36 $ 40.77 $ 36.40 $ 31.74 $ 30.98

Total Return (e) Based on net asset value ................................. 24.34 % 15.18 % 17.97 % 24.30 % ( 13.50 ) %

Ratios to Average Net Assets (f) Total expenses ........................................ 0 .62 % 0 .62 % 0 .62 % 0 .62 % 0 .62 % Total expenses after fees waived ............................ 0 .03 % 0 .03 % 0 .03 % 0 .03 % 0 .03 % Net investment income ................................... 2 .56 % 3 .24 % 3 .06 % 2 .40 % 3 .32 %

Supplemental Data Net assets, end of year (000) ............................... $ 592,364 $ 725,691 $ 420,397 $ 331,693 $ 353,138 Portfolio turnover rate (g) ................................... 9 % 13 % 11 % 14 % 6 %

(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Rounds to less than $0.01. (e) Where applicable, assumes the reinvestment of distributions. (f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

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F i n a n c i a l H i g h l i g h t s 13

Financial Highlights (continued) (For a share outstanding throughout each period)

iShares Currency Hedged MSCI Japan ETF Year Ended 08/31/26

Year Ended 08/31/25

Year Ended 08/31/24

Year Ended 08/31/23

Year Ended 08/31/22

Net asset value, beginning of year ......................... $ 47.63 $ 41.89 $ 33.94 $ 38.73 $ 38.66 Net investment income (a) ............................... 2 .13 1 .05 0 .75 0 .25 1 .02 Net realized and unrealized gain (loss) (b) ..................... 17.88 5 .76 8 .01 7 .27 ( 0 .09 ) Net increase from investment operations ...................... 20.01 6 .81 8 .76 7 .52 0 .93 Distributions (c) From net investment income ............................ ( 2 .33 ) ( 1 .08 ) ( 0 .81 ) ( 0 .27 ) ( 0 .86 ) From net realized gain ................................. ( 0 .28 ) — — ( 12.04 ) ( 0 .00 ) (d) Total distributions ..................................... ( 2 .61 ) ( 1 .08 ) ( 0 .81 ) ( 12.31 ) ( 0 .86 ) Capital contribution (e) ................................... — 0 .01 — — — Net asset value, end of year ............................. $ 65.03 $ 47.63 $ 41.89 $ 33.94 $ 38.73

Total Return (f) Based on net asset value ................................ 43.20 % 16.58 % (g) 26.11 % 27.07 % 2 .43 %

Ratios to Average Net Assets (h) Total expenses ....................................... 0 .53 % 0 .53 % 0 .53 % 0 .53 % 0 .53 % Total expenses after fees waived ........................... 0 .01 % 0.00 % (i) 0.00 % (i) 0.00 % (i) 0 .01 % Net investment income .................................. 3 .69 % 2 .47 % 1 .91 % 0 .74 % 2 .62 %

Supplemental Data Net assets, end of year (000) .............................. $ 773,899 $ 381,065 $ 402,118 $ 215,493 $ 464,751 Portfolio turnover rate (j) .................................. 9 % 15 % 20 % 29 % 6 %

(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Rounds to less than $0.01. (e) Payment received related to certain shareholder transactions. (f) Where applicable, assumes the reinvestment of distributions. (g) Includes capital contributions from affiliate, which impacted the Fund’ s total return. Excluding the capital contributions from affiliate, the Fund’ s total return is 16.54% (h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (i) Rounds to less than 0.01%. (j) Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

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1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively , the “Funds”):

iShares ETF

Diversification Classification Currency Hedged MSCI Eurozone ............................................................................................... Diversified Currency Hedged MSCI Japan .................................................................................................. Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, each of the currency hedged funds has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Cash: The Funds may maintain cash at their custodian, which at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any , are included in interest expense in the Statements of Operations.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

Segment Reporting: The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund’s financial statements.

Recent Accounting Standard: The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”) during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds’ adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund’s financial position or results of operations.

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3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Shares of underlying exchange-traded closed-end funds or other exchange-traded funds (“ETFs”) are valued at their most recent closing price. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower

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default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF Investment Advisory Fees Currency Hedged MSCI Eurozone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.62% Currency Hedged MSCI Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.53

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI Eurozone ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2030 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Eurozone ETF (“EZU”), after taking into account any fee waivers by EZU, plus 0.03%.

