iShares Russell Small/Mid-Cap Index Fund - (BSMAX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: August 31, 2021

Date of reporting period: February 28, 2021

Item 1 – Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

🌑 iShares MSCI Argentina and Global Exposure ETF|AGT | Cboe BZX

🌑 iShares MSCI Brazil Small-Cap ETF | EWZS | NASDAQ

🌑 iShares MSCI China ETF | MCHI | NASDAQ

🌑 iShares MSCI China Small-Cap ETF | ECNS | NYSE Arca

🌑 iShares MSCI Indonesia ETF | EIDO | NYSE Arca

🌑 iShares MSCI Peru ETF | EPU | NYSE Arca

🌑 iShares MSCI Philippines ETF | EPHE | NYSE Arca

🌑 iShares MSCI Poland ETF | EPOL | NYSE Arca

🌑 iShares MSCI Qatar ETF | QAT | NASDAQ

🌑 iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

🌑 iShares MSCI UAE ETF | UAE | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		15
Shareholder Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		53
Statements of Operations		56
Statements of Changes in Net Assets		59
Financial Highlights		65
Notes to Financial Statements		76
Statement Regarding Liquidity Risk Management Program		86
Supplemental Information		87
General Information		88
Glossary of Terms Used in this Report		89

Fund Summary as of February 28, 2021 iShares^® MSCI Argentina and Global Exposure ETF

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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		14.72	%		28.63	%		0.98	%		28.63	%		3.82	%
Fund Market		14.27			26.39			0.86			26.39			3.36
Index		14.90			28.76			0.90			28.76			3.49

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

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 15 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,147.20	$        1.28			$      1,000.00	$      1,023.60	$        1.20		0.24	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	27.3	%
Information Technology	19.9
Consumer Staples	18.7
Materials	10.2
Financials	8.7
Energy	5.5
Utilities	4.7
Communication Services	2.6
Real Estate	1.7
Industrials	0.7

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Argentina	56.4	%
United States	20.8
Chile	14.3
Canada	8.5

4 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI Brazil Small-Cap ETF

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.73	%		(15.46	)%		21.19	%		(3.21	)%		(15.46	)%		161.44	%		(27.84	)%
Fund Market		10.16			(15.66	)		21.34			(3.50	)		(15.66	)		163.00			(29.94	)
Index		11.16			(14.95	)		21.90			(2.72	)		(14.95	)		169.22			(24.11	)

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 15 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,107.30	$        2.98			$      1,000.00	$      1,022.00	$        2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	20.5	%
Utilities	17.0
Industrials	15.8
Consumer Staples	10.8
Materials	7.6
Real Estate	7.4
Information Technology	7.0
Health Care	5.5
Financials	4.5
Energy	3.5
Communication Services	0.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Cia Brasileira de Distribuicao	4.2	%
Locaweb Servicos de Internet SA	3.9
Eneva SA	3.6
Azul SA	3.5
Petro Rio SA	3.2
Embraer SA	2.7
YDUQS Participacoes SA	2.6
Metalurgica Gerdau SA (Preferred)	2.6
Cia. de Locacao das Americas	2.5
Cyrela Brazil Realty SA Empreendimentos e Participacoes	2.3

FUND   SUMMARY 5

Fund Summary as of February 28, 2021 iShares^® MSCI China ETF

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		14.76	%		42.38	%		19.60	%		7.71	%		42.38	%		144.75	%		109.05	%
Fund Market		16.03			41.99			19.61			7.79			41.99			144.80			110.61
Index		14.93			43.14			20.28			8.29			43.14			151.79			120.34

The inception date of the Fund was 3/29/11. The first day of secondary market trading was 3/31/11.

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 15 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,147.60	$        3.04			$      1,000.00	$      1,022.00	$        2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information

ALLOCATION BY SECTOR    

Sector	Percent of    Total Investments(a)
Consumer Discretionary	35.1%
Communication Services	21.4
Financials	13.4
Health Care	6.4
Information Technology	6.0
Industrials	4.4
Consumer Staples	4.3
Real Estate	3.7
Materials	2.4
Utilities	1.8
Energy	1.1

TEN LARGEST HOLDINGS    

Security	Percent of    Total Investments(a)
Tencent Holdings Ltd.	15.1%
Alibaba Group Holding Ltd.	13.8
Meituan, Class B	4.9
JD.com Inc.	2.5
China Construction Bank Corp., Class H	2.4
Baidu Inc.	2.4
Ping An Insurance Group Co. of China Ltd., Class H	2.3
Pinduoduo Inc.	2.1
NIO Inc.	1.8
Xiaomi Corp., Class B	1.4

^(a)  Excludes money market funds.

6 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI China Small-Cap ETF

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV(a)		33.90	%		55.87	%		13.40	%		4.87	%		55.87	%		87.62	%		60.97	%
Fund Market		33.54			54.51			13.17			4.76			54.51			85.65			59.15
Index		34.08			56.87			12.46			4.19			56.87			79.84			50.72

^(a)  For financial reporting purposes, the market value of a certain investment was adjusted as of the report date. Accordingly, the net asset value (“NAV”) per share presented herein is different than the information previously published as of February 26, 2021.

Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. 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 15 for more information.

Expense Example    

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,327.50	$        3.29			$      1,000.00	$      1,022.00	$        2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Consumer Discretionary	20.8%
Real Estate	16.8
Information Technology	14.4
Health Care	10.8
Industrials	10.5
Materials	8.2
Communication Services	5.4
Financials	5.0
Consumer Staples	3.5
Utilities	3.3
Energy	1.3

TEN LARGEST HOLDINGS    

Security	Percent of    Total Investments(a)
GCL-Poly Energy Holdings Ltd.	6.9%
HengTen Networks Group Ltd.	3.5
Chinasoft International Ltd.	2.0
JinkoSolar Holding Co. Ltd.	1.6
Lifetech Scientific Corp.	1.5
COFCO Joycome Foods Ltd.	1.4
MMG Ltd.	1.3
360 DigiTech Inc.	1.3
Tianneng Power International Ltd.	1.1
Tianli Education International Holdings Ltd.	1.1

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary as of February 28, 2021 iShares^® MSCI Indonesia ETF

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.76	%		9.99	%		2.19	%		(0.18	)%		9.99	%		11.46	%		(1.75	)%
Fund Market		17.39			7.29			1.78			(0.34	)		7.29			9.24			(3.38	)
Index		19.76			10.45			2.80			0.34			10.45			14.78			3.45

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 15 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,187.60	$        3.09			$      1,000.00	$      1,022.00	$        2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information    

ALLOCATION BY SECTOR    

Sector	Percent of    Total Investments(a)
Financials	41.0%
Communication Services	14.4
Materials	11.6
Consumer Staples	11.5
Consumer Discretionary	7.3
Energy	4.4
Real Estate	3.9
Industrials	2.3
Health Care	2.0
Utilities	1.1
Information Technology	0.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS    

Security	Percent of    Total Investments(a)
Bank Central Asia Tbk PT	17.5%
Bank Rakyat Indonesia Persero Tbk PT	13.5
Telkom Indonesia Persero Tbk PT	8.4
Astra International Tbk PT	5.0
Bank Mandiri Persero Tbk PT	4.4
Unilever Indonesia Tbk PT	3.2
Charoen Pokphand Indonesia Tbk PT	2.8
Bank Negara Indonesia Persero Tbk PT	2.7
Indah Kiat Pulp & Paper Corp. Tbk PT	2.2
Kalbe Farma Tbk PT	2.0

8 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI Peru ETF

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.

Performance    

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.02	%		21.18	%		13.66	%		(0.37	)%		21.18	%		89.68	%		(3.63	)%
Fund Market		18.36			22.00			13.56			(0.32	)		22.00			88.88			(3.20	)
Index		18.40			21.80			14.36			0.18			21.80			95.56			1.86

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 15 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,180.20	$        3.08			$      1,000.00	$      1,022.00	$        2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information    

ALLOCATION BY SECTOR    

Sector	Percent of    Total Investments(a)
Materials	50.3%
Financials	26.7
Consumer Staples	7.5
Industrials	5.3
Consumer Discretionary	3.3
Utilities	3.1
Real Estate	2.5
Energy	1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Credicorp Ltd.	22.4%
Southern Copper Corp.	21.0
Cia. de Minas Buenaventura SAA	4.8
Hochschild Mining PLC	4.4
Alicorp SAA	4.1
Sociedad Minera Cerro Verde SAA	3.4
Ferreycorp SAA	3.2
Luz del Sur SAA	3.1
Volcan Cia. Minera SAA, Class B	3.0
InRetail Peru Corp.	2.7

FUND   SUMMARY 9

Fund Summary as of February 28, 2021 iShares^® MSCI Philippines ETF

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.

Performance    

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.20	%		4.09	%		(0.47	)%		4.42	%		4.09	%		(2.33	)%		54.05	%
Fund Market		13.96			3.67			(0.92	)		3.98			3.67			(4.52	)		47.68
Index(a)		15.60			5.00			0.22			5.11			5.00			1.12			64.68
MSCI Philippines Investable Market Index (IMI)		16.12			5.47			0.31			5.16			5.47			1.57			65.42
MSCI Philippines IMI 25/50 Index(b)		16.97			6.17			N/A			N/A			6.17			N/A			N/A

^(a)  Index performance through November 30, 2020 reflects the performance of the MSCI Philippines Investable Market Index (IMI). Index performance beginning on December 1, 2020 reflects the performance of the MSCI Philippines IMI 25/50 Index, which, effective as of December 1, 2020, replaced the MSCI Philippines Investable Market Index (IMI) as the underlying index of the fund.

^(b)  The inception date of the MSCI Philippines IMI 25/50 Index was July 20, 2016.

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 15 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,152.00	$        3.04			$      1,000.00	$      1,022.00	$        2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information

ALLOCATION BY SECTOR    

Sector	Percent of    Total Investments(a)
Industrials	31.4%
Real Estate	25.7
Financials	16.5
Consumer Discretionary	6.5
Communication Services	6.4
Utilities	5.9
Consumer Staples	5.2
Energy	1.5
Materials	0.9

TEN LARGEST HOLDINGS    

Security	Percent of    Total Investments(a)
SM Prime Holdings Inc.		11.3	%
Ayala Land Inc.		9.7
SM Investments Corp.		7.3
Ayala Corp.		6.2
JG Summit Holdings Inc.		5.6
Bank of the Philippine Islands		4.8
BDO Unibank Inc.		4.5
International Container Terminal Services Inc.		4.3
PLDT Inc.		3.7
Metropolitan Bank & Trust Co.		3.5

^(a)  Excludes money market funds.

10 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI Poland ETF

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.

Performance    

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.99	%		13.80	%		3.54	%		(3.21	)%		13.80	%		19.02	%		(27.86	)%
Fund Market		3.46			10.81			3.37			(3.32	)		10.81			18.01			(28.66	)
Index		4.37			14.47			3.69			(2.94	)		14.47			19.84			(25.80	)

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 15 for more information.

Expense Example    

Actual					��	Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)			Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,039.90	$        2.88				$      1,000.00	$      1,022.00	$        2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information    

ALLOCATION BY SECTOR    

Sector	Percent of    Total Investments(a)
Financials	31.9%
Consumer Discretionary	14.1
Communication Services	13.6
Materials	13.0
Energy	11.1
Consumer Staples	5.3
Utilities	5.2
Industrials	2.2
Information Technology	2.0
Health Care	1.6

TEN LARGEST HOLDINGS    

Security	Percent of    Total Investments(a)
KGHM Polska Miedz SA	10.3%
Powszechna Kasa Oszczednosci Bank Polski SA	10.3
Powszechny Zaklad Ubezpieczen SA	6.6
CD Projekt SA	6.3
Allegro.eu SA	6.2
Dino Polska SA	4.6
Polskie Gornictwo Naftowe i Gazownictwo SA	4.5
Polski Koncern Naftowy ORLEN SA	4.5
LPP SA	4.5
Bank Polska Kasa Opieki SA	4.4

^(a)  Excludes money market funds.

FUND   SUMMARY 11

Fund Summary as of February 28, 2021 iShares^® MSCI Qatar ETF

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.

Performance    

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.21	%		13.50	%		3.19	%		(1.02	)%		13.50	%		17.01	%		(6.75	)%
Fund Market		2.80			17.46			3.02			(1.04	)		17.46			16.03			(6.87	)
Index		3.03			15.02			4.09			(0.27	)		15.02			22.18			(1.84	)

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 15 for more information.

Expense Example    

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,022.10	$        2.91			$      1,000.00	$      1,021.90	$        2.91		0.58	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information    

ALLOCATION BY SECTOR    

Sector	Percent of    Total Investments(a)
Financials	49.7%
Industrials	14.4
Energy	9.0
Real Estate	7.6
Materials	6.3
Communication Services	5.0
Utilities	4.3
Consumer Staples	2.5
Health Care	1.2

TEN LARGEST HOLDINGS    

Security	Percent of    Total Investments(a)
Qatar National Bank QPSC	23.4%
Industries Qatar QSC	8.4
Qatar Islamic Bank SAQ	7.2
Masraf Al Rayan QSC	6.2
Qatar Electricity & Water Co. QSC	4.4
Qatar Gas Transport Co. Ltd.	3.9
Commercial Bank PSQC (The)	3.9
Qatar Fuel QSC	3.8
Mesaieed Petrochemical Holding Co.	3.6
Ooredoo QPSC	3.3

^(a)  Excludes money market funds.

12 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI Saudi Arabia ETF

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		14.91	%		20.94	%		11.96	%		7.60	%		20.94	%		75.93	%		49.08	%
Fund Market		11.67			20.44			10.86			7.13			20.44			67.48			45.63
Index		15.39			21.46			12.76			8.37			21.46			82.31			55.04

The inception date of the Fund was 9/16/15. The first day of secondary market trading was 9/17/15.

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 15 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,149.10	$        3.94			$      1,000.00	$      1,021.10	$        3.71		0.74	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information

ALLOCATION BY SECTOR    

Sector	Percent of    Total Investments(a)
Financials	38.9%
Materials	23.8
Communication Services	10.0
Energy	8.4
Consumer Staples	5.1
Consumer Discretionary	4.0
Health Care	3.5
Utilities	2.6
Real Estate	2.0
Industrials	1.7

TEN LARGEST HOLDINGS    

Security	Percent of    Total Investments(a)
Al Rajhi Bank	11.8%
Saudi Basic Industries Corp.	10.1
Saudi Arabian Oil Co.	7.6
Saudi Telecom Co.	7.2
National Commercial Bank	7.0
Samba Financial Group	4.2
Riyad Bank	3.3
Saudi Arabian Mining Co.	2.9
Saudi British Bank (The)	2.5
Saudi Electricity Co.	2.3

^(a)  Excludes money market funds.

FUND   SUMMARY 13

Fund Summary as of February 28, 2021 iShares^® MSCI UAE ETF

Investment Objective

The iShares MSCI UAE ETF (the “Fund”) seeks to track the investment results of an index composed of UAE equities, as represented by the MSCI All UAE 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		16.85	%		8.82	%		(0.29	)%		(5.73	)%		8.82	%		(1.45	)%		(33.18	)%
Fund Market		19.24			10.90			(0.11	)		(5.64	)		10.90			(0.52	)		(32.78	)
Index		20.15			12.14			0.58			(5.02	)		12.14			2.93			(29.70	)

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 15 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,168.50	$        3.12			$      1,000.00	$      1,021.90	$        2.91		0.58	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

Portfolio Information    

ALLOCATION BY SECTOR    

Sector	Percent of    Total Investments(a)
Financials	52.2%
Communication Services	15.0
Real Estate	14.5
Industrials	10.2
Energy	4.7
Consumer Staples	3.0
Other (each representing less than 1%)	0.4

TEN LARGEST HOLDINGS    

Security	Percent of    Total Investments(a)
First Abu Dhabi Bank PJSC	17.9%
Emirates Telecommunications Group Co. PJSC	15.0
Emirates NBD Bank PJSC	11.9
Abu Dhabi Islamic Bank PJSC	4.7
Aldar Properties PJSC	4.6
Dubai Islamic Bank PJSC	4.4
Abu Dhabi Commercial Bank PJSC	4.3
Emaar Properties PJSC	4.1
Dubai Investments PJSC	3.2
Air Arabia PJSC	3.1

^(a)  Excludes money market funds.

14 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT   FUND   PERFORMANCE / SHAREHOLDER   EXPENSES 15

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Argentina and Global Exposure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 56.2%
Adecoagro SA(a)		40,184	$	331,518
Arcos Dorados Holdings Inc., Class A		48,077		253,366
Banco BBVA Argentina SA, ADR(a)(b)		27,002		73,175
Banco Macro SA, ADR(a)		16,612		225,259
Central Puerto SA, ADR(a)		37,177		81,789
Corp. America Airports SA(a)(b)		12,090		53,075
Cresud SACIF y A, ADR(a)(b)		12,318		62,452
Despegar.com Corp.(a)		19,733		234,823
Empresa Distribuidora y Comercializadora Norte, ADR(a)		8,353		32,827
Globant SA(a)		6,961		1,494,666
Grupo Financiero Galicia SA, ADR		41,111		306,277
Grupo Supervielle SA, ADR(b)		23,874		45,122
IRSA Inversiones y Representaciones SA, ADR(a)(b)		8,744		36,288
IRSA Propiedades Comerciales SA, ADR		2,380		26,180
Loma Negra Cia Industrial Argentina SA, ADR		22,516		124,063
Pampa Energia SA, ADR(a)		17,561		234,088
Telecom Argentina SA, ADR		33,217		197,973
Transportadora de Gas del Sur SA, Class B, ADR(a)		26,475		124,433
YPF SA, ADR(a)		66,853		289,474
				4,226,848
Canada — 8.4%
SSR Mining Inc.(a)		22,476		320,807
Yamana Gold Inc.		79,104		316,166
				636,973
Chile — 9.7%
Cencosud SA		189,106		370,670
Cia. Cervecerias Unidas SA		41,964		362,384
				733,054
United States — 20.7%
MercadoLibre Inc.(a)		950		1,556,204
Total Common Stocks — 95.0% (Cost: $9,858,203)				7,153,079

Security	Shares		Value
Preferred Stocks
Chile — 4.5%
Embotelladora Andina SA, Class B, Preference Shares		125,043	$	338,419
Total Preferred Stocks — 4.5% (Cost: $305,036)				338,419
Rights
Argentina — 0.0%
Cresud S.A., ADR (Expires 03/02/21)(a)		11,699		0	(c)
Total Rights — 0.0% (Cost: $0)				0	(c)
Short-Term Investments
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		161,518		161,615
Total Short-Term Investments — 2.2% (Cost: $161,593)				161,615
Total Investments in Securities — 101.7% (Cost: $10,324,832)				7,653,113
Other Assets, Less Liabilities — (1.7)%				(127,463	)
Net Assets — 100.0%			$	7,525,650

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Rounds to less than $1.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	335,147	$	—	$	(173,419	)(a)	$	(107	)	$	(6	)	$	161,615		161,518	$	1,177	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—		—			—			—			—		—		3			—
								$	(107	)	$	(6	)	$	161,615			$	1,180		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

16 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Argentina and Global Exposure ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	7,153,079	$	—		$	—	$	7,153,079
Preferred Stocks		338,419		—			—		338,419
Rights		—		0	(a)		—		0	(a)
Money Market Funds		161,615		—			—		161,615
	$	7,653,113	$	—		$	—	$	7,653,113

^(a)  Rounds to less than $1.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.7%
Embraer SA(a)		1,274,000	$	2,795,780
Auto Components — 0.6%
Mahle-Metal Leve SA		70,000		222,571
Tupy SA(a)		112,000		427,055
				649,626
Banks — 0.0%
Banco ABC Brasil SA(a)		3,684		10,087
Commercial Services & Supplies — 0.3%
Ambipar Participacoes e Empreendimentos S/A(a)		85,300		353,411
Diversified Consumer Services — 5.8%
Anima Holding SA(a)		546,000		909,175
Cogna Educacao(a)		3,388,000		2,273,642
Ser Educacional SA(b)		98,053		216,232
YDUQS Participacoes SA		504,037		2,724,109
				6,123,158
Electric Utilities — 6.8%
Alupar Investimento SA		266,000		1,130,717
EDP - Energias do Brasil SA		546,000		1,764,466
Light SA(a)		644,000		2,127,388
Transmissora Alianca de Energia Eletrica SA		392,000		2,148,841
				7,171,412
Food & Staples Retailing — 4.2%
Cia Brasileira de Distribuicao		292,000		4,348,786
Food Products — 6.6%
Camil Alimentos SA		196,000		366,815
M. Dias Branco SA		154,000		791,132
Marfrig Global Foods SA(a)		700,000		1,745,902
Minerva SA		546,000		950,324
Sao Martinho SA		322,000		1,803,831
SLC Agricola SA		168,000		1,235,345
				6,893,349
Health Care Providers & Services — 5.4%
Alliar Medicos A Frente SA		98,000		158,437
Fleury SA		367,200		1,767,789
Instituto Hermes Pardini SA		98,000		351,693
Odontoprev SA		476,000		1,112,906
Qualicorp Consultoria e Corretora de Seguros SA		406,000		2,301,350
				5,692,175
Hotels, Restaurants & Leisure — 1.4%
BK Brasil Operacao e Assessoria a Restaurantes SA		392,000		621,089
CVC Brasil Operadora e Agencia de Viagens SA(a)		294,071		872,232
				1,493,321
Household Durables — 6.0%
Construtora Tenda SA		126,064		577,948
Cyrela Brazil Realty SA Empreendimentos e Participacoes		546,008		2,429,728
Even Construtora e Incorporadora SA		196,000		351,341
Ez Tec Empreendimentos e Participacoes SA		182,076		1,029,130
MRV Engenharia e Participacoes SA		560,000		1,690,134
Trisul SA		154,000		258,645
				6,336,926
Independent Power and Renewable Electricity Producers — 5.9%
AES Tiete Energia SA		280,048		773,856
Eneva SA(a)		310,200		3,784,929

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Omega Geracao SA(a)		226,500	$	1,606,579
				6,165,364
Insurance — 1.9%
IRB Brasil Resseguros S/A(a)		1,708,000		1,838,850
Wiz Solucoes e Corretagem de Seguros SA		126,000		141,531
				1,980,381
IT Services — 5.2%
Cielo SA		2,212,000		1,428,877
Locaweb Servicos de Internet SA(b)		784,000		4,048,684
				5,477,561
Machinery — 0.5%
Iochpe Maxion SA		210,007		474,424
Media — 0.4%
Smiles Fidelidade SA		117,351		441,773
Multiline Retail — 0.2%
Marisa Lojas SA(a)		238,000		216,517
Oil, Gas & Consumable Fuels — 3.5%
Enauta Participacoes SA		140,000		326,320
Petro Rio SA(a)		222,100		3,332,068
				3,658,388
Paper & Forest Products — 1.8%
Duratex SA		560,000		1,849,903
Real Estate Management & Development — 7.4%
Aliansce Sonae Shopping Centers SA(a)		242,071		1,017,706
BR Malls Participacoes SA(a)		1,414,000		2,118,571
BR Properties SA		406,000		593,004
Iguatemi Empresa de Shopping Centers SA		154,007		871,860
Jereissati Participacoes SA		70,000		276,455
JHSF Participacoes SA		504,000		586,020
LOG Commercial Properties e Participacoes SA		84,092		479,832
Multiplan Empreendimentos Imobiliarios SA		504,000		1,779,765
				7,723,213
Road & Rail — 4.9%
Cia. de Locacao das Americas		602,000		2,577,353
Cosan Logistica SA(a)		252,084		920,937
Movida Participacoes SA		238,000		755,888
SIMPAR SA		112,076		755,144
Tegma Gestao Logistica SA		42,000		162,256
				5,171,578
Software — 1.7%
Linx SA		252,000		1,748,113
Specialty Retail — 1.9%
C&A Modas Ltda(a)		196,000		387,565
Grupo SBF SA(a)		168,000		674,044
Lojas Quero Quero S/A		322,000		969,516
				2,031,125
Textiles, Apparel & Luxury Goods — 4.3%
Arezzo Industria e Comercio SA		84,080		1,075,997
Cia. Hering		266,000		711,173
Grendene SA		588,000		750,160
GRUPO DE MODA SOMA SA(a)		350,000		842,178
Guararapes Confeccoes SA		182,060		401,816
Vivara Participacoes SA		168,000		715,945
				4,497,269

18 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Transportation Infrastructure — 1.5%
EcoRodovias Infraestrutura e Logistica SA(a)		350,000	$	692,709
Santos Brasil Participacoes SA		854,000		887,245
				1,579,954
Water Utilities — 2.0%
Cia. de Saneamento de Minas Gerais-COPASA		336,014		870,023
Cia. de Saneamento do Parana		336,065		1,193,373
				2,063,396
Total Common Stocks — 82.9% (Cost: $82,779,735)				86,946,990
Preferred Stocks
Airlines — 4.6%
Azul SA, Preference Shares, NVS(a)		504,096		3,672,369
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		294,000		1,141,067
				4,813,436
Banks — 2.6%
Banco ABC Brasil SA, Preference Shares, NVS		154,042		424,558
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		364,000		825,573
Banco Pan SA, Preference Shares, NVS		588,000		1,465,503
				2,715,634
Chemicals — 0.8%
Unipar Carbocloro SA, Preference Shares, NVS		84,033		856,306
Electric Utilities — 0.2%
Cia. Energetica do Ceara, Class A, Preference Shares, NVS		28,000		252,063
Independent Power and Renewable Electricity Producers — 1.6%
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		336,000		1,644,715
Machinery — 1.2%
Marcopolo SA, Preference Shares, NVS		953,814		429,580

Security	Shares		Value
Machinery (continued)
Randon SA Implementos e Participacoes, Preference Shares, NVS		336,050	$	786,301
				1,215,881
Metals & Mining — 5.0%
Cia. Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		70,000		328,581
Metalurgica Gerdau SA, Preference Shares, NVS		1,302,000		2,705,369
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		742,000		2,162,206
				5,196,156
Water Utilities — 0.3%
Cia. de Saneamento do Parana, Preference Shares, NVS		490,000		348,175
Total Preferred Stocks — 16.3%     (Cost: $13,399,888)			17,042,366
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		20,000		20,000
Total Short-Term Investments — 0.0% (Cost: $20,000)				20,000
Total Investments in Securities — 99.2% (Cost: $96,199,623)				104,009,356
Other Assets, Less Liabilities — 0.8%				860,658
Net Assets — 100.0%			$	104,870,014

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	150,000	$	—	$	(130,000	)(a)	$	—	$	—	$	20,000		20,000	$	302	$	—

^(a) Represents net amount purchased (sold).

SCHEDULE   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Brazil Small-Cap ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Brazil Index		14		03/19/21	$	618	$	(52,909	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	52,909

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	126,681
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(32,804	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	789,133

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	86,946,990		$	—	$	—	$	86,946,990
Preferred Stocks		17,042,366			—		—		17,042,366
Money Market Funds		20,000			—		—		20,000
	$	104,009,356		$	—	$	—	$	104,009,356
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(52,909	)	$	—	$	—	$	(52,909	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

20 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
AECC Aviation Power Co. Ltd., Class A		308,076	$	2,861,179
AVIC Shenyang Aircraft Co. Ltd., Class A		149,699		1,873,591
AVIC Xi’an Aircraft Industry Group Co. Ltd., Class A		423,545		2,070,059
AviChina Industry & Technology Co. Ltd., Class H		5,390,000		3,647,831
China Avionics Systems Co. Ltd., Class A		301,267		793,634
				11,246,294
Air Freight & Logistics — 0.6%
SF Holding Co. Ltd., Class A		523,883		8,485,808
Yunda Holding Co. Ltd., Class A		346,513		897,853
ZTO Express Cayman Inc., ADR		833,910		28,136,123
				37,519,784
Airlines — 0.1%
Air China Ltd., Class A		693,089		865,312
Air China Ltd., Class H		3,850,000		3,176,342
China Eastern Airlines Corp. Ltd., Class A		1,155,096		841,386
China Southern Airlines Co. Ltd., Class A(a)		1,347,588		1,262,353
China Southern Airlines Co. Ltd., Class H(a)		3,080,000		2,104,327
Spring Airlines Co. Ltd., Class A		115,585		1,098,796
				9,348,516
Auto Components — 0.3%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		34,195		1,008,248
Fuyao Glass Industry Group Co. Ltd., Class A		308,598		2,255,008
Fuyao Glass Industry Group Co. Ltd., Class H		924,000		5,669,771
Huayu Automotive Systems Co. Ltd., Class A		423,572		1,686,483
Minth Group Ltd.		1,540,000		6,769,580
Ningbo Joyson Electronic Corp., Class A		231,000		766,453
Shandong Linglong Tyre Co. Ltd., Class A		192,561		1,251,676
Weifu High-Technology Group Co. Ltd., Class A		191,235		679,372
				20,086,591
Automobiles — 4.1%
Brilliance China Automotive Holdings Ltd.		6,160,000		5,526,836
BYD Co. Ltd., Class A		192,559		5,862,190
BYD Co. Ltd., Class H		1,639,000		41,665,105
Chongqing Changan Automobile Co. Ltd., Class A(a)		573,156		1,605,405
Dongfeng Motor Group Co. Ltd., Class H		5,278,000		4,857,963
Geely Automobile Holdings Ltd.		11,935,000		38,771,230
Great Wall Motor Co. Ltd., Class A		269,700		1,305,661
Great Wall Motor Co. Ltd., Class H		6,352,500		18,466,213
Guangzhou Automobile Group Co. Ltd., Class H		6,160,400		5,717,787
Li Auto Inc.(a)		367,675		9,327,915
NIO Inc., ADR(a)(b)		2,621,465		120,010,668
SAIC Motor Corp. Ltd., Class A		1,001,076		3,282,925
XPeng Inc., ADR(a)(b)		354,970		12,108,027
Yadea Group Holdings Ltd.(c)		2,138,000		4,652,290
				273,160,215
Banks — 7.7%
Agricultural Bank of China Ltd., Class A		7,161,000		3,602,685
Agricultural Bank of China Ltd., Class H		56,980,000		20,713,723
Bank of Beijing Co. Ltd., Class A		2,772,099		2,040,620
Bank of Chengdu Co. Ltd., Class A		693,093		1,176,574
Bank of China Ltd., Class A		3,927,000		1,963,545
Bank of China Ltd., Class H		160,545,000		56,292,729
Bank of Communications Co. Ltd., Class A		4,697,022		3,312,637
Bank of Communications Co. Ltd., Class H		17,325,200		9,782,255
Bank of Hangzhou Co. Ltd., Class A		885,560		2,189,352
Bank of Jiangsu Co. Ltd., Class A		2,079,081		1,844,906

Security	Shares		Value
Banks (continued)
Bank of Nanjing Co. Ltd., Class A		1,540,000	$	2,091,406
Bank of Ningbo Co. Ltd., Class A		807,784		4,998,903
Bank of Shanghai Co. Ltd., Class A		1,925,097		2,489,612
China Bohai Bank Co. Ltd., Class H(a)(c)		5,775,000		3,186,269
China CITIC Bank Corp. Ltd., Class H		17,325,800		8,174,496
China Construction Bank Corp., Class A		924,009		1,035,256
China Construction Bank Corp., Class H		195,580,000		157,072,119
China Everbright Bank Co. Ltd., Class A		5,159,000		3,264,258
China Everbright Bank Co. Ltd., Class H		6,160,000		2,668,128
China Merchants Bank Co. Ltd., Class A		2,579,568		20,342,435
China Merchants Bank Co. Ltd., Class H		7,892,650		60,588,643
China Minsheng Banking Corp. Ltd., Class A		4,158,070		3,323,966
China Minsheng Banking Corp. Ltd., Class H		11,935,160		7,123,540
Chongqing Rural Commercial Bank Co. Ltd., Class H		6,930,000		3,055,244
Huaxia Bank Co. Ltd., Class A		1,925,091		1,853,834
Industrial & Commercial Bank of China Ltd., Class A		6,429,500		5,328,274
Industrial & Commercial Bank of China Ltd., Class H		123,585,000		80,612,593
Industrial Bank Co. Ltd., Class A		2,579,500		9,824,619
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		500,500		579,296
Ping An Bank Co. Ltd., Class A		2,425,555		8,003,019
Postal Savings Bank of China Co. Ltd., Class A		3,272,500		3,090,766
Postal Savings Bank of China Co. Ltd., Class H(c)		20,405,000		15,177,458
Shanghai Pudong Development Bank Co. Ltd., Class A		3,542,098		5,761,509
				512,564,669
Beverages — 2.0%
Anhui Gujing Distillery Co. Ltd., Class A		38,596		1,395,444
Anhui Gujing Distillery Co. Ltd., Class B		231,430		3,069,882
Anhui Kouzi Distillery Co. Ltd., Class A		77,000		682,797
Beijing Shunxin Agriculture Co. Ltd., Class A		115,500		973,217
China Resources Beer Holdings Co. Ltd.		3,080,000		23,227,004
Chongqing Brewery Co. Ltd., Class A		77,000		1,434,752
Jiangsu King’s Luck Brewery JSC Ltd., Class A		192,603		1,463,282
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		. 192,576		5,616,930
Kweichow Moutai Co. Ltd., Class A		155,504		50,942,658
Luzhou Laojiao Co. Ltd., Class A		192,500		6,987,496
Nongfu Spring Co. Ltd.(a)(c)		616,000		4,089,541
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		115,576		5,584,519
Sichuan Swellfun Co. Ltd., Class A		77,000		831,572
Tsingtao Brewery Co. Ltd., Class A		154,063		1,893,259
Tsingtao Brewery Co. Ltd., Class H		836,000		6,859,481
Wuliangye Yibin Co. Ltd., Class A		462,057		19,965,888
				135,017,722
Biotechnology — 1.3%
3SBio Inc.(a)(c)		2,502,500		2,490,451
BeiGene Ltd., ADR(a)(b)		93,170		29,814,400
Beijing Tiantan Biological Products Corp. Ltd., Class A		. 192,572		1,042,825
BGI Genomics Co. Ltd., Class A		77,099		1,641,961
Chongqing Zhifei Biological Products Co. Ltd., Class A		192,540		5,184,438
Hualan Biological Engineering Inc., Class A		231,060		1,525,459
Innovent Biologics Inc.(a)(c)		1,925,000		19,827,325
Jinyu Bio-Technology Co. Ltd., Class A		154,000		495,283
Shanghai RAAS Blood Products Co. Ltd., Class A		770,000		907,861
Shenzhen Kangtai Biological Products Co. Ltd., Class A		77,055		1,819,991
Walvax Biotechnology Co. Ltd., Class A		192,597		1,361,585
Zai Lab Ltd., ADR(a)		144,375		21,298,200
				87,409,779

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products — 0.1%
Beijing New Building Materials PLC, Class A		265,070	$	1,978,254
China Lesso Group Holdings Ltd.		2,310,000		4,270,195
				6,248,449
Capital Markets — 1.4%
Caitong Securities Co. Ltd., Class A		539,000		934,122
Changjiang Securities Co. Ltd., Class A		1,347,536		1,507,695
China Cinda Asset Management Co. Ltd., Class H		16,170,000		3,210,091
China Everbright Ltd.		1,540,000		1,989,184
China Galaxy Securities Co. Ltd., Class A		559,600		930,097
China Galaxy Securities Co. Ltd., Class H		7,122,500		4,397,994
China Huarong Asset Management Co. Ltd., Class H(c)		19,635,000		2,328,656
China International Capital Corp. Ltd., Class H(a)(c)		2,926,000		6,751,713
China Merchants Securities Co. Ltd., Class A		962,568		3,235,373
CITIC Securities Co. Ltd., Class A		1,347,575		5,667,017
CITIC Securities Co. Ltd., Class H		4,427,500		9,542,924
CSC Financial Co. Ltd., Class A		380,699		2,075,093
Dongxing Securities Co. Ltd., Class A		419,194		742,016
East Money Information Co. Ltd., Class A		1,078,068		5,054,393
Everbright Securities Co. Ltd., Class A		500,599		1,189,723
First Capital Securities Co. Ltd., Class A		616,089		753,966
Founder Securities Co. Ltd., Class A(a)		1,150,699		1,527,198
GF Securities Co. Ltd., Class A		763,299		1,885,910
GF Securities Co. Ltd., Class H		2,464,000		3,493,977
Guosen Securities Co. Ltd., Class A		578,633		1,088,534
Guotai Junan Securities Co. Ltd., Class A		885,500		2,276,662
Guoyuan Securities Co. Ltd., Class A		616,060		759,635
Haitong Securities Co. Ltd., Class A		1,193,559		2,226,923
Haitong Securities Co. Ltd., Class H		5,390,000		4,926,309
Hithink RoyalFlush Information Network Co. Ltd., Class A		70,287		1,459,899
Huaan Securities Co. Ltd., Class A		577,500		600,685
Huatai Securities Co. Ltd., Class A		962,593		2,550,633
Huatai Securities Co. Ltd., Class H(c)		2,772,000		4,123,687
Huaxi Securities Co. Ltd., Class A		539,073		841,073
Industrial Securities Co. Ltd., Class A		924,040		1,293,401
Nanjing Securities Co. Ltd., Class A		500,500		811,014
Noah Holdings Ltd.(a)(b)		70,840		3,166,548
Orient Securities Co. Ltd., Class A		808,564		1,196,652
Pacific Securities Co. Ltd. (The), Class A(a)		996,693		513,739
SDIC Capital Co. Ltd., Class A		539,078		1,018,282
Sealand Securities Co. Ltd., Class A		885,560		639,586
Shanxi Securities Co. Ltd., Class A		539,051		609,774
Shenwan Hongyuan Group Co. Ltd., Class A		3,003,097		2,224,568
Sinolink Securities Co. Ltd., Class A		500,500		996,389
SooChow Securities Co. Ltd., Class A		575,650		760,444
Southwest Securities Co. Ltd., Class A		1,039,500		771,622
Tianfeng Securities Co. Ltd., Class A		962,500		770,909
Western Securities Co. Ltd., Class A		731,530		1,066,839
Zheshang Securities Co. Ltd., Class A		500,500		971,672
				94,882,621
Chemicals — 0.4%
Hengli Petrochemical Co. Ltd., Class A		808,510		4,509,295
Hengyi Petrochemical Co. Ltd., Class A		885,576		2,455,890
Lomon Billions Group Co. Ltd., Class A		346,500		2,159,258
Rongsheng Petro Chemical Co. Ltd., Class A		808,523		4,198,677
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		308,000		2,023,436
Sinopec Shanghai Petrochemical Co. Ltd., Class A		847,000		483,638
Tongkun Group Co. Ltd., Class A		423,576		1,674,079

Security	Shares		Value
Chemicals (continued)
Transfar Zhilian Co. Ltd., Class A		1,578,593	$	1,498,237
Wanhua Chemical Group Co. Ltd., Class A		423,573		8,550,097
Zhejiang Longsheng Group Co. Ltd., Class A		693,071		1,769,083
				29,321,690
Commercial Services & Supplies — 0.6%
A-Living Smart City Services Co. Ltd.(c)		962,500		4,032,466
Beijing Originwater Technology Co. Ltd., Class A		528,197		621,135
China Everbright Environment Group Ltd.(b)		7,700,148		4,407,260
Country Garden Services Holdings Co. Ltd.		3,080,000		25,331,331
Ever Sunshine Lifestyle Services Group Ltd.		1,340,000		3,299,323
Greentown Service Group Co. Ltd.		3,080,000		3,128,697
Shanghai M&G Stationery Inc., Class A		115,500		1,384,071
				42,204,283
Communications Equipment — 0.3%
BYD Electronic International Co. Ltd.		1,348,500		7,518,370
Fiberhome Telecommunication Technologies Co. Ltd., Class A		188,077		555,537
Guangzhou Haige Communications Group Inc. Co., Class A		493,784		723,166
Hengtong Optic-Electric Co. Ltd., Class A		423,500		838,523
Shenzhen Sunway Communication Co. Ltd., Class A		154,000		805,667
Yealink Network Technology Corp. Ltd., Class A		106,494		1,244,595
Zhongji Innolight Co. Ltd., Class A		115,597		818,831
ZTE Corp., Class A		456,156		2,235,779
ZTE Corp., Class H		1,617,040		4,123,193
				18,863,661
Construction & Engineering — 0.5%
China Communications Services Corp. Ltd., Class H		4,620,800		2,180,143
China Conch Venture Holdings Ltd.		3,272,500		14,554,100
China Gezhouba Group Co. Ltd., Class A		924,091		962,617
China National Chemical Engineering Co. Ltd., Class A		800,195		755,757
China Railway Group Ltd., Class A		2,387,098		2,103,495
China Railway Group Ltd., Class H		7,315,000		3,866,204
China State Construction Engineering Corp. Ltd., Class A		5,236,098		4,080,696
China State Construction International Holdings Ltd.		3,850,000		2,655,224
Metallurgical Corp. of China Ltd., Class A		4,427,500		2,261,630
Power Construction Corp. of China Ltd., Class A		2,117,597		1,264,705
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		423,568		628,830
				35,313,401
Construction Materials — 0.7%
Anhui Conch Cement Co. Ltd., Class A		532,291		4,381,645
Anhui Conch Cement Co. Ltd., Class H		2,502,500		16,097,604
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		346,544		2,525,872
China Jushi Co. Ltd., Class A		611,669		2,119,180
China National Building Material Co. Ltd., Class H		7,700,000		11,673,058
China Resources Cement Holdings Ltd.		5,390,000		6,420,182
Huaxin Cement Co. Ltd., Class A		231,000		798,181
Tangshan Jidong Cement Co. Ltd., Class A		226,668		528,205
				44,543,927
Consumer Finance — 0.1%
Lufax Holding Ltd.(a)		387,695		5,823,179
Containers & Packaging — 0.0%
Yunnan Energy New Material Co. Ltd., Class A		154,000		2,519,432

22 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors — 0.0%
Wuchan Zhongda Group Co. Ltd., Class A		1,073,603	$	773,741
Diversified Consumer Services — 2.1%
China East Education Holdings Ltd.(c)		1,155,000		2,599,638
China Education Group Holdings Ltd.		1,540,000		2,862,679
China Yuhua Education Corp. Ltd.(c)		2,310,000		1,911,761
GSX Techedu Inc., ADR(a)(b)		159,390		16,393,262
Koolearn Technology Holding Ltd.(a)(b)(c)		601,500		1,682,604
New Oriental Education & Technology Group Inc., ADR(a)		313,390		55,664,332
Offcn Education Technology Co. Ltd., Class A		269,605		1,355,545
TAL Education Group, ADR(a)		775,775		60,153,593
				142,623,414
Diversified Financial Services — 0.1%
Avic Capital Co. Ltd., Class A		1,350,582		856,639
Far East Horizon Ltd.		4,235,000		4,553,088
Oceanwide Holdings Co. Ltd., Class A		616,000		287,093
				5,696,820
Diversified Telecommunication Services — 0.2%
China Tower Corp. Ltd., Class H(c)		89,320,000		13,356,520
Electrical Equipment — 0.6%
Contemporary Amperex Technology Co. Ltd., Class A		269,567		13,405,029
Eve Energy Co. Ltd., Class A		239,436		3,159,298
Fangda Carbon New Material Co. Ltd., Class A(a)		847,047		1,007,852
Hongfa Technology Co. Ltd., Class A		115,500		918,852
Jiangsu Zhongtian Technology Co. Ltd., Class A		654,500		1,047,426
NARI Technology Co. Ltd., Class A		616,088		2,699,250
Shanghai Electric Group Co. Ltd., Class A(a)		1,386,000		1,193,528
Sungrow Power Supply Co. Ltd., Class A		177,400		2,367,578
Sunwoda Electronic Co. Ltd., Class A		265,198		1,012,114
TBEA Co. Ltd., Class A		500,596		937,094
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		462,020		1,080,211
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(b)		1,540,120		3,295,712
Zhejiang Chint Electrics Co. Ltd., Class A		347,068		1,835,004
Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,116,500		4,857,571
				38,816,519
Electronic Equipment, Instruments & Components — 1.4%
AAC Technologies Holdings Inc.(b)		1,347,500		7,260,920
AVIC Jonhon Optronic Technology Co. Ltd., Class A		192,598		2,045,807
BOE Technology Group Co. Ltd., Class A		4,581,500		4,305,861
Chaozhou Three-Circle Group Co. Ltd., Class A		269,500		1,555,484
Foxconn Industrial Internet Co. Ltd., Class A		885,596		1,887,402
GoerTek Inc., Class A		462,000		2,281,534
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		77,019		1,513,553
Kingboard Holdings Ltd.		1,347,500		6,218,683
Kingboard Laminates Holdings Ltd.		2,310,000		3,942,635
Lens Technology Co. Ltd., Class A		654,588		3,156,844
Lingyi iTech Guangdong Co., Class A		962,500		1,510,625
Luxshare Precision Industry Co. Ltd., Class A		885,544		6,354,745
Maxscend Microelectronics Co. Ltd., Class A		18,900		1,837,543
OFILM Group Co. Ltd., Class A		385,000		630,987
Shengyi Technology Co. Ltd., Class A		308,000		1,163,582
Shennan Circuits Co. Ltd., Class A		56,220		954,461
Sunny Optical Technology Group Co. Ltd.		1,463,000		36,587,494
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		269,500		899,186

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Tianma Microelectronics Co. Ltd., Class A		342,199	$	793,202
Unisplendour Corp. Ltd., Class A		385,020		1,276,894
Universal Scientific Industrial Shanghai Co. Ltd., Class A		224,700		686,599
Visionox Technology Inc., Class A(a)		346,595		526,858
Wingtech Technology Co. Ltd., Class A		154,000		2,396,086
Wuhan Guide Infrared Co. Ltd., Class A		231,020		1,400,413
WUS Printed Circuit Kunshan Co. Ltd., Class A		308,099		823,518
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		111,198		1,439,773
Zhejiang Dahua Technology Co. Ltd., Class A		423,500		1,369,218
				94,819,907
Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H		3,850,000		4,427,027
Offshore Oil Engineering Co. Ltd., Class A		611,698		462,560
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		152,751		1,001,863
				5,891,450
Entertainment — 2.6%
Alibaba Pictures Group Ltd.(a)(b)		26,950,000		3,752,054
Beijing Enlight Media Co. Ltd., Class A		419,198		878,525
Beijing Kunlun Tech Co. Ltd., Class A		192,561		689,729
Bilibili Inc., ADR(a)(b)		241,395		30,408,528
DouYu International Holdings Ltd., ADR(a)(b)		208,285		2,986,807
Giant Network Group Co. Ltd., Class A		262,776		684,126
HUYA Inc., ADR(a)(b)		159,005		4,189,782
iQIYI Inc., ADR(a)(b)		567,875		14,384,274
Mango Excellent Media Co. Ltd., Class A		231,080		2,287,674
NetEase Inc., ADR		845,075		92,831,489
Perfect World Co. Ltd., Class A		289,900		1,055,833
Tencent Music Entertainment Group, ADR(a)(b)		753,445		19,378,605
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		308,000		1,338,025
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		1,078,098		1,044,847
				175,910,298
Food & Staples Retailing — 0.1%
DaShenLin Pharmaceutical Group Co. Ltd., Class A		115,764		1,537,482
Sun Art Retail Group Ltd.		3,850,000		3,325,233
Yifeng Pharmacy Chain Co. Ltd., Class A		98,291		1,336,364
Yonghui Superstores Co. Ltd., Class A		962,534		1,070,992
				7,270,071
Food Products — 1.8%
Angel Yeast Co. Ltd., Class A		149,624		1,233,041
Beijing Dabeinong Technology Group Co. Ltd., Class A		616,000		949,689
China Feihe Ltd.(c)		2,310,000		6,327,870
China Huishan Dairy Holdings Co. Ltd.(a)(d)		1,366,667		2
China Mengniu Dairy Co. Ltd.		5,775,000		31,564,903
Chongqing Fuling Zhacai Group Co. Ltd., Class A		115,500		796,754
Dali Foods Group Co. Ltd.(c)		3,272,500		1,991,170
Foshan Haitian Flavouring & Food Co. Ltd., Class A		346,589		9,237,239
Fujian Sunner Development Co. Ltd., Class A		192,500		855,575
Guangdong Haid Group Co. Ltd., Class A		226,597		2,780,074
Heilongjiang Agriculture Co. Ltd., Class A		308,000		795,210
Henan Shuanghui Investment & Development Co. Ltd., Class A		392,708		2,790,231
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		770,025		5,135,995
Jiangxi Zhengbang Technology Co. Ltd., Class A		462,000		1,180,694
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		115,500		924,021
Juewei Food Co. Ltd., Class A		77,000		1,031,800
Muyuan Foods Co. Ltd., Class A		462,040		8,121,539

