Item 1 – Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

iShares Trust

Table of Contents

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced significantly during the 12 months ended August 31, 2021 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 28.64% in U.S. dollar terms for the reporting period. Stocks continued to recover from the initial impact of the coronavirus pandemic, nearing all-time highs by the end of the reporting period. Reopening economies led to a substantial global economic expansion, and the development and distribution of COVID-19 vaccines bolstered investors’ optimism. Nonetheless, vaccination rates varied considerably across countries, and the spread of the more contagious Delta variant led to increased cases and renewed restrictions toward the end of the reporting period. Inflation also rose in many parts of the world amid supply chain constraints and elevated consumer spending.

Equity markets in the U.S. advanced strongly, helped by fiscal and monetary stimulus and an ongoing mass vaccination program. Congress passed two fiscal stimulus bills during the reporting period, providing significant relief in the form of direct payments to individuals, tax credits, aid to state and local governments, and assistance for homeowners and renters. Personal incomes rose significantly following the stimulus payments, and consumer spending recovered, surpassing pre-pandemic levels. Increased consumer spending and the easing of pandemic-related restrictions helped the U.S. economy continue to grow following a significant rebound in the third quarter of 2020, as activity recovered from the pandemic-induced recession in the first half of 2020. The economy grew at a brisk pace for the rest of the reporting period, finally exceeding pre-pandemic output levels in the second quarter of 2021. The U.S. Federal Reserve Bank’s (“the Fed”) action also played a notable role in the recovery. Monetary policy remained accommodative, with short-term interest rates maintained near zero to encourage lending and stimulate economic activity. The Fed further acted to stabilize bond markets by continuing an unlimited, open-ended, bond-buying program for U.S. Treasuries and mortgage-backed securities.

Stocks in Europe also posted strong gains, despite a recovery that trailed other major economies. The European Central Bank (“ECB”) provided monetary stimulus by maintaining ultra-low interest rates and continuing a large bond-buying program. Growth resumed with a significant rebound in the third quarter of 2020 as restrictions eased, and Eurozone countries enacted a deal for a collective €750 billion of stimulus spending. However, a new wave of coronavirus cases beginning in October 2020 led to renewed restrictions, weakening the fragile recovery. Consequently, the Eurozone economy contracted slightly in the fourth quarter of 2020 and first quarter of 2021, even as much of the world was returning to growth. Although the initial vaccine rollout trailed in many European countries, the pace of vaccinations accelerated late in the reporting period, and economic growth resumed in the second quarter of 2021.

Asia-Pacific regional stocks also posted a solid advance amid a sharp rebound in economic activity. Continued economic growth in China helped the regional economy recover, as many Asia-Pacific countries rely on China as a major trading partner. Japanese and Australian stocks benefited from a sharp rise in exports amid resurgent global trade. Emerging market stocks advanced overall, aided by economic recovery and rising prices for many commodities. However, investor concerns about increased government regulatory activity weighed on Chinese stocks late in the reporting period. Relatively slow vaccination rollouts in parts of Asia also prompted concerns, particularly as the Delta variant spread.

Investment Objective

The iShares MSCI Argentina and Global Exposure ETF (the “Fund”) seeks to track the investment results of a broad-based equity index with exposure to Argentina, as represented by the MSCI All Argentina 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/25/17. The first day of secondary market trading was 4/27/17.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 27 for more information.

Portfolio Management Commentary

Equities with exposure to Argentina advanced strongly during the reporting period as the country moved from a steep economic contraction amid the coronavirus pandemic into expansion. The Argentine government, which was already weak financially prior to the pandemic, widened the budget deficit for pandemic relief and sought to extend the term of its loan from the International Monetary Fund. On the upside, Argentina resolved its position with private bond holders and worked to reduce its budget deficit, raising taxes on wealth and exports and using heavy-handed market interventions, like price caps and export bans, to artificially support its goods. A prominent market index provider reacted to the tightening by revoking the country’s emerging markets status, which weighed on investor sentiment, as it can pull billions of dollars of tracking fund investment from the local economy. While the government’s tightened capital controls artificially supported the Argentine peso’s value, it nevertheless declined 24% relative to the U.S. dollar, due in part to hyperinflation of 51.4% annually.

The consumer discretionary sector contributed the most to the Index’s return, led by the internet and direct marketing retail industry. Online purchases amid pandemic-related restrictions continued to drive record revenue growth for large online retailers, which also benefited from digital payments and expanded logistics networks.

The information technology sector also contributed meaningfully to the Index’s return. A large software company advanced due to rising sales amid increased commercial demand for digital transformation strategies that leverage 5G networks, cloud computing, and artificial intelligence.