For the iShares Currency Hedged MSCI Japan ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2030 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%. BFA has also contractually agreed to waive an additional portion of its investment advisory fee for the Fund through December 31, 2030 such that the Fund’s total annual operating expenses after fee waiver will be equal to the greater of the acquired fund fees and expenses or 0.48%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2026, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF Amounts Waived Currency Hedged MSCI Eurozone ............................................................................................................................... ........ $ 3,620,093 Currency Hedged MSCI Japan ............................................................................................................................... ............ 3,213,528

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to November 10, 2025, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specific threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2026 , the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF Amounts Currency Hedged MSCI Eurozone .............................................................................................. $ 2,717 Currency Hedged MSCI Japan ................................................................................................. 109,952

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

Other Transactions: Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

7. PURCHASES AND SALES

For the year ended August 31, 2026 , purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF Purchases Sales Currency Hedged MSCI Eurozone ........................................................................... $ 69,594,963 $ 53,449,930 Currency Hedged MSCI Japan .............................................................................. 114,687,786 53,070,945

For the year ended August 31, 2026 , in-kind transactions were as follows:

iShares ETF In-kind Purchases In-kind Sales Currency Hedged MSCI Eurozone ............................................................................. $ 83,276,524 $ 330,959,487 Currency Hedged MSCI Japan ................................................................................ 511,418,369 285,076,209

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2026 , permanent differences attributable to distributions in connection with fund share redemptions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF Paid-in Capital

Accumulated Earnings (Loss) Currency Hedged MSCI Eurozone ........................................................................... $ 76,076,422 $ ( 76,076,422 ) Currency Hedged MSCI Japan .............................................................................. 67,796,934 ( 67,796,934 )

The tax character of distributions paid was as follows:

iShares ETF

Year Ended 08/31/26

Year Ended 08/31/25 Currency Hedged MSCI Eurozone Ordinary income ........................................................................................... $ 15,724,519 $ 17,008,056

Currency Hedged MSCI Japan Ordinary income ........................................................................................... $ 25,174,294 $ 8,867,653

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Notes to Financial Statements ( continued)

N o t e s t o F i n a n c i a l S t a t e m e n t s 19

As of August 31, 2026, the tax components of accumulated earnings (loss) were as follows:

iShares ETF

Undistributed Ordinary Income

Undistributed Long Term Capital Gains

Non-Expiring Capital Loss Carryforwards (a)

Net Unrealized Gains (Losses) (b) Total Currency Hedged MSCI Eurozone ....................... $ 83,229 $ — $ ( 70,921,092 ) $ 122,632,195 $ 51,794,332 Currency Hedged MSCI Japan .......................... 17,147,181 18,700,695 — 87,031,410 122,879,286 (a) Amounts available to offset future realized capital gains. (b) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain foreign currency exchange contracts.

For the year ended August 31, 2026, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF Utilized Currency Hedged MSCI Eurozone .............................................................................................. $ 16,862,862 Currency Hedged MSCI Japan ................................................................................................. 20,594,277

As of August 31, 2026, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF Tax Cost

Gross Unrealized Appreciation

Gross Unrealized Depreciation

Net Unrealized Appreciation (Depreciation) Currency Hedged MSCI Eurozone .................................... $ 470,353,187 $ 129,995,990 $ ( 7,363,795 ) $ 122,632,195 Currency Hedged MSCI Japan ....................................... 687,341,459 88,526,934 ( 1,495,524 ) 87,031,410

9. LINE OF CREDIT

The iShares Currency Hedged MSCI Japan ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $900 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders that expires on October 14, 2026. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Participating Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of the Participating Fund’s relative exposure to certain target markets or the Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2026, the iShares Currency Hedged MSCI Japan ETF did not borrow under the Syndicated Credit Agreement.

The iShares Currency Hedged MSCI Eurozone ETF and iShares Currency Hedged MSCI Japan ETF, were each a party to a similar $800 million syndicated credit agreement which expired on October 15, 2025. During the year ended August 31, 2026, neither Fund borrowed under the $800 million respective syndicated credit agreements.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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Page 20

Notes to Financial Statements (continued)

20 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054784-2 I 0 n 2 f 8 o r m a t i o n

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

Year Ended 08/31/26

Year Ended 08/31/25 iShares ETF Shares Amount Shares Amount Currency Hedged MSCI Eurozone Shares sold ......................................................... 1,800,000 $ 83,465,426 10,250,000 $ 409,255,096 Shares redeemed ..................................................... ( 7,600,000 ) ( 332,248,880 ) ( 4,000,000 ) ( 150,978,514 ) ( 5,800,000 ) $ ( 248,783,454 ) 6,250,000 $ 258,276,582 Currency Hedged MSCI Japan Shares sold ......................................................... 8,850,000 $ 514,329,732 2,350,000 $ 100,480,632 Shares redeemed ..................................................... ( 4,950,000 ) ( 288,724,488 ) ( 3,950,000 ) ( 164,857,374 ) 3,900,000 $ 225,605,244 ( 1,600,000 ) $ ( 64,376,742 )

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund’s custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 14, 2026, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 13, 2027 and to increase the commitment from $900 million to $920 million.