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
New Hope Liuhe Co. Ltd., Class A		577,599	$	2,145,545
Tingyi Cayman Islands Holding Corp.		3,850,000		7,732,409
Tongwei Co. Ltd., Class A		539,099		3,908,558
Uni-President China Holdings Ltd.		2,695,000		3,237,884
Want Want China Holdings Ltd.		9,625,000		6,948,249
Wens Foodstuffs Group Co. Ltd., Class A		924,096		2,591,237
Yihai International Holding Ltd.		967,000		13,238,464
Yihai Kerry Arawana Holdings Co. Ltd.(a)		153,500		2,120,149
				117,638,302
Gas Utilities — 1.0%
Beijing Enterprises Holdings Ltd.		962,500		3,331,437
China Gas Holdings Ltd.		5,313,000		21,403,089
China Resources Gas Group Ltd.		1,952,000		9,750,753
ENN Energy Holdings Ltd.		1,617,000		24,784,404
Kunlun Energy Co. Ltd.		7,700,000		7,077,288
				66,346,971
Health Care Equipment & Supplies — 0.5%
AK Medical Holdings Ltd.(c)		770,000		1,133,557
Autobio Diagnostics Co. Ltd., Class A		34,197		648,491
Jafron Biomedical Co. Ltd., Class A		115,520		1,399,286
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		173,100		750,385
Lepu Medical Technology Beijing Co. Ltd., Class A		231,000		1,134,707
Microport Scientific Corp.(b)		1,469,000		8,644,685
Ovctek China Inc., Class A		77,000		1,107,614
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		4,988,000		8,564,801
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		140,795		9,082,357
				32,465,883
Health Care Providers & Services — 0.4%
Aier Eye Hospital Group Co. Ltd., Class A		539,019		6,012,530
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		72,694		1,536,033
Huadong Medicine Co. Ltd., Class A		260,580		1,280,410
Jinxin Fertility Group Ltd.(b)(c)		2,712,000		6,125,061
Jointown Pharmaceutical Group Co. Ltd., Class A(a)		308,000		801,864
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		500,581		1,236,031
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		308,058		973,163
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,424,500		2,611,251
Sinopharm Group Co. Ltd., Class H		2,772,000		6,489,268
Topchoice Medical Corp., Class A(a)		38,500		1,574,496
				28,640,107
Health Care Technology — 0.7%
Alibaba Health Information Technology Ltd.(a)		8,470,000		28,388,561
Ping An Healthcare and Technology Co. Ltd.(a)(c)		1,039,500		15,021,618
Winning Health Technology Group Co. Ltd., Class A		344,156		892,808
				44,302,987
Hotels, Restaurants & Leisure — 1.3%
Haidilao International Holding Ltd.(b)(c)		1,540,000		12,635,887
Huazhu Group Ltd., ADR		329,560		19,160,618
Jiumaojiu International Holdings Ltd.(a)(c)		1,155,000		4,533,733
Shenzhen Overseas Chinese Town Co. Ltd., Class A		1,193,538		1,488,273
Songcheng Performance Development Co. Ltd., Class A		346,577		1,077,730
Yum China Holdings Inc.		818,510		48,979,638
				87,875,879

Security	Shares		Value
Household Durables — 0.5%
Haier Smart Home Co. Ltd., Class A		808,546	$	3,608,594
Haier Smart Home Co. Ltd., Class H(a)		4,004,000		15,226,592
Hangzhou Robam Appliances Co. Ltd., Class A		154,000		898,354
Jason Furniture Hangzhou Co. Ltd., Class A		115,500		1,341,114
Midea Group Co. Ltd., Class A		423,500		6,083,379
NavInfo Co. Ltd., Class A		308,000		776,197
Oppein Home Group Inc., Class A		54,820		1,281,955
Suofeiya Home Collection Co. Ltd., Class A		77,014		401,480
TCL Technology Group Corp., Class A		2,002,000		2,542,723
Zhejiang Supor Co. Ltd., Class A		115,596		1,343,299
				33,503,687
Household Products — 0.0%
Vinda International Holdings Ltd.(b)		770,000		2,297,885
Independent Power and Renewable Electricity Producers — 0.6%
CGN Power Co. Ltd., Class H(c)		17,325,000		3,819,055
China Longyuan Power Group Corp. Ltd., Class H		6,545,000		9,736,482
China National Nuclear Power Co. Ltd., Class A		2,541,076		2,027,418
China Power International Development Ltd.		8,855,000		1,894,887
China Resources Power Holdings Co. Ltd.		3,850,000		4,481,621
China Yangtze Power Co. Ltd., Class A		2,618,041		7,979,553
Huadian Power International Corp. Ltd., Class A		962,500		475,320
Huaneng Power International Inc., Class A		864,800		537,843
Huaneng Power International Inc., Class H		7,700,000		2,630,409
SDIC Power Holdings Co. Ltd., Class A		885,596		1,141,188
Shenergy Co. Ltd., Class A		731,550		588,189
Shenzhen Energy Group Co. Ltd., Class A		881,880		783,911
Sichuan Chuantou Energy Co. Ltd., Class A		614,062		1,016,827
				37,112,703
Industrial Conglomerates — 0.3%
CITIC Ltd.		11,165,000		9,456,071
Fosun International Ltd.		5,390,000		8,087,762
				17,543,833
Insurance — 4.1%
China Life Insurance Co. Ltd., Class A		385,080		1,970,609
China Life Insurance Co. Ltd., Class H		15,015,000		31,666,149
China Pacific Insurance Group Co. Ltd., Class A		847,047		5,776,524
China Pacific Insurance Group Co. Ltd., Class H		5,698,000		26,185,966
China Taiping Insurance Holdings Co. Ltd.		3,311,124		7,136,715
Hubei Biocause Pharmaceutical Co. Ltd., Class A		885,500		547,984
New China Life Insurance Co. Ltd., Class A		306,224		2,461,663
New China Life Insurance Co. Ltd., Class H		1,617,000		6,170,045
People’s Insurance Co. Group of China Ltd. (The), Class A		1,039,500		983,377
People’s Insurance Co. Group of China Ltd. (The), Class H		14,630,000		4,545,147
PICC Property & Casualty Co. Ltd., Class H		13,860,462		10,488,235
Ping An Insurance Group Co. of China Ltd., Class A		1,347,543		17,713,946
Ping An Insurance Group Co. of China Ltd., Class H		12,127,500		148,987,831
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		770,000		5,176,446
				269,810,637
Interactive Media & Services — 18.3%
Autohome Inc., ADR		121,660		13,874,106
Baidu Inc., ADR(a)		549,780		155,840,639
JOYY Inc.(b)		119,350		14,071,365
Kuaishou Technology(a)		423,500		16,858,438
Momo Inc., ADR		302,610		4,793,342
SINA Corp.(a)(b)		109,725		4,736,828

24 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Tencent Holdings Ltd.		11,742,500	$	1,002,843,271
Weibo Corp., ADR(a)(b)		115,115		6,350,895
				1,219,368,884
Internet & Direct Marketing Retail — 24.6%
Alibaba Group Holding Ltd., ADR(a)		3,861,935		918,213,665
Baozun Inc., ADR(a)(b)		119,350		5,481,745
JD Health International Inc.(a)(c)		558,250		10,204,496
JD.com Inc., ADR(a)		1,764,455		165,629,391
Meituan, Class B(a)(c)		7,353,500		322,299,497
Pinduoduo Inc., ADR(a)		801,955		137,262,618
Tongcheng-Elong Holdings Ltd.(a)		1,848,000		4,340,472
Trip.com Group Ltd., ADR(a)		968,275		38,198,449
Vipshop Holdings Ltd., ADR(a)		908,215		33,894,584
				1,635,524,917
IT Services — 0.6%
21Vianet Group Inc., ADR(a)		172,480		6,285,171
Beijing Sinnet Technology Co. Ltd., Class A		265,196		779,236
China TransInfo Technology Co. Ltd., Class A		269,500		682,084
DHC Software Co. Ltd., Class A		423,512		499,991
GDS Holdings Ltd., ADR(a)(b)		184,800		18,879,168
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		113,575		6,687,296
TravelSky Technology Ltd., Class H		1,996,000		5,038,019
Wangsu Science & Technology Co. Ltd., Class A		346,500		356,668
				39,207,633
Life Sciences Tools & Services — 1.7%
Genscript Biotech Corp.(a)(b)		2,360,000		4,070,565
Hangzhou Tigermed Consulting Co. Ltd., Class A		38,537		836,058
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)(c)		250,900		4,909,746
Pharmaron Beijing Co. Ltd., Class H(c)		258,000		4,410,114
WuXi AppTec Co. Ltd., Class A		269,570		5,977,271
WuXi AppTec Co. Ltd., Class H(c)		539,068		11,236,736
Wuxi Biologics Cayman Inc., New(a)(c)		6,737,500		83,422,416
				114,862,906
Machinery — 0.8%
China Shipbuilding Industry Co. Ltd., Class A(a)		3,265,794		2,076,448
Haitian International Holdings Ltd.		1,155,000		3,967,947
Hefei Meiya Optoelectronic Technology Inc., Class A		115,500		670,201
Jiangsu Hengli Hydraulic Co. Ltd., Class A		171,864		2,519,669
Sany Heavy Industry Co. Ltd., Class A		1,078,009		6,839,194
Shenzhen Inovance Technology Co. Ltd., Class A		222,387		2,927,134
Sinotruk Hong Kong Ltd.		1,574,500		5,023,478
Weichai Power Co. Ltd., Class A		576,911		1,963,145
Weichai Power Co. Ltd., Class H		4,235,000		12,392,699
XCMG Construction Machinery Co. Ltd., Class A		1,270,599		1,372,592
Zhejiang Dingli Machinery Co. Ltd., Class A		94,405		1,672,814
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		539,687		2,013,879
Zhengzhou Yutong Bus Co. Ltd., Class A		342,199		801,651
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		924,016		2,050,564
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		2,849,000		4,341,067
				50,632,482
Marine — 0.1%
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		1,232,000		2,403,216
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		5,390,000		5,989,391
				8,392,607
Media — 0.2%
China Literature Ltd.(a)(b)(c)		616,000		5,741,239

Security	Shares		Value
Media (continued)
Focus Media Information Technology Co. Ltd., Class A		1,925,038	$	3,253,033
NanJi E-Commerce Co. Ltd., Class A		346,500		565,749
Oriental Pearl Group Co. Ltd., Class A		654,587		871,793
				10,431,814
Metals & Mining — 1.1%
Aluminum Corp. of China Ltd., Class A(a)		2,156,000		1,414,076
Aluminum Corp. of China Ltd., Class H(a)		7,700,000		3,891,020
Baoshan Iron & Steel Co. Ltd., Class A		3,426,589		3,976,627
China Hongqiao Group Ltd.		3,657,500		4,535,718
China Molybdenum Co. Ltd., Class A		2,348,500		2,428,289
China Molybdenum Co. Ltd., Class H		6,930,000		5,360,078
China Northern Rare Earth Group High-Tech Co. Ltd., Class A(a)		500,500		1,598,084
Ganfeng Lithium Co. Ltd., Class A		154,095		2,354,759
Guangdong HEC Technology Holding Co. Ltd., Class A(a)		771,599		607,291
Guangdong Hongda Blasting Co. Ltd., Class A		154,000		749,104
Hesteel Co. Ltd., Class A(a)		2,233,000		761,581
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a).		6,968,592		1,656,154
Jiangsu Shagang Co. Ltd., Class A		346,500		522,970
Jiangxi Copper Co. Ltd., Class A		385,000		1,657,677
Jiangxi Copper Co. Ltd., Class H		2,310,000		5,604,259
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		1,193,500		394,159
Shandong Gold Mining Co. Ltd., Class A		346,591		1,187,957
Shandong Gold Mining Co. Ltd., Class H(c)		1,732,500		3,497,451
Shanxi Taigang Stainless Steel Co. Ltd., Class A		1,732,500		1,032,038
Tongling Nonferrous Metals Group Co. Ltd., Class A		2,233,000		1,023,482
Yintai Gold Co. Ltd., Class A		577,500		774,474
Zhaojin Mining Industry Co. Ltd., Class H		2,502,500		2,532,389
Zhejiang Huayou Cobalt Co. Ltd., Class A(a)		149,698		2,063,940
Zijin Mining Group Co. Ltd., Class A		2,656,500		4,997,451
Zijin Mining Group Co. Ltd., Class H		11,550,000		17,122,471
				71,743,499
Oil, Gas & Consumable Fuels — 1.1%
China Merchants Energy Shipping Co. Ltd., Class A		1,001,096		808,002
China Petroleum & Chemical Corp., Class A		2,810,588		1,956,180
China Petroleum & Chemical Corp., Class H		49,281,000		27,253,571
China Shenhua Energy Co. Ltd., Class A		693,005		1,898,322
China Shenhua Energy Co. Ltd., Class H		6,930,000		13,167,925
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		539,000		526,535
Guanghui Energy Co. Ltd., Class A(a)		1,617,000		681,252
PetroChina Co. Ltd., Class A		2,117,590		1,424,831
PetroChina Co. Ltd., Class H		42,350,000		15,176,961
Shaanxi Coal Industry Co. Ltd., Class A		1,232,096		2,038,329
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		1,001,000		885,164
Shanxi Meijin Energy Co. Ltd., Class A(a)		577,500		645,246
Yanzhou Coal Mining Co. Ltd., Class A		499,203		742,659
Yanzhou Coal Mining Co. Ltd., Class H		3,080,000		2,854,738
				70,059,715
Paper & Forest Products — 0.1%
Lee & Man Paper Manufacturing Ltd.		2,695,000		2,497,895
Nine Dragons Paper Holdings Ltd.		3,465,000		5,592,348
				8,090,243
Personal Products — 0.2%
By-Health Co. Ltd., Class A		231,000		778,574
Hengan International Group Co. Ltd.		1,347,500		9,328,024

SCHEDULE   OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Products (continued)
Shanghai Jahwa United Co. Ltd., Class A(a)		77,000	$	546,380
				10,652,978
Pharmaceuticals — 1.8%
Asymchem Laboratories Tianjin Co. Ltd., Class A		37,300		1,513,908
Betta Pharmaceuticals Co. Ltd., Class A		72,698		1,325,759
CanSino Biologics Inc., Class H(a)(c)		154,000		7,325,440
Changchun High & New Technology Industry Group Inc., Class A		63,296		4,111,600
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		111,199		652,451
China Medical System Holdings Ltd.		2,695,000		4,210,639
China Resources Pharmaceutical Group Ltd.(c)		2,887,500		1,842,527
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		149,694		604,796
China Traditional Chinese Medicine Holdings Co. Ltd.		5,390,000		3,230,936
CSPC Pharmaceutical Group Ltd.		18,480,400		19,296,698
Dong-E-E-Jiao Co. Ltd., Class A		115,888		634,537
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		224,295		999,313
Hansoh Pharmaceutical Group Co. Ltd.(a)(c)		2,310,000		11,762,393
Hutchison China MediTech Ltd., ADR(a)(b)		151,690		4,359,571
Jiangsu Hengrui Medicine Co. Ltd., Class A		654,592		10,283,798
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		344,562		657,767
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		115,565		738,349
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		269,578		1,915,379
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,155,000		5,449,412
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		154,000		918,555
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		192,500		697,234
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		192,565		644,870
Sino Biopharmaceutical Ltd.		21,175,000		23,557,046
SSY Group Ltd.(b)		3,080,000		1,639,787
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		308,000		582,267
Yunnan Baiyao Group Co. Ltd., Class A		154,032		3,109,474
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		77,150		3,541,958
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		231,046		1,007,641
Zhejiang NHU Co. Ltd., Class A		342,196		2,289,809
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		76,406		886,118
				119,790,032
Professional Services — 0.1%
51job Inc., ADR(a)		57,365		3,763,144
Real Estate Management & Development — 3.7%
Agile Group Holdings Ltd.		2,310,000		3,263,692
China Aoyuan Group Ltd.		2,703,000		2,561,061
China Evergrande Group(b)		3,850,000		7,881,300
China Fortune Land Development Co. Ltd., Class A		587,595		768,969
China Jinmao Holdings Group Ltd.		10,780,000		4,488,569
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		847,133		1,681,232
China Overseas Land & Investment Ltd.		7,700,000		19,494,802
China Overseas Property Holdings Ltd.		2,270,000		1,495,317
China Resources Land Ltd.		6,160,665		29,265,214
China Vanke Co. Ltd., Class A		1,270,509		6,489,942
China Vanke Co. Ltd., Class H		3,388,031		14,369,111
CIFI Holdings Group Co. Ltd.		6,930,000		6,566,095

Security	Shares			Value
Real Estate Management & Development (continued)
Country Garden Holdings Co. Ltd.(b)		15,785,727		$	19,637,153
Financial Street Holdings Co. Ltd., Class A		570,659			534,565
Gemdale Corp., Class A		655,597			1,282,895
Greenland Holdings Corp. Ltd., Class A		1,116,567			970,126
Greentown China Holdings Ltd.(b)		1,955,000			2,913,340
Guangzhou R&F Properties Co. Ltd., Class H		3,542,000			4,730,368
Hopson Development Holdings Ltd.		1,366,000			4,481,518
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		577,500			718,327
Jinke Properties Group Co. Ltd., Class A		809,781			931,020
Kaisa Group Holdings Ltd.		5,390,000			2,793,196
KE Holdings Inc.(a)(b)		252,560			16,120,905
KWG Group Holdings Ltd.		2,695,000			4,085,570
Logan Group Co. Ltd.		3,080,000			4,796,277
Longfor Group Holdings Ltd.(c)		3,657,500			21,688,463
Poly Developments and Holdings Group Co. Ltd., Class A		1,501,575			3,601,083
Poly Property Services Co. Ltd.		231,000			1,520,178
RiseSun Real Estate Development Co. Ltd., Class A		770,030			789,061
Seazen Group Ltd.		3,850,000			4,665,253
Seazen Holdings Co. Ltd., Class A		308,464			2,425,402
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		2,502,532			2,004,528
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		308,009			807,592
Shenzhen Investment Ltd.		6,930,000			2,492,436
Shimao Group Holdings Ltd.		2,502,500			8,242,360
Sunac China Holdings Ltd.		5,390,000			23,068,187
Wharf Holdings Ltd. (The)		3,080,000			7,265,883
Xinhu Zhongbao Co. Ltd., Class A		1,232,000			595,100
Yuexiu Property Co. Ltd.		13,090,000			2,902,383
Zhenro Properties Group Ltd.(b)		3,080,000			2,024,918
Zhongtian Financial Group Co. Ltd., Class A(a)		1,078,091	��		472,508
					246,885,899
Road & Rail — 0.0%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		1,193,500			1,046,178
Daqin Railway Co. Ltd., Class A		1,424,500			1,435,525
					2,481,703
Semiconductors & Semiconductor Equipment — 0.9%
Daqo New Energy Corp., ADR(a)		106,645			11,117,741
GCL System Integration Technology Co. Ltd., Class A(a)		1,078,045			580,627
Gigadevice Semiconductor Beijing Inc., Class A		64,477			1,915,449
Hangzhou Silan Microelectronics Co. Ltd., Class A		231,000			962,522
Hua Hong Semiconductor Ltd.(a)(c)		770,000			4,709,920
LONGi Green Energy Technology Co. Ltd., Class A		462,004			7,447,848
NAURA Technology Group Co. Ltd., Class A		77,000			2,131,809
Sanan Optoelectronics Co. Ltd., Class A		616,055			2,846,468
Shenzhen Goodix Technology Co. Ltd., Class A		77,000			1,641,160
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		500,598			2,030,250
Tianshui Huatian Technology Co. Ltd., Class A		500,500			996,389
TongFu Microelectronics Co. Ltd., Class A(a)		231,000			862,705
Unigroup Guoxin Microelectronics Co. Ltd., Class A		74,900			1,283,039
Will Semiconductor Co. Ltd. Shanghai, Class A		115,500			5,043,973
Wuxi Taiji Industry Co. Ltd., Class A		462,000			641,682
Xinyi Solar Holdings Ltd.		8,470,000			17,797,444

26 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		192,500	$	1,110,763
				63,119,789
Software — 1.0%
360 Security Technology Inc., Class A		885,500		2,200,136
Beijing E-Hualu Information Technology Co. Ltd., Class A		131,620		540,914
Beijing Shiji Information Technology Co. Ltd., Class A		115,589		626,657
China National Software & Service Co. Ltd., Class A		77,000		691,352
China Youzan Ltd.(a)		27,720,000		11,863,639
Hundsun Technologies Inc., Class A		139,396		1,880,169
Iflytek Co. Ltd., Class A		268,759		1,999,563
Kingdee International Software Group Co. Ltd.(b)		5,005,000		17,968,668
Kingsoft Corp. Ltd.		1,540,000		10,799,564
Ming Yuan Cloud Group Holdings Ltd.(a)		770,000		4,357,545
Sangfor Technologies Inc., Class A		38,500		1,576,279
Shanghai Baosight Software Co. Ltd., Class A		115,500		1,020,630
Venustech Group Inc., Class A		115,571		551,829
Weimob Inc.(a)		3,080,000		8,953,315
Yonyou Network Technology Co. Ltd., Class A		423,587		2,412,149
				67,442,409
Specialty Retail — 0.5%
China Meidong Auto Holdings Ltd.		1,144,000		4,350,455
China Tourism Group Duty Free Corp. Ltd., Class A		231,089		10,980,905
GOME Retail Holdings Ltd.(a)(b)		20,020,000		5,884,174
Suning.com Co. Ltd., Class A		1,347,561		1,455,732
Topsports International Holdings Ltd.(c)		2,695,000		3,960,502
Zhongsheng Group Holdings Ltd.		1,155,000		7,146,770
				33,778,538
Technology Hardware, Storage & Peripherals — 1.8%
China Greatwall Technology Group Co. Ltd., Class A		423,500		1,128,706
GRG Banking Equipment Co. Ltd., Class A		385,000		573,354
Inspur Electronic Information Industry Co. Ltd., Class A		206,780		1,001,375
Lenovo Group Ltd.		14,630,000		18,501,202
Ninestar Corp., Class A		158,800		672,710
Shenzhen Kaifa Technology Co. Ltd., Class A		231,000		737,934
Xiaomi Corp., Class B(a)(c)		29,260,000		95,429,238
				118,044,519
Textiles, Apparel & Luxury Goods — 1.5%
ANTA Sports Products Ltd.		2,310,000		35,436,070
Bosideng International Holdings Ltd.(b)		6,930,000		2,921,242
Li Ning Co. Ltd.		4,427,500		24,884,658
Shenzhou International Group Holdings Ltd.		1,694,000		35,179,978
Zhejiang Semir Garment Co. Ltd., Class A		385,000		548,400
				98,970,348
Tobacco — 0.2%
RLX Technology Inc., ADR(a)(b)		242,165		4,240,309
Smoore International Holdings Ltd.(a)(c)		1,155,000		9,372,692
				13,613,001
Trading Companies & Distributors — 0.1%
BOC Aviation Ltd.(c)		423,500		4,094,504
Transportation Infrastructure — 0.3%
Beijing Capital International Airport Co. Ltd., Class H		3,850,000		3,002,636

Security	Shares		Value
Transportation Infrastructure (continued)
China Merchants Port Holdings Co. Ltd.		3,080,000	$	4,486,584
COSCO SHIPPING Ports Ltd.		3,850,000		2,799,152
Guangzhou Baiyun International Airport Co. Ltd., Class A		346,598		704,980
Jiangsu Expressway Co. Ltd., Class H		2,310,000		2,683,017
Shanghai International Airport Co. Ltd., Class A		154,099		1,471,584
Shanghai International Port Group Co. Ltd., Class A		1,386,077		1,020,330
Shenzhen International Holdings Ltd.		2,310,000		3,823,522
Zhejiang Expressway Co. Ltd., Class H		3,080,000		2,687,980
				22,679,785
Water Utilities — 0.2%
Beijing Enterprises Water Group Ltd.		9,240,000		3,656,764
Guangdong Investment Ltd.		6,160,000		11,021,909
				14,678,673
Total Common Stocks — 99.7% (Cost: $4,222,868,837)				6,637,081,849
Rights
Technology Hardware, Storage & Peripherals — 0.0%
Legend Holdings Corp., Class H (Expires 05/19/23)(a)		82,492		0	(e)
Total Rights — 0.0% (Cost: $0)				0	(e)
Short-Term Investments
Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(f)(g)(h)		204,485,777		204,608,469
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)		2,380,000		2,380,000
				206,988,469
Total Short-Term Investments — 3.1% (Cost: $206,855,744)				206,988,469
Total Investments in Securities — 102.8% (Cost: $4,429,724,581)				6,844,070,318
Other Assets, Less Liabilities — (2.8)%				(186,595,219	)
Net Assets — 100.0%			$	6,657,475,099

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Rounds to less than $1.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULE   OF   INVESTMENTS 27

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	249,675,557	$	—	$	(44,986,128	)(a)	$	8,356	$	(89,316	)	$	204,608,469		204,485,777	$	747,098	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,710,000		—		(330,000	)(a)		—		—			2,380,000		2,380,000		1,805			—
								$	8,356	$	(89,316	)	$	206,988,469			$	748,903		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Free		180		03/19/21	$	11,436	$	547,949

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	547,949

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$102,079
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$854,640

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	8,354,141

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

28 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	6,632,724,302	$	4,357,545		$	2	$	6,637,081,849
Rights		—		0	(a)		—		0	(a)
Money Market Funds		206,988,469		—			—		206,988,469
	$	6,839,712,771	$	4,357,545		$	2	$	6,844,070,318
Derivative financial instruments(b)
Assets
Futures Contracts	$	547,949	$	—		$	—	$	547,949

^(a)  Rounds to less than $1.

^(b)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 29

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.4%
BEST Inc., ADR(a)		117,400	$	257,107
Airlines — 0.1%
Shandong Airlines Co. Ltd., Class B(a)		85,000		65,854
Auto Components — 2.7%
Chaowei Power Holdings Ltd.		300,000		127,621
Nexteer Automotive Group Ltd.		517,000		683,793
Prinx Chengshan Cayman Holding Ltd.		75,000		78,893
Tianneng Power International Ltd.(b)		400,000		773,460
Xingda International Holdings Ltd.		525,000		146,184
				1,809,951
Automobiles — 1.1%
Niu Technologies, ADR(a)(b)		17,250		644,805
Qingling Motors Co. Ltd., Class H		400,000		86,628
				731,433
Beverages — 0.3%
China Foods Ltd.		500,000		208,834
China Huiyuan Juice Group Ltd.(a)(c)		81,000		0	(d)
				208,834
Biotechnology — 3.0%
Ascletis Pharma Inc.(a)(b)(e)		200,000		78,119
Beyondspring Inc.(a)		12,750		165,495
CStone Pharmaceuticals(a)(e)		312,000		403,808
Essex Bio-Technology Ltd.		175,000		101,968
Genetron Holdings Ltd.(a)(b)		10,425		256,351
Immunotech Biopharm Ltd.(a)		50,000		103,128
InnoCare Pharma Ltd.(a)(e)		302,000		734,235
Shanghai Haohai Biological Technology Co. Ltd., Class H(e)		22,500		167,938
				2,011,042
Building Products — 0.1%
China Fangda Group Co. Ltd., Class B		177,550		70,266
Capital Markets — 0.5%
China Renaissance Holdings Ltd.(e)		95,000		322,694
Shanghai Greencourt Investment Group Co. Ltd., Class B(a)		197,524		36,937
				359,631
Chemicals — 3.2%
China BlueChemical Ltd., Class H		1,000,000		242,351
China Longevity Group Co. Ltd.(a)(c)		96,000		0	(d)
China Lumena New Materials Corp.(a)(b)(c)		21,700		0	(d)
China XLX Fertiliser Ltd.		250,000		128,910
Dongyue Group Ltd.		675,000		530,787
Fufeng Group Ltd.		900,600		398,211
Huabao International Holdings Ltd.(b)		550,000		600,527
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		242,093		119,836
Sinofert Holdings Ltd.		1,200,000		174,802
				2,195,424
Commercial Services & Supplies — 0.9%
Beijing Enterprises Urban Resources Group Ltd.(a)		1,100,000		180,087
CT Environmental Group Ltd.(a)(c)		600,000		15,779
Dongjiang Environmental Co. Ltd., Class H		105,000		78,777
Dynagreen Environmental Protection Group Co. Ltd., Class H		200,000		85,854
Times Neighborhood Holdings Ltd.		300,000		258,722
				619,219

Security	Shares		Value
Communications Equipment — 0.1%
Eastern Communications Co. Ltd., Class B		172,500	$	90,735
Construction & Engineering — 1.5%
Changsha Broad Homes Industrial Group Co Ltd., Class H(e)		52,500		91,636
China Machinery Engineering Corp., Class H		500,000		229,460
Greentown Management Holdings Co. Ltd.(a)(e)		300,000		115,632
Hebei Construction Group Corp. Ltd., Class H		262,500		108,961
Sinopec Engineering Group Co. Ltd., Class H		862,500		460,305
				1,005,994
Construction Materials — 0.7%
Asia Cement China Holdings Corp.		275,000		258,787
West China Cement Ltd.		1,300,000		214,506
				473,293
Consumer Finance — 3.7%
360 DigiTech Inc.(a)		37,350		875,110
Differ Group Holding Co. Ltd.(a)(b)		1,500,000		154,692
FinVolution Group		66,475		373,590
LexinFintech Holdings Ltd., ADR(a)		58,175		660,868
Qudian Inc., ADR(a)(b)		89,875		192,333
Yixin Group Ltd.(a)(b)(e)		750,000		275,545
				2,532,138
Containers & Packaging — 0.6%
CPMC Holdings Ltd.		300,000		155,465
Greatview Aseptic Packaging Co. Ltd.		475,000		242,480
Youyuan International Holdings Ltd.(a)(b)(c)		120,000		2,614
				400,559
Distributors — 0.7%
China Tobacco International HK Co. Ltd.(b)		125,000		289,403
Xinhua Winshare Publishing and Media Co. Ltd., Class H		249,000		161,456
				450,859
Diversified Consumer Services — 5.6%
Bright Scholar Education Holdings Ltd., ADR		8,975		58,427
China Beststudy Education Group		225,000		79,763
China Kepei Education Group Ltd.		360,000		248,281
China Maple Leaf Educational Systems Ltd.(a)(b)		900,000		251,761
China New Higher Education Group Ltd.(e)		475,000		283,505
China Online Education Group, ADR(a)		5,050		129,533
China Xinhua Education Group Ltd.(e)		275,000		79,763
Edvantage Group Holdings Ltd.		176,000		189,219
Fu Shou Yuan International Group Ltd.		536,000		538,256
Hope Education Group Co. Ltd.(e)		1,300,000		444,095
Minsheng Education Group Co. Ltd.(e)		500,000		96,683
OneSmart International Education Group Ltd., ADR(a)		36,550		129,387
Puxin Ltd., ADR(a)		23,225		164,665
Scholar Education Group(b)		87,000		122,918
Tianli Education International Holdings Ltd.		675,000		767,466
Wisdom Education International Holdings Co. Ltd.		400,000		193,365
				3,777,087
Diversified Financial Services — 0.2%
National Agricultural Holdings Ltd.(b)(c)		126,000		162
Sheng Ye Capital Ltd.(b)		187,500		150,825
				150,987
Electrical Equipment — 0.9%
China Fiber Optic Network System Group Ltd.(a)(c)		181,600		0	(d)
China High Speed Transmission Equipment Group Co. Ltd.		250,000		242,995
Hangzhou Steam Turbine Co. Ltd., Class B		161,423		238,888
Harbin Electric Co. Ltd., Class H(a)		376,000		106,150

30 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Trony Solar Holdings Co. Ltd.(c)		216,000	$	0	(d)
				588,033
Electronic Equipment, Instruments & Components — 1.8%
Anxin-China Holdings Ltd.(c)		672,000		1
FIH Mobile Ltd.(a)(b)		1,925,000		290,338
MH Development Ltd.(a)(c)		112,000		10,886
PAX Global Technology Ltd.		450,000		413,608
Tongda Group Holdings Ltd.(a)		2,250,000		171,128
Wasion Holdings Ltd.		300,000		98,616
Zepp Health Corp., ADR(a)(b)		15,250		252,082
				1,236,659
Energy Equipment & Services — 0.0%
Wison Engineering Services Co. Ltd.		437,000		27,885
Entertainment — 2.2%
Cathay Media And Education Group Inc.(a)(e)		200,000		201,615
CMGE Technology Group Ltd.		250,000		100,872
Homeland Interactive Technology Ltd.		200,000		146,957
iDreamSky Technology Holdings Ltd.(a)(e)		260,000		134,402
IMAX China Holding Inc.(e)		72,500		142,620
NetDragon Websoft Holdings Ltd.		137,500		333,587
SMI Holdings Ltd.(a)(c)		267,200		0	(d)
XD Inc.(a)(b)		52,400		466,087
				1,526,140
Equity Real Estate Investment Trusts (REITs) — 0.9%
China Merchants Commercial Real Estate Investment Trust		350,000		114,601
Yuexiu REIT		950,000		480,061
				594,662
Food & Staples Retailing — 0.4%
111 Inc.(a)		14,925		291,634
Food Products — 2.8%
China Modern Dairy Holdings Ltd.(a)(b)		1,648,000		573,598
COFCO Joycome Foods Ltd.		1,375,000		916,389
Zhou Hei Ya International Holdings Co. Ltd.(e)		350,000		402,006
				1,891,993
Gas Utilities — 0.7%
Beijing Gas Blue Sky Holdings Ltd.(a)(c)		3,264,000		46,368
China Tian Lun Gas Holdings Ltd.		175,000		162,201
Towngas China Co. Ltd.		625,000		277,962
				486,531
Health Care Equipment & Supplies — 2.0%
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		43,850		109,210
China Isotope & Radiation Corp.		30,000		104,417
Lifetech Scientific Corp.(a)		2,050,000		1,033,278
Shanghai Kindly Medical Instruments Co. Ltd., Class H		20,000		103,515
Untrade Hosa International Ltd.(c)		220,000		0	(d)
				1,350,420
Health Care Providers & Services — 1.5%
China Resources Medical Holdings Co. Ltd.		500,000		429,270
Genertec Universal Medical Group Co. Ltd.(e)		612,500		516,381
IVD Medical Holding Ltd.		225,000		70,482
				1,016,133
Hotels, Restaurants & Leisure — 1.8%
CA Cultural Technology Group Ltd.(a)		250,000		103,773
China Travel International Investment Hong Kong Ltd.(a)		1,300,000		226,237
GreenTree Hospitality Group Ltd., ADR(a)(b)		7,675		99,928
Huangshan Tourism Development Co. Ltd., Class B		122,500		91,140

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Shanghai Jin Jiang Capital Co. Ltd., Class H		800,000	$	161,911
Xiabuxiabu Catering Management China Holdings Co. Ltd.(e)		225,000		567,913
				1,250,902
Household Durables — 1.7%
Konka Group Co. Ltd., Class B		285,000		94,788
Q Technology Group Co. Ltd.(b)		242,000		459,832
Skyworth Group Ltd.(a)		850,000		267,359
TCL Electronics Holdings Ltd.		425,000		346,252
				1,168,231
Independent Power and Renewable Electricity Producers — 1.9%
Beijing Energy International Holding Co. Ltd.(a)(b)		2,650,000		92,235
Beijing Jingneng Clean Energy Co. Ltd., Class H		690,000		191,238
Canvest Environmental Protection Group Co. Ltd.		350,000		144,379
CGN New Energy Holdings Co. Ltd.(a)(b)		750,000		212,702
China Datang Corp. Renewable Power Co. Ltd., Class H		1,250,000		267,488
China Everbright Greentech Ltd.(e)		375,000		161,460
Concord New Energy Group Ltd.		3,250,000		234,616
				1,304,118
Industrial Conglomerates — 0.5%
Shanghai Industrial Holdings Ltd.		250,000		360,948
Insurance — 0.5%
Fanhua Inc., ADR		25,925		340,654
Interactive Media & Services — 2.0%
Meitu Inc.(a)(b)(e)		1,275,000		486,506
Qutoutiao Inc., ADR(a)(b)		34,811		121,490
Sohu.com Ltd., ADR(a)		17,375		317,268
So-Young International Inc., ADR(a)		13,436		201,809
Tongdao Liepin Group(a)		105,000		255,822
				1,382,895
Internet & Direct Marketing Retail — 4.4%
HengTen Networks Group Ltd.(a)		1,428,000		2,393,085
Maoyan Entertainment(a)(e)		270,000		515,125
Uxin Ltd., ADR(a)(b)		75,125		87,145
				2,995,355
IT Services — 2.9%
AGTech Holdings Ltd.(a)		800,000		22,276
Chinasoft International Ltd.		1,282,000		1,360,111
Digital China Holdings Ltd.		400,000		294,946
Hi Sun Technology China Ltd.(a)		1,050,000		219,276
INESA Intelligent Tech Inc., Class B		172,500		77,625
				1,974,234
Machinery — 3.4%
China Yuchai International Ltd.		8,225		129,462
CIMC Enric Holdings Ltd.		430,000		271,613
CIMC Vehicles Group Co. Ltd., Class H(e)		91,500		81,977
First Tractor Co. Ltd., Class H(a)(b)		250,000		127,299
Kama Co. Ltd., Class B(a)		145,006		59,453
Lonking Holdings Ltd.		1,125,000		416,218
Sany Heavy Equipment International Holdings Co. Ltd.		652,000		731,229
Shang Gong Group Co. Ltd., Class B(a)		142,500		49,020
Shanghai Diesel Engine Co. Ltd., Class B		209,565		99,753
Shanghai Highly Group Co. Ltd., Class B		160,040		80,660
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		135,000		240,159
				2,286,843
Media — 1.1%
iClick Interactive Asia Group Ltd., ADR(a)(b)		30,875		454,171

SCHEDULE   OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Mobvista Inc.(a)(e)		275,000	$	266,232
				720,403
Metals & Mining — 3.7%
China Metal Recycling Holdings Ltd.(a)(c)		184,800		0	(d)
China Oriental Group Co. Ltd.(b)		650,000		204,451
China Zhongwang Holdings Ltd.(a)		970,000		285,098
Inner Mongolia Eerduosi Resources Co. Ltd., Class B		145,000		173,275
Jinchuan Group International Resources Co. Ltd.		1,810,000		347,658
MMG Ltd.(a)		1,400,000		882,518
Shougang Fushan Resources Group Ltd.		1,200,000		303,196
Tiangong International Co. Ltd.		550,000		308,417
Untrade Real Gold Mining(c)		126,000		0	(d)
				2,504,613
Oil, Gas & Consumable Fuels — 1.3%
China Suntien Green Energy Corp. Ltd., Class H		975,000		304,163
Inner Mongolia Yitai Coal Co. Ltd., Class B		625,000		325,625
Sinopec Kantons Holdings Ltd.		600,000		231,265
				861,053
Paper & Forest Products — 0.0%
China Forestry Holdings Co. Ltd.(c)		306,000		0	(d)
Qunxing Paper Holdings Co. Ltd.(c)		148,000		0	(d)
Superb Summit International Group Ltd.(a)(c)		2,975		3
				3
Pharmaceuticals — 4.4%
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		152,000		204,565
China Animal Healthcare Ltd.(a)(c)		140,000		0	(d)
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A(b)		527,500		421,600
China Shineway Pharmaceutical Group Ltd.		175,000		127,460
Consun Pharmaceutical Group Ltd.		250,000		105,384
Hua Han Health Industry Holdings Ltd.(a)(b)(c)		651,960		15,128
Lee’s Pharmaceutical Holdings Ltd.		137,500		102,628
Luye Pharma Group Ltd.(e)		1,037,500		700,819
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., Class H		150,000		90,882
Shanghai Haixin Group Co., Class B		260,000		88,660
Sihuan Pharmaceutical Holdings Group Ltd.		2,225,000		685,511
Tong Ren Tang Technologies Co. Ltd., Class H		336,000		228,697
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(b)(e)		155,000		181,028
				2,952,362
Professional Services — 0.1%
Renrui Human Resources Technology Holdings Ltd.(a)		22,500		92,380
Real Estate Management & Development — 15.9%
Aoyuan Healthy Life Group Co. Ltd.		150,000		98,229
Beijing Capital Land Ltd., Class H		900,000		149,664
Beijing North Star Co. Ltd., Class H		472,000		93,702
C&D International Investment Group Ltd.(b)		175,000		301,843
Central China New Life Ltd.		175,000		157,915
Central China Real Estate Ltd.		500,038		223,031
China Logistics Property Holdings Co. Ltd.(a)(b)(e)		475,000		275,545
China Merchants Land Ltd.		750,000		112,152
China Overseas Grand Oceans Group Ltd.		986,000		541,468
China SCE Group Holdings Ltd.		1,000,800		414,132
China South City Holdings Ltd.		2,650,000		314,283
China Vast Industrial Urban Development Co. Ltd.(b)(e)		300,000		119,500
Colour Life Services Group Co. Ltd.(b)		225,000		110,218
Cosmopolitan International Holdings Ltd.(a)		1,050,000		173,255

Security	Shares		Value
Real Estate Management & Development (continued)
DaFa Properties Group Ltd.		150,000	$	132,648
Dexin China Holdings Co. Ltd.(b)		475,000		181,247
E-House China Enterprise Holdings Ltd.		412,500		357,338
Fantasia Holdings Group Co. Ltd.		862,500		135,645
Ganglong China Property Group Ltd.(a)		279,000		214,357
Gemdale Properties & Investment Corp. Ltd.		3,400,000		525,953
Glory Sun Financial Group Ltd.(a)		8,300,000		347,735
Greenland Hong Kong Holdings Ltd.		500,000		160,493
Guorui Properties Ltd.		675,000		62,650
Huijing Holdings Co. Ltd.(b)		450,000		111,958
Jiayuan International Group Ltd.		850,000		330,912
Jingrui Holdings Ltd.		300,000		96,296
JY Grandmark Holdings Ltd.		200,000		79,924
Kaisa Prosperity Holdings Ltd.		34,000		81,523
KWG Living Group Holdings Ltd.(a)		525,000		627,373
LVGEM China Real Estate Investment Co. Ltd.		600,000		181,763
Poly Property Group Co. Ltd.		1,029,000		315,703
Powerlong Commercial Management Holdings Ltd.		87,500		279,735
Redco Properties Group Ltd.(e)		650,000		239,644
Redsun Properties Group Ltd.		600,000		212,701
Road King Infrastructure Ltd.		125,000		169,839
Ronshine China Holdings Ltd.		362,500		270,566
Shanghai Industrial Urban Development Group Ltd.		1,150,000		115,632
Shoucheng Holdings Ltd.(b)		1,051,600		267,057
Shui On Land Ltd.		2,187,500		335,569
Sichuan Languang Justbon Services Group Co. Ltd., Class H		18,400		110,177
Sino-Ocean Group Holding Ltd.		1,837,500		405,051
Skyfame Realty Holdings Ltd.		1,400,000		173,255
SOHO China Ltd.(a)		1,237,500		406,792
Xinji Shaxi Group Co. Ltd.		225,000		46,408
Yincheng International Holding Co. Ltd.		250,000		105,062
Yuzhou Group Holdings Co. Ltd.		1,186,000		457,133
Zhuguang Holdings Group Co. Ltd.(a)		850,000		189,562
				10,812,638
Road & Rail — 0.4%
CAR Inc.(a)		407,000		210,390
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B		95,049		69,101
				279,491
Semiconductors & Semiconductor Equipment — 8.8%
GCL-Poly Energy Holdings Ltd.(a)		11,051,000		4,658,391
JinkoSolar Holding Co. Ltd., ADR(a)(b)		21,000		1,078,140
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(a)		156,000		227,645
				5,964,176
Software — 0.2%
Inspur International Ltd.(a)		274,000		104,551
Specialty Retail — 1.0%
Boshiwa International Holding Ltd.(b)(c)		153,000		0	(d)
China Harmony Auto Holding Ltd.		462,500		197,942
China ZhengTong Auto Services Holdings Ltd.(a)		725,000		76,637
Grand Baoxin Auto Group Ltd.(a)		425,000		49,856
Mulsanne Group Holding Ltd.(a)(b)(e)		137,500		106,705
Pou Sheng International Holdings Ltd.(a)		1,250,000		270,711
				701,851
Technology Hardware, Storage & Peripherals — 0.6%
Ebang International Holdings Inc., Class A(a)		56,350		388,815

32 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 1.8%
361 Degrees International Ltd.		475,000	$	108,993
China Dongxiang Group Co. Ltd.		1,900,000		213,088
China Lilang Ltd.		250,000		178,540
Cosmo Lady China Holdings Co. Ltd.(a)(e)		400,000		60,846
Fuguiniao Co. Ltd.(c)		43,200		0	(d)
JNBY Design Ltd.		112,500		172,288
Lu Thai Textile Co. Ltd., Class B		112,537		61,801
Weiqiao Textile Co., Class H		250,000		73,157
Xtep International Holdings Ltd.		750,000		357,725
				1,226,438
Trading Companies & Distributors — 0.4%
China Aircraft Leasing Group Holdings Ltd.		162,500		153,757
CITIC Resources Holdings Ltd.(a)		1,650,037		85,083
				238,840
Transportation Infrastructure — 1.8%
Anhui Expressway Co. Ltd., Class H		250,000		163,716
COSCO SHIPPING International Hong Kong Co. Ltd.		316,000		99,395
Hainan Meilan International Airport Co. Ltd., Class H(a)		80,000		343,416
Sichuan Expressway Co. Ltd., Class H		400,000		98,487
Tianjin Port Development Holdings Ltd.		1,100,000		93,588
Yuexiu Transport Infrastructure Ltd.		600,000		430,044
				1,228,646
Water Utilities — 0.7%
China Everbright Water Ltd.		510,000		86,297
China Water Affairs Group Ltd.		470,000		370,191
				456,488
Total Common Stocks — 99.9% (Cost: $60,790,447)				67,817,431

Security	Shares		Value
Short-Term Investments
Money Market Funds — 10.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(f)(g)(h)		6,447,414	$	6,451,282
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)		950,000		950,000
				7,401,282
Total Short-Term Investments — 10.9% (Cost: $7,397,134)				7,401,282
Total Investments in Securities — 110.8% (Cost: $68,187,581)				75,218,713
Other Assets, Less Liabilities — (10.8)%				(7,329,465	)
Net Assets — 100.0%			$	67,889,248

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Rounds to less than $1.