The consumer staples sector also contributed. A large food producer benefited from price and production increases of its core products, sugar and ethanol. A beer and wine conglomerate posted steady demand during 2020 and projected a sharp rise in consumption and profitability in 2021.

Investment Objective

The iShares MSCI Brazil Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Brazilian equities, as represented by the MSCI Brazil Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 27 for more information.

Portfolio Management Commentary

Brazilian equities advanced during the reporting period, despite a severe second wave of COVID-19 infections, rising inflation, and a depreciating currency. Although the country’s economy contracted later in the reporting period with persistently high unemployment, investors anticipated that Brazil’s economy would benefit from improving global growth. As a leading producer and exporter of select crops, Brazil benefited from strong global demand for its agricultural products.

The industrials sector was the largest contributor to the Index’s return, as industrial output stabilized toward the end of the reporting period, rising above pre-pandemic levels for the first half of 2021. As the capital goods industry expanded, a major aerospace and defense company increased deliveries as travelers slowly returned to flying, posting a profit for the second quarter of 2021, along with significant backlogs and new orders of jets. Similarly, airline companies advanced as COVID-19 cases declined, and expectations of acquisitions activity in the industry were reported. Trucking companies also contributed as long-term contracts, market position, and diversified service offerings supported business operations.

The materials sector was another contributor to the Index’s return as several government infrastructure programs were announced. The metals and mining industry advanced as steel prices remained elevated and supplies limited. Analysts’ expectations that steel sales would continue to increase further benefited the industry. Meanwhile, key producers announced production expansion efforts to meet ongoing demand.

The consumer staples sector also contributed to the Index’s return, driven by the food and staples retail industry. Consumer spending increased overall in the second quarter of 2021 despite high unemployment and inflation rates. Although hypermarkets and supercenters posted mixed performance amid pandemic-related restrictions, cost control strategies, loyalty programs, and robust e-commerce platforms were sources of strength.

Investment Objective

The iShares MSCI China ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, as represented by the MSCI China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 27 for more information.

Portfolio Management Commentary

Chinese stocks declined during the reporting period as government crackdowns on technology-related companies and other industries weighed on the market. Chinese equities advanced through February 2021 as global demand for goods propelled strong export growth, then retreated amid investor concerns surrounding regulatory actions and signs of a decelerating domestic economic recovery.

The consumer discretionary sector detracted the most from the Index’s return due to the impact of government restrictions. A large online retailer’s stock fell sharply amid new antitrust rules and penalties, including the suspension of a sizeable initial public offering (“IPO”) and a $2.75 billion fine. Additional rules under consideration raised significant concerns about Chinese companies’ continued ability to launch IPOs, list shares abroad, or store data on privately owned cloud platforms. Education services stocks, particularly tutoring companies, also declined substantially as new guidelines designed to reduce education costs would require shifting to a not-for-profit model, fee standardization, and prohibitions on foreign ownership and raising capital.

The government crackdown also pressured China’s media and entertainment industry in the communication services sector. New limits on online gaming and concerns that cloud storage could be restricted to a state-sponsored platform constrained the Index’s performance, as did the threat of large fines. Real estate stocks also declined amid concerns over high debt levels, regulatory investigations, and asset freezes.

In contrast, the materials sector contributed to the Index’s return as recovering demand outpaced supply, driving up prices for copper, lithium, and other metals. Capital goods stocks in the industrials sector further aided performance, led by manufacturers of electric vehicle batteries, as demand grew for vehicles powered by renewable energy.

Healthcare stocks also advanced as treatments used to combat COVID-19 drove strong profits. Robust project pipelines and increased backlogs amid rising global demand fueled earnings growth.

Investment Objective

The iShares MSCI China Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Chinese equities that are available to international investors, as represented by the MSCI China Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 27 for more information.

Portfolio Management Commentary

Small-capitalization Chinese equities advanced during the reporting period amid a continued economic recovery, as surging global demand for Chinese goods propelled exports to all-time highs. Stocks peaked in February 2021, before trimming gains amid concerns around regulatory crackdowns and signs of a decelerating recovery. Smaller stocks proved more resilient than their larger peers, supported by investors’ search for earnings growth and the perception that smaller companies were less likely to be targets of government antitrust actions.

Information technology (“IT”) stocks contributed the most to the Index’s return. Smaller companies benefited as investors moved away from large technology firms targeted by new government regulations. The software and services industry advanced amid increased corporate spending on technology, such as tools to improve productivity. The acceleration of digital transformation drove demand for cloud services and data centers, fueling earnings growth for IT services companies. E-commerce growth and demand for online merchant services helped application software companies attract new customers and increase earnings. Manufacturers of semiconductors and semiconductor equipment used in solar energy also advanced sharply amid China’s decarbonization efforts.