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Page 21

Report of Independent Registered Public Accounting Firm

R e p o r t o f I n d e p e n d e n t R e g i s t e r e d P u b l i c A c c o u n t i n g F ir m 21

To the Board of Trustees of iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31, 2026, the related statements of operations for the year ended August 31, 2026, the statements of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2026 and each of the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

iShares Currency Hedged MSCI Eurozone ETF iShares Currency Hedged MSCI Japan ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP Philadelphia, Pennsylvania October 21, 2026

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Page 22

Important Tax Information (unaudited)

22 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054784-2 I 2 n 2 f 8 o r m a t i o n

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2026:

iShares ETF

Qualified Dividend Income Currency Hedged MSCI Eurozone ............................................................................................... $ 13,230,264 Currency Hedged MSCI Japan .................................................................................................. 12,695,809

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2026:

iShares ETF

20% Rate Long Term Capital Gain Dividends Currency Hedged MSCI Japan .................................................................................................. $ 2,613,330

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2026:

iShares ETF

Foreign Source Income Earned Foreign Taxes Paid Currency Hedged MSCI Eurozone ............................................................................. $ 17,383,896 $ 1,549,245 Currency Hedged MSCI Japan ................................................................................ 23,738,877 1,522,377

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended August 31, 2026:

iShares ETF

Federal Obligation Interest Currency Hedged MSCI Eurozone ............................................................................................... $ 14,487 Currency Hedged MSCI Japan .................................................................................................. 19,197

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisors to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended August 31, 2026:

iShares ETF Interest Dividends Currency Hedged MSCI Eurozone ............................................................................................... $ 29,471 Currency Hedged MSCI Japan .................................................................................................. 38,719

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended August 31, 2026:

iShares ETF

Interest-Related Dividends

Qualified Short-Term Capital Gains Currency Hedged MSCI Eurozone ............................................................................. $ 30,254 $ — Currency Hedged MSCI Japan ................................................................................ 39,625 2,665,517

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Page 23

Additional Information

A d d i t i o n a l I n f o r m a t i o n 23

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com . Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com . Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com . • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor . Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA’s investment advisory fees.

Availability of Portfolio Holdings Information

A description of the Trust’s policies and procedures with respect to the disclosure of each Fund’s portfolio securities is available in each Fund’s Prospectus. Each Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com .

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Page 24

Board Review and Approval of Investment Advisory Contract

24 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054784-2 I 4 n 2 f 8 o r m a t i o n

iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Japan ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess the services of BFA and its affiliates to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 11, 2026 and May 21, 2026, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2026, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2025, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and platform and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the ETF business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 11, 2026 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business and ETF platform.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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Page 25

Board Review and Approval of Investment Advisory Contract ( continued)

B o a r d R e v i e w a n d A p p r o v a l o f I n v e s t m e n t A d v i s o r y C o n t r a c t 25

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology (including refinements to the methodology from prior years) and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the ETF business by BFA and its affiliates, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders to further improve product quality, enhance and strengthen the ETF ecosystem and the ETF platform and to pursue continual advancement of the overall investor experience. With respect to applicable funds, the 15(c) Committee and the Board reviewed information with respect to management fees having been set at levels that anticipate scale over time. In addition, the 15(c) Committee and the Board reviewed information with respect to certain benefits to iShares funds’ shareholders as a result of BlackRock’s overall size and global platform. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), and payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Solutions Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board further noted that certain index providers pay a fee or reimburse a portion of the costs of BFA and/or its affiliates of certain co-marketing activities that promote products and strategic initiatives that incorporate the index providers’ logos and branding. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock’s potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

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Page 26

Board Review and Approval of Investment Advisory Contract (continued)

26 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054784-2 I 6 n 2 f 8 o r m a t i o n

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

a n d A d d i t i o n a l I n f NM1026U-6054784-26/28

Page 27

Glossary of Terms Used in these Financial Statements

G l o s s a r y o f T e r m s U s e d i n t h e s e F i n a n c i a l S t a t e m e n t s 27

Currency Abbreviation

EUR Euro JPY Japanese Yen USD United States Dollar

NM1026U-6054784-27/28

Page 28

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus. Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI, Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above. ©2026 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

NM1026U-6054784-28/28

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