^(e)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,354,349	$	—		$	(1,899,806	)(a)	$	(1,551	)	$	(1,710	)	$	6,451,282		6,447,414	$	165,818	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		40,000		910,000	(a)		—			—			—			950,000		950,000		21			—
									$	(1,551	)	$	(1,710	)	$	7,401,282			$	165,839		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

SCHEDULE   OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI China Small-Cap ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Free		5		03/19/21	$	318	$	(10,778	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	10,778

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(29,536	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,778	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	105,892

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	67,726,490		$	—	$	90,941	$	67,817,431
Money Market Funds		7,401,282			—		—		7,401,282
	$	75,127,772		$	—	$	90,941	$	75,218,713
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(10,778	)	$	—	$	—	$	(10,778	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

34 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Auto Components — 0.3%
Selamat Sempurna Tbk PT		12,781,200	$	1,171,311
Automobiles — 5.0%
Astra International Tbk PT		49,317,830		18,701,986
Banks — 40.3%
Bank BTPN Syariah Tbk PT		8,073,700		2,324,590
Bank Central Asia Tbk PT		27,590,358		65,003,968
Bank Mandiri Persero Tbk PT		37,469,860		16,182,559
Bank Negara Indonesia Persero Tbk PT		24,182,058		10,104,160
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		14,671,536		1,633,033
Bank Pembangunan Daerah Jawa Timur Tbk PT		23,814,300		1,413,138
Bank Rakyat Indonesia Persero Tbk PT		151,820,660		50,215,963
Bank Syariah Indonesia Tbk PT(a)		1,574,900		325,155
Bank Tabungan Negara Persero Tbk PT		18,794,026		2,731,997
				149,934,563
Capital Markets — 0.4%
Pacific Strategic Financial Tbk PT(a)		25,900,300		1,491,450
Pool Advista Indonesia Tbk PT(a)(b)		7,126,300		5
				1,491,455
Chemicals — 1.9%
Barito Pacific Tbk PT(a)		90,175,600		6,965,812
Construction & Engineering — 1.6%
Agung Semesta Sejahtera Tbk PT(a)		30,569,008		107,335
PP Persero Tbk PT		15,781,922		1,789,874
Waskita Karya Persero Tbk PT		21,573,500		2,158,865
Wijaya Karya Persero Tbk PT		15,298,570		1,869,348
				5,925,422
Construction Materials — 3.5%
Indocement Tunggal Prakarsa Tbk PT		5,259,044		4,616,436
Semen Indonesia Persero Tbk PT		9,825,455		7,037,896
Waskita Beton Precast Tbk PT		70,081,700		1,269,739
				12,924,071
Diversified Telecommunication Services — 11.6%
Inovisi Infracom Tbk PT(b)		9,476,400		0	(c)
Link Net Tbk PT		6,857,400		1,589,145
Sarana Menara Nusantara Tbk PT		55,574,200		4,936,894
Telkom Indonesia Persero Tbk PT		127,446,390		31,235,105
Tower Bersama Infrastructure Tbk PT		35,926,800		5,474,800
				43,235,944
Electronic Equipment, Instruments & Components — 0.4%
Erajaya Swasembada Tbk PT(a)		8,887,100		1,641,367
Energy Equipment & Services — 0.1%
Pelayaran Tamarin Samudra Tbk PT(a)		87,360,300		306,743
Food Products — 6.8%
Astra Agro Lestari Tbk PT		401,600		317,275
Charoen Pokphand Indonesia Tbk PT		23,948,825		10,343,067
Indofood CBP Sukses Makmur Tbk PT		7,821,054		4,709,658
Indofood Sukses Makmur Tbk PT		14,291,030		6,071,681
Inti Agri Resources Tbk PT(a)(b)		190,840,700		0	(c)
Japfa Comfeed Indonesia Tbk PT		21,663,300		2,335,194
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		17,731,000		1,649,830
				25,426,705

Security	Shares		Value
Gas Utilities — 1.1%
Perusahaan Gas Negara Tbk PT		39,134,607	$	3,957,432
Health Care Providers & Services — 0.1%
Metro Healthcare Indonesia TBK PT(a)		15,023,700		333,391
Hotels, Restaurants & Leisure — 0.3%
Surya Permata Andalan Tbk PT(a)		31,429,000		1,158,724
Household Products — 3.2%
Unilever Indonesia Tbk PT		23,861,520		11,729,680
Insurance — 0.3%
Panin Financial Tbk PT(a)		79,610,078		1,285,837
Marine — 0.0%
Berlian Laju Tanker Tbk PT(a)		20,933,614		73,503
Trada Alam Minera Tbk PT(a)(b)		163,879,000		0	(c)
				73,503
Media — 1.4%
Media Nusantara Citra Tbk PT(a)		23,728,500		1,891,281
Surya Citra Media Tbk PT(a)		23,389,300		3,252,164
				5,143,445
Metals & Mining — 2.9%
Aneka Tambang Tbk		29,283,354		5,840,219
Merdeka Copper Gold Tbk PT(a)		22,507,100		4,472,970
Timah Tbk PT(a)		3,776,300		588,721
				10,901,910
Multiline Retail — 0.6%
Mitra Adiperkasa Tbk PT(a)		37,239,000		2,105,154
Oil, Gas & Consumable Fuels — 4.3%
Adaro Energy Tbk PT		50,768,239		4,206,919
AKR Corporindo Tbk PT		8,362,400		1,979,023
Bukit Asam Tbk PT		14,378,400		2,736,339
Indo Tambangraya Megah Tbk PT		2,115,100		1,812,094
Medco Energi Internasional Tbk PT(a)		39,863,286		1,945,575
Sekawan Intipratama Tbk PT(b)		30,572,100		21
Sugih Energy Tbk PT(a)(b)		39,886,700		28
United Tractors Tbk PT		2,136,096		3,382,652
				16,062,651
Paper & Forest Products — 3.3%
Indah Kiat Pulp & Paper Corp. Tbk PT		8,987,900		8,315,701
Pabrik Kertas Tjiwi Kimia Tbk PT		3,979,700		4,129,218
				12,444,919
Personal Products — 0.5%
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		30,119,600		1,681,537
Pharmaceuticals — 2.0%
Kalbe Farma Tbk PT		70,279,385		7,254,965
Real Estate Management & Development — 3.9%
Bumi Serpong Damai Tbk PT(a)		31,812,922		2,591,502
Ciputra Development Tbk PT		41,330,913		3,352,332
Hanson International Tbk PT(a)(b)		372,896,535		0	(c)
Lippo Karawaci Tbk PT(a)		164,532,742		2,333,962
Pakuwon Jati Tbk PT(a)		71,138,177		2,747,612
Puradelta Lestari Tbk PT		65,212,200		1,071,605
Rimo International Lestari Tbk PT(a)(b)		54,096,000		0	(c)
Summarecon Agung Tbk PT(a)		41,871,658		2,425,851
				14,522,864

SCHEDULE   OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail — 1.1%
Ace Hardware Indonesia Tbk PT		27,287,379	$	2,922,279
Bintang Oto Global Tbk PT(a)		13,202,500		1,196,013
				4,118,292
Tobacco — 1.1%
Gudang Garam Tbk PT(a)		1,595,742		4,090,209
Transportation Infrastructure — 0.7%
Jasa Marga Persero Tbk PT		8,670,108		2,538,929
Wireless Telecommunication Services — 1.3%
Indosat Tbk PT(a)		6,008,800		2,341,913
Smartfren Telecom Tbk PT(a)		71,016,000		384,005
XL Axiata Tbk PT		14,612,600		2,257,565
				4,983,483
Total Common Stocks — 100.0% (Cost: $460,034,889)				372,112,304
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		80,000		80,000
Total Short-Term Investments — 0.0% (Cost: $80,000)				80,000
Total Investments in Securities — 100.0% (Cost: $460,114,889)				372,192,304
Other Assets, Less Liabilities — 0.0%				122,365
Net Assets — 100.0%			$	372,314,669

^(a)  Non-income producing security.

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)  Rounds to less than $1.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	560,000	$	—	$	(480,000	)(a)	$	—	$	—		$	80,000		80,000	$	103	$	—
												��

^(a) Represents net amount purchased (sold).    

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		1		03/19/21	$	67	$	4,480

36 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Indonesia ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	4,480

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	127,404
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(23,250	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	604,770

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.    

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	372,112,250	$	—	$	54	$	372,112,304
Money Market Funds		80,000		—		—		80,000
	$	372,192,250	$	—	$	54	$	372,192,304
Derivative financial instruments(a)
Assets
Futures Contracts	$	4,480	$	—	$	—	$	4,480

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 37

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Peru ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 26.4%
Banco BBVA Peru SA		6,138,065	$	4,154,217
Credicorp Ltd.		263,196		42,113,992
Intercorp Financial Services Inc.		107,418		3,748,888
				50,017,097
Construction & Engineering — 2.1%
Aenza SAA(a)		8,509,621		3,917,240
Construction Materials — 4.6%
Cementos Pacasmayo SAA		2,666,620		4,420,559
Union Andina de Cementos SAA		8,398,476		4,234,274
				8,654,833
Electric Utilities — 3.0%
Luz del Sur SAA		907,353		5,767,996
Food & Staples Retailing — 2.7%
InRetail Peru Corp.(b)		113,433		5,047,769
Food Products — 4.8%
Alicorp SAA		3,493,707		7,754,114
Casa Grande SAA		784,111		1,310,594
				9,064,708
Metals & Mining — 45.2%
Cia. de Minas Buenaventura SAA, ADR(a)		808,107		8,937,663
Corp. Aceros Arequipa SA, NVS		3,582,153		1,079,686
Fortuna Silver Mines Inc.(a)		469,746		3,550,924
Hochschild Mining PLC		2,758,590		8,292,092
MMG Ltd.(a)		7,908,000		4,984,965
Pan American Silver Corp.		122,539		4,070,115
Sociedad Minera Cerro Verde SAA(a)		242,768		6,311,968
Southern Copper Corp.		553,852		39,506,263
Volcan Cia. Minera SAA, Class B, NVS(a)		27,066,097		5,710,538
Wheaton Precious Metals Corp.		91,268		3,281,611
				85,725,825

Security	Shares		Value
Multiline Retail — 3.3%
Falabella SA		1,099,317	$	4,558,889
Ripley Corp. SA		5,336,779		1,719,470
				6,278,359
Oil, Gas & Consumable Fuels — 1.3%
PetroTal Corp.(a)		10,059,961		2,496,509
Real Estate Management & Development — 2.5%
Parque Arauco SA		2,580,010		4,759,231
Trading Companies & Distributors — 3.1%
Ferreycorp SAA		10,387,216		5,976,943
Total Common Stocks — 99.0% (Cost: $189,576,234)				187,706,510
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		350,000		350,000
Total Short-Term Investments — 0.2% (Cost: $350,000)				350,000
Total Investments in Securities — 99.2% (Cost: $189,926,234)				188,056,510
Other Assets, Less Liabilities — 0.8%				1,457,473
Net Assets — 100.0%			$	189,513,983

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	110,000	$	240,000	(a)	$	—	$	—	$	—	$	350,000		350,000	$	63	$	—

^(a) Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		4		03/19/21	$	268	$	(9,381	)

38 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Peru ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	9,381

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	51,153
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,469	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	344,610

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	187,706,510		$	—	$	—	$	187,706,510
Money Market Funds		350,000			—		—		350,000
	$	188,056,510		$	—	$	—	$	188,056,510
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(9,381	)	$	—	$	—	$	(9,381	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 39

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Philippines ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
Cebu Air Inc.(a)		435,080	$	402,171
Banks — 14.2%
Bank of the Philippine Islands		3,857,015		7,074,904
BDO Unibank Inc.		3,036,074		6,601,521
Metropolitan Bank & Trust Co.		4,891,414		5,111,185
Security Bank Corp.		770,290		2,079,719
				20,867,329
Chemicals — 1.0%
D&L Industries Inc.		9,482,400		1,391,482
Diversified Financial Services — 2.3%
Metro Pacific Investments Corp.		40,226,050		3,374,279
Electric Utilities — 2.4%
Manila Electric Co.		640,540		3,577,624
Food & Staples Retailing — 2.2%
Cosco Capital Inc.		10,379,400		1,172,282
Puregold Price Club Inc.		2,715,360		2,070,658
				3,242,940
Food Products — 3.0%
Universal Robina Corp.		1,667,808		4,389,511
Hotels, Restaurants & Leisure — 4.5%
Bloomberry Resorts Corp.		13,067,865		2,154,636
Jollibee Foods Corp.		1,217,591		4,491,937
				6,646,573
Independent Power and Renewable Electricity Producers — 3.2%
Aboitiz Power Corp.		2,941,135		1,466,930
AC Energy Corp.		7,920,854		1,204,780
First Gen Corp.		3,199,447		1,965,035
				4,636,745
Industrial Conglomerates — 26.7%
Aboitiz Equity Ventures Inc.		4,336,837		3,767,471
Alliance Global Group Inc.		12,124,839		2,683,858
Ayala Corp.		591,728		9,122,270
DMCI Holdings Inc.		13,349,000		1,471,911
GT Capital Holdings Inc.		284,666		3,282,577
JG Summit Holdings Inc.		6,224,871		8,268,609
SM Investments Corp.		513,096		10,670,113
				39,266,809
Oil, Gas & Consumable Fuels — 1.6%
Petron Corp.		15,307,200		1,116,807
Semirara Mining & Power Corp.		4,378,000		1,151,346
				2,268,153
Real Estate Management & Development — 25.6%
Ayala Land Inc.		17,628,350		14,187,697

Security	Shares		Value
Real Estate Management & Development (continued)
DoubleDragon Properties Corp.(a)		3,555,890	$	1,115,430
Filinvest Land Inc.		47,134,590		1,117,164
Megaworld Corp.		34,586,960		2,580,478
Robinsons Land Corp.		1,915,306		772,912
SM Prime Holdings Inc.		22,269,235		16,591,773
Vista Land & Lifescapes Inc.		14,625,900		1,308,252
				37,673,706
Specialty Retail — 1.9%
AllHome Corp.		5,504,800		913,307
Wilcon Depot Inc.		5,174,200		1,908,866
				2,822,173
Transportation Infrastructure — 4.3%
International Container Terminal Services Inc.		2,572,043		6,355,894
Water Utilities — 0.3%
Manila Water Co. Inc.(a)		1,417,629		455,792
Wireless Telecommunication Services — 6.4%
Globe Telecom Inc.		94,020		3,925,897
PLDT Inc.		203,264		5,395,796
				9,321,693
Total Common Stocks — 99.9% (Cost: $176,258,102)				146,692,874
Rights
Airlines — 0.0%
Cebu Air Inc., (Expires 03/05/21)(a)		238,400		33,657
Total Rights — 0.0% (Cost: $0)				33,657
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		90,000		90,000
Total Short-Term Investments — 0.0% (Cost: $90,000)				90,000
Total Investments in Securities — 99.9% (Cost: $176,348,102)				146,816,531
Other Assets, Less Liabilities — 0.1%				104,561
Net Assets — 100.0%			$	146,921,092

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

40 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Philippines ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	90,000	(a)	$	—	$	—	$	—	$	90,000		90,000	$	61	$	—

^(a) Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		2		03/19/21	$	134	$	(2,124	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,124

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	24,064
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	52,007

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,498,558

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

SCHEDULE   OF   INVESTMENTS 41

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Philippines ETF

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	146,692,874		$	—	$	—	$	146,692,874
Rights		—			33,657		—		33,657
Money Market Funds		90,000			—		—		90,000
	$	146,782,874		$	33,657	$	—	$	146,816,531
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(2,124	)	$	—	$	—	$	(2,124	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

42 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Poland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 22.7%
Alior Bank SA(a)(b)		172,739	$	1,010,056
Bank Handlowy w Warszawie SA(a)(b)		192,777		2,018,445
Bank Millennium SA(a)		3,230,654		3,580,364
Bank Polska Kasa Opieki SA(a)		589,753		10,734,872
mBank SA(a)		73,019		4,344,129
Powszechna Kasa Oszczednosci Bank Polski SA(a)		3,116,468		25,217,554
Santander Bank Polska SA(a)		156,387		8,833,716
				55,739,136
Capital Markets — 0.8%
Warsaw Stock Exchange(b)		157,978		1,889,476
Chemicals — 1.5%
Ciech SA(a)		174,725		1,601,927
Grupa Azoty SA(a)(b)		259,386		2,092,609
				3,694,536
Construction & Engineering — 2.2%
Budimex SA		57,190		5,320,107
Consumer Finance — 1.7%
KRUK SA(a)(b)		87,132		4,227,006
Diversified Telecommunication Services — 2.1%
Orange Polska SA(a)		3,023,816		5,126,557
Electric Utilities — 5.2%
Enea SA(a)(b)		1,226,940		2,147,672
PGE Polska Grupa Energetyczna SA(a)		3,855,775		6,879,693
Tauron Polska Energia SA(a)(b)		5,407,488		3,716,487
				12,743,852
Entertainment — 7.7%
CD Projekt SA(a)(b)		243,562		15,471,104
PlayWay SA		5,738		848,807
TEN Square Games SA		18,804		2,514,066
				18,833,977
Food & Staples Retailing — 5.3%
Dino Polska SA(a)(b)(c)		170,902		11,296,196
Eurocash SA(a)(b)		472,231		1,629,126
				12,925,322
Health Care Equipment & Supplies — 0.6%
Mercator Medical SA(a)(b)		15,120		1,388,273
Health Care Providers & Services — 1.0%
Neuca SA(b)		13,608		2,550,039
Hotels, Restaurants & Leisure — 1.4%
AmRest Holdings SE(a)(b)		416,107		3,569,217
Insurance — 6.6%
Powszechny Zaklad Ubezpieczen SA(a)		2,074,762		16,303,770

Security	Shares		Value
Internet & Direct Marketing Retail — 6.2%
Allegro.eu SA(a)(c)		879,928	$	15,194,633
Media — 3.9%
Cyfrowy Polsat SA		1,243,329		9,546,609
Metals & Mining — 11.5%
Jastrzebska Spolka Weglowa SA(a)(b)		308,360		2,920,678
KGHM Polska Miedz SA(a)		498,629		25,347,777
				28,268,455
Oil, Gas & Consumable Fuels — 11.0%
Grupa Lotos SA		441,292		4,984,202
Polski Koncern Naftowy ORLEN SA		698,835		11,039,372
Polskie Gornictwo Naftowe i Gazownictwo SA		7,393,133		11,115,105
				27,138,679
Software — 2.0%
Asseco Poland SA		275,015		4,917,311
Textiles, Apparel & Luxury Goods — 6.4%
CCC SA(a)(b)		187,441		4,784,657
LPP SA(a)		5,215		10,955,588
				15,740,245
Total Common Stocks — 99.8% (Cost: $323,788,956)				245,117,200
Short-Term Investments
Money Market Funds — 10.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		24,333,147		24,347,747
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		1,760,000		1,760,000
				26,107,747
Total Short-Term Investments — 10.6% (Cost: $26,106,050)				26,107,747
Total Investments in Securities — 110.4% (Cost: $349,895,006)				271,224,947
Other Assets, Less Liabilities — (10.4)%				(25,487,847	)
Net Assets — 100.0%			$	245,737,100

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULE   OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Poland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,967,786	$	18,384,284	(a)	$	—	$	(2,996	)	$	(1,327	)	$	24,347,747		24,333,147	$	148,685	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,381,000		379,000	(a)		—		—			—			1,760,000		1,760,000		657			—
								$	(2,996	)	$	(1,327	)	$	26,107,747			$	149,342		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		8		03/19/21	$	535	$	28,125

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	28,125

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	194,685
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,971	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	899,110

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

44 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Poland ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	245,117,200	$	—	$	—	$	245,117,200
Money Market Funds		26,107,747		—		—		26,107,747
	$	271,224,947	$	—	$	—	$	271,224,947
Derivative financial instruments(a)
Assets
Futures Contracts	$	28,125	$	—	$	—	$	28,125

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 45

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Qatar ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.2%
Gulf Warehousing Co.		773,344	$	1,050,295
Banks — 46.9%
Commercial Bank PSQC (The)		2,845,885		3,298,594
Doha Bank QPSC(a)		2,895,594		1,748,680
Masraf Al Rayan QSC		4,454,517		5,229,467
Qatar First Bank(a)		1,843,865		885,830
Qatar International Islamic Bank QSC		1,154,973		2,647,061
Qatar Islamic Bank SAQ		1,434,842		6,100,585
Qatar National Bank QPSC		4,243,322		19,822,700
				39,732,917
Chemicals — 3.6%
Mesaieed Petrochemical Holding Co.		5,934,138		3,021,226
Construction Materials — 0.8%
Qatar National Cement Co. QSC		578,063		643,406
Diversified Financial Services — 0.8%
Salam International Investment Ltd. QSC(a)		4,087,011		648,591
Diversified Telecommunication Services — 3.3%
Ooredoo QPSC		1,341,756		2,797,899
Energy Equipment & Services — 1.2%
Gulf International Services QSC(a)		2,517,011		1,009,504
Food & Staples Retailing — 1.6%
Al Meera Consumer Goods Co. QSC		233,048		1,325,356
Food Products — 1.0%
Baladna		1,897,933		828,540
Health Care Providers & Services — 1.2%
Medicare Group		422,783		996,104
Industrial Conglomerates — 10.7%
Aamal Co.		3,695,520		910,720
Industries Qatar QSC		2,275,064		7,122,282
Mannai Corp. QSC		466,000		369,256
Qatar Industrial Manufacturing Co. QSC		883,307		665,004
				9,067,262
Insurance — 1.9%
Qatar Insurance Co. SAQ		2,663,048		1,650,072

Security	Shares		Value
Marine — 2.4%
Qatar Navigation QSC		1,029,833	$	2,035,905
Metals & Mining — 2.0%
Qatar Aluminum Manufacturing Co.		5,749,858		1,689,486
Multi-Utilities — 4.3%
Qatar Electricity & Water Co. QSC		782,125		3,685,472
Oil, Gas & Consumable Fuels — 7.8%
Qatar Fuel QSC		710,989		3,250,147
Qatar Gas Transport Co. Ltd.		3,712,907		3,318,148
				6,568,295
Real Estate Management & Development — 7.6%
Barwa Real Estate Co.		3,146,546		2,759,171
Ezdan Holding Group QSC(a)		3,341,279		1,403,435
Mazaya Real Estate Development QPSC(a)		2,386,793		782,110
United Development Co. QSC		3,619,839		1,453,778
				6,398,494
Wireless Telecommunication Services — 1.6%
Vodafone Qatar QSC		3,617,587		1,401,930
Total Common Stocks — 99.9%     (Cost: $72,186,548)			84,550,754
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		180,000		180,000
Total Short-Term Investments — 0.2% (Cost: $180,000)				180,000
Total Investments in Securities — 100.1% (Cost: $72,366,548)				84,730,754
Other Assets, Less Liabilities — (0.1)%				(77,786	)
Net Assets — 100.0%			$	84,652,968

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000	$	150,000	(a)	$	—	$	—	$	—	$	180,000		180,000	$	59	$	—

^(a) Represents net amount purchased (sold).

46 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Qatar ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		3		03/19/21	$	201	$	(5,902	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	5,902

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	31,751
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,699	)

Aveage Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	105,283

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	84,550,754		$	—	$	—	$	84,550,754
Money Market Funds		180,000			—		—		180,000
	$	84,730,754		$	—	$	—	$	84,730,754
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(5,902	)	$	—	$	—	$	(5,902	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 47

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 36.9%
Al Rajhi Bank		3,291,988	$	79,874,926
Alinma Bank(a)		3,278,245		14,160,130
Arab National Bank		1,921,380		9,918,122
Bank AlBilad		1,282,935		11,271,219
Bank Al-Jazira		1,493,442		5,359,747
Banque Saudi Fransi		1,943,655		14,458,865
National Commercial Bank		3,744,480		46,924,559
Riyad Bank		4,195,438		22,148,960
Samba Financial Group		3,154,546		28,387,129
Saudi British Bank (The)		2,601,569		16,758,807
				249,262,464
Building Products — 0.3%
Saudi Ceramic Co.(a)		146,915		2,040,867
Chemicals — 16.1%
Advanced Petrochemical Co.		389,270		7,037,063
Alujain Holding(a)		89,357		1,224,623
National Industrialization Co.(a)		1,253,324		4,979,210
SABIC Agri-Nutrients Co.		305,391		7,930,965
Sahara International Petrochemical Co.		1,317,591		6,674,904
Saudi Basic Industries Corp.		2,392,438		67,999,971
Saudi Industrial Investment Group		829,552		6,259,518
Saudi Kayan Petrochemical Co.(a)		198,186		784,184
Yanbu National Petrochemical Co.		324,353		6,166,210
				109,056,648
Construction Materials — 4.7%
Arabian Cement Co./Saudi Arabia		222,370		2,502,070
City Cement Co.		302,719		2,122,786
Eastern Province Cement Co.		190,524		2,148,824
Najran Cement Co.		438,546		2,336,262
Northern Region Cement Co.		486,709		1,588,406
Qassim Cement Co. (The)		172,022		3,944,512
Saudi Cement Co.		281,317		4,755,499
Southern Province Cement Co.		242,397		5,506,526
Yamama Cement Co.		393,541		3,179,387
Yanbu Cement Co.		303,592		3,723,565
				31,807,837
Diversified Telecommunication Services — 7.2%
Saudi Telecom Co.		1,541,673		48,833,689
Electric Utilities — 2.3%
Saudi Electricity Co.		2,789,323		15,677,624
Equity Real Estate Investment Trusts (REITs) — 0.2%
Jadwa REIT Saudi Fund		414,718		1,607,786
Food & Staples Retailing — 0.8%
Abdullah Al Othaim Markets Co.		162,962		5,309,680
Food Products — 4.3%
Almarai Co. JSC		844,049		11,477,536
Aseer Trading Tourism & Manufacturing Co.(a)		387,346		2,189,504
Halwani Brothers Co.		32,303		1,037,003
National Agriculture Development Co. (The)(a)		230,458		1,926,372
Saudi Fisheries Co.(a)		48,723		727,500
Saudia Dairy & Foodstuff Co.		65,156		2,727,501
Savola Group (The)		893,832		8,972,877
				29,058,293

Security	Shares		Value
Gas Utilities — 0.2%
National Gas & Industrialization Co.(a)		188,656	$	1,559,348
Health Care Providers & Services — 3.1%
Al Hammadi Co. for Development and Investment(a)		268,293		1,977,950
Dallah Healthcare Co.		159,335		2,289,870
Dr Sulaiman Al Habib Medical Services Group Co.		150,973		4,790,238
Middle East Healthcare Co.(a)		174,626		1,559,784
Mouwasat Medical Services Co.		186,300		6,825,122
National Medical Care Co.		112,389		1,561,249
Saudi Chemical Co. Holding(a)		207,912		1,920,851
				20,925,064
Hotels, Restaurants & Leisure — 1.7%
Dur Hospitality Co.		220,176		1,678,985
Herfy Food Services Co.		113,494		2,030,515
Leejam Sports Co. JSC(a)		96,526		1,819,594
Saudi Airlines Catering Co.		154,300		3,040,334
Seera Group Holding(a)		580,452		2,671,271
				11,240,699
Insurance — 2.0%
Al Rajhi Co. for Co-operative Insurance(a)		83,482		1,885,329
Bupa Arabia for Cooperative Insurance Co.(a)		199,685		6,357,123
Co for Cooperative Insurance (The)(a)		232,022		4,912,024
				13,154,476
Media — 0.4%
Saudi Research & Marketing Group(a)		145,365		3,015,437
Metals & Mining — 2.9%
Saudi Arabian Mining Co.(a)		1,437,138		19,695,745
Oil, Gas & Consumable Fuels — 8.4%
Aldrees Petroleum and Transport Services Co.		124,057		2,232,728
Rabigh Refining & Petrochemical Co.(a)		830,811		3,229,763
Saudi Arabian Oil Co.(b)		5,568,589		51,298,427
				56,760,918
Pharmaceuticals — 0.4%
Saudi Pharmaceutical Industries & Medical Appliances Corp.		251,830		2,732,831
Professional Services — 0.3%
Maharah Human Resources Co.		85,378		1,741,479
Real Estate Management & Development — 1.8%
Arriyadh Development Co.		403,070		1,949,524
Dar Al Arkan Real Estate Development Co.(a)		1,976,847		4,633,112
Emaar Economic City(a)		1,477,704		3,628,757
Saudi Real Estate Co.(a)		454,095		1,854,882
				12,066,275
Road & Rail — 0.6%
Saudi Public Transport Co.(a)		326,092		2,069,321
United International Transportation Co.		172,547		1,759,745
				3,829,066
Specialty Retail — 2.3%
Fawaz Abdulaziz Al Hokair & Co.(a)		334,420		1,738,753
Jarir Marketing Co.		205,174		9,354,687
Saudi Co. For Hardware CJSC		96,036		1,536,371
United Electronics Co.		123,663		3,115,892
				15,745,703
Thrifts & Mortgage Finance — 0.1%
Amlak International for Real		94,841		525,476

48 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Transportation Infrastructure — 0.6%
Saudi Ground Services Co.(a)		351,836	$	2,781,479
Saudi Industrial Services Co.		103,458		1,044,097
				3,825,576
Wireless Telecommunication Services — 2.3%
Etihad Etisalat Co.(a)		1,292,919		9,893,821
Mobile Telecommunications Co.(a)		1,616,108		5,774,123
				15,667,944
Total Common Stocks — 99.9% (Cost: $560,759,480)				675,140,925
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		20,000		20,000
Total Short-Term Investments — 0.0% (Cost: $20,000)				20,000
Total Investments in Securities — 99.9% (Cost: $560,779,480)				675,160,925
Other Assets, Less Liabilities — 0.1%				707,795
Net Assets — 100.0%			$	675,868,720

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,200,000	$	—	$	(1,180,000	)(a)	$	—	$	—	$	20,000		20,000	$	276	$	—

^(a)  Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		3		03/19/21	$	201	$	13,441

SCHEDULE   OF   INVESTMENTS 49

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Saudi Arabia ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	13,441

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	170,727
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	11,899

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	852,812

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

		Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	675,140,925	$	—	$	—	$	675,140,925
Money Market Funds		20,000		—		—		20,000
	$	675,160,925	$	—	$	—	$	675,160,925
Derivative financial instruments(a)
Assets
Futures Contracts	$	13,441	$	—	$	—	$	13,441

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

50 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI UAE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 2.4%
Aramex PJSC		570,648	$	602,784
Airlines — 3.0%
Air Arabia PJSC		2,206,828		757,008
Banks — 43.2%
Abu Dhabi Commercial Bank PJSC		621,141		1,061,967
Abu Dhabi Islamic Bank PJSC		865,207		1,175,390
Dubai Islamic Bank PJSC		837,580		1,083,132
Emirates NBD Bank PJSC		972,057		2,963,951
First Abu Dhabi Bank PJSC		1,110,646		4,444,822
				10,729,262
Building Products — 0.9%
National Central Cooling Co. PJSC		305,262		232,698
Capital Markets — 4.1%
Dubai Financial Market PJSC		2,474,144		673,576
SHUAA Capital PSC(a)		1,892,582		350,368
				1,023,944
Construction & Engineering — 0.6%
Arabtec Holding PJSC(a)		2,433,366		7
Drake & Scull International PJSC(a)(b)		2,972,998		136,357
				136,364
Diversified Financial Services — 4.6%
Al Waha Capital PJSC(a)		1,679,656		557,881
Amanat Holdings PJSC		2,099,024		459,446
Gulf General Investment Co.(a)(b)		7,295,803		123,128
				1,140,455
Diversified Telecommunication Services — 15.0%
Emirates Telecommunications Group Co. PJSC		688,821		3,731,821
Energy Equipment & Services — 1.9%
Lamprell PLC(a)		446,317		469,245
Food Products — 3.0%
Agthia Group PJSC		410,858		755,017
Health Care Providers & Services — 0.0%
NMC Health PLC(a)(b)		112,588		2
Hotels, Restaurants & Leisure — 0.4%
DXB Entertainments PJSC(a)		5,189,000		107,364

Security	Shares		Value
Industrial Conglomerates — 3.2%
Dubai Investments PJSC		2,016,924	$	790,703
Oil, Gas & Consumable Fuels — 2.8%
Dana Gas PJSC		3,620,137		682,998
Real Estate Management & Development — 14.5%
Aldar Properties PJSC		1,143,310		1,132,992
DAMAC Properties Dubai Co. PJSC(a)		2,027,172		651,229
Deyaar Development PJSC(a)		511,818		37,482
Emaar Development PJSC(a)		23,362		16,982
Emaar Malls PJSC(a)		39,171		18,022
Emaar Properties PJSC(a)		1,066,354		1,013,184
Eshraq Investments PJSC(a)		2,111,286		169,563
RAK Properties PJSC		1,831,997		271,821
Union Properties PJSC(a)		3,928,174		280,190
				3,591,465
Thrifts & Mortgage Finance — 0.3%
Amlak Finance PJSC(a)		1,111,937		66,598
Total Common Stocks — 99.9% (Cost: $25,524,882)				24,817,728
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		20,000		20,000
Total Short-Term Investments — 0.1% (Cost: $20,000)				20,000
Total Investments in Securities — 100.0% (Cost: $25,544,882)				24,837,728
Other Assets, Less Liabilities — 0.0%				6,672
Net Assets — 100.0%			$	24,844,400

^(a)  Non-income producing security.

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	60,000	$	—	$	(40,000	)(a)	$	—	$	—	$	20,000		20,000	$	7	$	—

^(a)  Represents net amount purchased (sold).

SCHEDULE   OF   INVESTMENTS 51

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI UAE ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,341	)

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	24,558,234	$	7	$	259,487	$	24,817,728
Money Market Funds		20,000		—		—		20,000
	$	24,578,234	$	7	$	259,487	$	24,837,728

The following table includes a rollforward for the six months ended February 28, 2021 of investments whose values are classified as Level 3 as of the beginning or end of the period.

	Common Stocks
Opening Balance as of August 31, 2020(a)		$	274,624
Realized gain (loss) and change in unrealized appreciation/depreciation			—
Purchases			(15,137	)
Sales			—
Transfers in			—
Transfers out			—
Closing Balance, as of February 28, 2021		$	259,487
Net change in unrealized appreciation/depreciation on investments still held at end of period		$	(15,137	)

^(a)  Represents the value as of the beginning of the reporting period.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third party pricing information in the amount of $2. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

	Value	Valuation         Approach	Unobservable     Inputs	Range of Unobservable     Inputs Utilized	(a)	Weighted             Average of             Unobservable                       Inputs Based on Fair Value
Common Stock	$259,485	Market	Discount Rate	46% - 52%		49%

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

See notes to financial statements.

52 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) 

February 28, 2021

	iShares MSCI Argentina and Global Exposure ETF			iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF		iShares MSCI China Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	7,491,498		$	103,989,356		$	6,637,081,849	$	67,817,431
Affiliated(c)		161,615			20,000			206,988,469		7,401,282
Cash		5,290			1,610			6,323		3,458
Foreign currency, at value(d)		5,778			199,673			26,601,350		169,873
Cash pledged:
Futures contracts		—			79,000			460,000		110,000
Receivables:
Investments sold		519,612			6,724,720			102,419,644		2,460,646
Securities lending income — Affiliated		110			—			115,428		19,061
Capital shares sold		—			—			—		422,315
Dividends		—			203,489			393,297		—
Total assets		8,183,903			111,217,848			6,974,066,360		78,404,066
LIABILITIES
Collateral on securities loaned, at value		160,931			—			204,385,129		6,449,778
Payables:
Investments purchased		495,855			6,283,367			108,973,103		3,805,668
Variation margin on futures contracts		—			15,616			89,843		41,726
Capital shares redeemed		—			—			—		185,250
Investment advisory fees		1,467			48,851			3,143,186		32,396
Total liabilities		658,253			6,347,834			316,591,261		10,514,818
NET ASSETS	$	7,525,650		$	104,870,014		$	6,657,475,099	$	67,889,248
NET ASSETS CONSIST OF:
Paid-in capital	$	15,250,672		$	162,332,292		$	4,820,779,994	$	59,375,959
Accumulated earnings (loss)		(7,725,022	)		(57,462,278	)		1,836,695,105		8,513,289
NET ASSETS	$	7,525,650		$	104,870,014		$	6,657,475,099	$	67,889,248
Shares outstanding		300,000			7,000,000			77,000,000		1,150,000
Net asset value	$	25.09		$	14.98		$	86.46	$	59.03
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a) Securities loaned, at value	$	151,734		$	—		$	195,364,770	$	6,031,567
(b) Investments, at cost — Unaffiliated	$	10,163,239		$	96,179,623		$	4,222,868,837	$	60,790,447
(c)  Investments, at cost — Affiliated	$	161,593		$	20,000		$	206,855,744	$	7,397,134
(d) Foreign currency, at cost	$	5,705		$	203,581		$	26,613,147	$	169,943

See notes to financial statements.

FINANCIAL   STATEMENTS 53

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2021

	iShares MSCI Indonesia ETF			iShares MSCI Peru ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	372,112,304		$	187,706,510		$	146,726,531		$	245,117,200
Affiliated(c)		80,000			350,000			90,000			26,107,747
Cash		79			1,600			8,982			6,299
Foreign currency, at value(d)		213,897			27,790			138,614			196,509
Cash pledged:
Futures contracts		5,000			18,000			9,000			44,000
Receivables:
Investments sold		7,615,983			9,749,977			1,571,617			2,739,327
Securities lending income — Affiliated		—			—			—			20,877
Dividends		9,467			7,293			36,624			22
Tax reclaims		—			—			—			423,682
Total assets		380,036,730			197,861,170			148,581,368			274,655,663
LIABILITIES
Collateral on securities loaned, at value		—			—			—			24,342,734
Payables:
Investments purchased		7,554,526			8,262,731			1,593,810			2,752,140
Variation margin on futures contracts		945			3,780			1,890			8,483
Capital shares redeemed		3,536			—			—			34,701
Investment advisory fees		163,054			80,477			64,576			113,442
Professional fees		—			—			—			50,000
Foreign taxes		—			199			—			—
IRS compliance fee for foreign withholding tax claims		—			—			—			1,617,063
Total liabilities		7,722,061			8,347,187			1,660,276			28,918,563
NET ASSETS	$	372,314,669		$	189,513,983		$	146,921,092		$	245,737,100
NET ASSETS CONSIST OF:
Paid-in capital	$	610,148,585		$	327,613,133		$	239,433,095		$	432,623,101
Accumulated loss		(237,833,916	)		(138,099,150	)		(92,512,003	)		(186,886,001	)
NET ASSETS	$	372,314,669		$	189,513,983		$	146,921,092		$	245,737,100
Shares outstanding		16,050,000			5,100,000			4,800,000			13,000,000
Net asset value	$	23.20		$	37.16		$	30.61		$	18.90
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Securities loaned, at value	$	—		$	—		$	—		$	21,672,393
(b) Investments, at cost — Unaffiliated	$	460,034,889		$	189,576,234		$	176,258,102		$	323,788,956
(c)  Investments, at cost — Affiliated	$	80,000		$	350,000		$	90,000		$	26,106,050
(d) Foreign currency, at cost	$	215,637		$	27,850		$	139,407		$	194,966

See notes to financial statements.

54 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2021

	iShares MSCI Qatar ETF			iShares MSCI Saudi Arabia ETF			iShares MSCI UAE ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	84,550,754		$	675,140,925		$	24,817,728
Affiliated(b)		180,000			20,000			20,000
Cash		350			1,098			2,239
Foreign currency, at value(c)		257,316			532,314			97
Cash pledged:
Futures contracts		14,000			14,000			—
Receivables:
Investments sold		4,497,642			4,129,468			247,708
Total assets		89,500,062			679,837,805			25,087,772
LIABILITIES
Payables:
Investments purchased		2,110,347			3,590,892			232,983
Variation margin on futures contracts		2,835			2,835			—
Capital shares redeemed		2,695,232			—			—
Investment advisory fees		38,680			375,358			10,389
Total liabilities		4,847,094			3,969,085			243,372
NET ASSETS	$	84,652,968		$	675,868,720		$	24,844,400
NET ASSETS CONSIST OF:
Paid-in capital	$	97,655,059		$	697,064,042		$	65,766,647
Accumulated loss		(13,002,091	)		(21,195,322	)		(40,922,247	)
NET ASSETS	$	84,652,968		$	675,868,720		$	24,844,400
Shares outstanding		4,700,000			20,550,000			1,950,000
Net asset value	$	18.01		$	32.89		$	12.74
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — Unaffiliated	$	72,186,548		$	560,759,480		$	25,524,882
(b) Investments, at cost — Affiliated	$	180,000		$	20,000		$	20,000
(c)  Foreign currency, at cost	$	257,316		$	532,314		$	95

See notes to financial statements.

FINANCIAL   STATEMENTS 55

Statements of Operations (unaudited) 

Six Months Ended February 28, 2021

	iShares MSCI Argentina and Global Exposure ETF			iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	42,025		$	1,298,787		$	12,894,669		$	267,319
Dividends — Affiliated		3			302			1,805			21
Interest — Unaffiliated		—			—			389			—
Securities lending income — Affiliated — net		1,177			—			747,098			165,818
Foreign taxes withheld		(4,503	)		(84,545	)		(557,173	)		(2,415	)
Total investment income		38,702			1,214,544			13,086,788			430,743
EXPENSES
Investment advisory fees		21,067			301,311			18,600,173			155,790
Commitment fees		—			502			—			—
Total expenses		21,067			301,813			18,600,173			155,790
Less:
Investment advisory fees waived		(12,497	)		—			—			—
Total expenses after fees waived		8,570			301,813			18,600,173			155,790
Net investment income (loss)		30,132			912,731			(5,513,385	)		274,953
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(105,278	)		4,823,636			(106,649,907	)		1,436,254
Investments — Affiliated		(107	)		—			8,356			(1,551	)
In-kind redemptions — Unaffiliated		167,065			—			197,073,335			10,380,793
Futures contracts		—			126,681			102,079			(29,536	)
Foreign currency transactions		79			(8,302	)		80,740			46
Net realized gain		61,759			4,942,015			90,614,603			11,786,006
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		848,168			4,334,021			839,283,890			6,305,396
Investments — Affiliated		(6	)		—			(89,316	)		(1,710	)
Futures contracts		—			(32,804	)		854,640			(10,778	)
Foreign currency translations		(30	)		39,707			(18,806	)		(428	)
Net change in unrealized appreciation (depreciation)		848,132			4,340,924			840,030,408			6,292,480
Net realized and unrealized gain		909,891			9,282,939			930,645,011			18,078,486
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	940,023		$	10,195,670		$	925,131,626		$	18,353,439

See notes to financial statements.

56 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares MSCI Indonesia ETF			iShares MSCI Peru ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	982,920		$	1,146,527		$	428,486		$	461,967
Dividends — Affiliated		103			63			61			657
Securities lending income — Affiliated — net		—			—			—			148,685
Foreign taxes withheld		(147,438	)		(39,607	)		(128,545	)		(69,295	)
IRS Compliance fee for foreign withholding tax claims		—			—			—			(54,608	)
Total investment income		835,585			1,106,983			300,002			487,406
EXPENSES
Investment advisory fees		981,255			365,675			386,106			714,600
Total expenses		981,255			365,675			386,106			714,600
Net investment income (loss)		(145,670	)		741,308			(86,104	)		(227,194	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(24,258,047	)		(16,301,221	)		(6,658,889	)		(29,711,478	)
Investments — Affiliated		—			—			—			(2,996	)
In-kind redemptions — Unaffiliated		8,011,584			(49,613	)		168,258			15,905,081
Futures contracts		127,404			51,153			24,064			194,685
Foreign currency transactions		4,553			(2,398	)		4,060			(64,543	)
Net realized loss		(16,114,506	)		(16,302,079	)		(6,462,507	)		(13,679,251	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		74,507,527			42,210,267			21,710,700			27,079,737
Investments — Affiliated		—			—			—			(1,327	)
Futures contracts		(23,250	)		(10,469	)		52,007			(1,971	)
Foreign currency translations		(4,111	)		(3,008	)		(4,739	)		(13,289	)
Net change in unrealized appreciation (depreciation)		74,480,166			42,196,790			21,757,968			27,063,150
Net realized and unrealized gain		58,365,660			25,894,711			15,295,461			13,383,899
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	58,219,990		$	26,636,019		$	15,209,357		$	13,156,705

See notes to financial statements.

FINANCIAL   STATEMENTS 57

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares MSCI Qatar ETF			iShares MSCI Saudi Arabia ETF			iShares MSCI UAE ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	785,244		$	2,997,784		$	—
Dividends — Affiliated		59			276			7
Foreign taxes withheld		—			(268,441	)		—
Total investment income		785,303			2,729,619			7
EXPENSES
Investment advisory fees		268,351			2,104,919			57,446
Commitment fees		468			2,482			132
Total expenses		268,819			2,107,401			57,578
Net investment income (loss)		516,484			622,218			(57,571	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(199,741	)		(1,623,218	)		(1,368,495	)
In-kind redemptions — Unaffiliated		—			—			(183,006	)
Futures contracts		31,751			170,727			(1,341	)
Foreign currency transactions		(18,533	)		(23,710	)		(3,426	)
Net realized loss		(186,523	)		(1,476,201	)		(1,556,268	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,976,530			81,219,131			2,686,301
Futures contracts		(5,699	)		11,899			—
Foreign currency translations		(3,706	)		(43	)		(180	)
Net change in unrealized appreciation (depreciation)		1,967,125			81,230,987			2,686,121
Net realized and unrealized gain		1,780,602			79,754,786			1,129,853
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,297,086		$	80,377,004		$	1,072,282

See notes to financial statements.

58 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	iShares MSCI Argentina and Global Exposure ETF								iShares MSCI Brazil Small-Cap ETF
	Six Months							Six Months
	Ended							Ended
	02/28/21			Year Ended				02/28/21				Year Ended
	(unaudited)			08/31/20				(unaudited)				08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	30,132			$	91,845			$	912,731			$	1,862,222
Net realized gain (loss)		61,759				(4,138,853	)			4,942,015				(22,261,611	)
Net change in unrealized appreciation (depreciation)		848,132				3,575,461				4,340,924				(25,758,750	)
Net increase (decrease) in net assets resulting from operations		940,023				(471,547	)			10,195,670				(46,158,139	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(51,316	)			(83,697	)			(789,901	)			(1,745,003	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,067,643	)			(444,557	)			(1,910,358	)			38,690,019
NET ASSETS
Total increase (decrease) in net assets		(178,936	)			(999,801	)			7,495,411				(9,213,123	)
Beginning of period		7,704,586				8,704,387				97,374,603				106,587,726
End of period	$	7,525,650			$	7,704,586			$	104,870,014			$	97,374,603

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

See notes to financial statements.

FINANCIAL   STATEMENTS 59

Statements of Changes in Net Assets (continued)

	iShares MSCI China ETF								iShares MSCI China Small-Cap ETF
	Six Months Ended							Six Months Ended
	02/28/21			Year Ended					02/28/21			Year Ended
	(unaudited)			08/31/20				(unaudited)				08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(5,513,385	)		$	69,566,503			$	274,953		$	1,362,014
Net realized gain (loss)		90,614,603				54,923,012				11,786,006			(3,352,902	)
Net change in unrealized appreciation (depreciation)		840,030,408				1,445,423,955				6,292,480			7,431,126
Net increase in net assets resulting from operations		925,131,626				1,569,913,470				18,353,439			5,440,238
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(48,418,743	)			(60,135,118	)			(1,240,362	)		(1,006,664	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(338,141,923	)			1,020,199,183				(1,212,909	)		28,325,140
NET ASSETS
Total increase in net assets		538,570,960				2,529,977,535				15,900,168			32,758,714
Beginning of period		6,118,904,139				3,588,926,604				51,989,080			19,230,366
End of period	$	6,657,475,099			$	6,118,904,139			$	67,889,248		$	51,989,080

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

See notes to financial statements.

60 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares MSCI Indonesia ETF						iShares MSCI Peru ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(145,670	)	$	6,283,126		$	741,308		$	2,586,992
Net realized loss		(16,114,506	)		(42,943,033	)		(16,302,079	)		(34,670,086	)
Net change in unrealized appreciation (depreciation)		74,480,166			(56,398,313	)		42,196,790			16,943,545
Net increase (decrease) in net assets resulting from operations		58,219,990			(93,058,220	)		26,636,019			(15,139,549	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,756,122	)		(4,209,575	)		(896,102	)		(2,716,932	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,040,906	)		14,974,393			81,477,343			(63,584,709	)
NET ASSETS
Total increase (decrease) in net assets		52,422,962			(82,293,402	)		107,217,260			(81,441,190	)
Beginning of period		319,891,707			402,185,109			82,296,723			163,737,913
End of period	$	372,314,669		$	319,891,707		$	189,513,983		$	82,296,723

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

See notes to financial statements.

FINANCIAL   STATEMENTS 61

Statements of Changes in Net Assets (continued)

	iShares MSCI Philippines ETF						iShares MSCI Poland ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(86,104	)	$	988,563		$	(227,194	)	$	2,385,749
Net realized loss		(6,462,507	)		(39,081,237	)		(13,679,251	)		(24,785,466	)
Net change in unrealized appreciation (depreciation)		21,757,968			(20,239,837	)		27,063,150			(2,150,036	)
Net increase (decrease) in net assets resulting from operations		15,209,357			(58,332,511	)		13,156,705			(24,549,753	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(326,016	)		(924,498	)		(1,475,580	)		(8,800,235	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		13,530,984			(39,264,393	)		(19,537,838	)		26,365,968
NET ASSETS
Total increase (decrease) in net assets		28,414,325			(98,521,402	)		(7,856,713	)		(6,984,020	)
Beginning of period		118,506,767			217,028,169			253,593,813			260,577,833
End of period	$	146,921,092		$	118,506,767		$	245,737,100		$	253,593,813

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

See notes to financial statements.

62 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares MSCI Qatar ETF						iShares MSCI Saudi Arabia ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	516,484		$	2,345,460		$	622,218		$	12,975,640
Net realized loss		(186,523	)		(2,138,748	)		(1,476,201	)		(96,779,306	)
Net change in unrealized appreciation (depreciation)		1,967,125			3,860,076			81,230,987			46,386,613
Net increase (decrease) in net assets resulting from operations		2,297,086			4,066,788			80,377,004			(37,417,053	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		—			(2,263,201	)		(1,766,269	)		(19,204,482	)
Return of capital		—			(191,392	)		—			—
Decrease in net assets resulting from distributions to shareholders		—			(2,454,593	)		(1,766,269	)		(19,204,482	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(4,867,593	)		35,035,708			80,629,347			(73,341,055	)
NET ASSETS
Total increase (decrease) in net assets		(2,570,507	)		36,647,903			159,240,082			(129,962,590	)
Beginning of period		87,223,475			50,575,572			516,628,638			646,591,228
End of period	$	84,652,968		$	87,223,475		$	675,868,720		$	516,628,638

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

See notes to financial statements.