The materials sector added to the Index’s performance as demand for chemicals and other commodities outpaced supply, driving prices sharply higher. Chemicals companies exposed to surging demand for electric vehicles posted strong earnings growth and attracted attention from foreign investors. Metals and mining stocks benefited from rising prices for metals and steel export limits.

On the downside, the real estate sector detracted from the Index’s return as several new government rules aimed at cooling home prices weighed on real estate management and development stocks. Media and entertainment stocks in the communication services sector also declined amid new limits on online gaming and negative statements about gaming in state-run media.

Investment Objective

The iShares MSCI Indonesia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Indonesian equities, as represented by the MSCI Indonesia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through May 28, 2019 reflects the performance of MSCI Indonesia Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Indonesia IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 27 for more information.

Portfolio Management Commentary

Indonesian stocks rose significantly during the reporting period as the economy expanded at a historic rate, rebounding from a coronavirus pandemic-related recession. To counter economic disruptions due to COVID-19, Bank Indonesia, Indonesia’s central bank, added liquidity to the financial system, reduced the reserve requirement for banks, and lowered interest rates to record-low levels. The government announced a large stimulus program, although slow disbursement of funds limited its effects. As global economies rebounded, Indonesian exporters benefited from higher commodities prices and the economic recovery of its large trading partners. Domestic industrial activity increased and consumer optimism rose as the government eased pandemic-related restrictions, boosting household consumption, which constitutes the majority of the country’s economy.

The communication services sector contributed the most to the Index’s return, led by the telecommunication services industry. Indonesia began its rollout of 5G internet technology, boosting stocks of telecommunication services providers as investors anticipated growth in consumer demand amid the strengthening economic recovery. In addition, government plans to significantly increase communications infrastructure buoyed companies that lease space on towers for communications equipment.

The financials sector also contributed significantly to the Index’s performance. Indonesia’s diversified banks led the advance, bolstered by Bank Indonesia’s assurances of continued supportive monetary policy. Bank profits rose due to substantial increases in microcredit loans to small- and medium-sized businesses as well as growth in demand for consumer credit.

On the downside, the consumer staples sector detracted from the Index’s return. In the household and personal products industry, profits declined due to increased commodities prices and lingering effects of reduced demand for consumer goods as households exercised caution in purchases amid ongoing disruptions from the pandemic.

Investment Objective

The iShares MSCI Peru ETF (the “Fund”) seeks to track the investment results of an index composed of Peruvian equities, as represented by the MSCI All Peru Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 27 for more information.

Portfolio Management Commentary

Peruvian equities declined for the reporting period amid a change in government that weighed on markets. As the new, leftist president promised to limit public spending and debt, Peru’s economy, long considered one of the most stable in the region, rebounded from a steep decline during the onset of the coronavirus pandemic. However, equity markets did not reflect the broader economy amid political turmoil that concerned investors; Peru’s current president is the fifth in five years, and he appointed a member of his own party as prime minister. Stocks stabilized on the appointment of a moderate finance minister, but friction between the president and congress drove continued uncertainty, weighing on equities. The government also pursued a deal with Peru’s mining sector, which comprises the world’s second-largest copper producer, with incentives for social justice goals. Sovereign bond prices declined during the reporting period, and the Peruvian sol weakened significantly against the U.S. dollar.

The materials sector gained as copper prices rallied due to increased demand amid recovering markets across the globe. The price rally combined with supply constraints to support Peruvian copper companies, which posted increased revenues. With revenue rising, mining companies worked to bring new mines online to meet the increased demand and announced plans for a railway to connect the copper-rich Andean region to the coast.

Financials stocks declined as a socialist government and the prospect of increasing government involvement in business, such as public credit facilities, fee regulations, and other interventions, weighed on investor sentiment. Despite increased COVID-19 vaccination levels and an economic recovery that drove income for banks, political risk discouraged some investors.

Investment Objective

The iShares MSCI Philippines ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Philippine equities, as represented by the MSCI Philippines IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 27 for more information.

Portfolio Management Commentary

Stocks in the Philippines advanced substantially during the reporting period as the economy rebounded from a recession driven by the coronavirus pandemic. The economy grew at a historic rate as pandemic-related restrictions eased, leading to increased commerce and reduced unemployment. While government spending declined, household consumption and industrial activity increased, supporting economic growth. Accommodative monetary policy aided recovery as the Philippine central bank kept interest rates at historically low levels. As the economies of the country’s largest trading partners rebounded due to the rollout of coronavirus vaccines, demand for exports, especially electronics, increased sharply, supporting economic recovery.