FINANCIAL   STATEMENTS 63

Statements of Changes in Net Assets (continued)

	iShares MSCI UAE ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(57,571	)	$	2,151,123
Net realized loss		(1,556,268	)		(11,560,584	)
Net change in unrealized appreciation (depreciation)		2,686,121			(4,188,764	)
Net increase (decrease) in net assets resulting from operations		1,072,282			(13,598,225	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(8,763	)		(2,128,226	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(14,396,107	)		8,096,344
NET ASSETS
Total decrease in net assets		(13,332,588	)		(7,630,107	)
Beginning of period		38,176,988			45,807,095
End of period	$	24,844,400		$	38,176,988

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

See notes to financial statements.

64 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Argentina and Global Exposure ETF
	Six Months Ended																			Period From
	02/28/21					Year Ended					Year Ended					Year Ended						04/25/17	(a)
	(unaudited)				08/31/20					08/31/19					08/31/18					to 08/31/17
Net asset value, beginning of period.		$	22.01				$	19.34				$	22.20				$	25.71			$	25.23
Net investment income(b)			0.10					0.17					0.27					0.63				0.03
Net realized and unrealized gain (loss)(c)			3.15					2.65					(2.88	)				(3.61	)			0.46
Net increase (decrease) from investment operations			3.25					2.82					(2.61	)				(2.98	)			0.49
Distributions(d)
From net investment income			(0.17	)				(0.15	)				(0.25	)				(0.53	)			(0.01	)
Total distributions			(0.17	)				(0.15	)				(0.25	)				(0.53	)			(0.01	)
Net asset value, end of period		$	25.09				$	22.01				$	19.34				$	22.20			$	25.71
Total Return
Based on net asset value			14.72	%(e)				14.65	%				(12.05	)%				(12.00	)%			2.00	%(e)
Ratios to Average Net Assets
Total expenses			0.59	%(f)				0.59	%				0.59	%				0.59	%			0.59	%(f)
Total expenses after fees waived			0.24	%(f)				0.24	%				0.45	%				0.59	%(g)			0.59	%(f)(g)
Net investment income			0.84	%(f)				0.85	%				1.14	%				2.22	%			0.34	%(f)
Supplemental Data
Net assets, end of period (000)		$	7,526				$	7,705				$	8,704				$	22,203			$	15,428
Portfolio turnover rate(h)			13	%(e)				51	%				27	%				42	%			17	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Revised from the previously reported value of 0.00% due to an error that was identified in the current year.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 65

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Brazil Small-Cap ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	13.62			$	16.92			$	11.87			$	16.19			$	11.51			$	8.12
Net investment income(a)			0.13				0.23				0.50				0.40				0.36				0.24
Net realized and unrealized gain (loss)(b)			1.34				(3.30	)			5.15				(4.01	)			4.74				3.35
Net increase (decrease) from investment operations			1.47				(3.07	)			5.65				(3.61	)			5.10				3.59
Distributions(c)
From net investment income			(0.11	)			(0.23	)			(0.60	)			(0.71	)			(0.42	)			(0.20	)
Total distributions			(0.11	)			(0.23	)			(0.60	)			(0.71	)			(0.42	)			(0.20	)
Net asset value, end of period		$	14.98			$	13.62			$	16.92			$	11.87			$	16.19			$	11.51
Total Return
Based on net asset value			10.73	%(d)			(18.40	)%			48.35	%			(22.95	)%			45.92	%			45.17	%
Ratios to Average Net Assets
Total expenses			0.57	%(e)			0.59	%			0.59	%			0.59	%			0.62	%			0.63	%
Net investment income			1.74	%(e)			1.51	%			3.26	%			2.55	%			2.76	%			2.77	%
Supplemental Data
Net assets, end of period (000)		$	104,870			$	97,375			$	106,588			$	48,679			$	62,316			$	50,087
Portfolio turnover rate(f)			21	%(d)(g)			65	%(g)			47	%(g)			67	%(g)			58	%(g)			38	%(g)
(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) Not annualized. (e) Annualized. (f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(g) Portfolio turnover rate excluding cash creations was as follows:			21	%			26	%			30	%			25	%			26	%			28	%

See notes to financial statements.

66 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI China ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	75.92			$	56.43			$	60.85			$	62.06			$	46.87			$	44.49
Net investment income (loss)(a)			(0.07	)			0.90				0.95				1.05				0.86				0.97
Net realized and unrealized gain (loss)(b)			11.21				19.40				(4.49	)			(1.10	)			14.94				2.34
Net increase (decrease) from investment operations			11.14				20.30				(3.54	)			(0.05	)			15.80				3.31
Distributions(c)
From net investment income			(0.60	)			(0.81	)			(0.88	)			(1.16	)			(0.61	)			(0.93	)
Total distributions			(0.60	)			(0.81	)			(0.88	)			(1.16	)			(0.61	)			(0.93	)
Net asset value, end of period		$	86.46			$	75.92			$	56.43			$	60.85			$	62.06			$	46.87
Total Return
Based on net asset value			14.76	%(d)			36.29	%			(5.76	)%			(0.22	)%			34.13	%			7.63	%
Ratios to Average Net Assets
Total expenses			0.57	%(e)			0.59	%			0.59	%			0.59	%			0.62	%			0.64	%
Net investment income (loss)			(0.17	)%(e)			1.43	%			1.63	%			1.57	%			1.70	%			2.24	%
Supplemental Data
Net assets, end of period (000)		$	6,657,475			$	6,118,904			$	3,588,927			$	3,444,143			$	2,594,247			$	2,099,991
Portfolio turnover rate(f)			10	%(d)			16	%			14	%			14	%			6	%			27	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 67

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI China Small-Cap ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	45.21			$	38.46			$	47.23			$	48.50			$	43.79			$	41.08
Net investment income(a)			0.25				1.46				1.39				1.51				1.22				1.25
Net realized and unrealized gain (loss)(b)			14.75				6.48				(7.78	)			(1.14	)			5.21				2.99
Net increase (decrease) from investment operations			15.00				7.94				(6.39	)			0.37				6.43				4.24
Distributions(c)
From net investment income			(1.18	)			(1.19	)			(2.38	)			(1.64	)			(1.72	)			(1.53	)
Total distributions			(1.18	)			(1.19	)			(2.38	)			(1.64	)			(1.72	)			(1.53	)
Net asset value, end of period		$	59.03			$	45.21			$	38.46			$	47.23			$	48.50			$	43.79
Total Return
Based on net asset value			33.90	%(d)			21.21	%			(13.60	)%			0.58	%			15.29	%			10.50	%
Ratios to Average Net Assets
Total expenses			0.57	%(e)			0.59	%			0.59	%			0.59	%			0.62	%			0.64	%
Net investment income			1.01	%(e)			3.70	%			3.26	%			2.91	%			2.72	%			2.95	%
Supplemental Data
Net assets, end of period (000)		$	67,889			$	51,989			$	19,230			$	25,977			$	21,825			$	19,706
Portfolio turnover rate(f)			25	%(d)			39	%			38	%			63	%			26	%			31	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

68 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Indonesia ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	19.69			$	25.22			$	23.57			$	26.89			$	25.82			$	20.18
Net investment income (loss)(a)			(0.01	)			0.36				0.41				0.43				0.31				0.34
Net realized and unrealized gain (loss)(b)			3.69				(5.66	)			1.70				(3.27	)			1.11				5.59
Net increase (decrease) from investment operations			3.68				(5.30	)			2.11				(2.84	)			1.42				5.93
Distributions(c)
From net investment income			(0.17	)			(0.23	)			(0.46	)			(0.48	)			(0.35	)			(0.27	)
Return of capital			—				—				—				—				—				(0.02	)
Total distributions			(0.17	)			(0.23	)			(0.46	)			(0.48	)			(0.35	)			(0.29	)
Net asset value, end of period		$	23.20			$	19.69			$	25.22			$	23.57			$	26.89			$	25.82
Total Return
Based on net asset value			18.76	%(d)			(21.04	)%			9.00	%			(10.67	)%			5.53	%			29.59	%
Ratios to Average Net Assets
Total expenses			0.57	%(e)			0.59	%			0.59	%			0.59	%			0.62	%			0.63	%
Net investment income (loss)			(0.09	)%(e)			1.65	%			1.64	%			1.63	%			1.22	%			1.47	%
Supplemental Data
Net assets, end of period (000)		$	372,315			$	319,892			$	402,185			$	414,758			$	501,411			$	702,198
Portfolio turnover rate(f)			5	%(d)			13	%			12	%			7	%			6	%			5	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 69

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Peru ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	31.65			$	34.11			$	37.44			$	37.54			$	32.79			$	23.09
Net investment income(a)			0.19				0.69				0.85				1.09				0.46				0.33
Net realized and unrealized gain (loss)(b)			5.50				(2.34	)			(3.36	)			(0.06	)			4.99				9.73
Net increase (decrease) from investment operations			5.69				(1.65	)			(2.51	)			1.03				5.45				10.06
Distributions(c)
From net investment income			(0.18	)			(0.81	)			(0.82	)			(1.13	)			(0.70	)			(0.36	)
Total distributions			(0.18	)			(0.81	)			(0.82	)			(1.13	)			(0.70	)			(0.36	)
Net asset value, end of period		$	37.16			$	31.65			$	34.11			$	37.44			$	37.54			$	32.79
Total Return
Based on net asset value			18.02	%(d)			(4.78	)%			(6.75	)%			2.60	%			16.89	%			44.13	%
Ratios to Average Net Assets
Total expenses			0.57	%(e)			0.59	%			0.59	%			0.59	%			0.62	%			0.63	%
Net investment income			1.16	%(e)			2.15	%			2.33	%			2.65	%			1.37	%			1.23	%
Supplemental Data
Net assets, end of period (000)		$	189,514			$	82,297			$	163,738			$	164,717			$	170,794			$	218,026
Portfolio turnover rate(f)			16	%(d)			26	%			18	%			11	%			13	%			22	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

70 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Philippines ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	26.63			$	34.45			$	33.08			$	35.88			$	39.19			$	35.50
Net investment income (loss)(a)			(0.02	)			0.17				0.28				0.14				0.15				0.21
Net realized and unrealized gain (loss)(b)			4.07				(7.80	)			1.35				(2.79	)			(3.26	)			3.74
Net increase (decrease) from investment operations			4.05				(7.63	)			1.63				(2.65	)			(3.11	)			3.95
Distributions(c)
From net investment income			(0.07	)			(0.19	)			(0.26	)			(0.15	)			(0.20	)			(0.26	)
Total distributions			(0.07	)			(0.19	)			(0.26	)			(0.15	)			(0.20	)			(0.26	)
Net asset value, end of period		$	30.61			$	26.63			$	34.45			$	33.08			$	35.88			$	39.19
Total Return
Based on net asset value			15.20	%(d)			(22.16	)%			4.93	%			(7.40	)%			(7.87	)%			11.19	%
Ratios to Average Net Assets
Total expenses			0.57	%(e)			0.59	%			0.59	%			0.59	%			0.62	%			0.64	%
Net investment income (loss)			(0.13	)%(e)			0.57	%			0.83	%			0.40	%			0.42	%			0.58	%
Supplemental Data
Net assets, end of period (000)		$	146,921			$	118,507			$	217,028			$	172,013			$	172,245			$	317,403
Portfolio turnover rate(f)			13	%(d)			16	%			8	%			8	%			7	%			10	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Poland ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	18.24			$	20.68			$	24.31			$	27.33			$	18.06			$	21.63
Net investment income (loss)(a)			(0.02	)			0.17	(b)			0.65	(b)			0.33	(b)			0.45	(b)			0.42
Net realized and unrealized gain (loss)(c)			0.78				(1.95	)			(3.93	)			(2.90	)			9.25				(3.70	)
Net increase (decrease) from investment operations			0.76				(1.78	)			(3.28	)			(2.57	)			9.70				(3.28	)
Distributions(d)
From net investment income			(0.10	)			(0.66	)			(0.35	)			(0.45	)			(0.43	)			(0.29	)
Total distributions			(0.10	)			(0.66	)			(0.35	)			(0.45	)			(0.43	)			(0.29	)
Net asset value, end of period		$	18.90			$	18.24			$	20.68			$	24.31			$	27.33			$	18.06
Total Return
Based on net asset value			3.99	%(e)			(8.76	)%(b)			(13.64	)%(b)			(9.53	)%(b)			54.79	%(b)			(15.17	)%
Ratios to Average Net Assets
Total expenses			0.57	%(f)			0.78	%			0.61	%			0.63	%			0.63	%			0.64	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.59	%			0.59	%			0.59	%			0.62	%			N/A
Net investment income (loss)			(0.18	)%(f)			0.93	%(b)			2.81	%(b)			1.28	%(b)			2.07	%(b)			2.24	%
Supplemental Data
Net assets, end of period (000)		$	245,737			$	253,594			$	260,578			$	263,758			$	363,537			$	179,737
Portfolio turnover rate(g)			15	%(e)			15	%			5	%			7	%			6	%			10	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2020, August 31, 2019, August 31, 2018 and August 31, 2017, respectively:

• Net investment income per share by $0.28, $0.05, $0.08 and $0.03, respectively.

• Total return by 1.40%, 0.21%, 0.41% and 0.11%, respectiverly.

• Ratio of net investment income to average net assets by 1.54%, 0.22%, 0.32% and 0.14%, respectively.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

72 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Qatar ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	17.62			$	17.44			$	17.82			$	16.19			$	20.18			$	21.43
Net investment income(a)			0.10				0.56				0.64				0.66				0.57				0.67
Net realized and unrealized gain (loss)(b)			0.29				0.11				(0.26	)			1.71				(3.90	)			(1.24	)
Net increase (decrease) from investment operations			0.39				0.67				0.38				2.37				(3.33	)			(0.57	)
Distributions(c)
From net investment income			—				(0.45	)			(0.76	)			(0.74	)			(0.66	)			(0.66	)
From net realized gain			—				—				—				—				—				(0.02	)
Return of capital			—				(0.04	)			—				—				—				—
Total distributions			—				(0.49	)			(0.76	)			(0.74	)			(0.66	)			(0.68	)
Net asset value, end of period		$	18.01			$	17.62			$	17.44			$	17.82			$	16.19			$	20.18
Total Return
Based on net asset value			2.21	%(d)			4.10	%			1.98	%			14.96	%			(16.52	)%			(2.32	)%
Ratios to Average Net Assets
Total expenses			0.58	%(e)			0.59	%			0.59	%			0.59	%			0.62	%			0.64	%
Net investment income			1.11	%(e)			3.31	%			3.48	%			4.09	%			3.05	%			3.44	%
Supplemental Data
Net assets, end of period (000)		$	84,653			$	87,223			$	50,576			$	55,253			$	49,390			$	53,486
Portfolio turnover rate(f)			11	%(d)(g)			24	%(g)			33	%(g)			58	%(g)			47	%(g)			29	%(g)
(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) Not annualized. (e) Annualized. (f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(g) Portfolio turnover rate excluding cash creations was as follows:			4	%			14	%			23	%			22	%			20	%			12	%

See notes to financial statements.    

FINANCIAL   HIGHLIGHTS 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Saudi Arabia ETF
	Six Months Ended																									Period From
		02/28/21					Year Ended					Year Ended					Year Ended					Year Ended						09/16/15	(a)
	(unaudited)					08/31/20					08/31/19					08/31/18					08/31/17					to 08/31/16
Net asset value, beginning of period			$	28.70				$	30.21				$	29.72				$	26.15				$	21.52			$	24.92
Net investment income(b)				0.03					0.57					1.11					1.28					0.91				0.81
Net realized and unrealized gain (loss)(c)				4.25					(1.26	)				0.12					2.92					4.24				(3.69	)
Net increase (decrease) from investment operations				4.28					(0.69	)				1.23					4.20					5.15				(2.88	)
Distributions(d)
From net investment income				(0.09	)				(0.82	)				(0.74	)				(0.63	)				(0.52	)			(0.52	)
Total distributions				(0.09	)				(0.82	)				(0.74	)				(0.63	)				(0.52	)			(0.52	)
Net asset value, end of period			$	32.89				$	28.70				$	30.21				$	29.72				$	26.15			$	21.52
Total Return
Based on net asset value				14.91	%(e)				(2.21	)%				4.14	%				16.23	%				24.06	%			(11.64	)%(e)
Ratios to Average Net Assets
Total expenses				0.74	%(f)				0.74	%				0.74	%				0.74	%				0.74	%			0.74	%(f)
Net investment income				0.22	%(f)				2.03	%				3.46	%				4.31	%				3.68	%			3.71	%(f)
Supplemental Data
Net assets, end of period (000)			$	675,869				$	516,629				$	646,591				$	257,099				$	18,306			$	4,305
Portfolio turnover rate(g)				10	%(e)(h)				64	%(h)				82	%(h)				20	%(h)				21	%(h)			17	%(e)(h)
(a) Commencement of operations. (b) Based on average shares outstanding. (c)  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. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Not annualized. (f)  Annualized. (g) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(h) Portfolio turnover rate excluding cash creations was as follows:				2	%				20	%				14	%				10	%				21	%			17	%

See notes to financial statements.

74 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI UAE ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	10.91			$	14.09			$	15.61			$	17.74			$	17.15			$	18.34
Net investment income (loss)(a)			(0.03	)			0.53				0.57				0.70				0.50				0.68	(b)
Net realized and unrealized gain (loss)(c)			1.87				(3.16	)			(1.54	)			(2.04	)			0.72				(1.19	)
Net increase (decrease) from investment operations			1.84				(2.63	)			(0.97	)			(1.34	)			1.22				(0.51	)
Distributions(d)
From net investment income			(0.01	)			(0.55	)			(0.55	)			(0.79	)			(0.63	)			(0.68	)
Total distributions			(0.01	)			(0.55	)			(0.55	)			(0.79	)			(0.63	)			(0.68	)
Net asset value, end of period		$	12.74			$	10.91			$	14.09			$	15.61			$	17.74			$	17.15
Total Return
Based on net asset value			16.85	%(e)			(18.43	)%			(5.95	)%			(7.55	)%			7.33	%			(2.66	)%
Ratios to Average Net Assets
Total expenses			0.58	%(f)			0.59	%			0.59	%			0.59	%			0.62	%			0.64	%
Net investment income (loss)			(0.58	)%(f)			4.46	%			3.95	%			4.18	%			2.94	%			4.09	%(b)
Supplemental Data
Net assets, end of period (000)		$	24,844			$	38,177			$	45,807			$	39,018			$	49,663			$	41,156
Portfolio turnover rate(g)			64	%(e)			67	%			55	%			33	%			33	%			55	%

^(a)  Based on average shares outstanding.

^(b)  Includes a special distribution from Mediclinic International PLC. Excluding such special distribution, the net investment income would have been $0.52 per share and 3.11% of average net assets.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 75

Notes to Financial Statements (unaudited) 

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
MSCI Argentina and Global Exposure		Non-diversified
MSCI Brazil Small-Cap		Diversified
MSCI China		Non-diversified
MSCI China Small-Cap		Diversified
MSCI Indonesia		Non-diversified
MSCI Peru		Non-diversified
MSCI Philippines		Non-diversified
MSCI Poland		Non-diversified
MSCI Qatar		Non-diversified
MSCI Saudi Arabia		Non-diversified
MSCI UAE		Non-diversified

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, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, 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 prevailing market rates as quoted by one or more data service providers. 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 statement 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.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2021, if any, are disclosed in the statement of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under

76 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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. 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 for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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.

NOTES   TO   FINANCIAL   STATEMENTS 77

Notes to Financial Statements (unaudited) (continued)

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 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower 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.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Argentina and Global Exposure
BofA Securities, Inc.	$	28,096	$	28,096		$	—	$	—
Citigroup Global Markets Inc.		89,121		89,121			—		—
Credit Suisse Securities (USA) LLC		8,505		8,505			—		—
JPMorgan Securities LLC		14,598		14,598			—		—
Morgan Stanley & Co. LLC		11,414		11,414			—		—
	$	151,734	$	151,734		$	—	$	—
MSCI China
Barclays Bank PLC	$	8,591,708	$	8,591,708		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		413,357		413,357			—		—
BNP Paribas Securities Corp.		1,568,070		1,568,070			—		—
BofA Securities, Inc.		124,128		124,128			—		—
Citigroup Global Markets Inc.		24,467,340		24,467,340			—		—
Credit Suisse Securities (USA) LLC		16,919,747		16,919,747			—		—
Goldman Sachs & Co.		12,807,854		12,807,854			—		—
HSBC Bank PLC		45,780,000		45,780,000			—		—
JPMorgan Securities LLC		32,285,705		32,285,705			—		—
Macquarie Bank Limited		5,546,176		5,546,176			—		—
Morgan Stanley & Co. LLC		32,629,746		32,629,746			—		—
UBS AG		1,595,648		1,592,500			—		(3,148	)(b)
UBS Securities LLC		2,706,696		2,706,696			—		—
Wells Fargo Securities LLC		9,928,595		9,928,595			—		—
	$	195,364,770	$	195,361,622		$	—	$	(3,148	)

78 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI China Small-Cap
Barclays Bank PLC	$	165,526	$	165,526		$	—	$	—
BofA Securities, Inc.		372,209		372,209			—		—
Citadel Clearing LLC		219,656		219,656			—		—
Citigroup Global Markets Inc.		472,798		472,798			—		—
Credit Suisse Securities (USA) LLC		182,487		182,487			—		—
Deutsche Bank Securities Inc.		424,526		424,526			—		—
Goldman Sachs & Co.		133,063		133,063			—		—
HSBC Bank PLC		155,004		155,004			—		—
Jefferies LLC		222,341		222,341			—		—
JPMorgan Securities LLC		1,029,196		1,029,196			—		—
Morgan Stanley & Co. LLC		1,648,636		1,648,636			—		—
SG Americas Securities LLC		114		114			—		—
State Street Bank & Trust Company		15,176		15,176			—		—
UBS AG		990,835		990,835			—		—
	$	6,031,567	$	6,031,567		$	—	$	—
MSCI Poland
BofA Securities, Inc.	$	10,635,178	$	10,635,178		$	—	$	—
Citigroup Global Markets Inc.		1,179,878		1,179,878			—		—
HSBC Bank PLC		1,437,095		1,437,095			—		—
Morgan Stanley & Co. LLC		7,341,576		7,341,576			—		—
UBS AG		1,078,666		1,078,666			—		—
	$	21,672,393	$	21,672,393		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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, Inc. (“BlackRock”). BlackRock’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

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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. 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).

NOTES   TO   FINANCIAL   STATEMENTS 79

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the iShares MSCI Brazil Small-Cap, iShares MSCI China, iShares MSCI China Small-Cap, iShares MSCI Indonesia, iShares MSCI Peru, iShares MSCI Philippines, iShares MSCI Poland, iShares MSCI Qatar and iShares MSCI UAE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion		0.74	%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45

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 Fee
MSCI Argentina and Global Exposure		0.59	%
MSCI Saudi Arabia		0.74

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA has elected to implement a voluntary fee waiver in order to limit the iShares MSCI Argentina and Global Exposure ETF’s total annual operating expenses after fee waiver to 0.24%, and currently intends to keep such voluntary fee waiver for the Fund in place through December 31, 2021. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
MSCI Argentina and Global Exposure	$	12,497

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “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. 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. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of 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.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified 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 the 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

80 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Fees Paid to BTC
MSCI Argentina and Global Exposure	$	329
MSCI China		203,731
MSCI China Small-Cap		38,156
MSCI Poland		35,886

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Argentina and Global Exposure	$	222,725	$	270,242	$	68,409
MSCI China		55,605,012		27,970,108		(2,060,679	)
MSCI China Small-Cap		3,609,250		6,385,618		2,272,064
MSCI Peru		1,302,232		1,130,522		(188,079	)
MSCI Poland		2,686,553		—		—

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 statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Argentina and Global Exposure	$	931,625	$	1,124,451
MSCI Brazil Small-Cap		21,541,148		22,985,932
MSCI China		616,061,401		699,005,059
MSCI China Small-Cap		28,015,822		13,864,127
MSCI Indonesia		17,713,581		18,627,032
MSCI Peru		24,640,508		20,553,218
MSCI Philippines		21,195,756		17,665,685
MSCI Poland		36,248,044		36,595,600
MSCI Qatar		10,471,015		14,822,240
MSCI Saudi Arabia		130,404,734		54,843,524
MSCI UAE		14,049,843		28,355,780

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Argentina and Global Exposure	$	—	$	936,434
MSCI China		10,101,313		321,929,831
MSCI China Small-Cap		7,598,011		23,732,396
MSCI Indonesia		69,543,332		74,748,227
MSCI Peru		77,422,653		1,413,971
MSCI Philippines		27,086,384		13,575,281
MSCI Poland		69,717,353		89,997,271
MSCI UAE		184,933		234,635

NOTES   TO   FINANCIAL   STATEMENTS 81

Notes to Financial Statements (unaudited) (continued)

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 February 28, 2021, 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.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Argentina and Global Exposure	$	4,831,664
MSCI Brazil Small-Cap		58,026,412
MSCI China		512,292,866
MSCI China Small-Cap		8,952,665
MSCI Indonesia		129,565,553
MSCI Peru		117,476,150
MSCI Philippines		50,840,849
MSCI Poland		89,670,491
MSCI Qatar		17,080,529
MSCI Saudi Arabia		64,778,894
MSCI UAE		31,007,364

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2021, 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)
MSCI Argentina and Global Exposure	$	10,606,980	$	1,902,077	$	(4,855,944	)	$	(2,953,867	)
MSCI Brazil Small-Cap		108,263,610		21,053,835		(25,360,998	)		(4,307,163	)
MSCI China		4,579,505,718		2,613,878,414		(348,765,865	)		2,265,112,549
MSCI China Small-Cap		69,549,727		13,497,384		(7,839,176	)		5,658,208
MSCI Indonesia		463,439,178		24,287,484		(115,529,878	)		(91,242,394	)
MSCI Peru		192,258,367		18,669,000		(22,880,238	)		(4,211,238	)
MSCI Philippines		181,946,387		1,884,956		(37,016,936	)		(35,131,980	)
MSCI Poland		352,932,892		14,684,547		(96,364,367	)		(81,679,820	)
MSCI Qatar		80,971,208		14,345,520		(10,591,876	)		3,753,644
MSCI Saudi Arabia		629,700,782		123,579,778		(78,106,194	)		45,473,584
MSCI UAE		33,138,772		3,716,964		(12,018,008	)		(8,301,044	)

9. LINE OF CREDIT

The iShares MSCI Brazil Small-Cap ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF and iShares MSCI UAE ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1 and $200 million with respect to Tier 2, including the Funds. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

During the six months ended February 28, 2021, the Funds did not borrow under the credit agreement.

82 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 the 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 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 the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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 the Manager 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 statement 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.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration 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.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the schedule of investments.

NOTES   TO   FINANCIAL   STATEMENTS 83

Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Argentina and Global Exposure
Shares sold		—		$	—			400,000		$	8,087,879
Shares redeemed		(50,000	)		(1,067,643	)		(500,000	)		(8,532,436	)
Net decrease		(50,000	)	$	(1,067,643	)		(100,000	)	$	(444,557	)
MSCI Brazil Small-Cap
Shares sold		—		$	—			4,200,000		$	85,559,973
Shares redeemed		(150,000	)		(1,910,358	)		(3,350,000	)		(46,869,954	)
Net increase (decrease)		(150,000	)	$	(1,910,358	)		850,000		$	38,690,019
MSCI China
Shares sold		400,000		$	32,509,527			26,600,000		$	1,641,516,575
Shares redeemed		(4,000,000	)		(370,651,450	)		(9,600,000	)		(621,317,392	)
Net increase (decrease)		(3,600,000	)	$	(338,141,923	)		17,000,000		$	1,020,199,183
MSCI China Small-Cap
Shares sold		450,000		$	23,985,802			750,000		$	31,937,426
Shares redeemed		(450,000	)		(25,198,711	)		(100,000	)		(3,612,286	)
Net increase (decrease)		—		$	(1,212,909	)		650,000		$	28,325,140
MSCI Indonesia
Shares sold		3,350,000		$	72,368,199			11,900,000		$	252,571,048
Shares redeemed		(3,550,000	)		(75,409,105	)		(11,600,000	)		(237,596,655	)
Net increase (decrease)		(200,000	)	$	(3,040,906	)		300,000		$	14,974,393

84 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Peru
Shares sold		2,550,000		$	82,969,579			350,000		$	12,459,316
Shares redeemed		(50,000	)		(1,492,236	)		(2,550,000	)		(76,044,025	)
Net increase (decrease)		2,500,000		$	81,477,343			(2,200,000	)	$	(63,584,709	)
MSCI Philippines
Shares sold		850,000		$	27,154,110			1,400,000		$	45,719,469
Shares redeemed		(500,000	)		(13,623,126	)		(3,250,000	)		(84,983,862	)
Net increase (decrease)		350,000		$	13,530,984			(1,850,000	)	$	(39,264,393	)
MSCI Poland
Shares sold		4,000,000		$	71,080,571			6,150,000		$	112,952,003
Shares redeemed		(4,900,000	)		(90,618,409	)		(4,850,000	)		(86,586,035	)
Net increase (decrease)		(900,000	)	$	(19,537,838	)		1,300,000		$	26,365,968
MSCI Qatar
Shares sold		400,000		$	7,260,720			2,500,000		$	42,539,145
Shares redeemed		(650,000	)		(12,128,313	)		(450,000	)		(7,503,437	)
Net increase (decrease)		(250,000	)	$	(4,867,593	)		2,050,000		$	35,035,708
MSCI Saudi Arabia
Shares sold		3,900,000		$	121,840,753			10,450,000		$	298,650,503
Shares redeemed		(1,350,000	)		(41,211,406	)		(13,850,000	)		(371,991,558	)
Net increase (decrease)		2,550,000		$	80,629,347			(3,400,000	)	$	(73,341,055	)
MSCI UAE
Shares sold		1,000,000		$	12,824,622			1,600,000		$	21,787,453
Shares redeemed		(2,550,000	)		(27,220,729	)		(1,350,000	)		(13,691,109	)
Net increase (decrease)		(1,550,000	)	$	(14,396,107	)		250,000		$	8,096,344

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. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors 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.

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 statement of assets and liabilities.

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Poland ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the statement of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. 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 items were noted:

The iShares MSCI Poland ETF has filed claims to recover taxes withheld by Poland on dividend income on the basis that Poland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. On April 16, 2021, the iShares MSCI Poland ETF recorded a receivable for the recovery of taxes withheld from the Polish tax authority. The receipt of this payment is not a guarantee of future payments and Management continues to evaluate developments in Poland for potential impacts to filed claims and associated professional and IRS compliance fees, if any.

NOTES   TO   FINANCIAL   STATEMENTS 85

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Argentina and Global Exposure ETF, iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Peru ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF and iShares MSCI UAE ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

86 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net         Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Argentina and Global Exposure(a)	$	0.156333	$	—	$	0.014720	$	0.171053		91	%		—	%		9	%		100	%
MSCI Brazil Small-Cap(a)		0.106100		—		0.006743		0.112843		94			—			6			100
MSCI China Small-Cap(a)		1.142392		—		0.038905		1.181297		97			—			3			100
MSCI Indonesia(a)		0.145054		—		0.026667		0.171721		84			—			16			100
MSCI Peru(a)		0.132662		—		0.050216		0.182878		73			—			27			100
MSCI Philippines(a)		0.054601		—		0.017847		0.072448		75			—			25			100
MSCI UAE(a)		—		—		0.007620		0.007620		—			—			100			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

SUPPLEMENTAL   INFORMATION 87

General Information

Electronic Delivery

Shareholders can sign up for email 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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

88 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
JSC	Joint Stock Company
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

GLOSSARY   OF   TERMS   USED   IN   THIS   REPORT 89

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.

©2021 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.

iS-SAR-806-0221

              

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI Denmark ETF | EDEN | Cboe BZX

· iShares MSCI Finland ETF | EFNL | Cboe BZX

· iShares MSCI Germany Small-Cap ETF | EWGS | Cboe BZX

· iShares MSCI Ireland ETF | EIRL | NYSE Arca

· iShares MSCI Kuwait ETF | KWT | CBOE

· iShares MSCI New Zealand ETF | ENZL | NASDAQ

· iShares MSCI Norway ETF | ENOR | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S    P A G E    I S    N  O T    P A R T    O F    Y O U R    F U N D    R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		31
Statements of Operations		33
Statements of Changes in Net Assets		35
Financial Highlights		39
Notes to Financial Statements		46
Board Review and Approval of Investment Advisory Contract		55
Statement Regarding Liquidity Risk Management Program		57
Supplemental Information		58
General Information		59
Glossary of Terms Used in this Report		60

Fund Summary as of February 28, 2021 iShares^® MSCI Denmark ETF

Investment Objective

The iShares MSCI Denmark ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Danish equities, as represented by the MSCI Denmark 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		12.62	%		46.83	%		14.28	%		16.92	%		46.83	%		94.89	%		314.54	%
Fund Market		12.38			44.31			14.12			16.81			44.31			93.55			310.97
Index		12.92			47.29			14.61			17.23			47.29			97.76			324.84

The inception date of the Fund was 1/25/12. The first day of secondary market trading was 1/26/12.

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,126.20	$	2.79		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	40.7	%
Industrials	26.0
Financials	8.6
Consumer Staples	6.5
Utilities	6.3
Materials	5.7
Consumer Discretionary	3.0
Information Technology	2.5
Energy	0.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Novo Nordisk A/S, Class B	22.6	%
DSV Panalpina A/S	7.9
Vestas Wind Systems A/S	7.8
Orsted A/S	6.3
Coloplast A/S, Class B	4.3
Carlsberg AS, Class B	4.0
Genmab A/S	3.8
AP Moller - Maersk A/S, Class B	3.3
Novozymes A/S, Class B	3.2
Danske Bank A/S	3.2

^(a) Excludes money market funds.

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Fund Summary as of February 28, 2021 iShares^® MSCI Finland ETF

Investment Objective

The iShares MSCI Finland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Finnish equities, as represented by the MSCI Finland 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		11.10	%		33.93	%		12.54	%		10.19	%		33.93	%		80.51	%		141.63	%
Fund Market		10.35			31.50			12.57			10.14			31.50			80.79			140.66
Index		11.25			33.53			11.83			9.68			33.53			74.87			131.89

The inception date of the Fund was 1/25/12. The first day of secondary market trading was 1/26/12.

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,111.00	$	2.77		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	27.7	%
Materials	14.7
Information Technology	13.1
Energy	12.7
Financials	10.0
Communication Services	5.2
Utilities	4.4
Consumer Discretionary	4.1
Consumer Staples	3.6
Health Care	3.1
Real Estate	1.4

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Neste OYJ	12.6	%
Kone OYJ, Class B	12.3
Nokia OYJ	10.2
Sampo OYJ, Class A	9.4
Stora Enso OYJ, Class R	4.5
UPM-Kymmene OYJ	4.4
Fortum OYJ	4.4
Elisa OYJ	3.9
Metso Outotec OYJ	3.6
Kesko OYJ, Class B	3.6

^(a) Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of February 28, 2021 iShares^® MSCI Germany Small-Cap ETF

Investment Objective

The iShares MSCI Germany Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization German equities, as represented by the MSCI Germany 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		24.70	%		48.88	%		17.82	%		15.09	%		48.88	%		126.99	%		259.03	%
Fund Market		24.38			46.98			17.91			15.05			46.98			127.92			258.01
Index		24.72			48.97			17.57			14.94			48.97			124.68			255.06

The inception date of the Fund was 1/25/12. The first day of secondary market trading was 1/26/12.

Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. 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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,247.00	$	3.29		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	25.0	%
Information Technology	15.4
Health Care	11.9
Real Estate	9.9
Communication Services	9.3
Materials	9.1
Consumer Discretionary	7.7
Financials	7.4
Consumer Staples	2.3
Utilities	1.2
Energy	0.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Dialog Semiconductor PLC	3.6	%
thyssenkrupp AG	3.5
Evotec SE	3.4
Rheinmetall AG	2.8
ProSiebenSat.1 Media SE	2.8
TAG Immobilien AG	2.7
CTS Eventim AG & Co. KGaA	2.5
Siltronic AG	2.2
MorphoSys AG	2.1
Shop Apotheke Europe NV	2.1

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Fund Summary  as of February 28, 2021  iShares^® MSCI Ireland ETF

Investment Objective

The iShares MSCI Ireland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Irish equities, as represented by the MSCI All Ireland 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		20.22	%		27.30	%		7.80	%		10.63	%		27.30	%		45.57	%		174.61	%
Fund Market		20.34			26.18			7.91			10.59			26.18			46.33			173.53
Index		20.67			28.03			8.14			11.07			28.03			47.91			185.85

Index performance through November 26, 2013 reflects the performance of the MSCI Ireland Investable Market Index 25/50. Index performance beginning on November 27, 2013 reflects the performance of the MSCI All Ireland Capped 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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,202.20	$	2.73		$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	24.9	%
Materials	23.9
Industrials	16.4
Consumer Staples	15.9
Financials	8.9
Health Care	5.6
Real Estate	4.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
CRH PLC	18.6	%
Flutter Entertainment PLC	16.8
Kerry Group PLC, Class A	8.3
Kingspan Group PLC	5.1
Ryanair Holdings PLC	4.5
Bank of Ireland Group PLC	4.4
Grafton Group PLC	4.4
Glanbia PLC	4.1
Smurfit Kappa Group PLC	4.1
ICON PLC	3.9

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary as of February 28, 2021  iShares^® MSCI Kuwait ETF

Investment Objective

The iShares MSCI Kuwait ETF (the “Fund”) seeks to track the investment results of a broad-based equity index with exposure to Kuwait,as defined by the index provider, as represented by the MSCI All Kuwait Select Size Liquidity 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.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		10.97	%
Fund Market		11.29
Index		11.21

The inception date of the Fund was 9/1/20. The first day of secondary market trading was 9/3/20.

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 11 for more information.

Actual								Hypothetical 5% Return
	Beginning Account Value (09/01/20)	(a)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(b)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(b)	Annualized Expense Ratio
$	1,000.00		$	1,109.70	$	3.85		$	1,000.00	$	1,021.10	$	3.71		0.74	%

^(a)  The beginning of the period (commencement of operations) is September 01, 2020.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (180 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	64.2	%
Industrials	12.6
Real Estate	7.1
Communication Services	4.6
Materials	3.9
Consumer Discretionary	3.5
Utilities	1.6
Consumer Staples	1.3
Energy	1.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
National Bank of Kuwait SAKP	22.3	%
Kuwait Finance House KSCP	16.6
Ahli United Bank BSC	5.8
Mobile Telecommunications Co. KSC	4.6
Agility Public Warehousing Co. KSC	4.1
Mabanee Co. KPSC	3.8
Humansoft Holding Co. KSC	3.5
Gulf Bank KSCP	3.4
National Industries Group Holding SAK	2.6
Warba Bank KSCP	2.5

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2021  iShares^® MSCI New Zealand ETF

Investment Objective

The iShares MSCI New Zealand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of New Zealand equities, as represented by the MSCI New Zealand 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.53	%		22.07	%		15.87	%		12.96	%		22.07	%		108.83	%		238.29	%
Fund Market		4.55			20.15			15.54			12.73			20.15			105.93			231.48
Index		5.78			22.89			16.40			13.38			22.89			113.72			251.18

Index performance through February 11, 2013 reflects the performance of the MSCI New Zealand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI New Zealand 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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,055.30	$	2.55		$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Health Care	26.6	%
Utilities	20.2
Communication Services	12.8
Industrials	11.8
Real Estate	8.9
Consumer Staples	8.2
Materials	4.7
Consumer Discretionary	3.5
Energy	1.7
Information Technology	1.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Fisher & Paykel Healthcare Corp. Ltd.	17.3	%
Auckland International Airport Ltd.	9.8
Spark New Zealand Ltd.	8.9
a2 Milk Co. Ltd. (The)	7.5
Fletcher Building Ltd.	4.7
Infratil Ltd.	4.6
Meridian Energy Ltd.	4.6
Contact Energy Ltd.	4.5
Ryman Healthcare Ltd.	4.4
Mercury NZ Ltd.	4.3

F U N D    S U M M A R Y 9

Fund Summary as of February 28, 2021  iShares^® MSCI Norway ETF

Investment Objective

The iShares MSCI Norway ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Norwegian equities, as represented by the MSCI Norway 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		18.02	%		29.54	%		10.41	%		3.04	%		29.54	%		64.08	%		31.29	%
Fund Market		18.70			27.05			10.44			3.01			27.05			64.27			31.04
Index		18.32			30.03			10.79			3.36			30.03			66.89			35.16

The inception date of the Fund was 1/23/12. The first day of secondary market trading was 1/24/12.

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,180.20	$	2.87		$	1,000.00	$	1,022.20	$	2.66		0.53	%

 ^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	22.7	%
Consumer Staples	18.2
Energy	15.8
Communication Services	13.2
Materials	11.6
Industrials	9.1
Information Technology	3.6
Utilities	2.6
Real Estate	2.4
Consumer Discretionary	0.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Equinor ASA	11.5	%
DNB ASA	11.3
Telenor ASA	7.1
Mowi ASA	6.6
Yara International ASA	5.2
Norsk Hydro ASA	4.7
Orkla ASA	4.3
Tomra Systems ASA	3.0
Gjensidige Forsikring ASA	2.9
NEL ASA	2.6

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

A B O U T    F U N D    P E R F O  R M A N C E / S H A R E H O L D E R    E X P E N S E S 11

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Denmark ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 7.9%
DSV Panalpina A/S		77,231	$	14,270,637
Banks — 6.1%
Danske Bank A/S(a)		310,164		5,756,482
Jyske Bank A/S, Registered(a)(b)		36,510		1,587,042
Ringkjoebing Landbobank A/S		16,877		1,663,939
Spar Nord Bank A/S(a)		82,825		866,612
Sydbank A/S(a)		47,471		1,091,029
				10,965,104
Beverages — 5.4%
Carlsberg AS, Class B		45,395		7,187,619
Royal Unibrew A/S		24,145		2,501,108
				9,688,727
Biotechnology — 5.0%
Bavarian Nordic A/S(a)		37,285		1,345,029
Genmab A/S(a)		20,432		6,903,773
Zealand Pharma A/S(a)		23,372		744,700
				8,993,502
Building Products — 0.9%
ROCKWOOL International A/S, Class B		4,687		1,709,163
Chemicals — 5.5%
Chr Hansen Holding A/S(a)		47,624		4,110,765
Novozymes A/S, Class B		93,025		5,782,317
				9,893,082
Commercial Services & Supplies — 0.9%
ISS A/S(a)		90,503		1,639,801
Construction & Engineering — 0.4%
Per Aarsleff Holding A/S		16,797		760,852
Containers & Packaging — 0.2%
Brodrene Hartmann AS(a)		3,496		291,036
Electric Utilities — 6.3%
Orsted A/S(c)		69,629		11,342,949
Electrical Equipment — 8.4%
NKT A/S(a)		31,069		1,219,178
Vestas Wind Systems A/S		74,584		14,055,454
				15,274,632
Energy Equipment & Services — 0.5%
Drilling Co. of 1972 A/S (The)(a)		23,310		936,015
Food Products — 0.5%
Schouw & Co. A/S		9,561		973,852
Health Care Equipment & Supplies — 10.4%
Ambu A/S, Series B		79,503		3,703,759
Coloplast A/S, Class B		50,835		7,790,067
Demant A/S(a)		58,274		2,415,143
GN Store Nord A/S		58,674		4,961,132
				18,870,101
Health Care Technology — 0.2%
NNIT A/S(c)		20,760		355,813
Insurance — 2.6%
Alm Brand A/S		65,226		749,547
Topdanmark A/S		28,069		1,327,794

Security	Shares		Value
Insurance (continued)
Tryg A/S		80,117	$	2,537,065
				4,614,406
Life Sciences Tools & Services — 0.5%
Chemometec A/S		10,581		982,753
Machinery — 1.2%
FLSmidth & Co. A/S(a)		30,177		1,278,751
Nilfisk Holding A/S(a)		34,148		824,959
				2,103,710
Marine — 6.1%
AP Moller - Maersk A/S, Class A		1,534		3,097,422
AP Moller - Maersk A/S, Class B, NVS		2,744		5,930,309
D/S Norden A/S		37,225		782,629
Dfds A/S(a)		25,156		1,221,203
				11,031,563
Oil, Gas & Consumable Fuels — 0.2%
TORM PLC(b)		49,714		411,426
Pharmaceuticals — 24.3%
ALK-Abello A/S(a)		3,939		1,670,438
H Lundbeck A/S		41,700		1,597,550
Novo Nordisk A/S, Class B		569,359		40,702,024
				43,970,012
Software — 2.5%
Netcompany Group A/S(a)(c)		22,130		1,994,003
SimCorp A/S		20,106		2,458,175
				4,452,178
Specialty Retail — 0.4%
Matas A/S(a)		51,074		681,959
Textiles, Apparel & Luxury Goods — 2.6%
Pandora A/S		47,503		4,649,304
Tobacco — 0.5%
Scandinavian Tobacco Group A/S(c)		52,915		988,985
Total Common Stocks — 99.5% (Cost: $162,126,663)		179,851,562
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		1,336,278		1,337,079
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		114,000		114,000
				1,451,079
Total Short-Term Investments — 0.8% (Cost: $1,451,134)		1,451,079
Total Investments in Securities — 100.3% (Cost: $163,577,797)		181,302,641
Other Assets, Less Liabilities — (0.3)%				(499,802	)
Net Assets — 100.0%			$	180,802,839

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

12 2 0 2 1    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Denmark ETF

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	624,875	$	712,949	(a)	$	—	$	(746	)	$	1	$	1,337,079		1,336,278	$	4,895	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		34,000		80,000	(a)		—		—			—		114,000		114,000		35			—
								$	(746	)	$	1	$	1,451,079			$	4,930		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
OMX Copenhagen 25 Index		36		03/19/21	$	942	$	(54,875	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	54,875

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	164,762
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(60,841	)

S C H E D U L E    O F    I N V E S T  M E N T S 13

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Denmark ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	994,975

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	179,851,562		$	—	$	—	$	179,851,562
Money Market Funds		1,451,079			—		—		1,451,079
	$	181,302,641		$	—	$	—	$	181,302,641
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(54,875	)	$	—	$	—	$	(54,875	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Finland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.6%
Finnair OYJ(a)		222,857	$	193,816
Auto Components — 2.5%
Nokian Renkaat OYJ		20,787		739,781
Banks — 0.6%
Aktia Bank OYJ		15,556		169,748
Building Products — 0.9%
Uponor OYJ		12,167		256,378
Chemicals — 1.1%
Kemira OYJ		19,912		323,142
Commercial Services & Supplies — 0.6%
Caverion OYJ(a)		25,808		164,460
Communications Equipment — 10.1%
Nokia OYJ(a)		745,582		2,986,458
Construction & Engineering — 0.7%
YIT OYJ		34,905		197,857
Containers & Packaging — 2.3%
Huhtamaki OYJ		14,985		678,078
Diversified Telecommunication Services — 3.8%
Elisa OYJ		18,988		1,137,401
Electric Utilities — 4.4%
Fortum OYJ		51,686		1,298,017
Entertainment — 0.4%
Rovio Entertainment OYJ(b)		17,444		131,699
Food & Staples Retailing — 3.5%
Kesko OYJ, Class B		40,898		1,044,468
Health Care Equipment & Supplies — 0.3%
Revenio Group OYJ		1,294		80,732
Health Care Providers & Services — 0.5%
Oriola OYJ, Class B		55,848		136,593
Insurance — 9.4%
Sampo OYJ, Class A		61,907		2,770,512
IT Services — 1.8%
TietoEVRY OYJ		16,739		520,948
Machinery — 24.8%
Cargotec OYJ, Class B		7,613		402,893
Kone OYJ, Class B		45,061		3,614,248
Konecranes OYJ		10,952		488,936
Metso Outotec OYJ		94,168		1,064,715
Neles OYJ		17,342		215,549
Valmet OYJ		21,413		723,072
Wartsila OYJ Abp		70,620		814,498
				7,323,911
Media — 0.9%
Sanoma OYJ		15,656		259,965

Security	Shares		Value
Metals & Mining — 1.0%
Outokumpu OYJ(a)(c)		63,404	$	311,225
Multiline Retail — 0.8%
Tokmanni Group Corp.		10,984		239,983
Oil, Gas & Consumable Fuels — 12.6%
Neste OYJ		56,160		3,712,375
Paper & Forest Products — 10.2%
Metsa Board OYJ		33,103		370,865
Stora Enso OYJ, Class R		66,845		1,324,553
UPM-Kymmene OYJ		33,906		1,300,501
				2,995,919
Pharmaceuticals — 2.3%
Orion OYJ, Class B		16,500		680,341
Real Estate Management & Development — 1.4%
Citycon OYJ		18,438		167,850
Kojamo OYJ		12,713		245,045
				412,895
Software — 1.1%
Admicom OYJ		281		34,961
BasWare OYJ(a)		3,288		137,489
F-Secure OYJ(a)		34,152		153,793
				326,243
Specialty Retail — 0.8%
Musti Group OYJ		7,161		232,251
Total Common Stocks — 99.4% (Cost: $29,521,228)				29,325,196
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		336,240		336,442
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		165,000		165,000
				501,442
Total Short-Term Investments — 1.7% (Cost: $501,442)				501,442
Total Investments in Securities — 101.1% (Cost: $30,022,670)				29,826,638
Other Assets, Less Liabilities — (1.1)%				(337,670	)
Net Assets — 100.0%			$	29,488,968

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

S C H E D U L E    O F    I N V E S T  M E N T S 15

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Finland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	485,403	$	—	$	(148,777	)(a)	$	(149	)	$	(35	)	$	336,442		336,240	$	6,490	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		175,000		—		(10,000	)(a)		—			—			165,000		165,000		65			—
								$	(149	)	$	(35	)	$	501,442			$	6,555		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		4		03/19/21	$	176	$	5,830

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	5,830

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	16,528
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	7,260

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	166,665

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

16 2 0 2 1    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Finland ETF

Fair Value Measurements (continued)

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	29,325,196	$	—	$	—	$	29,325,196
Money Market Funds		501,442		—		—		501,442
	$	29,826,638	$	—	$	—	$	29,826,638
Derivative financial instruments(a)
Assets
Futures Contracts	$	5,830	$	—	$	—	$	5,830

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 17

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
OHB SE(a)		1,463	$	62,241
Auto Components — 0.3%
ElringKlinger AG(a)		7,857		132,180
Biotechnology — 2.1%
MorphoSys AG(a)		9,031		914,216
Capital Markets — 2.4%
AURELIUS Equity Opportunities SE & Co. KGaA(a)(b)		5,913		136,941
Deutsche Beteiligungs AG		2,892		130,233
Flatexdegiro AG(a)		5,991		635,562
MLP SE		16,492		127,114
				1,029,850
Chemicals — 2.7%
K+S AG, Registered		52,556		589,315
Wacker Chemie AG		4,296		560,818
				1,150,133
Commercial Services & Supplies — 2.6%
Befesa SA(c)		9,354		638,088
Bilfinger SE		7,888		282,447
Cewe Stiftung & Co. KGaA		1,527		201,658
				1,122,193
Communications Equipment — 0.3%
ADVA Optical Networking SE(a)		11,910		131,987
Diversified Financial Services — 2.3%
Grenke AG(b)		7,661		322,115
Hypoport SE(a)		981		691,818
				1,013,933
Electrical Equipment — 4.8%
Nordex SE(a)		17,576		473,609
OSRAM Licht AG(a)		10,637		662,086
PNE AG		10,479		95,777
SGL Carbon SE(a)		16,797		140,271
Varta AG(a)		4,995		691,780
				2,063,523
Electronic Equipment, Instruments & Components — 1.8%
Basler AG		1,003		105,917
Jenoptik AG		14,145		456,014
LPKF Laser & Electronics AG		6,721		212,515
				774,446
Entertainment — 2.7%
Borussia Dortmund GmbH & Co. KGaA(a)		16,339		109,375
CTS Eventim AG & Co. KGaA(a)		15,816		1,082,737
				1,192,112
Equity Real Estate Investment Trusts (REITs) — 2.1%
alstria office REIT-AG		43,889		734,095
Hamborner REIT AG		17,619		185,651
				919,746
Food & Staples Retailing — 0.9%
METRO AG		34,610		383,548
Food Products — 1.4%
KWS Saat SE & Co. KGaA		3,171		280,204
Suedzucker AG(b)		19,623		310,354
				590,558

Security	Shares		Value
Health Care Equipment & Supplies — 1.4%
Draegerwerk AG & Co. KGaA		851	$	63,836
Eckert & Ziegler Strahlen- und Medizintechnik AG		3,779		260,768
Stratec SE		1,992		285,795
				610,399
Health Care Providers & Services — 0.3%
Medios AG(a)		2,650		114,188
Health Care Technology — 1.3%
CompuGroup Medical SE & Co. KgaA		6,640		573,040
Hotels, Restaurants & Leisure — 0.5%
bet-at-home.com AG		953		43,957
Zeal Network SE		3,713		184,780
			228,737
Independent Power and Renewable Electricity Producers — 1.2%
Encavis AG		24,709		526,056
Industrial Conglomerates — 3.4%
Indus Holding AG		5,068		205,154
MBB SE		566		86,563
Rheinmetall AG		11,961		1,199,499
				1,491,216
Insurance — 0.3%
Wuestenrot & Wuerttembergische AG		6,442		133,241
Interactive Media & Services — 0.5%
New Work SE		768		206,016
Internet & Direct Marketing Retail — 3.9%
Home24 SE(a)		6,917		143,149
Shop Apotheke Europe NV(a)(c)		3,694		903,481
Takkt AG(a)		8,978		127,937
Westwing Group AG(a)		3,133		121,310
zooplus AG(a)		1,669		409,218
				1,705,095
IT Services — 3.5%
Adesso SE		760		104,241
Allgeier SE(b)		2,048		60,158
Cancom SE		10,585		680,948
Datagroup SE		1,166		91,427
Nagarro SE(a)		2,015		218,166
S&T AG(a)(b)		12,703		341,683
				1,496,623
Life Sciences Tools & Services — 5.5%
Evotec SE(a)		38,214		1,487,539
Gerresheimer AG		8,622		895,837
				2,383,376
Machinery — 7.3%
Deutz AG(a)		33,187		243,910
Duerr AG		14,252		566,026
JOST Werke AG(a)(c)		3,682		214,299
Koenig & Bauer AG(a)		3,848		115,366
Krones AG		3,904		330,996
Norma Group SE		8,749		418,622
Pfeiffer Vacuum Technology AG		1,355		262,494
Stabilus SA		6,782		509,972
Vossloh AG(a)		2,409		124,126
Wacker Neuson SE(a)		8,714		178,329
Washtec AG(a)		3,082		182,557
				3,146,697

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 4.4%
ProSiebenSat.1 Media SE(a)		57,581	$	1,186,763
Stroeer SE & Co. KGaA		7,768		701,031
				1,887,794
Metals & Mining — 6.1%
Aurubis AG		9,258		812,461
Salzgitter AG(a)		10,726		322,096
thyssenkrupp AG(a)		111,111		1,504,436
				2,638,993
Oil, Gas & Consumable Fuels — 0.8%
CropEnergies AG		7,158		97,136
VERBIO Vereinigte BioEnergie AG		6,051		243,477
				340,613
Pharmaceuticals — 0.9%
Dermapharm Holding SE		5,174		369,778
Professional Services — 0.7%
Amadeus Fire AG(a)		1,565		223,772
Bertrandt AG		1,557		85,234
				309,006
Real Estate Management & Development — 8.2%
ADLER Group SA(a)(c)		22,587		644,278
Corestate Capital Holding SA(a)(b)		5,966		99,354
Deutsche EuroShop AG(a)		13,572		292,902
DIC Asset AG		13,239		238,150
Grand City Properties SA		30,675		757,326
PATRIZIA AG		12,679		348,578
TAG Immobilien AG		40,227		1,150,377
				3,530,965
Road & Rail — 1.1%
Sixt SE(a)		3,752		468,625
Semiconductors & Semiconductor Equipment — 8.1%
Aixtron SE(a)		31,008		709,467
Dialog Semiconductor PLC(a)		20,003		1,563,609
Elmos Semiconductor SE		2,472		99,017
Siltronic AG(a)(b)		5,766		966,530
SMA Solar Technology AG(a)		2,858		184,726
				3,523,349
Software — 1.7%
Exasol AG(a)		3,355		87,310
Software AG		14,224		636,046
				723,356
Specialty Retail — 1.5%
Ceconomy AG(a)		44,081		276,624
Hornbach Baumarkt AG		2,165		88,559
Hornbach Holding AG & Co. KGaA		2,855		270,994
				636,177
Textiles, Apparel & Luxury Goods — 1.4%
Hugo Boss AG		16,431		625,043
Thrifts & Mortgage Finance — 1.9%
Aareal Bank AG(a)		16,436		438,900
Deutsche Pfandbriefbank AG(a)(c)		36,925		404,721
				843,621

Security	Shares		Value
Trading Companies & Distributors — 0.9%
BayWa AG		4,206	$	161,326
Kloeckner & Co. SE(a)		20,543		220,052
				381,378
Transportation Infrastructure — 1.9%
Fraport AG Frankfurt Airport Services Worldwide(a)(b)		10,156		644,721
Hamburger Hafen und Logistik AG		6,843		174,842
				819,563
Wireless Telecommunication Services — 1.7%
Freenet AG		35,164		748,857
Total Common Stocks — 96.9% (Cost: $37,899,071)				41,942,468
Preferred Stocks
Construction Materials — 0.3%
STO SE & Co. KGaA, Preference Shares, NVS		694		119,955
Health Care Equipment & Supplies — 0.4%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		2,361		181,404
Machinery — 1.3%
Jungheinrich AG, Preference Shares, NVS		13,180		571,124
Road & Rail — 0.8%
Sixt SE, Preference Shares, NVS		4,549		343,442
Total Preferred Stocks — 2.8% (Cost: $1,181,459)				1,215,925
Short-Term Investments
Money Market Funds — 5.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		2,322,255		2,323,649
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		20,000		20,000
				2,343,649
Total Short-Term Investments — 5.4% (Cost: $2,342,719)				2,343,649
Total Investments in Securities — 105.1% (Cost: $41,423,249)				45,502,042
Other Assets, Less Liabilities — (5.1)%				(2,210,825	)
Net Assets — 100.0%			$	43,291,217

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

S C H E D U L E    O F    I N V E S T  M E N T S 19

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Germany Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,913,301	$	411,719	(a)	$	—	$	(839	)	$	(532	)	$	2,323,649		2,322,255	$	91,388	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		10,000	(a)		—		—			—			20,000		20,000		5			—
								$	(839	)	$	(532	)	$	2,343,649			$	91,393		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		03/19/21	$	88	$	(489	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	489

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	11,598
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,380

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	125,260

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Germany Small-Cap ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	41,942,468		$	—	$	—	$	41,942,468
Preferred Stocks		1,215,925			—		—		1,215,925
Money Market Funds		2,343,649			—		—		2,343,649
	$	45,502,042		$	—	$	—	$	45,502,042
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(489	)	$	—	$	—	$	(489	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 21

Schedule of Investments  (unaudited)  February 28, 2021 iShares^® MSCI Ireland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 4.5%
Ryanair Holdings PLC, ADR(a)		24,647	$	2,650,045
Banks — 8.8%
AIB Group PLC(a)		1,001,372		2,264,412
Bank of Ireland Group PLC(a)		638,488		2,619,489
Permanent TSB Group Holdings PLC(a)		208,378		278,222
				5,162,123
Building Products — 5.1%
Kingspan Group PLC(a)		40,921		2,992,612
Construction Materials — 18.6%
CRH PLC(a)		251,465		10,927,170
Containers & Packaging — 5.3%
Ardagh Group SA		28,641		725,763
Smurfit Kappa Group PLC		50,603		2,405,282
				3,131,045
Equity Real Estate Investment Trusts (REITs) — 4.5%
Hibernia REIT PLC		1,013,065		1,384,595
Irish Residential Properties REIT PLC		685,024		1,238,908
				2,623,503
Food & Staples Retailing — 2.2%
Total Produce PLC		506,875		1,285,862
Food Products — 13.8%
Glanbia PLC		184,645		2,409,312
Kerry Group PLC, Class A		40,143		4,870,121
Origin Enterprises PLC		192,769		813,091
				8,092,524
Health Care Providers & Services — 1.7%
Uniphar PLC(a)		335,228		1,000,973
Hotels, Restaurants & Leisure — 19.6%
Dalata Hotel Group PLC(a)		323,938		1,637,661
Flutter Entertainment PLC(a)		51,079		9,885,850
				11,523,511
Household Durables — 4.0%
Cairn Homes PLC(a)		1,092,770		1,200,396
Glenveagh Properties PLC(a)(b)		1,136,752		1,145,225
				2,345,621

Security	Shares		Value
Insurance — 0.1%
FBD Holdings PLC(a)		9,428	$	84,455
Life Sciences Tools & Services — 3.9%
ICON PLC(a)		12,569		2,270,967
Marine — 2.2%
Irish Continental Group PLC(a)		243,766		1,278,215
Specialty Retail — 1.3%
Applegreen PLC(a)		110,897		773,989
Trading Companies & Distributors — 4.6%
Fly Leasing Ltd., ADR(a)		8,772		104,299
Grafton Group PLC		188,549		2,608,426
				2,712,725
Total Common Stocks — 100.2% (Cost: $48,804,329)				58,855,340
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		20,000		20,000
Total Short-Term Investments — 0.0%
(Cost: $20,000)				20,000
Total Investments in Securities — 100.2% (Cost: $48,824,329)				58,875,340
Other Assets, Less Liabilities — (0.2)%				(129,715	)
Net Assets — 100.0%			$	58,745,625

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	0	(a)	$	—	$	—	$	—	$	20,000		20,000	$	6	$	—

^(a) Represents net amount purchased (sold).

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Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Ireland ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		1		03/19/21	$	44	$	375

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts	$	375

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	8,135
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	375

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	42,626

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	58,855,340		$	—	$	—	$	58,855,340
Money Market Funds		20,000	��		—		—		20,000
	$	58,875,340		$	—	$	—	$	58,875,340
Derivative financial instruments(a)
Assets
Futures Contracts	$	375		$	—	$	—	$	375

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE    OF   INVESTMENTS 23

Schedule of Investments  (unaudited)  February 28, 2021 iShares^® MSCI Kuwait ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 4.1%
Agility Public Warehousing Co. KSC		286,356	$	624,467
Airlines — 0.9%
Jazeera Airways Co. KSCP(a)		68,555		144,517
Banks — 58.9%
Ahli United Bank BSC		1,199,380		891,659
Ahli United Bank KSCP		15,463		15,328
Al Ahli Bank of Kuwait KSCP		311,173		200,491
Boubyan Bank KSCP		8,488		15,481
Burgan Bank SAK		504,822		371,965
Gulf Bank KSCP		737,486		526,341
Kuwait Finance House KSCP		1,072,766		2,559,184
Kuwait International Bank KSCP		482,726		315,810
Kuwait Projects Co. Holding KSCP		560,483		316,678
National Bank of Kuwait SAKP		1,258,957		3,431,817
Warba Bank KSCP(a)		508,585		391,542
				9,036,296
Capital Markets — 0.9%
Noor Financial Investment Co. KSC		236,041		142,724
Chemicals — 4.0%
Boubyan Petrochemicals Co. KSCP		117,027		278,405
Qurain Petrochemical Industries Co.		268,483		328,230
				606,635
Construction & Engineering — 0.4%
Combined Group Contracting Co. SAK(a)		90,103		59,840
Diversified Consumer Services — 3.5%
Humansoft Holding Co. KSC(a)		43,066		544,568
Diversified Financial Services — 4.6%
A’ayan Leasing & Investment Co. KSCP(a)		645,296		247,330
Alimtiaz Investment Group KSC(a)		763,112		279,879
National Investments Co. KSCP		319,078		181,336
				708,545
Electrical Equipment — 2.1%
Gulf Cable & Electrical Industries Co. KSCP		110,291		316,315
Energy Equipment & Services — 1.2%
Heavy Engineering & Ship Building Co. KSCP		123,566		184,134

Security	Shares		Value
Food Products — 1.3%
Mezzan Holding Co. KSCC		106,706	$	205,550
Independent Power and Renewable Electricity Producers — 1.6%
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		285,239		241,273
Industrial Conglomerates — 2.6%
National Industries Group Holding SAK		641,313		404,728
Real Estate Management & Development — 7.1%
Kuwait Real Estate Co. KSC(a)		597,287		240,770
Mabanee Co. KPSC		254,421		590,132
National Real Estate Co. KPSC(a)		889,233		258,264
				1,089,166
Trading Companies & Distributors — 2.5%
ALAFCO Aviation Lease & Finance Co. KSCP		271,968		178,826
Integrated Holding Co. KCSC		150,949		205,987
				384,813
Wireless Telecommunication Services — 4.6%
Mobile Telecommunications Co. KSC		339,504		703,351
Total Common Stocks — 100.3%
(Cost: $14,518,883)				15,396,922
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		20,000		20,000
Total Short-Term Investments — 0.1% (Cost: $20,000)				20,000
Total Investments in Securities — 100.4% (Cost: $14,538,883)				15,416,922
Other Assets, Less Liabilities — (0.4)%				(67,090	)
Net Assets — 100.0%			$	15,349,832

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 09/01/20	(a)		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21	Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$	20,000	(b)	$	—	$	—	$	—	$	20,000	20,000	$	—	$	—

^(a)  The Fund commenced operations on September 01, 2020.

^(b)  Represents net amount purchased (sold).

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Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Kuwait ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	15,396,922	$	—	$	—	$	15,396,922
Money Market Funds		20,000		—		—		20,000
	$	15,416,922	$	—	$	—	$	15,416,922

See notes to financial statements.

SCHEDULE    OF   INVESTMENTS 25

Schedule of Investments  (unaudited)  February 28, 2021 iShares^® MSCI New Zealand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 1.3%
Air New Zealand Ltd.(a)		1,939,856	$	2,242,646
Construction Materials — 4.7%
Fletcher Building Ltd.		1,764,299		8,287,027
Diversified Telecommunication Services — 12.8%
Chorus Ltd.		1,208,501		6,932,950
Spark New Zealand Ltd.		4,709,043		15,715,904
				22,648,854
Electric Utilities — 15.6%
Contact Energy Ltd.		1,614,146		8,027,734
Genesis Energy Ltd.		1,575,110		4,002,691
Infratil Ltd.		1,513,262		8,098,153
Mercury NZ Ltd.		1,716,400		7,550,364
				27,678,942
Equity Real Estate Investment Trusts (REITs) — 8.9%
Argosy Property Ltd.		2,694,664		2,919,341
Goodman Property Trust		3,137,716		5,019,152
Kiwi Property Group Ltd.		4,626,104		4,019,549
Precinct Properties New Zealand Ltd.		3,288,276		3,897,175
				15,855,217
Food Products — 8.2%
a2 Milk Co. Ltd. (The)(a)		1,892,367		13,332,856
Synlait Milk Ltd.(a)		404,232		1,181,546
				14,514,402
Health Care Equipment & Supplies — 17.3%
Fisher & Paykel Healthcare Corp. Ltd.		1,446,492		30,763,514
Health Care Providers & Services — 9.2%
Oceania Healthcare Ltd.		2,361,718		2,489,947
Ryman Healthcare Ltd.		737,985		7,861,025
Summerset Group Holdings Ltd.		644,499		6,021,704
				16,372,676
Hotels, Restaurants & Leisure — 3.5%
Restaurant Brands New Zealand Ltd.(a)		154,104		1,371,480

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
SKYCITY Entertainment Group Ltd.		2,186,914	$	4,833,918
				6,205,398
Independent Power and Renewable Electricity Producers — 4.5%
Meridian Energy Ltd.		1,950,104		8,082,145
IT Services — 1.6%
Pushpay Holdings Ltd.(a)		2,290,770		2,848,208
Oil, Gas & Consumable Fuels — 1.8%
Z Energy Ltd.(a)		1,574,272		3,124,902
Transportation Infrastructure — 10.5%
Auckland International Airport Ltd.(a)		3,182,324		17,469,697
Napier Port Holdings Ltd.		483,415		1,205,614
				18,675,311
Total Common Stocks — 99.9% (Cost: $165,049,134)				177,299,242
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		68,000		68,000
Total Short-Term Investments — 0.0% (Cost: $68,000)				68,000
Total Investments in Securities — 99.9% (Cost: $165,117,134)				177,367,242
Other Assets, Less Liabilities — 0.1%				216,088
Net Assets — 100.0%			$	177,583,330

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	1,750	(b)	$	—	$	(1,750	)	$	—	$	—		—	$	5,145	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		68,000		0	(b)		—		—			—		68,000		68,000		50			—
								$	(1,750	)	$	—	$	68,000			$	5,195		$	—

^(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

26 2 0 2 1    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI New Zealand ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		1		03/18/21	$	128	$	(1,976	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,976

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	24,138
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,806	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	197,274

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

		Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	177,299,242		$	—	$	—	$	177,299,242
Money Market Funds		68,000			—		—		68,000
	$	177,367,242		$	—	$	—	$	177,367,242
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,976	)	$	—	$	—	$	(1,976	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE    OF   INVESTMENTS 27

Schedule of Investments  (unaudited) February 28, 2021 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Kongsberg Gruppen ASA		16,683	$	342,881
Banks — 15.5%
DNB ASA		172,438		3,376,877
Norwegian Finans Holding ASA(a)		24,233		215,261
Sbanken ASA(a)(b)		14,828		142,564
SpareBank 1 Nord Norge		17,681		157,881
Sparebank 1 Oestlandet		7,515		88,484
SpareBank 1 SMN		24,068		279,470
SpareBank 1 SR-Bank ASA(a)		33,187		384,972
				4,645,509
Chemicals — 6.9%
Borregaard ASA		17,610		334,942
Elkem ASA(b)		48,491		171,621
Yara International ASA		32,308		1,562,879
				2,069,442
Commercial Services & Supplies — 3.0%
Tomra Systems ASA		20,579		886,054
Construction & Engineering — 0.9%
Veidekke ASA		20,014		262,608
Diversified Financial Services — 1.3%
Aker ASA, Class A		4,822		389,142
Diversified Telecommunication Services — 7.0%
Telenor ASA		129,711		2,110,891
Electric Utilities — 0.5%
Fjordkraft Holding ASA(b)		18,007		134,446
Electrical Equipment — 2.5%
NEL ASA(a)		260,968		764,237
Energy Equipment & Services — 3.0%
BW Offshore Ltd.		17,143		70,149
Ocean Yield ASA		11,373		36,382
Subsea 7 SA(a)		41,709		437,722
TGS NOPEC Geophysical Co. ASA		21,745		343,269
				887,522
Food Products — 18.1%
Austevoll Seafood ASA		16,910		195,372
Bakkafrost P/F(a)		9,319		666,570
Grieg Seafood ASA(a)		9,315		89,343
Leroy Seafood Group ASA		55,220		446,915
Mowi ASA		81,480		1,981,179
Norway Royal Salmon ASA		2,423		56,270
Orkla ASA		139,228		1,291,076
Salmar ASA		10,501		695,515
				5,422,240
Independent Power and Renewable Electricity Producers — 2.1%
Scatec ASA(b)		22,013		641,577
Industrial Conglomerates — 0.4%
Bonheur ASA		3,942		104,134
Insurance — 5.7%
Gjensidige Forsikring ASA		37,075		856,703
Protector Forsikring ASA(a)		13,575		119,640

Security	Shares		Value
Insurance (continued)
Storebrand ASA(a)		86,720	$	746,163
				1,722,506
Interactive Media & Services — 2.1%
Adevinta ASA(a)		44,441		624,919
IT Services — 0.9%
Atea ASA		15,310		261,330
Machinery — 0.4%
Hexagon Composites ASA(a)		20,556		122,329
Marine — 0.7%
Golden Ocean Group Ltd.		17,264		103,841
Stolt-Nielsen Ltd.		4,755		63,496
Wallenius Wilhelmsen ASA(a)		19,608		54,302
				221,639
Media — 4.0%
Schibsted ASA, Class A(a)		14,015		570,722
Schibsted ASA, Class B(a)		18,169		628,278
				1,199,000
Metals & Mining — 4.6%
Norsk Hydro ASA		249,299		1,389,498
Multiline Retail — 0.6%
Europris ASA(b)		30,957		182,787
Oil, Gas & Consumable Fuels — 12.7%
BW LPG Ltd.(b)		14,471		86,537
DNO ASA(a)		90,409		85,475
Equinor ASA		181,166		3,434,202
Flex LNG Ltd.		5,517		47,790
Frontline Ltd./Bermuda		18,324		124,685
Hafnia Ltd.		19,803		38,539
				3,817,228
Real Estate Management & Development — 2.4%
Entra ASA(b)		32,059		671,556
Selvaag Bolig ASA		7,822		51,136
				722,692
Semiconductors & Semiconductor Equipment — 1.8%
Nordic Semiconductor ASA(a)		28,646		543,183
Software — 0.9%
Crayon Group Holding ASA(a)(b)		6,777		110,169
Pexip Holding ASA(a)		13,179		164,355
				274,524
Specialty Retail — 0.2%
XXL ASA(a)(b)		25,737		58,216
Total Common Stocks — 99.3% (Cost: $29,564,531)				29,800,534

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Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		10,000	$	10,000
Total Short-Term Investments — 0.0% (Cost: $10,000)				10,000
Total Investments in Securities — 99.3% (Cost: $29,574,531)				29,810,534
Other Assets, Less Liabilities — 0.7%			200,474
Net Assets — 100.0%			$	30,011,008

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	126,224	$	—		$	(126,085	)(b)	$	(110	)	$	(29	)	$	—		—	$	1,801	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		0	(b)		—			—			—			10,000		10,000		4			—
									$	(110	)	$	(29	)	$	10,000			$	1,805		$	—

^(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		4		03/19/21	$	176	$	(2,325	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts	$	2,325

SCHEDULE   OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Norway ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	4,054
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,881	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	99,666

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	29,800,534		$	—	$	—	$	29,800,534
Money Market Funds		10,000			—		—		10,000
	$	29,810,534		$	—	$	—	$	29,810,534
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(2,325	)	$	—	$	—	$	(2,325	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited)

February 28, 2021

	iShares MSCI Denmark ETF		iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF		iShares MSCI Ireland ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	179,851,562	$	29,325,196		$	43,158,393	$	58,855,340
Affiliated(c)		1,451,079		501,442			2,343,649		20,000
Cash		9,551		1,747			1,949		3,977
Foreign currency, at value(d)		309,344		45,545			55,886		103,982
Foreign currency collateral pledged:
Futures contracts(e)		117,037		18,207			9,711		9,710
Receivables:
Investments sold		671,601		782,534			421,567		6,414,011
Securities lending income — Affiliated		213		220			3,102		—
Dividends		—		225			2,102		—
Tax reclaims		668,195		119,303			35,599		14,740
Total assets		183,078,582		30,794,419			46,031,958		65,421,760
LIABILITIES
Collateral on securities loaned, at value		1,337,884		336,442			2,321,490		—
Payables:
Investments purchased		863,438		780,553			397,851		6,652,519
Variation margin on futures contracts		1,363		2,960			1,480		1,434
Investment advisory fees		73,058		12,162			19,920		22,182
Professional fees		—		50,000			—		—
IRS compliance fee for foreign withholding tax claims		—		123,334			—		—
Total liabilities		2,275,743		1,305,451			2,740,741		6,676,135
NET ASSETS	$	180,802,839	$	29,488,968		$	43,291,217	$	58,745,625
NET ASSETS CONSIST OF:
Paid-in capital	$	159,211,850	$	29,544,452		$	40,904,492	$	58,076,426
Accumulated earnings (loss)		21,590,989		(55,484	)		2,386,725		669,199
NET ASSETS	$	180,802,839	$	29,488,968		$	43,291,217	$	58,745,625
Shares outstanding		1,900,000		650,000			550,000		1,150,000
		��
Net asset value	$	95.16	$	45.37		$	78.71	$	51.08
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Securities loaned, at value	$	1,263,568	$	308,108		$	2,204,514	$	—
(b) Investments, at cost — Unaffiliated	$	162,126,663	$	29,521,228		$	39,080,530	$	48,804,329
(c)  Investments, at cost — Affiliated	$	1,451,134	$	501,442		$	2,342,719	$	20,000
(d) Foreign currency, at cost	$	307,110	$	44,721		$	55,703	$	103,121
(e) Foreign currency collateral pledged, at cost	$	118,129	$	18,446		$	9,895	$	9,732

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 31

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2020

	iShares MSCI Kuwait ETF		iShares MSCI New Zealand ETF		iShares MSCI Norway ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	15,396,922	$	177,299,242	$	29,800,534
Affiliated(b)		20,000		68,000		10,000
Cash		1,866		7,644		1,722
Foreign currency, at value(c)		—		50,900		13,011
Foreign currency collateral pledged:
Futures contracts(d)		—		10,839		13,352
Receivables:
Investments sold		308,101		5,057,193		776,753
Securities lending income — Affiliated		—		—		1
Capital shares sold		—		13		20,519
Dividends		—		159,075		149,844
Tax reclaims		—		—		1,768
Total assets		15,726,889		182,652,906		30,787,504
LIABILITIES
Payables:
Investments purchased		368,285		4,996,553		761,991
Variation margin on futures contracts		—		1,899		2,280
Investment advisory fees		8,772		71,124		12,225
Total liabilities		377,057		5,069,576		776,496
NET ASSETS	$	15,349,832	$	177,583,330	$	30,011,008
NET ASSETS CONSIST OF:
Paid-in capital	$	14,553,456	$	177,363,866	$	38,264,398
Accumulated earnings (loss)		796,376		219,464		(8,253,390	)
NET ASSETS	$	15,349,832	$	177,583,330	$	30,011,008
Shares outstanding		550,000		2,800,000		1,150,000
Net asset value	$	27.91	$	63.42	$	26.10
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Investments, at cost — Unaffiliated	$	14,518,883	$	165,049,134	$	29,564,531
(b) Investments, at cost — Affiliated	$	20,000	$	68,000	$	10,000
(c)  Foreign currency, at cost	$	—	$	51,571	$	13,038
(d) Foreign currency collateral pledged, at cost	$	—	$	11,429	$	13,338

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended February 28, 2021

	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	260,192		$	190,435		$	111,490		$	161,186
Dividends — Affiliated		35			65			5			6
Securities lending income — Affiliated — net		4,895			6,490			91,388			—
Foreign taxes withheld		(32,468	)		(3,006	)		(11,759	)		(4,594	)
IRS Compliance fee for foreign withholding tax claims		—			(1,249	)		—			—
Total investment income		232,654			192,735			191,124			156,598
EXPENSES
Investment advisory fees		400,007			80,539			104,425			141,369
Total expenses		400,007			80,539			104,425			141,369
Net investment income (loss)		(167,353	)		112,196			86,699			15,229
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		199,704			(257,470	)		(852,212	)		(1,622,112	)
Investments — Affiliated		(746	)		(149	)		(839	)		—
In-kind redemptions — Unaffiliated		7,954,168			2,717,873			1,633,494			1,891,363
Futures contracts		164,762			16,528			11,598			8,135
Foreign currency transactions		12,482			648			2,770			(1,472	)
Net realized gain		8,330,370			2,477,430			794,811			275,914
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		9,396,367			956,899			7,073,491			10,424,677
Investments — Affiliated		1			(35	)		(532	)		—
Futures contracts		(60,841	)		7,260			1,380			375
Foreign currency translations		(6,576	)		1,750			(1,512	)		(317	)
Net change in unrealized appreciation (depreciation)		9,328,951			965,874			7,072,827			10,424,735
Net realized and unrealized gain		17,659,321			3,443,304			7,867,638			10,700,649
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,491,968		$	3,555,500		$	7,954,337		$	10,715,878

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 33

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

		iShares MSCI Kuwait ETF	(a)		iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	10,662		$	1,762,094		$	579,117
Dividends — Affiliated		—			50			4
Securities lending income — Affiliated — net		—			5,145			1,801
Foreign taxes withheld		—			(242,968	)		(132,839	)
Total investment income		10,662			1,524,321			448,083
EXPENSES
Investment advisory fees		36,528			448,266			67,555
Commitment fees		48			—			—
Total expenses		36,576			448,266			67,555
Net investment income (loss)		(25,914	)		1,076,055			380,528
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,935	)		(1,229,220	)		(856,800	)
Investments — Affiliated		—			(1,750	)		(110	)
In-kind redemptions — Unaffiliated		—			13,809,365			677,221
Futures contracts		—			24,138			4,054
Foreign currency transactions		(13,036	)		1,268			(174	)
Net realized gain (loss)		(14,971	)		12,603,801			(175,809	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		878,039			(4,768,755	)		2,672,476
Investments — Affiliated		—			—			(29	)
Futures contracts		—			(1,806	)		(1,881	)
Foreign currency translations		46			(13,008	)		(3,564	)
Net change in unrealized appreciation (depreciation)		878,085			(4,783,569	)		2,667,002
Net realized and unrealized gain		863,114			7,820,232			2,491,193
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	837,200		$	8,896,287		$	2,871,721

^(a)  For the period from September 01, 2020 (commencement of operations) to February 28, 2021.

See notes to financial statements.

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Statements of Changes in Net Assets  

	iShares MSCI Denmark ETF						iShares MSCI Finland ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(167,353	)	$	317,438		$	112,196		$	615,818
Net realized gain (loss)		8,330,370			(1,120,641	)		2,477,430			296,182
Net change in unrealized appreciation (depreciation)		9,328,951			13,796,937			965,874			4,049,228
Net increase in net assets resulting from operations		17,491,968			12,993,734			3,555,500			4,961,228
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(77,799	)		(292,573	)		(370,609	)		(1,036,942	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		53,489,325			63,653,757			(8,835,299	)		4,490,297
NET ASSETS
Total increase (decrease) in net assets		70,903,494			76,354,918			(5,650,408	)		8,414,583
Beginning of period		109,899,345			33,544,427			35,139,376			26,724,793
End of period	$	180,802,839		$	109,899,345		$	29,488,968		$	35,139,376

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 35

Statements of Changes in Net Assets (continued)

	iShares MSCI Germany Small-Cap ETF						iShares MSCI Ireland ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	86,699		$	217,539		$	15,229		$	595,688
Net realized gain		794,811			640,891			275,914			267,001
Net change in unrealized appreciation (depreciation)		7,072,827			4,427,396			10,424,735			2,797,460
Net increase in net assets resulting from operations		7,954,337			5,285,826			10,715,878			3,660,149
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(348,730	)		(82,622	)		(15,526	)		(940,239	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		3,823,113			(10,267,905	)		(5,074,189	)		(4,751,676	)
NET ASSETS
Total increase (decrease) in net assets		11,428,720			(5,064,701	)		5,626,163			(2,031,766	)
Beginning of period		31,862,497			36,927,198			53,119,462			55,151,228
End of period	$	43,291,217		$	31,862,497		$	58,745,625		$	53,119,462

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares MSCI Kuwait ETF			iShares MSCI New Zealand ETF
		Period From 09/01/20 to 02/28/21 (unaudited)	(a)		Six Months Ended 02/28/21 (unaudited	)		Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(25,914	)	$	1,076,055		$	2,949,840
Net realized gain (loss)		(14,971	)		12,603,801			1,762,353
Net change in unrealized appreciation (depreciation)		878,085			(4,783,569	)		21,645,361
Net increase in net assets resulting from operations		837,200			8,896,287			26,357,554
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(40,824	)		(2,327,522	)		(4,674,204	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		14,553,456			3,811,581			(20,231,374	)
NET ASSETS
Total increase in net assets		15,349,832			10,380,346			1,451,976
Beginning of period		—			167,202,984			165,751,008
End of period	$	15,349,832		$	177,583,330		$	167,202,984

^(a)  Commencement of operations.

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 37

Statements of Changes in Net Assets (continued)

	iShares MSCI Norway ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	380,528		$	333,272
Net realized loss		(175,809	)		(285,526	)
Net change in unrealized appreciation (depreciation)		2,667,002			3,511,779
Net increase in net assets resulting from operations		2,871,721			3,559,525
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(277,495	)		(358,083	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,946,736	)		5,529,593
NET ASSETS
Total increase (decrease) in net assets		(1,352,510	)		8,731,035
Beginning of period		31,363,518			22,632,483
End of period	$	30,011,008		$	31,363,518

^(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 MSCI Denmark ETF
		Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	84.54		$	60.99		$	67.75		$	67.57		$	56.39		$	53.99
Net investment income (loss)(a)		(0.10	)		0.50			0.97			0.90			0.94			0.76
Net realized and unrealized gain (loss)(b)		10.77			23.52			(5.99	)		0.77			11.07			2.27
Net increase (decrease) from investment operations		10.67			24.02			(5.02	)		1.67			12.01			3.03
Distributions(c)
From net investment income		(0.05	)		(0.47	)		(1.74	)		(1.49	)		(0.83	)		(0.63	)
Total distributions		(0.05	)		(0.47	)		(1.74	)		(1.49	)		(0.83	)		(0.63	)
Net asset value, end of period	$	95.16		$	84.54		$	60.99		$	67.75		$	67.57		$	56.39
Total Return
Based on net asset value		12.62	%(d)		39.52	%		(7.41	)%		2.58	%		21.43	%		5.63	%
Ratios to Average Net Assets
Total expenses		0.53	%(e)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income (loss)		(0.22	)%(e)		0.71	%		1.59	%		1.34	%		1.66	%		1.38	%
Supplemental Data
Net assets, end of period (000)	$	180,803		$	109,899		$	33,544		$	40,649		$	67,567		$	47,928
Portfolio turnover rate(f)		3	%(d)		21	%		14	%		13	%		14	%		40	%

^(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)  Not annualized.

^(e)  Annualized.

^(f) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Finland ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	41.34		$	35.63		$	41.83		$	39.79		$	33.19		$	31.32
Net investment income(a)		0.16			0.85			1.30			1.39			1.02			1.51	(b)
Net realized and unrealized gain (loss)(c)		4.44			6.25			(5.98	)		2.16			6.74			1.13
Net increase (decrease) from investment operations		4.60			7.10			(4.68	)		3.55			7.76			2.64
Distributions(d)
From net investment income		(0.57	)		(1.39	)		(1.52	)		(1.51	)		(1.16	)		(0.77	)
Total distributions		(0.57	)		(1.39	)		(1.52	)		(1.51	)		(1.16	)		(0.77	)
Net asset value, end of period	$	45.37		$	41.34		$	35.63		$	41.83		$	39.79		$	33.19
Total Return
Based on net asset value		11.10	%(e)		20.61	%		(11.24	)%		9.08	%		23.32	%		8.60	%(b)
Ratios to Average Net Assets
Total expenses		0.53	%(f)		0.53	%		0.53	%		0.53	%		0.55	%		0.72	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.53	%		0.53	%		N/A			0.53	%		0.53	%
Net investment income		0.74	%(f)		2.36	%		3.40	%		3.38	%		2.84	%		4.72	%(b)
Supplemental Data
Net assets, end of period (000)	$	29,489		$	35,139		$	26,725		$	39,735		$	45,753		$	38,168
Portfolio turnover rate(g)		7	%(e)		22	%		16	%		11	%		12	%		21	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2016:

• Net investment income per share by $0.42.

• Total return by 1.05%.

• Ratio of net investment income to average net assets by 1.32%.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Germany Small-Cap ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	63.72		$	52.75		$	63.43		$	57.18		$	43.23		$	40.03
Net investment income(a)		0.17			0.38			1.07			1.33			0.78			0.71
Net realized and unrealized gain (loss)(b)		15.52			10.74			(10.06	)		6.19			13.87			3.16
Net increase (decrease) from investment operations		15.69			11.12			(8.99	)		7.52			14.65			3.87
Distributions(c)
From net investment income		(0.70	)		(0.15	)		(1.69	)		(1.27	)		(0.70	)		(0.67	)
Total distributions		(0.70	)		(0.15	)		(1.69	)		(1.27	)		(0.70	)		(0.67	)
Net asset value, end of period	$	78.71		$	63.72		$	52.75		$	63.43		$	57.18		$	43.23
Total Return
Based on net asset value		24.70	%(d)		21.12	%		(14.08	)%		13.22	%		34.12	%		9.72	%
Ratios to Average Net Assets
Total expenses		0.59	%(e)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		0.49	%(e)		0.69	%		1.95	%		2.09	%		1.65	%		1.73	%
Supplemental Data
Net assets, end of period (000)	$	43,291		$	31,862		$	36,927		$	60,260		$	40,025		$	23,779
Portfolio turnover rate(f)		12	%(d)		25	%		13	%		14	%		14	%		12	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FI N A N C I A L  H I G H L I G H T S 41

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Ireland ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	42.50		$	39.39		$	46.25		$	43.80		$	38.94		$	40.34
Net investment income(a)		0.01			0.43			0.61			0.61			0.47			0.49
Net realized and unrealized gain (loss)(b)		8.58			3.34			(6.80	)		2.62			4.94			(1.33	)
Net increase (decrease) from investment operations		8.59			3.77			(6.19	)		3.23			5.41			(0.84	)
Distributions(c)
From net investment income		(0.01	)		(0.66	)		(0.67	)		(0.78	)		(0.55	)		(0.56	)
Total distributions		(0.01	)		(0.66	)		(0.67	)		(0.78	)		(0.55	)		(0.56	)
Net asset value, end of period	$	51.08		$	42.50		$	39.39		$	46.25		$	43.80		$	38.94
Total Return
Based on net asset value		20.22	%(d)		9.59	%		(13.44	)%		7.38	%		13.99	%		(2.12	)%
Ratios to Average Net Assets
Total expenses		0.50	%(e)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Net investment income		0.05	%(e)		1.06	%		1.49	%		1.31	%		1.19	%		1.27	%
Supplemental Data
Net assets, end of period (000)	$	58,746		$	53,119		$	55,151		$	69,381		$	67,883		$	124,596
Portfolio turnover rate(f)		18	%(d)		47	%		24	%		20	%		14	%		31	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Kuwait ETF
		Period From 09/01/20 to 02/28/21 (unaudited)	(a)
Net asset value, beginning of period	$	25.22
Net investment loss(b)		(0.07	)
Net realized and unrealized gain(c)		2.83
Net increase from investment operations		2.76
Distributions(d)
From net investment income		(0.07	)
Total distributions		(0.07	)
Net asset value, end of period	$	27.91
Total Return
Based on net asset value		10.97	%(e)
Ratios to Average Net Assets
Total expenses		0.74	%(f)
Net investment loss		(0.53	)%(f)
Supplemental Data
Net assets, end of period (000)	$	15,350
Portfolio turnover rate(g)		10	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 43

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI New Zealand ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	60.80		$	51.80		$	49.11		$	46.26		$	46.90		$	32.17
Net investment income(a)		0.38			1.06			1.58			1.71			1.96			1.21
Net realized and unrealized gain (loss)(b)		3.00			9.49			2.70			2.86			(0.39	)		14.76
Net increase from investment operations		3.38			10.55			4.28			4.57			1.57			15.97
Distributions(c)
From net investment income		(0.76	)		(1.55	)		(1.59	)		(1.72	)		(2.21	)		(1.24	)
Total distributions		(0.76	)		(1.55	)		(1.59	)		(1.72	)		(2.21	)		(1.24	)
Net asset value, end of period	$	63.42		$	60.80		$	51.80		$	49.11		$	46.26		$	46.90
Total Return
Based on net asset value		5.53	%(d)		20.71	%		9.00	%		10.02	%		3.95	%		50.49	%
Ratios to Average Net Assets
Total expenses		0.50	%(e)		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%
Net investment income		1.21	%(e)		1.96	%		3.16	%		3.58	%		4.45	%		3.05	%
Supplemental Data
Net assets, end of period (000)	$	177,583		$	167,203		$	165,751		$	142,406		$	175,790		$	171,183
Portfolio turnover rate(f)		10	%(d)		12	%		15	%		14	%		9	%		11	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Norway ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	22.40		$	22.63		$	27.67		$	25.07		$	20.36		$	20.40
Net investment income(a)		0.34			0.34			0.67			0.72			0.69			0.64
Net realized and unrealized gain (loss)(b)		3.67			(0.15	)		(4.91	)		2.56			4.70			(0.06	)
Net increase (decrease) from investment operations		4.01			0.19			(4.24	)		3.28			5.39			0.58
Distributions(c)
From net investment income		(0.31	)		(0.42	)		(0.80	)		(0.68	)		(0.68	)		(0.62	)
Total distributions		(0.31	)		(0.42	)		(0.80	)		(0.68	)		(0.68	)		(0.62	)
Net asset value, end of period	$	26.10		$	22.40		$	22.63		$	27.67		$	25.07		$	20.36
Total Return
Based on net asset value		18.02	%(d)		1.04	%		(15.42	)%		13.21	%		27.10	%		2.89	%
Ratios to Average Net Assets
Total expenses		0.53	%(e)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income		2.99	%(e)		1.58	%		2.66	%		2.67	%		3.11	%		3.23	%
Supplemental Data
Net assets, end of period (000)	$	30,011		$	31,364		$	22,632		$	30,434		$	32,589		$	26,462
Portfolio turnover rate(f)		8	%(d)		16	%		13	%		13	%		10	%		19	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 45

Notes to Financial Statements  (unaudited)

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
MSCI Denmark	Non-diversified
MSCI Finland	Non-diversified
MSCI Germany Small-Cap	Diversified
MSCI Ireland	Non-diversified
MSCI Kuwait(a)	Non-diversified
MSCI New Zealand	Non-diversified
MSCI Norway	Non-diversified

^(a)  The Fund commenced operations on September 01, 2020.

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, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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 prevailing market rates as quoted by one or more data service providers. 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 statement 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.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2021, if any, are disclosed in the statement of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

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Notes to Financial Statements  (unaudited) (continued)

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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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. 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 for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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 value of the securities

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Notes to Financial Statements  (unaudited) (continued)

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower 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.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Denmark
Barclays Capital Inc.	$	10,279	$	10,279		$	—	$	—
Goldman Sachs & Co.		1,253,289		1,253,289			—		—
	$	1,263,568	$	1,263,568		$	—	$	—
MSCI Finland
Credit Suisse AG	$	308,108	$	308,108		$	—	$	—
MSCI Germany Small-Cap
Barclays Capital Inc.	$	98,355	$	98,355		$	—	$	—
Credit Suisse AG		307,238		307,238			—		—
Goldman Sachs & Co.		868,512		868,512			—		—
JPMorgan Securities LLC		46,369		46,369			—		—
Morgan Stanley & Co. LLC		400,607		400,607			—		—
UBS AG		483,433		483,433			—		—
	$	2,204,514	$	2,204,514		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

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, Inc. (“BlackRock”). BlackRock’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

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market

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Notes to Financial Statements  (unaudited) (continued)

value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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. 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 Fee
MSCI Denmark		0.53	%
MSCI Finland		0.53
MSCI Germany Small-Cap		0.59
MSCI Kuwait		0.74
MSCI Norway		0.53

For its investment advisory services to each of the iShares MSCI Ireland and iShares MSCI New Zealand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “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. 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. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of 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.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified 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 the 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

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Notes to Financial Statements  (unaudited) (continued)

iShares ETF	Fees Paid   to BTC
MSCI Denmark	$	1,426
MSCI Finland		1,506
MSCI Germany Small-Cap		20,664
MSCI New Zealand		1,856
MSCI Norway		426

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Denmark	$	1,822,575	$	1,759,549	$	261,258
MSCI Finland		297,000		338,863		49,411
MSCI Germany Small-Cap		1,631,069		1,582,665		131,811
MSCI Ireland		2,532,248		441,020		129,532
MSCI New Zealand		5,757,165		2,492,569		127,991
MSCI Norway		54,121		77,932		(4,367	)

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 statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Denmark	$	5,099,160	$	4,564,073
MSCI Finland		2,205,099		2,707,581
MSCI Germany Small-Cap		7,502,972		4,304,029
MSCI Ireland		9,795,075		9,923,851
MSCI Kuwait		15,491,794		970,977
MSCI New Zealand		18,262,071		18,955,358
MSCI Norway		2,079,256		2,148,526

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Denmark	$	79,502,194	$	26,494,895
MSCI Finland		5,324,928		13,888,811
MSCI Germany Small-Cap		3,884,288		3,381,662
MSCI Ireland		—		5,066,739
MSCI New Zealand		47,228,096		43,893,600
MSCI Norway		6,061,443		9,987,926

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.