The Philippine industrials sector was the leading contributor to the Index’s return. Profits rose sharply within the industrial conglomerates industry amid successful expansion in banking and real estate. Conglomerates’ retail sales profitability also increased due to cost reductions and the rise of online ordering and delivery services. International demand for alcoholic beverages rose amid pandemic-related restrictions, bolstering the industry. In the transportation infrastructure industry, volumes increased at shipping terminals as international trade recovered, leading to sharp revenue increases for trading port operators.

The financials sector also contributed substantially to the Index’s performance, led by banks. While demand for loans remained relatively flat as the Philippine economy recovered, customer deposits and service fees increased, leading to sharply higher profits. As the economy improved, banks reduced their excess reserves for nonperforming loans, bolstering profitability.

The real estate sector added significantly to the Index’s return. In the real estate management and development industry, revenue from domestic and international malls recovered as pandemic-related restrictions were lifted and demand for residential units rose sharply. Solid office leasing revenues and new construction further benefited the industry.

Investment Objective

The iShares MSCI Poland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Polish equities, as represented by the MSCI Poland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through February 11, 2013 reflects the performance of the MSCI Poland Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Poland IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 27 for more information.

Portfolio Management Commentary

Stocks in Poland advanced strongly for the reporting period, rebounding from a relatively modest economic contraction due to the coronavirus pandemic. To counteract the economic disruptions of the pandemic, the government spent robustly to stimulate the economy. Despite concerns about rising inflation, the National Bank of Poland maintained loose monetary policy, keeping interest rates low, purchasing government bonds, and selling some of its currency reserves to weaken the Polish zloty. In this environment, unemployment rates remained low, and the weak currency aided exports. As pandemic-related restrictions eased, the economy grew briskly, driven by recovery in household consumption. Industrial production also rebounded, despite disruptions to global supply networks.

The financials sector contributed the most to the Index’s return, driven by banks. While Polish banks continued to be challenged by reduced demand for loans and the National Bank of Poland’s maintenance of low interest rates, banks nonetheless rebounded from sharp declines in revenue amid the pandemic. Reduced operating costs, increased commissions and fees, and lower credit loss provisions increased bank profitability. Diversification into new business areas, especially insurance, helped one large bank post record profits.

The consumer discretionary sector also contributed significantly to the Index’s return. The textiles and apparel industry led the advance as retail sales rebounded sharply after pandemic-related restrictions eased in April 2021. Domestic businesses benefited from reduced competition as foreign competitors closed stores during the pandemic. Additionally, companies with a strong digital infrastructure advanced as shoppers increasingly turned to e-commerce for purchases.

On the downside, the communication services sector detracted substantially from the Index’s performance. The entertainment industry led the decline as a video game company released a new title with significant technical issues, leading to low sales and multiple lawsuits, which weighed heavily on the stock.

Investment Objective

The iShares MSCI Qatar ETF (the “Fund”) seeks to track the investment results of an index composed of Qatar equities, as represented by the MSCI All Qatar Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/29/14. The first day of secondary market trading was 5/1/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 27 for more information.

Portfolio Management Commentary

Qatari stocks advanced significantly for the reporting period. The economy rebounded from the economic disruptions of the coronavirus pandemic as restrictions eased amid a relatively successful vaccination program. Demand for natural gas and oil, key drivers of Qatar’s economy and government revenues, recovered, and prices rose as world economies reopened. Higher natural gas prices particularly benefited Qatar. Already the world’s leading producer of liquified natural gas due to its low production costs, Qatar boosted production amid increased commitments from world governments to reduce carbon emissions. Construction spending in preparation for hosting the 2022 FIFA World Cup soccer tournament also supported Qatar’s economic recovery. In addition, the favorable resolution of a conflict with regional neighbors removed a lingering constraint on economic growth.

The financials industry, which represented approximately 50% of the Index on average for the reporting period, contributed the most to the Index’s return, led by banks. Bank profits rebounded to pre-pandemic levels, supported by the recovery of oil prices, strong capital buffers, and reduced interest expenses in the low interest rate environment. Profits rose due to strength in demand for loans and a sharp increase in non-interest income as fee waivers implemented during the pandemic were removed. Banks also benefited from reduced risks from non-performing loans and wider diversification of financing sources, which led to increased customer deposits. Cost-control measures, such as reducing travel expenses, further increased bank profits.

The industrials sector also contributed significantly to the Index’s return. Profits rose sharply in the capital goods industry as the easing of pandemic-related restrictions led to increased international consumer demand for industrial products. Global supply chain challenges drove up prices of inputs such as fertilizer and steel, boosting industry profit margins. Increased production and higher sales volumes bolstered revenues.

Investment Objective

The iShares MSCI Saudi Arabia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Saudi Arabian equities, as represented by the MSCI Saudi Arabia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.