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Notes to Financial Statements  (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2021, 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.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Denmark	$	3,697,920
MSCI Finland		2,211,476
MSCI Germany Small-Cap		2,064,715
MSCI Ireland		8,847,933
MSCI New Zealand		22,653,434
MSCI Norway		8,066,602

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2021, 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)
MSCI Denmark	$	163,939,901	$	20,228,488	$	(2,920,623	)	$	17,307,865
MSCI Finland		30,236,146		3,221,713		(3,625,391	)		(403,678	)
MSCI Germany Small-Cap		41,881,217		7,268,627		(3,648,291	)		3,620,336
MSCI Ireland		49,651,407		13,070,084		(3,845,776	)		9,224,308
MSCI Kuwait		14,538,883		1,081,092		(203,053	)		878,039
MSCI New Zealand		167,160,954		24,561,996		(14,357,684	)		10,204,312
MSCI Norway		29,941,744		2,299,586		(2,433,121	)		(133,535	)

9. 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 the 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 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 the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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 51

Notes to Financial Statements (unaudited) (continued)

risk by entering into transactions only with counterparties that the Manager 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 statement 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.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration 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.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the schedule of investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. 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:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Denmark
Shares sold		900,000		$	80,212,470			1,050,000		$	80,969,860
Shares redeemed		(300,000	)		(26,723,145	)		(300,000	)		(17,316,103	)
Net increase		600,000		$	53,489,325			750,000		$	63,653,757

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Finland
Shares sold		150,000		$	5,869,455			550,000		$	20,358,805
Shares redeemed		(350,000	)		(14,704,754	)		(450,000	)		(15,868,508	)
Net increase (decrease)		(200,000	)	$	(8,835,299	)		100,000		$	4,490,297
MSCI Germany Small-Cap
Shares sold		100,000		$	7,312,000			250,000		$	14,941,898
Shares redeemed		(50,000	)		(3,488,887	)		(450,000	)		(25,209,803	)
Net increase (decrease)		50,000		$	3,823,113			(200,000	)	$	(10,267,905	)
MSCI Ireland
Shares sold		—		$	—			100,000		$	4,420,595
Shares redeemed		(100,000	)		(5,074,189	)		(250,000	)		(9,172,271	)
Net decrease		(100,000	)	$	(5,074,189	)		(150,000	)	$	(4,751,676	)
							Period Ended 02/28/21
iShares ETF							Shares			Amount
MSCI Kuwait
Shares sold								550,000		$	14,553,456
	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI New Zealand
Shares sold		750,000		$	48,345,841			1,800,000		$	94,694,895
Shares redeemed		(700,000	)		(44,534,260	)		(2,250,000	)		(114,926,269	)
Net increase (decrease)		50,000		$	3,811,581			(450,000	)	$	(20,231,374	)
MSCI Norway
Shares sold		250,000		$	6,565,562			1,450,000		$	27,971,333
Shares redeemed		(500,000	)		(10,512,298	)		(1,050,000	)		(22,441,740	)
Net increase (decrease)		(250,000	)	$	(3,946,736	)		400,000		$	5,529,593

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. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors 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.

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 statement of assets and liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Finland ETF has filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations made by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Fund continues to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The Fund is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability

NOTES  TO  FINANCIAL  STATEMENTS 53

Notes to Financial Statements  (unaudited) (continued)

for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the statement of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract  

iShares ESG MSCI Kuwait ETF

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 Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 1-3, 2019, the Board, including the Independent Trustees, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses 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 of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable 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 further 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 lower 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.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. 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 and have made significant investments into the iShares business, including during the past year, to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. 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 relevant, and has provided information and made appropriate 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 who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any 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.

This consideration 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 Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board 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”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates

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Board Review and Approval of Investment Advisory Contract  (continued)

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 further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, 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 ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. 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. The Board noted that the investment advisory fee rate under the Advisory Contract 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: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, 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 considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit 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 also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. 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 Advisory Contract.

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 Trustees, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

56 2021  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Denmark ETF, iShares MSCI Finland ETF, iShares MSCI Germany Small-Cap ETF, iShares MSCI Ireland ETF, iShares MSCI Kuwait ETF, iShares MSCI New Zealand ETF and iShares MSCI Norway ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K M A N A G E M E N T   P R O G R A M 57

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Denmark(a)	$	0.000937	$	—	$	0.046214	$	0.047151		2	%		—	%		98	%		100	%
MSCI Finland(a)		0.418787		—		0.151380		0.570167		73			—			27			100
MSCI Kuwait(a)		—		—		0.074225		0.074225		—			—			100			100
MSCI Norway(a)		0.307458		—		0.000870		0.308328		100			—			0	(b)		100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

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General Information

Electronic Delivery

Shareholders can sign up for email 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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

G E N E R A L    I N F O R M A T I O  N 59

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity
ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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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.

©2021 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.

iS-SAR-808-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI India ETF | INDA | Cboe BZX

· iShares MSCI India Small-Cap ETF | SMIN | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		9.74	%		31.29	%
U.S. small cap equities (Russell 2000® Index)		41.69			51.00
International equities (MSCI Europe, Australasia, Far East Index)		14.33			22.46
Emerging market equities (MSCI Emerging Markets Index)		22.32			36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.06			0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.34	)		(1.96	)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		(1.55	)		1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.92			1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		6.08			9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S    P A G E    I S     N O T    P A R T    O F    Y O U R    F U N D     R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Consolidated Schedules of Investments		7
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		15
Consolidated Statements of Operations		16
Consolidated Statements of Changes in Net Assets		17
Consolidated Financial Highlights		18
Notes to Consolidated Financial Statements		20
Statement Regarding Liquidity Risk Management Program		26
Supplemental Information		27
General Information		28
Glossary of Terms Used in this Report		29

Fund Summary as of February 28, 2021  iShares^® MSCI India ETF

Investment Objective

The iShares MSCI India ETF (the “Fund”) seeks to track the investment results of an index composed of Indian equities, as represented by the MSCI India 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since    Inception
Fund NAV		22.30	%		26.89	%		12.29	%		6.14	%		26.89	%		78.53	%		71.67%
Fund Market		23.06			27.59			12.27			6.20			27.59			78.37			72.63
Index		25.18			29.10			13.44			6.99			29.10			87.84			84.73

The inception date of the Fund was 2/2/12. The first day of secondary market trading was 2/3/12.

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 6 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning     Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses    Paid During    the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses    Paid During    the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,223.00	$	3.69	$	1,000.00	$	1,021.50	$	3.36		0.67	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Financials		27.2%
Information Technology		16.5
Energy		13.0
Consumer Staples		9.3
Materials		9.2
Consumer Discretionary		8.7
Health Care		5.3
Communication Services		3.7
Industrials		3.6
Utilities		3.2
Real Estate		0.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Reliance Industries Ltd.		10.6%
Housing Development Finance Corp. Ltd.		7.8
Infosys Ltd.		7.6
ICICI Bank Ltd.		5.5
Tata Consultancy Services Ltd.		4.9
Hindustan Unilever Ltd.		3.1
Axis Bank Ltd.		2.9
Bajaj Finance Ltd.		2.6
Bharti Airtel Ltd.		2.4
Larsen & Toubro Ltd.		1.8

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Fund Summary as of February 28, 2021  iShares^® MSCI India Small-Cap ETF

Investment Objective

The iShares MSCI India Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Indian equities, as represented by the MSCI India 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		36.79	%(a)		34.78	%		14.06	%		8.55	%		34.78	%		93.01	%		110.25	%
Fund Market		36.84			36.12			14.26			8.55			36.12			94.76			110.32
Index		40.03			38.44			15.53			9.55			38.44			105.79			128.49

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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 6 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning     Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses    Paid During    the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses    Paid During    the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,367.90	$	4.46	$	1,000.00	$	1,021.00	$	3.81		0.76	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Financials		20.3%
Industrials		17.8
Materials		16.6
Consumer Discretionary		12.4
Health Care		9.7
Information Technology		6.5
Utilities		5.6
Consumer Staples		3.8
Real Estate		3.6
Communication Services		2.8
Energy		0.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Voltas Ltd.		1.8%
Cholamandalam Investment and Finance Co. Ltd.		1.8
Crompton Greaves Consumer Electricals Ltd.		1.5
Max Financial Services Ltd.		1.5
Ashok Leyland Ltd.		1.4
Sundaram Finance Ltd.		1.4
SRF Ltd.		1.3
Astral Poly Technik Ltd.		1.2
IDFC First Bank Ltd.		1.2
Adani Total Gas Ltd.		1.2

F U N D    S U M M A R Y 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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Consolidated Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
InterGlobe Aviation Ltd.(a)(b)		646,750	$	14,257,368
Auto Components — 1.3%
Balkrishna Industries Ltd.		584,856		12,399,886
Bharat Forge Ltd.		1,564,791		12,990,417
Motherson Sumi Systems Ltd.		8,491,879		24,729,701
MRF Ltd.		12,831		14,753,974
				64,873,978
Automobiles — 5.6%
Bajaj Auto Ltd.		467,312		24,157,013
Eicher Motors Ltd.		918,528		31,231,327
Hero MotoCorp Ltd.		806,074		35,364,803
Mahindra & Mahindra Ltd.		5,433,144		59,621,519
Maruti Suzuki India Ltd.		914,093		85,409,263
Tata Motors Ltd.(b)		11,438,819		50,271,029
				286,054,954
Banks — 12.1%
Axis Bank Ltd.(b)		15,247,535		150,390,057
Bandhan Bank Ltd.(a)(b)		4,871,967		22,889,659
ICICI Bank Ltd.(b)		34,326,346		279,221,247
Kotak Mahindra Bank Ltd.(b)		3,726,850		90,291,861
State Bank of India(b)		12,000,108		63,711,535
Yes Bank Ltd.(b)		67,378,074		14,441,106
				620,945,465
Beverages — 0.3%
United Spirits Ltd.(b)		1,954,089		14,229,204
Biotechnology — 0.3%
Biocon Ltd.(b)		2,823,678		14,993,525
Capital Markets — 0.3%
HDFC Asset Management Co. Ltd.(a)		357,887		14,303,791
Chemicals — 3.1%
Asian Paints Ltd.		2,580,065		79,952,698
Berger Paints India Ltd.		1,632,388		15,102,116
PI Industries Ltd.		560,987		16,620,056
Pidilite Industries Ltd.		1,024,858		23,513,089
UPL Ltd.		3,340,934		25,530,400
				160,718,359
Construction & Engineering — 1.8%
Larsen & Toubro Ltd.		4,626,030		90,808,305
Construction Materials — 3.0%
ACC Ltd.		505,001		11,910,835
Ambuja Cements Ltd.		4,672,352		17,389,784
Grasim Industries Ltd.		1,995,083		32,601,152
Shree Cement Ltd.		72,817		26,260,792
UltraTech Cement Ltd.		777,511		64,700,004
				152,862,567
Consumer Finance — 3.3%
Bajaj Finance Ltd.		1,823,562		130,650,767
Muthoot Finance Ltd.		809,129		14,310,743
Shriram Transport Finance Co. Ltd.		1,277,050		22,295,588
				167,257,098
Diversified Financial Services — 0.5%
Piramal Enterprises Ltd.		682,337		16,985,303

Security	Shares		Value
Diversified Financial Services (continued)
REC Ltd.		5,974,855	$	11,017,117
				28,002,420
Diversified Telecommunication Services — 0.3%
Indus Towers Ltd.		4,529,544		15,890,541
Electric Utilities — 0.8%
Power Grid Corp. of India Ltd.		14,076,940		41,051,755
Electrical Equipment — 0.4%
Havells India Ltd.		1,473,049		22,161,384
Food & Staples Retailing — 0.9%
Avenue Supermarts Ltd.(a)(b)		1,091,975		44,493,319
Food Products — 2.3%
Britannia Industries Ltd.		728,715		33,356,672
Nestle India Ltd.		226,872		49,710,855
Tata Consumer Products Ltd.		4,027,450		33,385,333
				116,452,860
Gas Utilities — 0.7%
GAIL India Ltd.		10,630,227		20,512,570
Indraprastha Gas Ltd.		2,117,758		14,177,465
				34,690,035
Health Care Providers & Services — 0.5%
Apollo Hospitals Enterprise Ltd.		607,974		25,305,568
Hotels, Restaurants & Leisure — 0.4%
Jubilant Foodworks Ltd.		532,340		21,695,653
Household Products — 3.1%
Hindustan Unilever Ltd.		5,528,658		160,405,189
Independent Power and Renewable Electricity Producers — 1.7%
Adani Green Energy Ltd.(b)		2,628,733		41,490,590
NTPC Ltd.		29,934,686		43,709,489
				85,200,079
Industrial Conglomerates — 0.2%
Siemens Ltd.		478,842		12,054,946
Insurance — 3.2%
Bajaj Finserv Ltd.		256,898		33,730,776
HDFC Life Insurance Co. Ltd.(a)(b)		5,433,444		51,805,709
ICICI Lombard General Insurance Co. Ltd.(a)(b)		1,497,359		29,056,732
ICICI Prudential Life Insurance Co. Ltd.(a)(b)		2,413,409		15,158,317
SBI Life Insurance Co. Ltd.(a)(b)		2,691,013		31,745,787
				161,497,321
Interactive Media & Services — 0.6%
Info Edge India Ltd.		475,462		31,770,903
IT Services — 16.5%
HCL Technologies Ltd.		7,301,539		90,363,811
Infosys Ltd.		22,909,433		390,724,534
Larsen & Toubro Infotech Ltd.(a)		352,148		17,250,867
Tata Consultancy Services Ltd.		6,308,482		248,467,571
Tech Mahindra Ltd.		4,225,859		52,839,770
Wipro Ltd.		7,684,892		42,908,229
				842,554,782
Life Sciences Tools & Services — 0.8%
Divi’s Laboratories Ltd.		892,609		40,850,967
Media — 0.3%
Zee Entertainment Enterprises Ltd.		5,811,761		15,896,631

C O N S O L I D A T E D    S C H E D  U L E    O F    I N V E S T M E N T S 7

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI India ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining — 3.1%
Hindalco Industries Ltd.		10,572,218	$	48,951,448
JSW Steel Ltd.		5,688,308		30,610,892
Tata Steel Ltd.		4,544,065		44,222,469
Vedanta Ltd.		12,503,822		35,273,080
				159,057,889
Multiline Retail — 0.3%
Trent Ltd.		1,218,878		13,412,883
Oil, Gas & Consumable Fuels — 13.0%
Bharat Petroleum Corp. Ltd.		4,376,260		26,789,965
Coal India Ltd.		8,346,535		17,287,101
Hindustan Petroleum Corp. Ltd.		4,610,126		15,210,247
Indian Oil Corp. Ltd.		12,660,898		16,893,258
Oil & Natural Gas Corp. Ltd.		16,969,413		25,632,508
Petronet LNG Ltd.		5,042,282		17,507,495
Reliance Industries Ltd.		19,183,608		544,507,989
				663,828,563
Personal Products — 1.7%
Colgate-Palmolive India Ltd.		822,857		17,705,675
Dabur India Ltd.		3,564,733		24,405,214
Godrej Consumer Products Ltd.		2,749,687		25,683,951
Marico Ltd.		3,472,443		18,785,735
				86,580,575
Pharmaceuticals — 3.7%
Aurobindo Pharma Ltd.		1,969,645		22,922,234
Cipla Ltd.		2,982,507		31,943,691
Dr. Reddy’s Laboratories Ltd.		782,513		47,136,598
Ipca Laboratories Ltd.		468,967		11,803,469
Lupin Ltd.		1,524,795		21,130,503
Sun Pharmaceutical Industries Ltd.		5,647,253		45,694,450
Torrent Pharmaceuticals Ltd.		341,306		11,277,937
				191,908,882
Real Estate Management & Development — 0.3%
DLF Ltd.		4,160,406		17,126,255
Road & Rail — 0.3%
Container Corp. of India Ltd.		1,843,340		13,993,430

Security	Shares		Value
Road & Rail (continued)
Textiles, Apparel & Luxury Goods — 1.2%
Page Industries Ltd.		37,494	$	14,329,229
Titan Co. Ltd.		2,387,449		45,708,675
				60,037,904
Thrifts & Mortgage Finance — 7.8%
Housing Development Finance Corp. Ltd.		11,488,736		397,012,944
Tobacco — 1.1%
ITC Ltd.		19,854,547		55,077,219
Transportation Infrastructure — 0.6%
Adani Ports & Special Economic Zone Ltd.		3,414,888		31,409,441
Wireless Telecommunication Services — 2.4%
Bharti Airtel Ltd.		16,505,074		124,947,577
Total Common Stocks — 100.1% (Cost: $3,388,007,779)				5,115,672,529
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		2,360,000		2,360,000
Total Short-Term Investments — 0.1% (Cost: $2,360,000)				2,360,000
Total Investments in Securities — 100.2% (Cost: $3,390,367,779)				5,118,032,529
Other Assets, Less Liabilities — (0.2)%				(9,340,755)
Net Assets — 100.0%			$	5,108,691,774

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	2,360,000	(a)	$	—	$	—	$	—	$	2,360,000		2,360,000	$	8,252	$	—

^(a)  Represents net amount purchased (sold).

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Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI India ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI India NTR Index		58		03/19/21		$  4,769		$     (253,618	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)		$253,618

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,328,785
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,246,400	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$4,983,558

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	5,115,672,529	$	—	$	—	$	5,115,672,529
Money Market Funds		2,360,000		—		—		2,360,000
	$	5,118,032,529	$	—	$	—	$	5,118,032,529
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(253,618)	$	—	$	—	$	(253,618)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to consolidated financial statements.

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Consolidated Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.2%
Blue Dart Express Ltd.(a)		7,611	$	486,344
Airlines — 0.1%
SpiceJet Ltd.(a)		337,269		379,333
Auto Components — 3.9%
Apollo Tyres Ltd.		458,040		1,446,705
Ceat Ltd.		32,147		697,492
Endurance Technologies Ltd.(b)		56,096		1,100,889
Exide Industries Ltd.		679,690		1,874,847
Mahindra CIE Automotive Ltd.(a)		182,060		447,686
Minda Industries Ltd		108,517		836,564
Sundram Fasteners Ltd.		151,417		1,476,978
Tube Investments of India Ltd.		150,251		2,209,140
				10,090,301
Banks — 4.8%
AU Small Finance Bank Ltd.(a)(b)		121,728		1,866,048
City Union Bank Ltd.		577,068		1,298,079
DCB Bank Ltd.(a)		244,332		387,021
Federal Bank Ltd.(a)		2,353,615		2,675,982
IDFC First Bank Ltd.(a)		3,619,392		3,125,133
Karur Vysya Bank Ltd. (The)(a)		627,999		509,766
RBL Bank Ltd.(b)		573,405		1,838,392
Yes Bank Ltd., New, (Acquired 03/16/20, Cost: $3,554,476)(a)(c)(d)		4,044,378		688,714
				12,389,135
Beverages — 1.2%
Radico Khaitan Ltd.		106,648		826,727
Varun Beverages Ltd.		161,073		2,286,060
				3,112,787
Building Products — 2.4%
Astral Poly Technik Ltd.		108,157		3,131,600
Blue Star Ltd.		92,285		1,092,890
Cera Sanitaryware Ltd.		8,333		437,668
Kajaria Ceramics Ltd.		126,738		1,633,357
				6,295,515
Capital Markets — 4.2%
Central Depository Services India Ltd.		81,423		691,517
CRISIL Ltd.		23,072		611,234
Dhani Services Ltd.		373,765		1,841,232
Edelweiss Financial Services Ltd.(a)		746,121		701,091
ICICI Securities Ltd.(b)		102,460		566,922
IDFC Ltd.(a)		1,915,644		1,431,161
IIFL Wealth Management Ltd.		56,004		923,988
Indian Energy Exchange Ltd.(b)		234,146		934,704
JM Financial Ltd.		686,748		849,498
Motilal Oswal Financial Services Ltd.		58,287		478,685
Multi Commodity Exchange of India Ltd.		39,807		818,973
Nippon Life India Asset Management Ltd.(b)		196,130		880,230
Tata Investment Corp. Ltd.		20,104		303,605
				11,032,840
Chemicals — 11.0%
Aarti Industries Ltd.		138,969		2,335,534
Advanced Enzyme Technologies Ltd.		80,333		390,542
Akzo Nobel India Ltd.		14,620		429,359
Alkyl Amines Chemicals		8,052		553,499
Atul Ltd.		23,650		2,111,057
BASF India Ltd.		17,335		454,517

Security	Shares		Value
Chemicals (continued)
Bayer CropScience Ltd./India		17,960	$	1,256,760
Castrol India Ltd.		631,791		1,115,102
Chambal Fertilizers and Chemicals Ltd.		266,750		886,807
Coromandel International Ltd.		162,966		1,710,605
Deepak Nitrite Ltd.		108,628		2,023,185
EID Parry India Ltd.(a)		111,931		484,067
Fine Organic Industries Ltd.		12,306		390,012
Finolex Industries Ltd.		79,544		663,651
Galaxy Surfactants Ltd.		17,111		513,842
Gujarat Fluorochemicals Ltd.(a)		34,886		274,089
Gulf Oil Lubricants India Ltd.		23,761		236,058
Linde India Ltd.		34,217		726,480
Navin Fluorine International Ltd.		51,419		1,780,720
Rallis India Ltd.		125,229		435,664
SRF Ltd.		47,243		3,496,021
Supreme Industries Ltd.		101,196		2,792,134
Tata Chemicals Ltd.		264,150		2,658,215
Vinati Organics Ltd.		40,990		782,260
				28,500,180
Communications Equipment — 0.3%
Sterlite Technologies Ltd.		253,480		717,823
Construction & Engineering — 3.4%
Dilip Buildcon Ltd.(b)		54,451		503,460
Engineers India Ltd.		451,620		492,274
IRB Infrastructure Developers Ltd.		224,571		330,202
Kalpataru Power Transmission Ltd.		111,963		581,565
KEC International Ltd.		184,318		1,080,174
NBCC India Ltd.		1,008,947		588,329
PNC Infratech Ltd.		143,569		525,843
Voltas Ltd.		343,086		4,753,528
				8,855,375
Construction Materials — 3.1%
Birla Corp. Ltd.		37,034		428,120
Dalmia Bharat Ltd.		119,188		2,329,344
HeidelbergCement India Ltd.		108,689		343,660
India Cements Ltd. (The)		271,026		599,329
JK Cement Ltd.		49,443		1,808,638
Ramco Cements Ltd. (The)		188,124		2,479,008
				7,988,099
Consumer Finance — 5.9%
Cholamandalam Financial Holdings Ltd.		150,307		1,227,144
Cholamandalam Investment and Finance Co. Ltd.		653,763		4,616,420
CreditAccess Grameen Ltd.(a)		74,756		692,982
Mahindra & Mahindra Financial Services Ltd.(a)		985,453		2,731,670
Manappuram Finance Ltd.		744,040		1,783,023
MAS Financial Services Ltd.(b)		26,143		311,681
Spandana Sphoorty Financial Ltd.(a)		25,451		216,690
Sundaram Finance Ltd.		97,478		3,511,317
Ujjivan Financial Services Ltd.		47,040		156,160
				15,247,087
Diversified Financial Services — 1.1%
Aditya Birla Capital Ltd.(a)		730,609		1,229,364
L&T Finance Holdings Ltd.		1,184,209		1,690,461
				2,919,825
Diversified Telecommunication Services — 0.6%
Tata Communications Ltd.		113,603		1,672,237

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Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities — 2.0%
CESC Ltd.		95,661	$	788,486
Tata Power Co. Ltd. (The)		2,293,729		2,969,971
Torrent Power Ltd.		269,170		1,398,504
				5,156,961
Electrical Equipment — 2.4%
Amara Raja Batteries Ltd.		122,650		1,472,351
Bharat Heavy Electricals Ltd.(a)		1,392,323		901,879
Finolex Cables Ltd.		109,164		579,876
Graphite India Ltd.		93,959		615,269
HEG Ltd.		18,343		360,969
KEI Industries Ltd.		86,500		588,791
Polycab India Ltd.		47,630		866,654
V-Guard Industries Ltd.		274,573		841,075
				6,226,864
Electronic Equipment, Instruments & Components — 0.4%
Redington India Ltd.		405,163		1,008,979
Entertainment — 0.7%
Chennai Super Kings Cricket Ltd.(a)(c)		206,787		28
Inox Leisure Ltd.(a)		80,853		338,221
PVR Ltd.		72,881		1,351,946
				1,690,195
Equity Real Estate Investment Trusts (REITs) — 0.4%
Mindspace Business Parks REIT(b)		236,400		980,408
Food Products — 1.1%
Avanti Feeds Ltd.		86,660		563,700
Balrampur Chini Mills Ltd.		185,400		446,817
Bombay Burmah Trading Co.		28,118		443,666
CCL Products India Ltd.		117,433		365,315
Kaveri Seed Co. Ltd.		38,340		264,522
KRBL Ltd.		73,247		196,262
Zydus Wellness Ltd.		20,137		523,724
				2,804,006
Gas Utilities — 3.1%
Adani Total Gas Ltd.		437,635		3,050,373
Gujarat Gas Ltd.		275,381		1,853,861
Gujarat State Petronet Ltd.		450,012		1,529,741
Mahanagar Gas Ltd.		94,869		1,495,492
				7,929,467
Health Care Providers & Services — 2.1%
Aster DM Healthcare Ltd.(a)(b)		200,603		391,051
Dr Lal PathLabs Ltd.(b)		46,311		1,449,925
Fortis Healthcare Ltd.(a)		721,150		1,553,978
Metropolis Healthcare Ltd.		40,790		1,087,567
Narayana Hrudayalaya Ltd.		114,013		669,246
Thyrocare Technologies Ltd.(b)		29,658		366,502
				5,518,269
Hotels, Restaurants & Leisure — 1.1%
EIH Ltd.(a)		249,376		328,158
Indian Hotels Co. Ltd. (The)		1,138,114		1,902,665
Westlife Development Ltd.(a)		85,939		586,609
				2,817,432
Household Durables — 4.1%
Amber Enterprises India Ltd.		26,869		1,182,002
Bajaj Electricals Ltd.(a)		72,708		948,118
Crompton Greaves Consumer Electricals Ltd.		750,572		3,933,902
Dixon Technologies India Ltd.		9,336		2,521,730
Johnson Controls-Hitachi Air Conditioning India Ltd.(a)		10,905		382,087

Security	Shares		Value
Household Durables (continued)
Orient Electric Ltd.		186,006	$	685,072
Symphony Ltd.		28,028		427,810
TTK Prestige Ltd.		6,603		652,213
				10,732,934
Household Products — 0.2%
Jyothy Labs Ltd.		236,077		478,194
Independent Power and Renewable Electricity Producers — 0.6%
Adani Power Ltd.(a)		1,233,870		926,851
JSW Energy Ltd.		527,861		516,475
				1,443,326
Industrial Conglomerates — 0.8%
3M India Ltd.(a)		4,468		1,388,266
Godrej Industries Ltd.(a)		134,750		818,659
				2,206,925
Insurance — 1.5%
Max Financial Services Ltd.(a)		330,236		3,892,187
Interactive Media & Services — 0.2%
Just Dial Ltd.(a)		54,595		530,794
Internet Software & Services — 0.0%
Suvidhaa Infoserve Pvt Ltd.(a)		42,648		5,237
IT Services — 3.8%
Coforge Ltd.		29,018		1,003,813
DRC Systems India Pvt Ltd.(a)		788		5,235
Firstsource Solutions Ltd.		441,743		598,729
Infibeam Avenues Ltd.(a)		319,118		398,436
Mindtree Ltd.		91,929		2,001,271
Mphasis Ltd.		133,996		3,003,035
Persistent Systems Ltd.		73,385		1,654,296
Sonata Software Ltd.		92,897		604,270
Vakrangee Ltd.		765,910		554,486
				9,823,571
Life Sciences Tools & Services — 0.6%
Jubilant Ingrevia Ltd., NVS		114,337		203,375
Syngene International Ltd.(a)(b)		192,060		1,461,391
				1,664,766
Machinery — 5.5%
AIA Engineering Ltd.		67,707		1,676,205
Ashok Leyland Ltd.		2,107,226		3,694,850
Carborundum Universal Ltd.		165,884		1,145,849
Cochin Shipyard Ltd.(b)		51,700		261,613
Cummins India Ltd.		198,984		2,133,084
Escorts Ltd.		96,789		1,726,620
GMM Pfaudler Ltd.		10,449		584,773
Lakshmi Machine Works Ltd.		5,990		525,703
Schaeffler India Ltd.		12,495		882,999
Thermax Ltd.		66,289		1,226,236
Timken India Ltd.		30,250		524,276
				14,382,208
Media — 0.5%
Affle India Ltd.(a)		14,288		1,010,941
TV18 Broadcast Ltd.(a)		709,534		280,492
				1,291,433
Metals & Mining — 2.4%
APL Apollo Tubes Ltd.(a)		79,850		1,165,613
Jindal Steel & Power Ltd.(a)		650,838		2,974,981
Mishra Dhatu Nigam Ltd.(b)		72,828		189,491

C O N S O L I D A T E D    S C H E D  U L E    O F    I N V E S T M E N T S 11

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
National Aluminium Co. Ltd.		1,484,460	$	1,212,051
Ratnamani Metals & Tubes Ltd.		26,008		673,090
				6,215,226
Multiline Retail — 0.3%
Future Retail Ltd.(a)		302,160		286,391
V-Mart Retail Ltd.(a)		14,295		515,104
				801,495
Oil, Gas & Consumable Fuels — 0.9%
Aegis Logistics Ltd.		221,413		929,522
Great Eastern Shipping Co. Ltd. (The)		163,453		698,765
Oil India Ltd.		343,299		590,034
				2,218,321
Paper & Forest Products — 0.2%
Century Textiles & Industries Ltd.		71,689		469,634
Personal Products — 1.3%
Bajaj Consumer Care Ltd.		153,812		508,206
Emami Ltd.		318,916		1,975,513
Gillette India Ltd.		10,454		786,856
				3,270,575
Pharmaceuticals — 6.9%
Aarti Drugs Ltd.		51,520		442,321
Ajanta Pharma Ltd.		41,294		982,099
Alembic Pharmaceuticals Ltd.		94,226		1,180,630
AstraZeneca Pharma India Ltd.		8,050		376,428
Eris Lifesciences Ltd.(b)		54,377		433,921
FDC Ltd./India		79,599		300,751
Glenmark Pharmaceuticals Ltd.		247,115		1,567,735
Granules India Ltd.		197,151		868,312
IOL Chemicals and Pharmaceuticals Ltd.		32,760		247,043
JB Chemicals & Pharmaceuticals Ltd.		57,583		876,537
Jubilant Pharmova Ltd.		114,462		1,198,747
Laurus Labs Ltd.(b)		513,008		2,444,441
Natco Pharma Ltd.		145,860		1,610,444
Procter & Gamble Health Ltd.		10,593		965,695
Sanofi India Ltd.		14,740		1,658,779
Shilpa Medicare Ltd.		45,172		226,582
Strides Pharma Science Ltd.		92,683		1,051,442
Sun Pharma Advanced Research Co. Ltd.(a)		103,620		230,760
Suven Pharmaceuticals Ltd.		141,150		920,832
Wockhardt Ltd.(a)		53,188		362,947
				17,946,446
Professional Services — 1.3%
L&T Technology Services Ltd.(b)		41,910		1,464,412
Quess Corp. Ltd.(a)(b)		106,381		1,086,900
TeamLease Services Ltd.(a)		16,323		756,165
				3,307,477
Real Estate Management & Development — 3.2%
Godrej Properties Ltd.(a)		120,635		2,529,009
Hemisphere Properties India Ltd.(a)		113,630		270,757
Indiabulls Real Estate Ltd.(a)		327,676		397,974
NESCO Ltd.		33,519		270,168
Oberoi Realty Ltd.(a)		203,576		1,511,479
Phoenix Mills Ltd. (The)(a)		137,390		1,521,134
Prestige Estates Projects Ltd.		222,253		901,594
Sobha Ltd.		76,156		455,319
Sunteck Realty Ltd.		82,066		388,358
				8,245,792

Security	Shares		Value
Software — 2.1%
Birlasoft Ltd.		220,816	$	681,814
Cyient Ltd.		131,426		1,166,890
Tanla Platforms Ltd.		97,334		1,187,585
Tata Elxsi Ltd.		54,417		1,968,187
Zensar Technologies Ltd.		108,040		434,086
				5,438,562
Textiles, Apparel & Luxury Goods — 3.0%
Aditya Birla Fashion and Retail Ltd.(a)		495,325		1,237,554
Bata India Ltd.		92,510		1,810,545
Garware Technical Fibres Ltd.		15,844		557,424
KPR Mill Ltd.		27,497		346,627
Rajesh Exports Ltd.		93,926		650,011
Relaxo Footwears Ltd.(a)		78,710		915,632
Vaibhav Global Ltd.		15,542		741,642
Vardhman Textiles Ltd.(a)		36,892		594,384
VIP Industries Ltd.		90,825		495,252
Welspun India Ltd.		484,448		456,199
				7,805,270
Thrifts & Mortgage Finance — 2.8%
Aavas Financiers Ltd.(a)		43,850		1,345,933
Can Fin Homes Ltd.		84,330		548,888
IIFL Finance Ltd.		180,137		680,370
Indiabulls Housing Finance Ltd.		442,416		1,316,983
LIC Housing Finance Ltd.		483,020		2,823,122
PNB Housing Finance Ltd.(a)(b)		92,920		556,685
				7,271,981
Tobacco — 0.1%
Godfrey Phillips India Ltd.		19,719		241,198
Trading Companies & Distributors — 0.8%
IndiaMART Intermesh Ltd.(b)		18,582		2,173,590
Transportation Infrastructure — 0.7%
GMR Infrastructure Ltd.(a)		3,372,775		1,195,629
Gujarat Pipavav Port Ltd.		464,148		624,675
				1,820,304
Wireless Telecommunication Services — 0.8%
Vodafone Idea Ltd.(a)		13,751,526		2,114,612
Total Common Stocks — 100.1% (Cost: $166,501,527)				259,611,520
Short-Term Investments
Money Market Funds — 1.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		3,190,000		3,190,000
Total Short-Term Investments — 1.2% (Cost: $3,190,000)				3,190,000
Total Investments in Securities — 101.3% (Cost: $169,691,527)				262,801,520
Other Assets, Less Liabilities — (1.3)%				(3,280,739)
Net Assets — 100.0%			$	259,520,781

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI India Small-Cap ETF

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $688,714, representing 0.3% of its net assets as of period end, and an original cost of $3,554,476.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	3,190,000	(a)	$	—	$	—	$	—	$	3,190,000		3,190,000	$	500	$	—

^(a)  Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SGX Nifty 50 Index		8		03/25/21	$	232	$	(5,210	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	5,210

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	179,785
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,035	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$121,257

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

C O N S O L I D A T E D    S C H E D  U L E    O F    I N V E S T M E N T S 13

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI India Small-Cap ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	258,708,931		$	213,847	$	688,742	$	259,611,520
Money Market Funds		3,190,000			—		—		3,190,000
	$	261,898,931		$	213,847	$	688,742	$	262,801,520
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(5,210	)	$	—	$	—	$	(5,210	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to consolidated financial statements.

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Consolidated Statements of Assets and Liabilities (unaudited) 

February 28, 2021

	iShares MSCI India ETF		iShares MSCI India Small-Cap ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	5,115,672,529	$	259,611,520
Affiliated(b)		2,360,000		3,190,000
Cash		82,914,005		1,151,432
Foreign currency, at value(c)		2,657,029		330,011
Cash pledged:
Futures contracts		2,549,000		30,000
Receivables:
Investments sold		63,983,170		1,030,446
Dividends		2,289,452		89,655
Total assets		5,272,425,185		265,433,064
LIABILITIES
Deferred foreign capital gain tax		82,350,294		4,673,067
Payables:
Investments purchased		77,794,564		1,079,591
Variation margin on futures contracts		1,002,436		15,442
Investment advisory fees		2,586,117		144,183
Total liabilities		163,733,411		5,912,283
NET ASSETS	$	5,108,691,774	$	259,520,781
NET ASSETS CONSIST OF:
Paid-in capital	$	4,340,140,112	$	263,133,789
Accumulated earnings (loss)		768,551,662		(3,613,008	)
NET ASSETS	$	5,108,691,774	$	259,520,781
Shares outstanding		125,250,000		5,500,000
Net asset value	$	40.79	$	47.19
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — Unaffiliated	$	3,388,007,779	$	166,501,527
(b) Investments, at cost — Affiliated	$	2,360,000	$	3,190,000
(c)  Foreign currency, at cost	$	2,682,146	$	334,411

See notes to consolidated financial statements.

C O N S O L I D A T E D    F I N A N  C I A L    S T A T E M E N T S 15

Consolidated Statements of Operations (unaudited) 

Six Months Ended February 28, 2021

	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	22,068,987		$	808,885
Dividends — Affiliated		8,252			500
Foreign taxes withheld		(4,900,821	)		(167,320	)
Total investment income		17,176,418			642,065
EXPENSES
Investment advisory fees		12,695,033			799,102
Mauritius income taxes		419,350			20,256
Total expenses		13,114,383			819,358
Net investment income (loss)		4,062,035			(177,293	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		18,432,309			8,816,392
Futures contracts		2,328,785			179,785
Foreign currency transactions		(5,101,152	)		(173,525	)
Net realized gain		15,659,942			8,822,652
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		720,038,425			60,194,594
Futures contracts		(1,246,400	)		(10,035	)
Foreign currency translations		(117,515	)		(10,042	)
Net change in unrealized appreciation (depreciation)		718,674,510			60,174,517
Net realized and unrealized gain		734,334,452			68,997,169
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	738,396,487		$	68,819,876
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	52,870		$	2,318
(b) Net of deferred foreign capital gain tax of	$	(82,350,294	)	$	(4,673,067	)

See notes to consolidated financial statements.

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Consolidated Statements of Changes in Net Assets

	iShares MSCI India ETF						iShares MSCI India Small-Cap ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	4,062,035		$	17,811,177			$	(177,293	)	$	1,042,095
Net realized gain (loss)		15,659,942			(334,131,502	)			8,822,652			(56,924,723	)
Net change in unrealized appreciation (depreciation)		718,674,510			31,694,408				60,174,517			51,180,604
Net increase (decrease) in net assets resulting from operations		738,396,487			(284,625,917	)			68,819,876			(4,702,024	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,124,353	)		(12,672,573	)			(269,939	)		(5,550,007	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,279,586,872			(1,508,617,643	)			(2,799,124	)		(66,411,121	)
NET ASSETS
Total increase (decrease) in net assets		2,014,859,006			(1,805,916,133	)			65,750,813			(76,663,152	)
Beginning of period		3,093,832,768			4,899,748,901				193,769,968			270,433,120
End of period	$	5,108,691,774		$	3,093,832,768			$	259,520,781		$	193,769,968

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

See notes to consolidated financial statements.

C O N S O L I D A T E D    F I N A N  C I A L    S T A T E M E N T S 17

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI India ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	33.37		$	32.38		$	35.68		$	34.20		$	29.61		$	28.12
Net investment income(a)			0.04			0.14			0.29			0.25			0.26			0.22
Net realized and unrealized gain (loss)(b)			7.41			0.96			(3.00	)		1.54			4.53			1.64
Net increase (decrease) from investment operations			7.45			1.10			(2.71	)		1.79			4.79			1.86
Distributions(c)
From net investment income			(0.03	)		(0.11	)		(0.49	)		(0.31	)		(0.20	)		(0.37	)
Return of capital			—			—			(0.10	)		—			—			—
Total distributions			(0.03	)		(0.11	)		(0.59	)		(0.31	)		(0.20	)		(0.37	)
Net asset value, end of period		$	40.79		$	33.37		$	32.38		$	35.68		$	34.20		$	29.61
Total Return
Based on net asset value			22.30	%(d)		3.40	%		(7.61	)%		5.26	%		16.27	%		6.73	%
Ratios to Average Net Assets
Total expenses			0.67	%(e)		0.69	%		0.69	%		0.68	%		0.68	%		0.71	%
Net investment income			0.21	%(e)		0.43	%		0.86	%		0.72	%		0.87	%		0.79	%
Supplemental Data
Net assets, end of period (000)		$	5,108,692		$	3,093,833		$	4,899,749		$	5,082,120		$	5,263,819		$	4,112,252
Portfolio turnover rate(f)			14	%(d)(g)		25	%(g)		9	%(g)		10	%(g)		13	%(g)		25	%(g)
(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) Not annualized. (e) Annualized. (f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(g) Portfolio turnover rate excluding cash creations was as follows:			12	%		19	%		6	%		5	%		5	%		15	%

See notes to consolidated financial statements.

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Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI India Small-Cap ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	34.60		$	33.39		$	44.10		$	46.27		$	36.01		$	32.24
Net investment income (loss)(a)			(0.03	)		0.15			0.10			(0.00	)(b)		0.09			0.07
Net realized and unrealized gain (loss)(c)			12.67			1.88			(10.60	)		(1.06	)		10.55			4.36
Net increase (decrease) from investment operations			12.64			2.03			(10.50	)		(1.06	)		10.64			4.43
Distributions(d)
From net investment income			(0.05	)		(0.82	)		(0.21	)		(0.63	)		(0.38	)		(0.66	)
Return of capital			—			—			—			(0.48	)		—			—
Total distributions			(0.05	)		(0.82	)		(0.21	)		(1.11	)		(0.38	)		(0.66	)
Net asset value, end of period		$	47.19		$	34.60		$	33.39		$	44.10		$	46.27		$	36.01
Total Return
Based on net asset value			36.55	%(e)		6.35	%		(23.88	)%		(2.36	)%		29.97	%		13.99	%
Ratios to Average Net Assets
Total expenses			0.76	%(f)		0.81	%		0.76	%		0.77	%		0.75	%		0.80	%
Net investment income (loss)			(0.16	)%(f)		0.45	%		0.28	%		(0.00	)%(g)		0.21	%		0.23	%
Supplemental Data
Net assets, end of period (000)		$	259,521		$	193,770		$	270,433		$	282,264		$	205,914		$	64,825
Portfolio turnover rate(h)			25	%(e)(i)		32	%(i)		24	%(i)		49	%(i)		38	%(i)		53	%(i)
(a) Based on average shares outstanding. (b) Rounds to less than $0.01. (c)  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. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Not annualized. (f)  Annualized. (g) Rounds to less than 0.01%. (h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(i) Portfolio turnover rate excluding cash creations was as follows:			24	%		28	%		19	%		31	%		22	%		25	%

See notes to consolidated financial statements.

C O N S O L I D A T E D    F I N A N  C I A L    H I G H L I G H T S 19

Notes to Consolidated Financial Statements (unaudited) 

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

iShares ETF	Diversification     Classification
MSCI India	Non-diversified
MSCI India Small-Cap	Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary of the iShares MSCI India ETF and iShares MSCI India Small-Cap ETF as of period end were $5,106,206,900 and $256,436,893, which is 100.0% and 98.8% of each respective Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

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, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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 prevailing market rates as quoted by one or more data service providers. 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 consolidated statement 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.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its consolidated statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2021, if any, are disclosed in the consolidated statement of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The consolidated statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

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Notes to Consolidated Financial Statements (unaudited) (continued)

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, each Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by each Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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. 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 for identical assets or liabilities that each Fund has the ability to access;

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Notes to Consolidated Financial Statements (unaudited) (continued)

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the consolidated statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the consolidated statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the consolidated statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the consolidated statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“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 the iShares MSCI India ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $4 billion	0.6500%
Over $4 billion, up to and including $6 billion	0.6175
Over $6 billion, up to and including $8 billion	0.5867
Over $8 billion	0.5573

For its investment advisory services to the iShares MSCI India Small-Cap ETF, BFA is entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Distributor: BlackRock Investments, LLC, 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.

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

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Notes to Consolidated Financial Statements (unaudited) (continued)

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 consolidated statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6. PURCHASES AND SALES

For the six months ended February 28, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases	Sales
MSCI India	$  1,765,510,531	$  553,199,389
MSCI India Small-Cap	54,355,317	61,821,356

There were no in-kind transactions for the six months ended February 28, 2021.

7. 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 February 28, 2021, 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’ consolidated financial statements.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI India	$  729,385,183
MSCI India Small-Cap	82,573,978

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2021, 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)
MSCI India	$  3,552,248,687	$  1,793,456,921	$  (227,926,697)	$  1,565,530,224
MSCI India Small-Cap	187,227,385	100,426,555	(24,857,630)	75,568,925

8. 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 the 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 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 the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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Notes to Consolidated Financial Statements (unaudited) (continued)

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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 the Manager 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 consolidated statement 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.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration 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 consolidated schedule of investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. 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:

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Notes to Consolidated Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI India
Shares sold		33,800,000		$	1,321,848,743			8,400,000		$	324,117,985
Shares redeemed		(1,250,000	)		(42,261,871	)		(67,000,000	)		(1,832,735,628	)
Net increase (decrease)		32,550,000		$	1,279,586,872			(58,600,000	)	$	(1,508,617,643	)
MSCI India Small-Cap
Shares sold		50,000		$	2,372,159			300,000		$	10,982,558
Shares redeemed		(150,000	)		(5,171,283	)		(2,800,000	)		(77,393,679	)
Net decrease		(100,000	)	$	(2,799,124	)		(2,500,000	)	$	(66,411,121	)

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. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors 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.

10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI India ETF and iShares MSCI India Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI India	$	0.031623	$	—	$	—	$	0.031623		100	%		—	%		—	%		100	%

S U P P L E M E N T A L    I N F O R  M A T I O N 27

General Information

Electronic Delivery

Shareholders can sign up for email 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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y    O F    T E R M S     U S E D    I N    T H I S    R E P O R T 29

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.

©2021 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.

iS-SAR-809-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Currency Hedged MSCI Canada ETF  |  HEWC  |  NYSE Arca

· iShares Currency Hedged MSCI Eurozone ETF  |  HEZU  |  NYSE Arca

· iShares Currency Hedged MSCI Germany ETF  |  HEWG  |  NASDAQ

· iShares Currency Hedged MSCI Japan ETF  |  HEWJ  |  NYSE Arca

· iShares Currency Hedged MSCI Mexico ETF  |  HEWW  |  NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		29
Statements of Changes in Net Assets		31
Financial Highlights		34
Notes to Financial Statements		39
Statement Regarding Liquidity Risk Management Program		45
Supplemental Information		46
General Information		47
Glossary of Terms Used in this Report		48

Fund Summary  as of February 28, 2021 iShares^® Currency Hedged MSCI Canada ETF

Investment Objective

The iShares Currency Hedged MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Canadian equities while mitigating exposure to fluctuations between the value of the Canadian dollar and the U.S. dollar, as represented by the MSCI Canada 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Canada ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		11.14	%		15.49	%		10.27	%		6.96	%		15.49	%		63.04	%		46.47	%
Fund Market		10.96			15.65			10.25			6.98			15.65			62.86			46.59
Index		10.43			14.88			10.32			7.07			14.88			63.42			47.27

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

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 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        1,111.40	$          0.16			$        1,000.00	$        1,024.60	$          0.15		0.03	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		99.4	%
Forward foreign currency exchange contracts, net cumulative depreciation		(0.3	)
Other assets less liabilities		0.9

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		36.7	%
Energy		13.5
Information Technology		12.2
Materials		11.3
Industrials		10.1
Consumer Discretionary		4.2
Consumer Staples		4.0
Utilities		3.6
Communication Services		2.8
Health Care		1.1
Real Estate		0.5

^(a)  Excludes money market funds.

4 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of February 28, 2021 iShares^® Currency Hedged MSCI Eurozone ETF

Investment Objective

The iShares Currency Hedged MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries which use the euro as their official currency while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI EMU 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Eurozone ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		15.08	%		13.61	%		10.05	%		6.96	%		13.61	%		61.45	%		56.38	%
Fund Market		14.84			13.45			10.03			6.96			13.45			61.26			56.32
Index		14.24			13.66			9.92			7.22			13.66			60.47			58.89

The inception date of the Fund was 7/9/14. The first day of secondary market trading was 7/10/14.

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 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        1,150.80	$          0.16			$        1,000.00	$        1,024.60	$          0.15		0.03	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		99.3	%
Short-term Investments		0.1
Forward foreign currency exchange contracts, net cumulative appreciation		0.8
Other assets less liabilities		(0.2	)

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Consumer Discretionary		17.1	%
Financials		14.8
Industrials		14.8
Information Technology		13.2
Health Care		8.0
Consumer Staples		7.5
Materials		7.4
Utilities		6.8
Communication Services		4.5
Energy		4.1
Real Estate		1.8

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary  as of February 28, 2021 iShares^® Currency Hedged MSCI Germany ETF

Investment Objective

The iShares Currency Hedged MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization German equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Germany 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Germany ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.44	%		16.05	%		9.15	%		6.34	%		16.05	%		54.92	%		54.48	%
Fund Market		6.89			15.70			9.09			6.29			15.70			54.52			54.01
Index		7.67			16.91			9.31			6.65			16.91			56.08			57.81

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,074.40	$	0.15		$	1,000.00	$	1,024.60	$	0.15		0.03	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		99.4	%
Short-term Investments		0.0	(a)
Forward foreign currency exchange contracts, net cumulative appreciation		0.7
Other assets less liabilities		(0.1	)

^(a)  Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Consumer Discretionary		20.0	%
Industrials		16.1
Financials		14.4
Information Technology		13.7
Health Care		11.1
Materials		8.9
Communication Services		5.1
Real Estate		4.5
Utilities		3.7
Consumer Staples		2.5

^(a)  Excludes money market funds.

6 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of February 28, 2021 iShares^® Currency Hedged MSCI Japan ETF

Investment Objective

The iShares Currency Hedged MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the MSCI Japan 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Japan ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		19.02	%		29.25	%		11.12	%		8.89	%		29.25	%		69.44	%		82.73	%
Fund Market		19.01			28.98			11.06			8.87			28.98			68.98			82.53
Index		17.77			27.60			11.37			8.91			27.60			71.32			83.08

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

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 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        1,190.20	$          0.00			$        1,000.00	$        1,024.80	$          0.00		0.00	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		99.9	%
Short-term Investments		0.0	(a)
Forward foreign currency exchange contracts, net cumulative appreciation		1.8
Other assets less liabilities		(1.7	)

^(a)  Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials		21.1	%
Consumer Discretionary		18.5
Information Technology		13.6
Communication Services		10.2
Health Care		10.0
Financials		8.9
Consumer Staples		7.1
Materials		5.1
Real Estate		3.6
Utilities		1.2
Energy		0.7

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary  as of February 28, 2021 iShares^® Currency Hedged MSCI Mexico ETF

Investment Objective

The iShares Currency Hedged MSCI Mexico ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization Mexican equities while mitigating exposure to fluctuations between the value of the Mexican peso and the U.S. dollar, as represented by the MSCI Mexico IMI 25/50 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Mexico ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		17.92	%		4.63	%		(2.25	)%		(2.30	)%		4.63	%		(10.76	)%		(12.38	)%
Fund Market		18.40			4.52			(2.39	)		(2.41	)		4.52			(11.39	)		(12.93	)
Index		18.27			5.16			(2.22	)		(2.19	)		5.16			(10.62	)		(11.79	)

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,179.20	$	0.16		$	1,000.00	$	1,024.60	$	0.15		0.03	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		99.9	%
Forward foreign currency exchange contracts, net cumulative appreciation		3.0
Other assets less liabilities		(2.9	)

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Consumer Staples		30.7	%
Communication Services		19.7
Financials		14.4
Materials		14.0
Industrials		10.9
Real Estate		6.6
Consumer Discretionary		1.5
Utilities		1.5
Health Care		0.7

^(a)  Excludes money market funds.

8 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 9

Schedule of Investments (unaudited) February 28, 2021 iShares^® Currency Hedged MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.4%
iShares MSCI Canada ETF(a)		392,206	$	12,617,267
Total Investment Companies — 99.4% (Cost: $11,397,150)				12,617,267
Total Investments in Securities — 99.4% (Cost: $11,397,150)				12,617,267
Other Assets, Less Liabilities — 0.6%				71,058
Net Assets — 100.0%			$	12,688,325

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	—	$	0	(b)	$	—		$	—	$	—	$	—		—	$	1	$	—
iShares MSCI Canada ETF		11,540,157		599,767			(932,284	)		20,078		1,389,549		12,617,267		392,206		154,569		—
									$	20,078	$	1,389,549	$	12,617,267			$	154,570	$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	70,000	USD	54,802	MS		03/02/21	$	204
USD	12,977,380	CAD	16,428,000	MS		04/05/21		67,271
								67,475
CAD	15,772,000	USD	12,458,175	MS		03/02/21		(64,608	)
USD	12,402,018	CAD	15,842,000	MS		03/02/21		(46,555	)
CAD	298,000	USD	234,436	MS		04/05/21		(249	)
								(111,412	)
	Net unrealized depreciation						$	(43,937	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	67,475

10 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (Unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Canada ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Foreign Currency Exchange Contracts
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	111,412

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	(538,426	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	261,885

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	12,141,252
Average amounts sold — in USD	$	24,123,670

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	$	67,475	$	111,412
Total derivative assets and liabilities in the Statement of Assets and Liabilities		67,475		111,412
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		67,475		111,412

The following tables present 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:

	Derivative Assets Subject to an MNA by			Derivatives Available				Net Amount of Derivative
Counterparty	Counterparty				for Offset(a)				Assets
Morgan Stanley & Co. International PLC		$	67,475		$	(67,475	)		$	—

	Derivative Liabilities Subject to an MNA by		Derivatives Available			Net Amount of Derivative
Counterparty	Counterparty		for Offset(a)			Liabilities(b)
Morgan Stanley & Co. International PLC	$	111,412	$	(67,475	)	$	43,937

^(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)  Net amount represents the net amount payable due to the counterparty in the event of default.

S C H E D U L E  O F  I N V E S T M E N T S 11

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Canada ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	12,617,267	$	—		$	—	$	12,617,267
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	67,475		$	—	$	67,475
Liabilities
Forward Foreign Currency Exchange Contracts		—		(111,412	)		—		(111,412	)
	$	—	$	(43,937)		$	—	$	(43,937)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

12 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) February 28, 2021 iShares^® Currency Hedged MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.3%
iShares MSCI Eurozone ETF(a)		11,022,905	$	493,605,686
Total Investment Companies — 99.3% (Cost: $481,972,652)				493,605,686
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		340,000		340,000
Total Short-Term Investments — 0.1% (Cost: $340,000)				340,000
Total Investments in Securities — 99.4% (Cost: $482,312,652)				493,945,686
Other Assets, Less Liabilities — 0.6%				2,896,528
Net Assets — 100.0%			$	496,842,214

^(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 six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	340,000	(a)	$	—		$	—	$	—	$	340,000		340,000	$	192	$	—
iShares MSCI Eurozone ETF		568,545,846		265,390,572			(414,515,746	)		11,181,146		63,003,868		493,605,686		11,022,905		8,309,284		—
									$	11,181,146	$	63,003,868	$	493,945,686			$	8,309,476	$	—

^(a)  Represents net amount purchased (sold).

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,267,122	EUR	1,865,000	BNP		03/02/21	$	16,905
EUR	89,000	USD	106,507	BBP		03/03/21		879
EUR	12,083,000	USD	14,566,761	JPM		03/03/21		12,301
EUR	9,279,000	USD	11,171,342	SSB		03/03/21		24,479
USD	7,462,460	EUR	6,155,000	JPM		03/03/21		35,983
USD	50,904,144	EUR	41,873,834	MS		03/03/21		380,168
USD	458,130,820	EUR	376,864,511	UBS		03/03/21		3,415,027
USD	22,667,084	EUR	18,659,000	DB		04/07/21		134,921
USD	50,868,233	EUR	41,873,834	MS		04/07/21		302,390
USD	433,251,089	EUR	356,644,511	SSB		04/07/21		2,575,684
								6,898,737
EUR	1,865,000	USD	2,263,737	SSB		03/02/21		(13,520	)

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Eurozone ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	68,000	USD	82,288	BBP		03/03/21	$	(241	)
EUR	16,015,000	USD	19,461,109	DB		03/03/21		(137,789	)
EUR	41,873,834	USD	50,827,213	MS		03/03/21		(303,237	)
EUR	358,792,511	USD	435,497,303	SSB		03/03/21		(2,586,757	)
USD	7,823,553	EUR	6,496,000	BOA		03/03/21		(14,367	)
USD	3,259,331	EUR	2,706,000	CITI		03/03/21		(5,665	)
USD	4,948,162	EUR	4,105,000	SSB		03/03/21		(4,834	)
EUR	10,652,000	USD	12,878,023	UBS		04/07/21		(14,921	)
								(3,081,331	)
	Net unrealized appreciation						$	3,817,406

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	6,898,737
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	3,081,331

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	(12,214,648	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	8,438,232

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	605,072,964
Average amounts sold — in USD	$	1,165,297,873

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	$	6,898,737	$	3,081,331
Total derivative assets and liabilities in the Statement of Assets and Liabilities		6,898,737		3,081,331
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		6,898,737		3,081,331

14 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Eurozone ETF

The following tables present 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:

Counterparty	Derivative Assets Subject to an MNA by Counterparty			Derivatives Available for Offset(a)				Cash Collateral Received(b)				Net Amount of Derivative Assets(c)(d)
Barclays Bank PLC		$	879		$	(241	)		$	—			$	638
BNP Paribas SA			16,905			—				—				16,905
Deutsche Bank Securities Inc.			134,921			(134,921	)			—				—
JPMorgan Chase Bank N.A.			48,284			—				—				48,284
Morgan Stanley & Co. International PLC			682,558			(303,237	)			(70,000	)			309,321
State Street Bank and Trust Co			2,600,163			(2,600,163	)			—				—
UBS AG			3,415,027			(14,921	)			—				3,400,106
		$	6,898,737		$	(3,053,483	)		$	(70,000	)		$	3,775,254
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty			Derivatives Available for Offset(a)				Cash Collateral Pledged				Net Amount of Derivative Liabilities(d)(e)
Bank of America N.A		$	14,367		$	—			$	—			$	14,367
Barclays Bank PLC			241			(241	)			—				—
Citibank N.A			5,665			—				—				5,665
Deutsche Bank Securities Inc.			137,789			(134,921	)			—				2,868
Morgan Stanley & Co. International PLC			303,237			(303,237	)			—				—
State Street Bank and Trust Co			2,605,111			(2,600,163	)			—				4,948
UBS AG			14,921			(14,921	)			—				—
		$	3,081,331		$	(3,053,483	)		$	—			$	27,848

^(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 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.

S C H E D U L E  O F  I N V E S T M E N T  S 15

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Eurozone ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	493,605,686	$	—		$	—	$	493,605,686
Money Market Funds		340,000		—			—		340,000
	$	493,945,686	$	—		$	—	$	493,945,686
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	6,898,737		$	—	$	6,898,737
Liabilities
Forward Foreign Currency Exchange Contracts		—		(3,081,331	)		—		(3,081,331	)
	$	—	$	3,817,406		$	—	$	3,817,406

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

16 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) February 28, 2021 iShares^® Currency Hedged MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.4%
iShares MSCI Germany ETF(a)		1,991,273	$	63,740,649
Total Investment Companies — 99.4% (Cost: $64,878,149)				63,740,649
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		30,000		30,000
Total Short-Term Investments — 0.0% (Cost: $30,000)				30,000
Total Investments in Securities — 99.4% (Cost: $64,908,149)				63,770,649
Other Assets, Less Liabilities — 0.6%				387,175
Net Assets — 100.0%			$	64,157,824

^(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 six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions  from Underlying  Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	30,000	(a)	$	—		$	—	$	—	$	30,000		30,000	$	21	$	—
iShares MSCI Germany ETF		75,787,255		204,046,971			(220,449,217	)		531,212		3,824,428		63,740,649		1,991,273		761,542		—
									$	531,212	$	3,824,428	$	63,770,649			$	761,563	$	—

^(a)  Represents net amount purchased (sold).

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	2,529,000	USD	3,048,783	MS		03/03/21	$	2,648
EUR	3,748,000	USD	4,512,360	SSB		03/03/21		9,888
EUR	36,000	USD	43,082	UBS		03/03/21		355
USD	825,420	EUR	679,000	BNP		03/03/21		6,156
USD	1,521,354	EUR	1,255,000	JPM		03/03/21		7,101
USD	5,574,753	EUR	4,585,800	MS		03/03/21		41,635
USD	13,292	EUR	11,000	SSB		03/03/21		20
USD	54,201,895	EUR	44,587,200	UBS		03/03/21		404,035
USD	1,796,698	EUR	1,479,000	BOA		04/07/21		10,693
USD	5,570,819	EUR	4,585,800	MS		04/07/21		33,116
USD	57,941,248	EUR	47,696,200	SSB		04/07/21		344,454
								860,101

S C H E D U L E  O F  I N V E S T M E N T  S 17

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Germany ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	1,254,000	USD	1,520,500	BNY	03/03/21	$	(7,454	)
EUR	4,603,800	USD	5,588,109	MS	03/03/21		(33,273	)
EUR	15,000	USD	18,206	RBS	03/03/21		(107	)
EUR	47,696,200	USD	57,893,648	SSB	03/03/21		(344,542	)
USD	1,520,057	EUR	1,262,000	CITI	03/03/21		(2,642	)
USD	5,897,943	EUR	4,897,000	HSBC	03/03/21		(10,661	)
USD	3,017,690	EUR	2,521,000	MS	03/03/21		(24,089	)
USD	58,935	EUR	49,000	SSB	03/03/21		(188	)
USD	42,145	EUR	35,000	UBS	03/03/21		(86	)
EUR	1,269,000	USD	1,534,192	UBS	04/07/21		(1,777	)
							(424,819	)
Net unrealized appreciation						$	435,282

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	860,101
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	424,819

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$(1,183,366)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$ 1,064,924

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	93,651,370
Average amounts sold — in USD	$	159,362,067

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

18 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Germany ETF

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	$	860,101	$	424,819
Total derivative assets and liabilities in the Statement of Assets and Liabilities		860,101		424,819
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		860,101		424,819

The following tables present 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:

Counterparty	Derivative Assets Subject to an MNA by Counterparty			Derivatives Available for Offset(a)				Net Amount of Derivative Assets(b)
Bank of America N.A		$	10,693		$	—			$	10,693
BNP Paribas SA			6,156			—				6,156
JPMorgan Chase Bank N.A.			7,101			—				7,101
Morgan Stanley & Co. International PLC			77,399			(57,362	)			20,037
State Street Bank and Trust Co			354,362			(344,730	)			9,632
UBS AG			404,390			(1,863	)			402,527
		$	860,101		$	(403,955	)		$	456,146
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty			Derivatives Available for Offset(a)				Net Amount of Derivative Liabilities(c)
Bank of New York		$	7,454		$	—			$	7,454
Citibank N.A			2,642			—				2,642
HSBC Bank PLC			10,661			—				10,661
Morgan Stanley & Co. International PLC			57,362			(57,362	)			—
Royal Bank of Scotland PLC			107			—				107
State Street Bank and Trust Co			344,730			(344,730	)			—
UBS AG			1,863			(1,863	)			—
		$	424,819		$	(403,955	)		$	20,864

^(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) Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E  O F  I N V E S T M E N  T S 19

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Germany ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	63,740,649	$	—		$	—	$	63,740,649
Money Market Funds		30,000		—			—		30,000
	$	63,770,649	$	—		$	—	$	63,770,649
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	860,101		$	—	$	860,101
Liabilities
Forward Foreign Currency Exchange Contracts		—		(424,819	)		—		(424,819	)
	$	—	$	435,282		$	—	$	435,282

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

20 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) February 28, 2021 iShares^® Currency Hedged MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Japan ETF(a)		4,950,107	$	337,696,300
Total Investment Companies — 99.9% (Cost: $304,708,375)				337,696,300
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		210,000		210,000
Total Short-Term Investments — 0.0% (Cost: $210,000)				210,000
Total Investments in Securities — 99.9% (Cost: $304,918,375)				337,906,300
Other Assets, Less Liabilities — 0.1%				248,467
Net Assets — 100.0%			$	338,154,767

^(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 six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions  from Underlying  Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	210,000	(a)	$	—		$	—	$	—	$	210,000		210,000	$	68	$	—
iShares MSCI Japan ETF		247,444,914		225,397,618			(183,676,605	)		6,700,727		41,829,646		337,696,300		4,950,107		1,284,400		—
									$	6,700,727	$	41,829,646	$	337,906,300			$	1,284,468	$	—

^(a)  Represents net amount purchased (sold).

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	8,658,086	JPY	906,467,000	BNP	03/03/21	$	154,171
USD	1,908,677	JPY	200,298,000	CBA	03/03/21		29,604
USD	4,500,457	JPY	471,188,000	JPM	03/03/21		80,061
USD	29,939,024	JPY	3,139,727,800	MS	03/03/21		484,029
USD	296,118,735	JPY	30,994,274,200	SSB	03/03/21		5,349,523
USD	302,253,719	JPY	32,189,507,200	CITI	04/05/21		152,688
USD	42,405,564	JPY	4,516,151,800	MS	04/05/21		21,128
							6,271,204
JPY	597,042,000	USD	5,706,620	BNY	03/03/21		(105,539	)
JPY	32,189,507,200	USD	302,139,726	CITI	03/03/21		(157,573	)
JPY	2,538,678,800	USD	23,828,865	MS	03/03/21		(12,542	)
JPY	386,727,000	USD	3,682,690	UBS	03/03/21		(54,655	)

S C H E D U L E  O F  I N V E S T M E N  T S 21

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Japan ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	314,031,000	USD	2,948,114	MS		04/05/21	$	(909	)
								(331,218	)
Net unrealized appreciation							$	5,939,986

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	6,271,204
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	331,218

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	(1,600,484	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	5,403,985

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	316,348,197
Average amounts sold — in USD	$	623,164,620

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	$	6,271,204	$	331,218
Total derivative assets and liabilities in the Statement of Assets and Liabilities		6,271,204		331,218
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		6,271,204		331,218

22 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Japan ETF

The following tables present 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:

Counterparty	Derivative Assets Subject to an MNA by Counterparty			Derivatives Available for Offset(a)				Net Amount of Derivative Assets(b)
BNP Paribas SA		$	154,171		$	—			$	154,171
Citibank N.A			152,688			(152,688	)			—
Commonwealth Bank of Australia			29,604			—				29,604
JPMorgan Chase Bank N.A.			80,061			—				80,061
Morgan Stanley & Co. International PLC			505,157			(13,451	)			491,706
State Street Bank and Trust Co			5,349,523			—				5,349,523
		$	6,271,204		$	(166,139	)		$	6,105,065
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty			Derivatives Available for Offset(a)				Net Amount of Derivative Liabilities(c)
Bank of New York		$	105,539		$	—			$	105,539
Citibank N.A			157,573			(152,688	)			4,885
Morgan Stanley & Co. International PLC			13,451			(13,451	)			—
UBS AG			54,655			—				54,655
		$	331,218		$	(166,139	)		$	165,079

^(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)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c) Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	337,696,300	$	—		$	—	$	337,696,300
Money Market Funds		210,000		—			—		210,000
	$	337,906,300	$	—		$	—	$	337,906,300
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	6,271,204		$	—	$	6,271,204
Liabilities
Forward Foreign Currency Exchange Contracts		—		(331,218	)		—		(331,218	)
	$	—	$	5,939,986		$	—	$	5,939,986

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N  T S 23

Schedule of Investments  (unaudited) February 28, 2021 iShares^® Currency Hedged MSCI Mexico ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Mexico ETF(a)		19,601	$	796,977
Total Investment Companies — 99.9% (Cost: $762,819)				796,977
Total Investments in Securities — 99.9% (Cost: $762,819)				796,977
Other Assets, Less Liabilities — 0.1%				655
Net Assets — 100.0%			$	797,632

^(a) Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
iShares MSCI Mexico ETF	$	681,994	$	63,456	$	(105,108	)	$	(26,803	)	$	183,438	$	796,977		19,601	$	9,324	$	—

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	816,086	MXN	16,557,000	MS	03/03/21	$	24,766
MXN	101,000	USD	4,805	MS	04/07/21		4
USD	793,533	MXN	16,657,000	MS	04/07/21		391
							25,161
MXN	16,557,000	USD	792,156	MS	03/03/21		(836	)
	Net unrealized appreciation					$	24,325

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	25,161
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	836

24 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Mexico ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	(80,079)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	36,827

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	767,570
Average amounts sold — in USD	$	1,518,359

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	$	25,161	$	836
Total derivative assets and liabilities in the Statement of Assets and Liabilities		25,161		836
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		25,161		836

The following tables present 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:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Net Amount of Derivative Assets(b)
Morgan Stanley & Co. International PLC		$25,161		$ (836	)		$24,325

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC		$ 836		$(836	)		$     —

^(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) Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E  O F  I N V E S T M E N  T S 25

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Mexico ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	796,977	$	—		$	—	$	796,977
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	25,161		$	—	$	25,161
Liabilities
Forward Foreign Currency Exchange Contracts		—		(836	)		—		(836	)
	$	—	$	24,325		$	—	$	24,325

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

26 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

February 28, 2021

	iShares Currency Hedged MSCI Canada ETF		iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	12,617,267	$	493,945,686		$	63,770,649		$	337,906,300
Cash		6,708		3,995			2,362			987
Receivables:
Investments sold		196,316		531,754			71,216			—
Dividends		—		9			—			4
Unrealized appreciation on:
Forward foreign currency exchange contracts		67,475		6,898,737			860,101			6,271,204
Total assets		12,887,766		501,380,181			64,704,328			344,178,495
LIABILITIES
Cash received:
Collateral — OTC derivatives		—		70,000			—			—
Payables:
Investments purchased		87,734		1,374,808			119,907			5,690,635
Investment advisory fees		295		11,828			1,778			1,875
Unrealized depreciation on:
Forward foreign currency exchange contracts		111,412		3,081,331			424,819			331,218
Total liabilities		199,441		4,537,967			546,504			6,023,728
NET ASSETS	$	12,688,325	$	496,842,214		$	64,157,824		$	338,154,767
NET ASSETS CONSIST OF:
Paid-in capital	$	11,752,044	$	525,997,150		$	109,812,131		$	362,783,874
Accumulated earnings (loss)		936,281		(29,154,936	)		(45,654,307	)		(24,629,107	)
NET ASSETS	$	12,688,325	$	496,842,214		$	64,157,824		$	338,154,767
Shares outstanding		450,000		15,450,000			2,150,000			9,050,000
Net asset value	$	28.20	$	32.16		$	29.84		$	37.37
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a)  Investments, at cost — Affiliated	$	11,397,150	$	482,312,652		$	64,908,149		$	304,918,375

See notes to financial statements.

FINANCIAL   STATEMENTS 27

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2021

	iShares Currency Hedged MSCI Mexico ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	796,977
Cash		344
Receivables:
Unrealized appreciation on:
Forward foreign currency exchange contracts		25,161
Total assets		822,482
LIABILITIES
Payables:
Investments purchased		23,995
Investment advisory fees		19
Unrealized depreciation on:
Forward foreign currency exchange contracts		836
Total liabilities		24,850
NET ASSETS	$	797,632
NET ASSETS CONSIST OF:
Paid-in capital	$	1,330,851
Accumulated loss		(533,219	)
NET ASSETS	$	797,632
Shares outstanding		50,000
Net asset value	$	15.95
Shares authorized		Unlimited
Par value		None
(a)  Investments, at cost — Affiliated	$	762,819

See notes to financial statements.

28 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended February 28, 2021

	iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
INVESTMENT INCOME
Dividends — Affiliated	$	154,570		$	8,309,476		$	761,563		$	1,284,468
Total investment income		154,570			8,309,476			761,563			1,284,468
EXPENSES
Investment advisory fees		36,902			1,669,341			175,808			774,474
Total expenses		36,902			1,669,341			175,808			774,474
Less:
Investment advisory fees waived		(35,116	)		(1,588,566	)		(167,227	)		(769,952	)
Total expenses after fees waived		1,786			80,775			8,581			4,522
Net investment income		152,784			8,228,701			752,982			1,279,946
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		20,078			(1,206,966	)		(341,785	)		(72,706	)
In-kind redemptions — Affiliated		—			12,388,112			872,997			6,773,433
Forward foreign currency exchange contracts		(538,426	)		(12,214,648	)		(1,183,366	)		(1,600,484	)
Net realized gain (loss)		(518,348	)		(1,033,502	)		(652,154	)		5,100,243
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		1,389,549			63,003,868			3,824,428			41,829,646
Forward foreign currency exchange contracts		261,885			8,438,232			1,064,924			5,403,985
Net change in unrealized appreciation (depreciation)		1,651,434			71,442,100			4,889,352			47,233,631
Net realized and unrealized gain		1,133,086			70,408,598			4,237,198			52,333,874
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,285,870		$	78,637,299		$	4,990,180		$	53,613,820

See notes to financial statements.

FINANCIAL   STATEMENTS 29

Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares Currency Hedged MSCI Mexico ETF
INVESTMENT INCOME
Dividends — Affiliated	$	9,324
Total investment income		9,324
EXPENSES
Investment advisory fees		2,325
Total expenses		2,325
Less:
Investment advisory fees waived		(2,213	)
Total expenses after fees waived		112
Net investment income		9,212
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(26,803	)
Forward foreign currency exchange contracts		(80,079	)
Net realized loss		(106,882	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		183,438
Forward foreign currency exchange contracts		36,827
Net change in unrealized appreciation (depreciation)		220,265
Net realized and unrealized gain		113,383
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	122,595

See notes to financial statements.

30 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Currency Hedged MSCI Canada ETF						iShares Currency Hedged MSCI Eurozone ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	152,784		$	989,114		$	8,228,701		$	8,794,540
Net realized loss		(518,348	)		(328,024	)		(1,033,502	)		(108,399,386	)
Net change in unrealized appreciation (depreciation)		1,651,434			(1,262,236	)		71,442,100			44,690,383
Net increase (decrease) in net assets resulting from operations		1,285,870			(601,146	)		78,637,299			(54,914,463	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(153,398	)		(1,511,241	)		(7,568,672	)		(33,868,861	)
Return of capital		—			—			—			(28,592	)
Decrease in net assets resulting from distributions to shareholders		(153,398	)		(1,511,241	)		(7,568,672	)		(33,897,453	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		—			(24,621,385	)		(144,196,005	)		(210,205,834	)
NET ASSETS
Total increase (decrease) in net assets		1,132,472			(26,733,772	)		(73,127,378	)		(299,017,750	)
Beginning of period		11,555,853			38,289,625			569,969,592			868,987,342
End of period	$	12,688,325		$	11,555,853		$	496,842,214		$	569,969,592

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 31

Statements of Changes in Net Assets  (continued)

	iShares Currency Hedged MSCI Germany ETF						iShares Currency Hedged MSCI Japan ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	752,982		$	966,557		$	1,279,946		$	6,964,612
Net realized gain (loss)		(652,154	)		(18,127,119	)		5,100,243			(23,725,922	)
Net change in unrealized appreciation (depreciation)		4,889,352			23,875,659			47,233,631			36,205,304
Net increase in net assets resulting from operations		4,990,180			6,715,097			53,613,820			19,443,994
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(774,353	)		(966,557	)		(1,155,492	)		(6,967,089	)
Return of capital		—			(1,677	)		—			—
Decrease in net assets resulting from distributions to shareholders		(774,353	)		(968,234	)		(1,155,492	)		(6,967,089	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(16,014,639	)		(84,409,886	)		38,440,090			(94,358,704	)
NET ASSETS
Total increase (decrease) in net assets		(11,798,812	)		(78,663,023	)		90,898,418			(81,881,799	)
Beginning of period		75,956,636			154,619,659			247,256,349			329,138,148
End of period	$	64,157,824		$	75,956,636		$	338,154,767		$	247,256,349

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

See notes to financial statements.

32 2 0 2 1I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Currency Hedged MSCI Mexico ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,212		$	12,524
Net realized loss		(106,882	)		(13,045	)
Net change in unrealized appreciation (depreciation)		220,265			(108,067	)
Net increase (decrease) in net assets resulting from operations		122,595			(108,588	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,662	)		(13,652	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			—
NET ASSETS
Total increase (decrease) in net assets		115,933			(122,240	)
Beginning of period		681,699			803,939
End of period	$	797,632		$	681,699

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

See notes to financial statements.

FINANCIAL   STATEMENTS 33

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Canada ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	25.68			$	26.41			$	26.79			$	24.70			$	23.54			$	23.47
Net investment income(a)			0.34				0.71				0.59				0.56				0.24				0.41
Net realized and unrealized gain(b)			2.52				0.30				0.30				2.10				1.38				1.07
Net increase from investment operations			2.86				1.01				0.89				2.66				1.62				1.48
Distributions(c)
From net investment income			(0.34	)			(1.37	)			(0.64	)			(0.57	)			(0.46	)			(0.46	)
From net realized gain			—				(0.37	)			(0.63	)			—				—				(0.95	)
Return of capital			—				—				—				—				—				(0.00	)(d)
Total distributions			(0.34	)			(1.74	)			(1.27	)			(0.57	)			(0.46	)			(1.41	)
Net asset value, end of period		$	28.20			$	25.68			$	26.41			$	26.79			$	24.70			$	23.54
Total Return
Based on net asset value			11.14	%(e)			4.08	%			3.84	%			10.82	%			6.86	%			6.92	%
Ratios to Average Net Assets
Total expenses(f)			0.62	%(g)			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived(f)			0.03	%(g)			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%
Net investment income			2.57	%(g)			2.75	%			2.31	%			2.12	%			0.98	%			1.84	%
Supplemental Data
Net assets, end of period (000)		$	12,688			$	11,556			$	38,290			$	5,357			$	2,470			$	10,593
Portfolio turnover rate(h)(i)			5	%(e)			15	%			12	%			10	%			8	%			13	%

^(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) Not annualized.

^(f) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾ Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

34 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Eurozone ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	28.36			$	29.86			$	29.76			$	28.83			$	24.73			$	25.90
Net investment income(a)			0.46				0.35				0.76				0.79				0.64				0.60
Net realized and unrealized gain (loss)(b)			3.81				(0.64	)			0.24				1.03				4.07				(0.93	)
Net increase (decrease) from investment operations			4.27				(0.29	)			1.00				1.82				4.71				(0.33	)
Distributions(c)
From net investment income			(0.47	)			(0.38	)			(0.90	)			(0.89	)			(0.61	)			(0.71	)
From net realized gain			—				(0.83	)			(0.00	)(d)			—				—				(0.13	)
Return of capital			—				(0.00	)(d)			—				—				(0.00	)(d)			(0.00	)(d)
Total distributions			(0.47	)			(1.21	)			(0.90	)			(0.89	)			(0.61	)			(0.84	)
Net asset value, end of period		$	32.16			$	28.36			$	29.86			$	29.76			$	28.83			$	24.73
Total Return
Based on net asset value			15.08	%(e)			(1.21	)%			3.41	%			6.36	%			19.13	%			(1.02	)%
Ratios to Average Net Assets
Total expenses(f)			0.62	%(g)			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived(f)			0.03	%(g)			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%
Net investment income			3.06	%(g)			1.18	%			2.63	%			2.61	%			2.32	%			2.42	%
Supplemental Data
Net assets, end of period (000)		$	496,842			$	569,970			$	868,987			$	1,660,448			$	1,791,673			$	1,345,405
Portfolio turnover rate(h)(i)			7	%(e)			10	%			5	%			11	%			9	%			12	%

^(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) Not annualized.

^(f) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾ Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 35

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Germany ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	28.13			$	26.21			$	27.64			$	26.82			$	24.03			$	24.01
Net investment income(a)			0.32				0.21				0.55				0.53				0.74				0.31
Net realized and unrealized gain (loss)(b)			1.77				2.06				(1.25	)			1.02				2.62				0.46
Net increase (decrease) from investment operations			2.09				2.27				(0.70	)			1.55				3.36				0.77
Distributions(c)
From net investment income			(0.38	)			(0.35	)			(0.73	)			(0.73	)			(0.57	)			(0.54	)
From net realized gain			—				—				—				—				—				(0.21	)
Return of capital			—				(0.00	)(d)			(0.00	)(d)			—				—				—
Total distributions			(0.38	)			(0.35	)			(0.73	)			(0.73	)			(0.57	)			(0.75	)
Net asset value, end of period		$	29.84			$	28.13			$	26.21			$	27.64			$	26.82			$	24.03
Total Return
Based on net asset value			7.44	%(e)			8.71	%			(2.65	)%			5.83	%			13.88	%			3.50	%
Ratios to Average Net Assets
Total expenses(f)			0.53	%(g)			0.53	%			0.53	%			0.53	%			0.53	%			0.53	%
Total expenses after fees waived(f)			0.03	%(g)			0.02	%			0.04	%			0.06	%			0.05	%			0.05	%
Net investment income			2.27	%(g)			0.77	%			2.09	%			1.87	%			2.75	%			1.33	%
Supplemental Data
Net assets, end of period (000)		$	64,158			$	75,957			$	154,620			$	330,346			$	791,051			$	492,701
Portfolio turnover rate(h)(i)			8	%(e)			12	%			5	%			11	%			9	%			11	%

^(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) Not annualized.

^(f) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾ Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

36 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Japan ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	31.50		$	29.13		$	32.36		$	29.56		$	24.73		$	29.46
Netinvestment income(a)		0.15			0.72			0.45			0.46			0.52			0.41
Net realized and unrealized gain (loss)(b)		5.84			2.35			(3.04	)		2.81			4.78			(4.11	)
Net increase (decrease) from investment operations		5.99			3.07			(2.59	)		3.27			5.30			(3.70	)
Distributions(c)
From net investment income		(0.12	)		(0.70	)		(0.64	)		(0.47	)		(0.47	)		(0.44	)
From net realized gain		—			—			—			—			—			(0.59	)
Total distributions		(0.12	)		(0.70	)		(0.64	)		(0.47	)		(0.47	)		(1.03	)
Net asset value, end of period	$	37.37		$	31.50		$	29.13		$	32.36		$	29.56		$	24.73
Total Return
Based on net asset value		19.02	%(d)		10.52	%		(8.06	)%		11.07	%		21.50	%		(12.91	)%
Ratios to Average Net Assets
Total expenses(e)		0.53	%(f)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Total expenses after fees waived(e)		0.00	%(f)(g)		0.00	%(g)		0.00	%(g)		0.01	%		0.00	%(g)		0.00	%(g)
Net investment income		0.88	%(f)		2.31	%		1.47	%		1.41	%		1.84	%		1.57	%
Supplemental Data
Net assets, end of period (000)	$	338,155		$	247,256		$	329,138		$	1,004,834		$	1,198,726		$	476,015
Portfolio turnover rate(h)(i)		3	%(d)		9	%		9	%		9	%		11	%		11	%

^(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) Not annualized.

^(e) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f) Annualized.

^(g) Rounds to less than 0.01%.

^(h) Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾ Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 37

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Mexico ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	13.63		$	16.08		$	19.45		$	21.52		$	23.54		$	24.03
Net investment income(a)		0.18			0.25			0.51			0.41			0.43			0.49
Net realized and unrealized gain (loss)(b)		2.27			(2.43	)		(3.43	)		(1.95	)		0.09			1.15
Net increase (decrease) from investment operations		2.45			(2.18	)		(2.92	)		(1.54	)		0.52			1.64
Distributions(c)
From net investment income		(0.13	)		(0.27	)		(0.45	)		(0.53	)		(0.33	)		(0.71	)
In excess of net investment income		—			—			—			—			(2.21	)		(1.42	)
Total distributions		(0.13	)		(0.27	)		(0.45	)		(0.53	)		(2.54	)		(2.13	)
Net asset value, end of period	$	15.95		$	13.63		$	16.08		$	19.45		$	21.52		$	23.54
Total Return
Based on net asset value		17.92	%(d)		(13.71	)%		(15.02	)%		(7.10	)%		3.24	%		7.41	%
Ratios to Average Net Assets
Total expenses(e)		0.62	%(f)		0.66	%		0.62	%		0.62	%		0.62	%		0.62	%
Total expenses after fees waived(e)		0.03	%(f)		0.07	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income		2.46	%(f)		1.66	%		3.01	%		2.05	%		2.03	%		2.11	%
Supplemental Data
Net assets, end of period (000)	$	798		$	682		$	804		$	972		$	3,228		$	1,177
Portfolio turnover rate(g)(h)		9	%(d)		30	%		18	%		23	%		12	%		22	%

^(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) Not annualized.

^(e) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

^(h) Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

38 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (unaudited)

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 Canada	Diversified
Currency Hedged MSCI Eurozone	Diversified
Currency Hedged MSCI Germany	Diversified
Currency Hedged MSCI Japan	Diversified
Currency Hedged MSCI Mexico	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 prevailing market rates as quoted by one or more data service providers. 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 statement 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 Fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

NOTES  TO  FINANCIAL  STATEMENTS 39

Notes to Financial Statements  (unaudited) (continued)

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

If events (e.g., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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. 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 for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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. DERIVATIVE FINANCIAL INSTRUMENTS

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 over-the-counter (“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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement 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 statement of assets and liabilities. Cash amounts pledged for forward foreign currency

40 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the statement 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 statement of assets and liabilities.

5. 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. 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 Fund, 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 Fee
Currency Hedged MSCI Canada		0.62	%
Currency Hedged MSCI Eurozone		0.62
Currency Hedged MSCI Germany		0.53
Currency Hedged MSCI Japan		0.53
Currency Hedged MSCI Mexico		0.62

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 is a fund’s total annual operating expenses.

For the iShares Currency Hedged MSCI Canada ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 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 Canada ETF (“EWC”), after taking into account any fee waivers by EWC, plus 0.03%.

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, 2025 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 Germany ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 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%.

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, 2025 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

NOTES  TO  FINANCIAL  STATEMENTS 41

Notes to Financial Statements  (unaudited) (continued)

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, 2025 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%.

For the iShares Currency Hedged MSCI Mexico ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 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 Mexico ETF (“EWW”), after taking into account any fee waivers by EWW, plus 0.03%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Currency Hedged MSCI Canada	$	35,116
Currency Hedged MSCI Eurozone		1,588,566
Currency Hedged MSCI Germany		167,227
Currency Hedged MSCI Japan		769,952
Currency Hedged MSCI Mexico		2,213

Distributor: BlackRock Investments, LLC, 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.

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

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 statement of operations.

6. PURCHASES AND SALES

For the six months ended February 28, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Canada	$	599,768	$	932,284
Currency Hedged MSCI Eurozone		37,115,058		41,641,436
Currency Hedged MSCI Germany		5,536,265		5,713,220
Currency Hedged MSCI Japan		12,536,291		8,944,124
Currency Hedged MSCI Mexico		63,456		105,108

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Eurozone	$	228,275,514	$	372,874,310
Currency Hedged MSCI Germany		198,510,706		214,735,997
Currency Hedged MSCI Japan		212,861,328		174,732,481

7. 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 February 28, 2021, 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.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Currency Hedged MSCI Eurozone	$	47,329,827
Currency Hedged MSCI Germany		44,587,046
Currency Hedged MSCI Japan		68,064,922
Currency Hedged MSCI Mexico		459,649

As of February 28, 2021, 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:

42 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI Canada	$	11,411,537	$	1,287,592	$	(125,799	)	$	1,161,793
Currency Hedged MSCI Eurozone		483,835,554		18,531,771		(4,604,233	)		13,927,538
Currency Hedged MSCI Germany		65,229,309		860,101		(1,883,479	)		(1,023,378	)
Currency Hedged MSCI Japan		305,099,166		39,259,129		(512,009	)		38,747,120
Currency Hedged MSCI Mexico		803,042		59,319		(41,059	)		18,260

8. 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 the 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 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 the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 the Manager 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 statement 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.

Concentration 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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. 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:

	Six Months Ended 02/28/21				Year Ended 08/31/20
iShares ETF	Shares		Amount		Shares			Amount
Currency Hedged MSCI Canada
Shares sold		—	$	—		350,000		$	9,479,812
Shares redeemed		—		—		(1,350,000	)		(34,101,197	)
Net decrease		—	$	—		(1,000,000	)	$	(24,621,385	)

NOTES  TO  FINANCIAL  STATEMENTS 43

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI Eurozone
Shares sold		7,600,000		$	227,654,509			19,500,000		$	558,814,358
Shares redeemed .		(12,250,000	)		(371,850,514	)		(28,500,000	)		(769,020,192	)
Net decrease		(4,650,000	)	$	(144,196,005	)		(9,000,000	)	$	(210,205,834	)
Currency Hedged MSCI Germany
Shares sold		6,900,000		$	197,973,177			6,550,000		$	173,708,899
Shares redeemed .		(7,450,000	)		(213,987,816	)		(9,750,000	)		(258,118,785	)
Net decrease		(550,000	)	$	(16,014,639	)		(3,200,000	)	$	(84,409,886	)
Currency Hedged MSCI Japan
Shares sold		6,500,000		$	213,233,890			16,550,000		$	516,879,826
Shares redeemed		(5,300,000	)		(174,793,800	)		(20,000,000	)		(611,238,530	)
Net increase (decrease)		1,200,000		$	38,440,090			(3,450,000	)	$	(94,358,704	)

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. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors 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.

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 statement of assets and liabilities.

10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

44 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program  (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged MSCI Canada ETF, iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Germany ETF, iShares Currency Hedged MSCI Japan ETF and iShares Currency Hedged MSCI Mexico ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 45

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI Canada(a)		$0.210930	$	—	$	0.129954	$	0.340884		62	%		—	%		38	%		100	%
Currency Hedged MSCI Eurozone(a)		0.465271		—		0.007771		0.473042		98			—			2			100
Currency Hedged MSCI Mexico(a)		0.128224		—		0.005016		0.133240		96			—			4			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

46 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email 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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

GENERAL INFORMATION 47

Glossary of Terms Used in this Report

Counterparty Abbreviations
BBP	Barclays Bank PLC Wholesale
BNP	BNP Paribas SA
BNY	Bank of New York
BOA	Bank of America N.A.
CBA	Commonwealth Bank of Australia
CITI	Citibank N.A.
DB	Deutsche Bank AG London
Currency Abbreviations
CAD	Canadian Dollar
EUR	Euro
JPY	Japanese Yen
MXN	Mexican Peso
USD	United States Dollar

Counterparty Abbreviations (continued)
HSBC	HSBC Bank PLC
JPM	JPMorgan Chase Bank N.A.
MS	Morgan Stanley & Co. International PLC
RBS	Royal Bank of Scotland PLC
SSB	State Street Bank and Trust Co.
UBS	UBS AG

48 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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.

^©2021 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.

iS-SAR-801-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Currency Hedged MSCI United Kingdom ETF | HEWU | NYSE Arca

· iShares MSCI United Kingdom ETF | EWU | NYSE Arca

· iShares MSCI United Kingdom Small-Cap ETF | EWUS | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		19
Statements of Operations		20
Statements of Changes in Net Assets		21
Financial Highlights		23
Notes to Financial Statements		26
Statement Regarding Liquidity Risk Management Program		34
Supplemental Information		35
General Information		36
Glossary of Terms Used in this Report		37

Fund Summary as of February 28, 2021 iShares^® Currency Hedged MSCI United Kingdom ETF

Investment Objective

The iShares Currency Hedged MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization United Kingdom equities while mitigating exposure to fluctuations between the value of the British pound and the U.S. dollar, as represented by the MSCI United Kingdom 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI United Kingdom ETF.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	11.22	%		(1.09	)%	5.46	%	3.60	%		(1.09	)%	30.47	%	22.18	%
Fund Market	11.05			(0.77	)	5.46		3.59			(0.77	)	30.46		22.17
Index	10.64			0.85		5.93		4.09			0.85		33.40		25.49

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

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 7 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,112.20	$	0.00		$	1,000.00	$	1,024.80	$	0.00		0.00	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 7 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		99.6	%
Forward foreign currency exchange contracts, net cumulative depreciation		(1.5	)
Other assets less liabilities		1.9

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		19.6	%
Consumer Staples		19.3
Materials		13.2
Energy		10.4
Health Care		10.2
Industrials		10.2
Consumer Discretionary		7.0
Communication Services		4.5
Utilities		3.3
Real Estate		1.2
Information Technology		1.1

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2021 iShares^® MSCI United Kingdom ETF

Investment Objective

The iShares MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of U.K. equities, as represented by the MSCI United Kingdom 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	14.54	%		8.58	%	4.20	%	2.20	%		8.58	%	22.83	%	24.26	%
Fund Market	15.31			6.39		4.35		2.08			6.39		23.73		22.91
Index	14.84			9.21		4.75		2.73			9.21		26.10		30.89

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 7 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,145.40	$	2.66		$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	19.6	%
Consumer Staples	19.3
Materials	13.2
Energy	10.4
Health Care	10.2
Industrials	10.2
Consumer Discretionary	7.0
Communication Services	4.5
Utilities	3.3
Real Estate	1.2
Information Technology	1.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Unilever PLC	6.0	%
AstraZeneca PLC	5.6
HSBC Holdings PLC	5.3
Rio Tinto PLC	4.3
Diageo PLC	4.0
GlaxoSmithKline PLC	3.7
Royal Dutch Shell PLC, Class A	3.6
BP PLC	3.6
British American Tobacco PLC	3.5
Royal Dutch Shell PLC, Class B	3.2

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of February 28, 2021 iShares^® MSCI United Kingdom Small-Cap ETF

Investment Objective

The iShares MSCI United Kingdom Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.K. equities, as represented by the MSCI United Kingdom 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	25.48	%		20.30	%	7.52	%	9.24	%		20.30	%	43.72	%	123.47	%
Fund Market	26.71			18.97		7.74		9.27			18.97		45.18		123.91
Index	25.79			20.98		8.17		9.90			20.98		48.12		136.11

The inception date of the Fund was 1/25/12. The first day of secondary market trading was 1/26/12.

Certain sectors and markets performed exceptionally well based on market conditions during the six-months 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 7 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,254.80	$	3.30		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	23.0	%
Consumer Discretionary	18.8
Financials	13.6
Real Estate	10.6
Information Technology	7.6
Materials	6.6
Health Care	6.6
Communication Services	5.3
Consumer Staples	3.6
Utilities	2.6
Energy	1.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
DS Smith PLC	1.5	%
Weir Group PLC (The)	1.4
Intermediate Capital Group PLC	1.4
Rightmove PLC	1.3
B&M European Value Retail SA	1.3
Electrocomponents PLC	1.2
ASOS PLC	1.1
Howden Joinery Group PLC	1.1
Royal Mail PLC	1.1
ITV PLC	1.1

^(a)  Excludes money market funds.

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

A B O U T  F U N D  P E R F O R M A N C E / S H A R E H O L D E R  E X P E N S E S 7

Schedule of Investments  (unaudited) February 28, 2021 iShares^® Currency Hedged MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.6%
iShares MSCI United Kingdom ETF(a)		239,245	$	7,265,871
Total Investment Companies — 99.6% (Cost: $7,994,697)				7,265,871
Total Investments in Securities — 99.6% (Cost: $7,994,697)				7,265,871
Other Assets, Less Liabilities — 0.4%			26,747
Net Assets — 100.0%			$  7,292,618

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	—	$	—	$	—		$	—		$	—	$	—		—	$	23	$	—
iShares MSCI United Kingdom ETF		10,400,203		1,716,926		(6,220,942	)		(671,101	)		2,040,785		7,265,871		239,245		106,823		—
								$	(671,101	)	$	2,040,785	$	7,265,871			$	106,846	$	—

^(a)  As of period end, the entity is no longer held.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	7,445,068	GBP	5,324,000	MS	04/07/21	$	26,002
GBP	5,324,000	USD	7,443,459	MS	03/03/21		(26,032	)
USD	7,307,520	GBP	5,324,000	MS	03/03/21		(109,908	)
GBP	77,000	USD	107,431	MS	04/07/21		(131	)
							(136,071	)
Net unrealized depreciation						$	(110,069	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		$	26,002
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		$	136,071

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Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI United Kingdom ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

		Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	(429,638)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	117,533

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	11,296,193
Average amounts sold — in USD	$	20,136,724

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	$	26,002	$ 136,071
Total derivative assets and liabilities in the Statement of Assets and Liabilities		26,002	136,071
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—	—
Total derivative assets and liabilities subject to an MNA		26,002	136,071

The following tables present 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:

	Derivative Assets Subject to an MNA by			Derivatives Available				Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)			Assets
Morgan Stanley & Co. International PLC		$	26,002		$	(26,002	)		$	—
	Derivative Liabilities Subject to an MNA by			Derivatives Available				Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)			Liabilities	(b)
Morgan Stanley & Co. International PLC		$	136,071		$	(26,002	)		$	110,069

^(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)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E  O F  I N V E S T M E N T S 9

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI United Kingdom ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

		Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	7,265,871	$	—		$	—	$	7,265,871
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	26,002		$	—	$	26,002
Liabilities
Forward Foreign Currency Exchange Contracts		—		(136,071	)		—		(136,071	)
	$	—	$	(110,069	)	$	—	$	(110,069	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments  (unaudited)  February 28, 2021 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
BAE Systems PLC		4,402,797	$	29,786,726
Rolls-Royce Holdings PLC(a)		11,413,354		17,185,710
				46,972,436
Banks — 9.9%
Barclays PLC		23,711,717		52,909,588
HSBC Holdings PLC(a)		27,832,825		165,847,613
Lloyds Banking Group PLC(a)		96,764,039		52,761,494
Natwest Group PLC(a)		6,615,168		17,036,054
Standard Chartered PLC(a)		3,659,192		23,640,663
				312,195,412
Beverages — 4.3%
Coca-Cola HBC AG		273,084		8,544,661
Diageo PLC		3,194,275		125,603,957
				134,148,618
Capital Markets — 3.9%
3i Group PLC		1,333,879		20,644,413
Hargreaves Lansdown PLC		452,818		9,562,752
London Stock Exchange Group PLC		432,217		58,119,933
Schroders PLC		169,461		8,299,433
St. James’s Place PLC		734,853		12,061,659
Standard Life Aberdeen PLC		3,013,741		13,095,601
				121,783,791
Chemicals — 0.9%
Croda International PLC		190,910		16,463,097
Johnson Matthey PLC		263,967		11,274,553
				27,737,650
Commercial Services & Supplies — 0.5%
Rentokil Initial PLC(a)		2,529,231		16,503,072
Diversified Financial Services — 0.3%
M&G PLC		3,546,107		9,117,422
Diversified Telecommunication Services — 0.7%
BT Group PLC(a)		12,173,832		21,028,512
Electric Utilities — 0.8%
SSE PLC		1,423,073		26,352,246
Electronic Equipment, Instruments & Components — 0.5%
Halma PLC		517,807		16,411,865
Equity Real Estate Investment Trusts (REITs) — 1.2%
British Land Co. PLC (The)		1,200,747		8,219,235
Land Securities Group PLC		962,904		8,952,475
Segro PLC		1,624,403		20,662,279
				37,833,989
Food & Staples Retailing — 1.5%
J Sainsbury PLC		2,420,150		7,653,734
Tesco PLC		10,570,986		33,223,876
Wm Morrison Supermarkets PLC		3,282,744		7,841,344
				48,718,954
Food Products — 0.5%
Associated British Foods PLC(a)		485,660		16,078,759
Health Care Equipment & Supplies — 0.7%
Smith & Nephew PLC		1,194,222		23,132,900
Health Care Providers & Services — 0.0%
NMC Health PLC(a)(b)		122,262		2

Security	Shares		Value
Hotels, Restaurants & Leisure — 3.0%
Compass Group PLC(a)		2,438,490	$	49,604,658
Entain PLC(a)		795,939		15,723,906
InterContinental Hotels Group PLC(a)		236,631		16,548,317
Whitbread PLC(a)		276,575		13,127,777
				95,004,658
Household Durables — 1.6%
Barratt Developments PLC(a)		1,394,533		12,953,792
Berkeley Group Holdings PLC		172,218		9,758,737
Persimmon PLC		435,009		15,752,029
Taylor Wimpey PLC(a)		4,970,719		10,952,516
				49,417,074
Household Products — 2.6%
Reckitt Benckiser Group PLC		971,940		81,532,207
Industrial Conglomerates — 1.2%
DCC PLC		134,896		10,882,117
Melrose Industries PLC(a)		6,664,238		15,457,362
Smiths Group PLC		542,874		11,111,651
				37,451,130
Insurance — 5.3%
Admiral Group PLC		261,581		11,293,329
Aviva PLC		5,357,348		27,106,718
Direct Line Insurance Group PLC		1,861,153		8,342,267
Legal & General Group PLC		8,165,948		29,603,810
Phoenix Group Holdings PLC		755,754		7,502,004
Prudential PLC		3,565,145		70,205,727
RSA Insurance Group PLC		1,411,047		13,324,196
				167,378,051
Interactive Media & Services — 0.3%
Auto Trader Group PLC(c)		1,325,687		10,197,649
Internet & Direct Marketing Retail — 0.6%
Ocado Group PLC(a)		663,054		20,394,359
Machinery — 0.5%
Spirax-Sarco Engineering PLC		100,560		15,057,512
Media — 1.5%
Informa PLC(a)		2,048,858		15,777,721
Pearson PLC		1,026,787		10,780,994
WPP PLC		1,680,677		20,062,216
				46,620,931
Metals & Mining — 11.6%
Anglo American PLC		1,676,410		64,981,583
Antofagasta PLC		537,805		13,402,717
BHP Group PLC		2,886,249		91,580,387
Evraz PLC		702,162		5,605,469
Fresnillo PLC		253,577		3,226,188
Glencore PLC(a)		13,657,475		55,507,790
Rio Tinto PLC		1,533,303		132,631,473
				366,935,607
Multi-Utilities — 1.7%
National Grid PLC		4,810,514		54,235,106
Multiline Retail — 0.6%
Next PLC(a)		182,297		19,268,141
Oil, Gas & Consumable Fuels — 10.3%
BP PLC		27,691,508		112,952,530
Royal Dutch Shell PLC, Class A		5,604,603		113,211,639

S C H E D U L E  O F  I N V E S T M E N T S 11

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Royal Dutch Shell PLC, Class B		5,064,715	$	98,255,709
				324,419,878
Paper & Forest Products — 0.5%
Mondi PLC		662,221		15,966,313
Personal Products — 6.0%
Unilever PLC		3,593,007		187,523,001
Pharmaceuticals — 9.4%
AstraZeneca PLC		1,793,281		174,124,181
GlaxoSmithKline PLC		6,856,495		114,150,937
Hikma Pharmaceuticals PLC		235,693		7,368,125
				295,643,243
Professional Services — 3.8%
Experian PLC		1,252,819		39,813,124
Intertek Group PLC		220,083		16,480,317
RELX PLC		2,639,812		62,465,492
				118,758,933
Software — 0.6%
AVEVA Group PLC		156,473		7,427,072
Sage Group PLC (The)		1,495,384		11,678,637
				19,105,709
Specialty Retail — 0.6%
JD Sports Fashion PLC(a)		704,581		8,180,065
Kingfisher PLC(a)		2,890,471		10,725,265
				18,905,330
Textiles, Apparel & Luxury Goods — 0.4%
Burberry Group PLC(a)		551,973		14,010,466
Tobacco — 4.2%
British American Tobacco PLC		3,135,204		108,947,699
Imperial Brands PLC		1,295,517		24,144,141
				133,091,840
Trading Companies & Distributors — 2.7%
Ashtead Group PLC		614,934		33,357,902

Security	Shares		Value
Trading Companies & Distributors (continued)
Bunzl PLC		459,404	$	14,368,097
Ferguson PLC		307,552		36,256,647
				83,982,646
Water Utilities — 0.7%
Severn Trent PLC		325,593		9,969,139
United Utilities Group PLC		934,864		11,230,037
				21,199,176
Wireless Telecommunication Services — 2.0%
Vodafone Group PLC		36,656,714		62,534,984
Total Common Stocks — 98.9% (Cost: $3,475,774,096)				3,116,649,572
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		1,270,000		1,270,000
Total Short-Term Investments — 0.1% (Cost: $1,270,000)				1,270,000
Total Investments in Securities — 99.0% (Cost: $3,477,044,096)				3,117,919,572
Other Assets, Less Liabilities — 1.0%				32,424,943
Net Assets — 100.0%			$	3,150,344,515

^(a)  Non-income producing security.

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	1,317,900	$	—		$	(1,315,614	)(b)	$	(2,606	)	$	320	$	—		—	$	1,680	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		800,000		470,000	(b)		—			—			—		1,270,000		1,270,000		500			—
									$	(2,606	)	$	320	$	1,270,000			$	2,180		$	—

^(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

12 2 0 2 1  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S 

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI United Kingdom ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 100 Index		359		03/19/21	$	32,321	$	(772,496	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	772,496

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	585,292
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(181,545	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$22,565,488

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	3,116,649,570		$	—	$	2		$	3,116,649,572
Money Market Funds		1,270,000			—		—			1,270,000
	$	3,117,919,570		$	—	$	2		$	3,117,919,572
Derivative financial instruments(a)
Liabilities								��
Futures Contracts	$	(772,496	)	$	—	$	—		$	(772,496	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments  (unaudited) February 28, 2021 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.1%
Avon Rubber PLC		5,556	$	217,888
Meggitt PLC(a)		139,777		827,027
QinetiQ Group PLC		102,805		429,471
Senior PLC(a)		75,390		107,827
Ultra Electronics Holdings PLC		12,709		339,733
				1,921,946
Air Freight & Logistics — 1.1%
Royal Mail PLC(a)		161,122		1,019,774
Airlines — 1.0%
easyJet PLC(a)		24,922		343,417
JET2 PLC(a)		28,781		585,071
				928,488
Auto Components — 0.2%
AB Dynamics PLC(b)		2,619		69,205
TI Fluid Systems PLC(c)		41,629		154,467
				223,672
Automobiles — 0.4%
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		12,421		348,705
Banks — 1.5%
Bank of Georgia Group PLC(a)		7,144		99,681
Close Brothers Group PLC		27,028		587,601
TBC Bank Group PLC(a)		7,505		113,951
Virgin Money UK PLC(a)(b)		231,696		595,392
				1,396,625
Beverages — 1.6%
AG Barr PLC(a)		18,354		128,561
Britvic PLC		47,692		539,760
C&C Group PLC(a)		56,325		202,776
Fevertree Drinks PLC		18,733		596,884
				1,467,981
Biotechnology — 2.2%
Abcam PLC		38,304		908,256
Avacta Group PLC(a)		45,886		125,099
Genus PLC		11,649		820,024
Oxford Biomedica PLC(a)		10,434		147,628
Silence Therapeutics PLC(a)		4,809		39,669
				2,040,676
Building Products — 0.3%
Polypipe Group PLC(a)		40,768		314,058
Capital Markets — 8.0%
AJ Bell PLC		51,396		303,595
Alpha FX Group PLC(a)		4,713		85,660
Alternative Credit Investments PLC		13,329		162,127
Ashmore Group PLC		76,555		441,398
Brewin Dolphin Holdings PLC		54,874		225,171
CMC Markets PLC(c)		20,901		118,640
Draper Esprit PLC(a)		20,670		245,061
IG Group Holdings PLC		66,293		722,011
IntegraFin Holdings PLC		53,386		372,449
Intermediate Capital Group PLC		52,569		1,272,229
Investec PLC		124,623		341,066
IP Group PLC(a)		182,037		294,209
Jupiter Fund Management PLC		79,705		329,181
Liontrust Asset Management PLC		11,062		194,869
Man Group PLC		261,358		547,742

Security	Shares		Value
Capital Markets (continued)
Ninety One PLC		67,504	$	207,064
Numis Corp. PLC		11,433		53,069
Quilter PLC(c)		320,162		653,523
Rathbone Brothers PLC		10,357		223,284
Sanne Group PLC		26,551		218,271
TP ICAP Group PLC		137,972		462,957
				7,473,576
Chemicals — 1.3%
Elementis PLC(a)		102,985		181,563
Essentra PLC(a)		53,850		220,593
Synthomer PLC		60,843		391,128
Victrex PLC		15,567		460,531
				1,253,815
Commercial Services & Supplies — 3.9%
Aggreko PLC		45,849		512,812
Babcock International Group PLC(a)		44,923		163,110
Biffa PLC(a)(c)		55,080		196,369
Calisen PLC(a)		22,501		82,013
Clipper Logistics PLC		13,622		112,746
G4S PLC(a)		277,629		942,436
HomeServe PLC		54,140		787,966
Mitie Group PLC(a)		207,412		151,661
Restore PLC(a)		19,833		95,386
Serco Group PLC(a)		221,564		402,699
Smart Metering Systems PLC		19,491		189,663
				3,636,861
Communications Equipment — 0.4%
Spirent Communications PLC		109,518		360,591
Construction & Engineering — 1.2%
Balfour Beatty PLC(a)		124,177		478,127
John Laing Group PLC(c)		88,662		373,859
Keller Group PLC		13,091		143,675
Morgan Sindall Group PLC		6,914		159,497
				1,155,158
Construction Materials — 1.5%
Breedon Group PLC(a)		271,881		354,269
Forterra PLC(a)(c)		41,455		150,112
Ibstock PLC(a)(c)		72,846		217,339
Marshalls PLC(a)		35,809		341,441
Rhi Magnesita NV		5,247		288,005
				1,351,166
Consumer Finance — 0.3%
Funding Circle Holdings PLC(a)(c)		31,739		61,680
Provident Financial PLC(a)		45,832		179,802
				241,482
Containers & Packaging — 1.5%
DS Smith PLC(a)		245,826		1,365,822
Distributors — 0.8%
Inchcape PLC(a)		70,407		697,912
Diversified Financial Services — 0.7%
Burford Capital Ltd.(a)		35,293		302,474
Plus500 Ltd.		16,723		319,610
				622,084
Diversified Telecommunication Services — 0.2%
TalkTalk Telecom Group PLC		121,878		164,775

14 2 0 2 1  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S 

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment — 0.8%
Ceres Power Holdings PLC(a)		15,485	$	270,187
ITM Power PLC(a)		69,006		494,929
				765,116
Electronic Equipment, Instruments & Components — 1.6%
Renishaw PLC(a)		6,496		522,218
Spectris PLC		20,794		882,048
Strix Group PLC		35,125		124,735
				1,529,001
Energy Equipment & Services — 0.7%
Hunting PLC		25,326		89,300
John Wood Group PLC(a)		122,448		512,043
Petrofac Ltd.(a)(b)		47,125		85,849
				687,192
Entertainment — 0.6%
Cineworld Group PLC(a)		185,741		254,906
Frontier Developments PLC(a)		3,875		133,816
Team17 Group PLC(a)		17,520		178,812
				567,534
Equity Real Estate Investment Trusts (REITs) — 8.3%
Assura PLC		474,909		494,658
Big Yellow Group PLC		30,036		476,625
BMO Commercial Property Trust		141,067		140,030
Capital & Counties Properties PLC		129,296		306,765
Civitas Social Housing PLC		112,831		169,422
Custodian REIT PLC		72,729		93,955
Derwent London PLC		19,037		880,978
Empiric Student Property PLC		106,562		110,248
GCP Student Living PLC		82,239		177,297
Great Portland Estates PLC		41,015		389,016
Hammerson PLC		683,484		249,597
LondonMetric Property PLC		155,333		475,170
LXI REIT PLC		94,291		167,422
Picton Property Income Ltd. (The)		99,781		122,624
Primary Health Properties PLC		236,857		503,348
RDI REIT PLC		47,300		80,679
Regional REIT Ltd.(c)		71,578		76,556
Safestore Holdings PLC		37,676		420,872
Shaftesbury PLC(a)		34,338		296,929
Tritax Big Box REIT PLC		307,419		774,075
UK Commercial Property REIT Ltd.		142,317		136,496
UNITE Group PLC (The)(a)		57,019		774,065
Warehouse REIT PLC		64,866		115,629
Workspace Group PLC		24,264		259,515
				7,691,971
Food Products — 1.8%
Bakkavor Group PLC(a)(c)		26,269		32,687
Cranswick PLC		9,386		446,430
Greencore Group PLC(a)		95,564		202,950
Hotel Chocolat Group PLC(a)		8,977		45,810
Premier Foods PLC(a)		104,849		132,517
Tate & Lyle PLC		83,857		852,339
				1,712,733
Health Care Equipment & Supplies — 0.9%
Advanced Medical Solutions Group PLC		35,184		115,598
ConvaTec Group PLC(c)		268,618		707,546
				823,144
Health Care Providers & Services — 1.3%
CVS Group PLC(a)		11,955		283,976

Security	Shares		Value
Health Care Providers & Services (continued)
Mediclinic International PLC(a)		72,534	$	289,424
Spire Healthcare Group PLC(a)(c)		51,177		104,893
UDG Healthcare PLC		45,210		487,651
				1,165,944
Health Care Technology — 0.3%
Craneware PLC		3,682		107,589
EMIS Group PLC		10,263		152,383
				259,972
Hotels, Restaurants & Leisure — 5.5%
888 Holdings PLC		65,832		273,358
Carnival PLC		28,084		618,609
Domino’s Pizza Group PLC		79,595		340,745
Gamesys Group PLC		13,535		258,114
Greggs PLC(a)		18,206		530,967
J D Wetherspoon PLC(a)		15,213		262,889
Marston’s PLC(a)		115,008		153,798
Mitchells & Butlers PLC(a)(b)		35,080		149,098
Mitchells & Butlers PLC, NVS		11,693		15,367
Patisserie Holdings PLC(d)		6,053		0	(e)
Playtech PLC(a)		53,577		354,455
Restaurant Group PLC (The)(a)		107,144		163,130
SSP Group PLC		96,857		466,372
TUI AG(a)		138,087		833,631
William Hill PLC(a)		178,474		675,214
				5,095,747
Household Durables — 3.0%
Bellway PLC		22,076		866,674
Countryside Properties PLC(a)(c)		93,858		610,974
Crest Nicholson Holdings PLC(a)		45,661		205,050
IG Design Group PLC		12,644		87,681
Redrow PLC		50,624		385,737
Victoria PLC(a)		14,710		166,585
Vistry Group PLC(a)		40,029		471,222
				2,793,923
Household Products — 0.1%
PZ Cussons PLC		38,079		130,434
Independent Power and Renewable Electricity Producers — 0.5%
ContourGlobal PLC(c)		36,259		104,936
Drax Group PLC		71,134		380,107
				485,043
Insurance — 2.3%
Beazley PLC(a)		108,839		526,196
Hiscox Ltd.(a)		61,996		818,227
Just Group PLC(a)		187,797		237,485
Lancashire Holdings Ltd.		43,411		373,262
Sabre Insurance Group PLC(c)		45,474		154,175
				2,109,345
Interactive Media & Services — 1.3%
Rightmove PLC(a)		156,349		1,235,043
Internet & Direct Marketing Retail — 3.5%
AO World PLC(a)		51,257		203,521
ASOS PLC(a)		13,385		1,047,960
boohoo Group PLC(a)		180,312		849,306
Moneysupermarket.com Group PLC		96,078		389,548
On the Beach Group PLC(a)(c)		26,299		145,604
Trainline PLC(a)(c)		81,669		590,889
				3,226,828

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 2.7%
Capita PLC(a)		296,899	$	187,789
Computacenter PLC		13,281		387,332
Equiniti Group PLC(a)(c)		66,211		131,449
Finablr PLC(a)(c)(d)		61,710		863
iomart Group PLC		16,870		72,409
Kainos Group PLC		14,380		264,578
Keywords Studios PLC(a)		12,562		441,532
NCC Group PLC		50,612		185,747
Network International Holdings PLC(a)(c)		83,893		435,149
Softcat PLC		21,362		437,241
				2,544,089
Leisure Products — 0.8%
Games Workshop Group PLC		5,555		742,084
Life Sciences Tools & Services — 0.4%
Clinigen Group PLC		24,013		239,541
Ergomed PLC(a)		6,625		115,780
				355,321
Machinery — 4.2%
Bodycote PLC		34,277		346,481
IMI PLC		48,730		891,815
Judges Scientific PLC		902		75,665
Morgan Advanced Materials PLC		50,791		220,134
Rotork PLC		156,252		779,451
Vesuvius PLC		38,735		282,150
Weir Group PLC (The)(a)		46,482		1,288,033
				3,883,729
Media — 3.0%
Ascential PLC(a)		72,103		360,487
Daily Mail & General Trust PLC, Class A, NVS		28,245		355,404
Euromoney Institutional Investor PLC		19,545		265,608
Future PLC		20,455		557,664
ITV PLC(a)		648,623		996,164
S4 Capital PLC(a)		48,447		300,738
				2,836,065
Metals & Mining — 2.3%
Centamin PLC		206,955		292,382
Central Asia Metals PLC		28,380		95,624
Eurasia Mining PLC(a)		317,838		127,978
Ferrexpo PLC		53,022		248,484
Greatland Gold PLC(a)		650,820		218,379
Hill & Smith Holdings PLC		14,200		252,531
Hochschild Mining PLC		60,410		181,587
KAZ Minerals PLC		42,383		494,548
Petropavlovsk PLC(a)		455,221		174,386
SolGold PLC(a)		150,555		45,256
				2,131,155
Multi-Utilities — 1.0%
Centrica PLC(a)		1,045,368		771,103
Telecom Plus PLC		11,361		187,112
				958,215
Multiline Retail — 2.1%
B&M European Value Retail SA		161,164		1,231,168
Marks & Spencer Group PLC(a)		349,723		693,817
				1,924,985
Oil, Gas & Consumable Fuels — 0.9%
Cairn Energy PLC		89,107		237,949
Diversified Gas & Oil PLC		121,825		212,904

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Energean PLC(a)		17,288	$	218,573
Serica Energy PLC		31,594		53,006
Tullow Oil PLC(a)		248,780		152,762
				875,194
Pharmaceuticals — 1.5%
Alliance Pharma PLC		81,994		98,243
Dechra Pharmaceuticals PLC		19,333		927,111
Indivior PLC(a)		132,767		238,524
Vectura Group PLC(a)		106,101		166,141
				1,430,019
Professional Services — 1.6%
Hays PLC(a)		300,141		638,673
Pagegroup PLC(a)		58,827		393,301
RWS Holdings PLC		51,929		439,242
				1,471,216
Real Estate Management & Development — 2.3%
Grainger PLC		121,309		455,891
Helical PLC		19,825		105,326
IWG PLC(a)		135,045		679,703
Savills PLC(a)		25,584		413,132
Sirius Real Estate Ltd.		167,311		216,374
St. Modwen Properties PLC		35,516		196,137
Watkin Jones PLC		37,003		103,985
				2,170,548
Road & Rail — 1.2%
Firstgroup PLC(a)		216,872		272,888
Go-Ahead Group PLC (The)(a)		7,876		129,274
National Express Group PLC(a)		98,941		413,605
Redde Northgate PLC		44,708		171,892
Stagecoach Group PLC		73,341		95,361
				1,083,020
Semiconductors & Semiconductor Equipment — 0.2%
IQE PLC(a)		134,632		138,160
Software — 2.7%
Alfa Financial Software Holdings PLC(c)		17,575		32,091
Avast PLC(c)		119,298		770,573
Blue Prism Group PLC(a)		14,257		305,170
Bytes Technology Group PLC(a)		29,825		174,549
First Derivatives PLC(a)		3,919		159,169
GB Group PLC		33,163		382,977
Ideagen PLC		33,058		126,638
Learning Technologies Group PLC		91,829		209,911
Micro Focus International PLC(a)		59,921		350,685
				2,511,763
Specialty Retail — 2.3%
Dixons Carphone PLC(a)		187,854		332,763
Dunelm Group PLC(a)		18,107		318,215
Frasers Group PLC(a)		36,990		242,650
Halfords Group PLC(a)		36,167		146,386
Pets at Home Group PLC		89,255		492,162
WH Smith PLC		23,389		624,574
				2,156,750
Textiles, Apparel & Luxury Goods — 0.2%
Coats Group PLC(a)		258,134		224,478
Thrifts & Mortgage Finance — 0.8%
OSB Group PLC(a)		79,892		495,488

16 2 0 2 1  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S 

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Paragon Banking Group PLC		45,749	$	287,188
				782,676
Trading Companies & Distributors — 4.6%
Diploma PLC		22,302		722,763
Electrocomponents PLC		80,072		1,085,902
Grafton Group PLC		40,792		564,325
Howden Joinery Group PLC(a)		106,899		1,040,510
Travis Perkins PLC(a)		45,138		907,170
				4,320,670
Transportation Infrastructure — 0.9%
Signature Aviation PLC(a)		148,253		827,847
Water Utilities — 1.0%
Pennon Group PLC		75,448		921,929
Wireless Telecommunication Services — 0.2%
Airtel Africa PLC(c)		133,198		148,421
Total Common Stocks — 99.6% (Cost: $91,957,326)				92,702,471
Rights
Equity Real Estate Investment Trusts (REITs) — 0.0%
LXI REIT PLC, (Expires 03/10/21)(a)		9,325		326
Total Rights — 0.0% (Cost: $0)				326

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(f)(g)(h)		921,834	$	922,387
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)		90,000		90,000
				1,012,387
Total Short-Term Investments — 1.1% (Cost: $1,011,795)				1,012,387
Total Investments in Securities — 100.7% (Cost: $92,969,121)				93,715,184
Other Assets, Less Liabilities — (0.7)%				(673,445	)
Net Assets — 100.0%			$	93,041,739

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Rounds to less than $1.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,170,176	$	—		$	(247,080	)(a)	$	(478	)	$	(231	)	$	922,387		921,834	$	51,702	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		70,000	(a)		—			—			—			90,000		90,000		11			—
									$	(478	)	$	(231	)	$	1,012,387			$	51,713		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 250 Index		4		03/19/21	$	234	$	2,605

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI United Kingdom Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,605

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	38,678
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,305	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	259,487

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	92,686,241	$	15,367	$	863	$	92,702,471
Rights		—		326		—		326
Money Market Funds		1,012,387		—		—		1,012,387
	$	93,698,628	$	15,693	$	863	$	93,715,184
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,605	$	—	$	—	$	2,605

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited)

February 28, 2021

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	—		$	3,116,649,572		$	92,702,797
Affiliated(c)		7,265,871			1,270,000			1,012,387
Cash		3,639			2,326			9,803
Foreign currency, at value(d)		—			16,707,198			193,688
Foreign currency collateral pledged:
Futures contracts(e)		—			3,698,368			26,564
Receivables:
Investments sold		190,551			189,398			84,761
Securities lending income — Affiliated		—			—			125
Capital shares sold		—			893,223			76,037
Dividends		—			13,410,826			24,961
Tax reclaims		—			41,491			13,664
Unrealized appreciation on:
Forward foreign currency exchange contracts		26,002			—			—
Total assets		7,486,063			3,152,862,402			94,144,787
LIABILITIES
Collateral on securities loaned, at value		—			—			922,544
Payables:
Investments purchased		57,374			405,859			143,043
Variation margin on futures contracts		—			943,646			3,074
Investment advisory fees		—			1,168,382			34,387
Unrealized depreciation on:
Forward foreign currency exchange contracts		136,071			—			—
Total liabilities		193,445			2,517,887			1,103,048
NET ASSETS	$	7,292,618		$	3,150,344,515		$	93,041,739
NET ASSETS CONSIST OF:
Paid-in capital	$	15,678,395		$	3,941,965,269		$	101,625,752
Accumulated loss		(8,385,777	)		(791,620,754	)		(8,584,013	)
NET ASSETS	$	7,292,618		$	3,150,344,515		$	93,041,739
Shares outstanding		350,000			103,500,000			2,100,000
Net asset value	$	20.84		$	30.44		$	44.31
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	—		$	—		$	838,522
(b) Investments, at cost — Unaffiliated	$	—		$	3,475,774,096		$	91,957,326
(c)  Investments, at cost — Affiliated	$	7,994,697		$	1,270,000		$	1,011,795
(d) Foreign currency, at cost	$	—		$	16,613,623		$	193,999
(e) Foreign currency collateral pledged, at cost	$	—		$	3,712,551		$	26,805

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 19

Statements of Operations  (unaudited) 

Six Months Ended February 28, 2021

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	43,060,628		$	534,335
Dividends — Affiliated		106,846			500			11
Securities lending income — Affiliated — net		—			1,680			51,702
Foreign taxes withheld		—			(315,615	)		(29,208	)
Total investment income		106,846			42,747,193			556,840
EXPENSES
Investment advisory fees		28,344			6,529,515			185,797
Total expenses		28,344			6,529,515			185,797
Less:
Investment advisory fees waived		(28,344	)		—			—
Total expenses after fees waived		—			6,529,515			185,797
Net investment income		106,846			36,217,678			371,043
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(73,134,495	)		(1,261,260	)
Investments — Affiliated		(199,809	)		(2,606	)		(478	)
In-kind redemptions — Unaffiliated		—			28,287,407			847,223
In-kind redemptions — Affiliated		(471,292	)		—			—
Futures contracts		—			585,292			38,678
Forward foreign currency exchange contracts		(429,638	)		—			—
Foreign currency transactions		—			524,256			6,110
Net realized loss		(1,100,739	)		(43,740,146	)		(369,727	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		—			381,736,291			14,010,278
Investments — Affiliated		2,040,785			320			(231	)
Futures contracts		—			(181,545	)		(2,305	)
Forward foreign currency exchange contracts		117,533			—			—
Foreign currency translations		—			(476,834	)		(8,603	)
Net change in unrealized appreciation (depreciation)		2,158,318			381,078,232			13,999,139
Net realized and unrealized gain		1,057,579			337,338,086			13,629,412
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,164,425		$	373,555,764		$	14,000,455

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Currency Hedged MSCI United Kingdom ETF							iShares MSCI United Kingdom ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	106,846		$	1,298,543		$	36,217,678		$	68,412,471
Net realized loss			(1,100,739	)		(11,338,886	)		(43,740,146	)		(165,092,866	)
Net change in unrealized appreciation (depreciation)			2,158,318			(1,651,356	)		381,078,232			(156,794,889	)
Net increase (decrease) in net assets resulting from operations			1,164,425			(11,691,699	)		373,555,764			(253,475,284	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(106,290	)		(1,298,842	)		(31,433,203	)		(75,813,059	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(4,185,893	)		(11,735,402	)		617,158,086			519,630,214
NET ASSETS
Total increase (decrease) in net assets			(3,127,758	)		(24,725,943	)		959,280,647			190,341,871
Beginning of period			10,420,376			35,146,319			2,191,063,868			2,000,721,997
End of period		$	7,292,618		$	10,420,376		$	3,150,344,515		$	2,191,063,868

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 21

Statements of Changes in Net Assets  (continued)

	iShares MSCI United Kingdom Small-Cap ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	371,043		$	1,638,496
Net realized loss		(369,727	)		(12,000,108	)
Net change in unrealized appreciation (depreciation)		13,999,139			(3,873,370	)
Net increase (decrease) in net assets resulting from operations		14,000,455			(14,234,982	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(655,859	)		(2,244,985	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		19,039,718			16,028,264
NET ASSETS
Total increase (decrease) in net assets		32,384,314			(451,703	)
Beginning of period		60,657,425			61,109,128
End of period	$	93,041,739		$	60,657,425

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

See notes to financial statements.

22 2 0 2 1  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S 

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI United Kingdom ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	18.95			$	23.43			$	23.83			$	23.84			$	24.87			$	23.21
Net investment income(a)			0.23				0.74				0.92				1.11				0.48				0.43
Net realized and unrealized gain (loss)(b)			1.90				(4.46	)			(0.26	)			(0.05	)			2.39				2.48
Net increase (decrease) from investment operations			2.13				(3.72	)			0.66				1.06				2.87				2.91
Distributions(c)
From net investment income			(0.24	)			(0.76	)			(1.06	)			(1.07	)			(0.84	)			(1.01	)
From net realized gain			—				—				—				—				(3.06	)			(0.24	)
Total distributions			(0.24	)			(0.76	)			(1.06	)			(1.07	)			(3.90	)			(1.25	)
Net asset value, end of period		$	20.84			$	18.95			$	23.43			$	23.83			$	23.84			$	24.87
Total Return
Based on net asset value			11.22	%(d)			(16.34	)%			2.92	%			4.42	%			13.48	%			12.90	%
Ratios to Average Net Assets
Total expenses(e)			0.62	%(f)			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived(e)			0.00	%(f)			0.00	%(g)			0.00	%			0.00	%			0.00	%			0.00	%
Net investment income			2.34	%(f)			3.31	%			3.96	%			4.62	%			1.99	%			1.80	%
Supplemental Data
Net assets, end of period (000)		$	7,293			$	10,420			$	35,146			$	22,643			$	19,073			$	114,398
Portfolio turnover rate(h)(i)			8	%(d)			15	%			11	%			17	%			20	%			4	%

^(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)  Not annualized.

^(e)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)  Annualized.

^(g)  Rounds to less than 0.01%.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 23

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom ETF
	Six Months Ended 02/28/21 (unaudited)					Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	(a)		Year Ended 08/31/16	(a)
Net asset value, beginning of period		$	26.88		$	30.27		$	33.62		$	33.76		$	31.36		$	34.30
Net investment income(b)			0.39			0.90			1.49			1.29			1.13			1.22
Net realized and unrealized gain (loss)(c)			3.50			(3.30	)		(3.39	)		0.06			2.43			(2.73	)
Net increase (decrease) from investment operations			3.89			(2.40	)		(1.90	)		1.35			3.56			(1.51	)
Distributions(d)
From net investment income			(0.33	)		(0.99	)		(1.45	)		(1.49	)		(1.16	)		(1.43	)
Total distributions			(0.33	)		(0.99	)		(1.45	)		(1.49	)		(1.16	)		(1.43	)
Net asset value, end of period		$	30.44		$	26.88		$	30.27		$	33.62		$	33.76		$	31.36
Total Return
Based on net asset value			14.54	%(e)		(8.25	)%		(5.64	)%		3.90	%		11.60	%		(4.44	)%
Ratios to Average Net Assets
Total expenses			0.50	%(f)		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%
Net investment income			2.79	%(f)		3.12	%		4.64	%		3.66	%		4.07	%		3.80	%
Supplemental Data
Net assets, end of period (000)		$	3,150,345		$	2,191,064		$	2,000,722		$	1,986,971		$	2,764,746		$	1,928,881
Portfolio turnover rate(g)			6	%(e)		4	%		11	%		5	%		4	%		5	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom Small-Cap ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	35.68			$	35.95			$	42.65			$	39.92			$	35.91			$	40.91
Net investment income(a)			0.23				0.72				1.05				1.15				0.92				1.02
Net realized and unrealized gain (loss)(b)			8.81				0.03				(6.69	)			2.93				4.12				(4.89	)
Net increase (decrease) from investment operations			9.04				0.75				(5.64	)			4.08				5.04				(3.87	)
Distributions(c)
From net investment income			(0.41	)			(1.02	)			(1.06	)			(1.35	)			(1.03	)			(1.13	)
Total distributions			(0.41	)			(1.02	)			(1.06	)			(1.35	)			(1.03	)			(1.13	)
Net asset value, end of period		$	44.31			$	35.68			$	35.95			$	42.65			$	39.92			$	35.91
Total Return
Based on net asset value			25.48	%(d)			1.90	%			(13.17	)%			10.22	%			14.40	%			(9.66	)%
Ratios to Average Net Assets
Total expenses			0.59	%(e)			0.59	%			0.59	%			0.59	%			0.59	%			0.59	%
Net investment income			1.18	%(e)			1.99	%			2.76	%			2.68	%			2.50	%			2.72	%
Supplemental Data
Net assets, end of period (000)		$	93,042			$	60,657			$	61,109			$	57,571			$	31,935			$	25,135
Portfolio turnover rate(f)			6	%(d)			25	%			20	%			20	%			19	%			21	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 25

Notes to Financial Statements  (unaudited)

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 United Kingdom		Diversified
MSCI United Kingdom		Non-diversified
MSCI United Kingdom Small-Cap		Diversified

Currently the iShares Currency Hedged MSCI United Kingdom ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI United Kingdom ETF (the “underlying fund”). The financial statements, including the accounting policies, and schedule of investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI United Kingdom ETF.

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, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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 prevailing market rates as quoted by one or more data service providers. 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 statement 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, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2021, if any, are disclosed in the statement of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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Notes to Financial Statements  (unaudited) (continued)

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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

If events (e.g., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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. 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 for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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.

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 27

Notes to Financial Statements  (unaudited) (continued)

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 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower 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.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI United Kingdom Small-Cap
Barclays Capital Inc.	$	303,079	$	303,079		$	—	$	—
BofA Securities, Inc.		299,773		299,773			—		—
HSBC Bank PLC		121,412		121,412			—		—
JPMorgan Securities LLC		50,179		50,179			—		—
Scotia Capital (USA) Inc.		64,079		64,079			—		—
	$	838,522	$	838,522		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

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, Inc. (“BlackRock”). BlackRock’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

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal

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Notes to Financial Statements  (unaudited) (continued)

to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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 over-the-counter (“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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement 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 statement 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 statement 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 statement of assets and liabilities.

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. 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 Fee
Currency Hedged MSCI United Kingdom		0.62	%
MSCI United Kingdom Small-Cap		0.59

For its investment advisory services to the iShares MSCI United Kingdom ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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 29

Notes to Financial Statements  (unaudited) (continued)

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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 are a fund’s total annual operating expenses.

For the iShares Currency Hedged MSCI United Kingdom ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 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 United Kingdom ETF (“EWU”), after taking into account any fee waivers by EWU, plus 0.03%. BFA has also contractually agreed to an additional reduction in its investment advisory fee of 0.03% through December 31, 2025.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Currency Hedged MSCI United Kingdom	$	28,344

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “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. 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. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of 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.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified 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 the 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid      to BTC
MSCI United Kingdom	$	620
MSCI United Kingdom Small-Cap		11,504

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

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Notes to Financial Statements  (unaudited) (continued)

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI United Kingdom	$	4,334,799	$	3,779,221	$	(2,351,681	)
MSCI United Kingdom Small-Cap		1,501		782,464		(9,817	)

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 statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI United Kingdom	$	691,913	$	965,732
MSCI United Kingdom		167,090,568		168,294,632
MSCI United Kingdom Small-Cap		4,305,306		4,187,312

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI United Kingdom	$	1,025,012	$	5,255,209
MSCI United Kingdom		699,790,789		92,673,866
MSCI United Kingdom Small-Cap		32,036,176		13,315,664

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 February 28, 2021, 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.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Currency Hedged MSCI United Kingdom	$	6,536,821
MSCI United Kingdom		352,213,250
MSCI United Kingdom Small-Cap		8,166,222

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2021, 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 United Kingdom	$	8,132,181	$	26,002	$	(1,002,381	)	$	(976,379	)
MSCI United Kingdom		3,535,092,257		246,868,697		(664,813,878	)		(417,945,181	)
MSCI United Kingdom Small-Cap		93,756,218		8,609,859		(8,648,288	)		(38,429	)

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 31

Notes to Financial Statements  (unaudited) (continued)

9. 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 the 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 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 the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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 the Manager 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 statement 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.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration 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.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the schedule of investments.

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Notes to Financial Statements  (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. 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:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI United Kingdom
Shares sold		50,000		$	1,028,139			1,400,000		$	32,825,295
Shares redeemed		(250,000	)		(5,214,032	)		(2,350,000	)		(44,560,697	)
Net decrease		(200,000	)	$	(4,185,893	)		(950,000	)	$	(11,735,402	)
MSCI United Kingdom
Shares sold		25,100,000		$	710,378,631			27,900,000		$	816,367,221
Shares redeemed		(3,100,000	)		(93,220,545	)		(12,500,000	)		(296,737,007	)
Net increase		22,000,000		$	617,158,086			15,400,000		$	519,630,214
MSCI United Kingdom Small-Cap
Shares sold		750,000		$	32,444,732			1,600,000		$	67,533,603
Shares redeemed		(350,000	)		(13,405,014	)		(1,600,000	)		(51,505,339	)
Net increase		400,000		$	19,039,718			—		$	16,028,264

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. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors 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.

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 statement of assets and liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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 33

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged MSCI United Kingdom ETF, iShares MSCI United Kingdom ETF and iShares MSCI United Kingdom Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI United Kingdom(a)	$	0.216416	$	—	$	0.019784	$	0.236200		92	%		—	%		8	%		100	%
MSCI United Kingdom(a)		0.304261		—		0.027663		0.331924		92			—			8			100
MSCI United Kingdom Small-Cap(a)		0.333527		—		0.076385		0.409912		81			—			19			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S U P P L E M E N T A L  I N F O R M A T I O N 35

General Information  

Electronic Delivery

Shareholders can sign up for email 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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
Currency Abbreviations
GBP	British Pound
USD	United States Dollar

Counterparty Abbreviations
MS	Morgan Stanley & Co. International PLC

G L O S S A R Y  O F  T E R M S  U S E D   I N  T H I S  R E P O R T 37

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.

©2021 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.

iS-SAR-813-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

🌑 iShares ESG Aware MSCI EAFE ETF | ESGD | NASDAQ

🌑 iShares ESG Aware MSCI USA ETF | ESGU | NASDAQ

🌑 iShares ESG Aware MSCI USA Small-Cap ETF | ESML | Cboe BZX

🌑 iShares ESG MSCI EM Leaders ETF | LDEM | NASDAQ

🌑 iShares ESG MSCI USA Leaders ETF | SUSL | NASDAQ

🌑 iShares MSCI Global Impact ETF | SDG | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large-and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		52
Statements of Operations		54
Statements of Changes in Net Assets		56
Financial Highlights		59
Notes to Financial Statements		65
Statement Regarding Liquidity Risk Management Program		75
Supplemental Information		76
General Information		77
Glossary of Terms Used in this Report		78

Fund Summary as of February 28, 2021 iShares^® ESG Aware MSCI EAFE ETF

Investment Objective

The iShares ESG Aware MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI EAFE Extended ESG Focus 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		14.51	%		22.89	%		10.68	%		22.89	%		60.67	%
Fund Market		14.93			21.90			10.66			21.90			60.56
Index		14.56			22.90			10.79			22.90			61.41

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

Index performance through May 31, 2018 reflects the performance of the MSCI EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus 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 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,145.10	$        1.06			$      1,000.00	$      1,023.80	$        1.00		0.20	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	17.6	%
Industrials	15.9
Health Care	12.1
Consumer Discretionary	11.9
Consumer Staples	10.0
Information Technology	9.2
Materials	8.0
Communication Services	5.0
Energy	4.0
Utilities	3.2
Real Estate	3.1

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	25.0	%
United Kingdom	14.1
France	10.9
Switzerland	9.3
Germany	8.9
Australia	7.0
Netherlands	4.6
Sweden	3.4
Hong Kong	3.2
Denmark	2.6

4 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® ESG Aware MSCI USA ETF

Investment Objective

The iShares ESG Aware MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI USA Extended ESG Focus 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		10.84	%		35.21	%		17.21	%		35.21	%		96.26	%
Fund Market		10.91			34.97			17.20			34.97			96.21
Index		10.94			35.37			17.43			35.37			97.85

The inception date of the Fund was 12/1/16. The first day of secondary market trading was 12/2/16.

Index performance through May 31, 2018 reflects the performance of the MSCI USA ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI USA Extended ESG Focus Index.

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 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,108.40	$        0.78			$      1,000.00	$      1,024.10	$        0.75		0.15	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	28.8	%
Health Care	13.0
Consumer Discretionary	11.9
Financials	10.7
Communication Services	10.4
Industrials	9.2
Consumer Staples	5.8
Real Estate	2.8
Energy	2.7
Materials	2.5
Utilities	2.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	5.9	%
Microsoft Corp.	5.1
Amazon.com Inc.	3.8
Alphabet Inc., Class A	2.2
Facebook Inc., Class A	1.7
Tesla Inc.	1.5
Alphabet Inc., Class C	1.3
JPMorgan Chase & Co.	1.3
Johnson & Johnson	1.1
NVIDIA Corp.	1.1

FUND   SUMMARY 5

Fund Summary as of February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF

Investment Objective

The iShares ESG Aware MSCI USA Small-Cap ETF (the “Fund”) seeks to track the investment results of an optimized index designed to produce investment results comparable to a capitalization weighted index of small-capitalization U.S. companies, while reflecting a higher allocation to those companies with favorable environmental, social and governance (“ESG”) profiles, (as determined by the index provider), as represented by the MSCI USA Small Cap Extended ESG Focus 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		39.15	%		49.76	%		15.97	%		49.76	%		53.45	%
Fund Market		38.95			49.41			15.97			49.41			53.45
Index		39.38			50.14			16.16			50.14			54.15

The inception date of the Fund was 4/10/18. The first day of secondary market trading was 4/12/18.

Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. 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 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,391.50	$        1.01			$      1,000.00	$      1,024.00	$        0.85		0.17	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	17.0	%
Health Care	16.4
Information Technology	15.9
Consumer Discretionary	14.9
Financials	13.8
Real Estate	7.8
Materials	3.8
Consumer Staples	3.2
Energy	3.1
Communication Services	2.2
Utilities	1.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments
Penn National Gaming Inc.	0.4	%
Caesars Entertainment Inc.	0.4
Comerica Inc.	0.3
Zions Bancorp NA	0.3
Novavax Inc.	0.3
Quanta Services Inc.	0.3
Cree Inc.	0.3
Toro Co. (The)	0.3
Five9 Inc.	0.3
Ingredion Inc.	0.3

6 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® ESG MSCI EM Leaders ETF

Investment Objective

The iShares ESG MSCI EM Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization stocks of emerging market companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider, as represented by the MSCI EM Extended ESG Leaders 5% Issuer Capped Net 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		21.61	%		34.51	%		21.88	%		34.51	%		23.48	%
Fund Market		21.77			32.53			22.15			32.53			23.77
Index		22.15			35.34			22.47			35.34			24.19

The inception date of the Fund was 2/5/20. The first day of secondary market trading was 2/7/20.

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 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,216.10	$        0.88			$      1,000.00	$      1,024.00	$        0.80		0.16	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	20.8	%
Consumer Discretionary	17.8
Information Technology	16.7
Communication Services	9.9
Materials	7.7
Consumer Staples	6.5
Energy	6.0
Health Care	5.3
Industrials	4.9
Real Estate	2.5
Utilities	1.9

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	31.4	%
Taiwan	15.5
India	13.2
South Korea	8.4
South Africa	7.3
Brazil	4.3
Thailand	3.1
Russia	2.7
Malaysia	2.6
Indonesia	2.0

FUND   SUMMARY 7

Fund Summary as of February 28, 2021 iShares^® ESG MSCI USA Leaders ETF

Investment Objective

The iShares ESG MSCI USA Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks of companies with high environmental, social, and governance performance relative to their sector peers, as determined by the index provider, as represented by the MSCI USA Extended ESG Leaders 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		10.52	%		30.35	%		19.76	%		30.35	%		38.76	%
Fund Market		10.32			29.95			19.66			29.95			38.55
Index		10.58			30.44			19.88			30.44			38.97

The inception date of the Fund was 5/7/19. The first day of secondary market trading was 5/9/19.

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 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$          1,000.00	$      1,105.20	$        0.52			$      1,000.00	$      1,024.30	$        0.50		0.10	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	27.6	%
Consumer Discretionary	13.5
Health Care	13.0
Communication Services	12.2
Financials	10.7
Industrials	9.1
Consumer Staples	6.0
Materials	2.9
Real Estate	2.7
Energy	1.3
Utilities	1.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	10.2	%
Alphabet Inc., Class A	3.7
Alphabet Inc., Class C	3.7
Tesla Inc.	3.1
Johnson & Johnson	2.5
Visa Inc., Class A	2.2
Walt Disney Co. (The)	2.1
NVIDIA Corp.	2.1
Mastercard Inc., Class A	1.9
Procter & Gamble Co. (The)	1.9

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Fund Summary as of February 28, 2021 iShares^® MSCI Global Impact ETF

Investment Objective

The iShares MSCI Global Impact ETF (the “Fund”) seeks to track the investment results of an index composed of positive impact companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCI ACWI Sustainable Impact 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		14.85	%		49.01	%		16.47	%		49.01	%		109.89	%
Fund Market		15.14			48.34			16.58			48.34			110.85
Index		15.01			49.34			16.72			49.34			112.03

The inception date of the Fund was 4/20/16. The first day of secondary market trading was 4/22/16.

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 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,148.50	$        2.61			$      1,000.00	$      1,022.40	$        2.46		0.49	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Staples	20.5	%
Health Care	20.1
Industrials	19.9
Materials	12.3
Real Estate	8.8
Consumer Discretionary	8.3
Utilities	5.0
Information Technology	3.4
Communication Services	1.7

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	24.1	%
Japan	14.7
United Kingdom	11.3
China	9.6
Denmark	7.3
France	7.3
Belgium	5.1
Hong Kong	4.4
Sweden	2.7
Germany	2.2

FUND   SUMMARY 9

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) February 28, 2021 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.9%
Afterpay Ltd.(a)		63,038	$	5,833,056
APA Group		803,445		5,778,631
Aristocrat Leisure Ltd.		220,216		5,176,113
ASX Ltd.		130,976		6,854,749
Aurizon Holdings Ltd.		1,493,129		4,404,285
Australia & New Zealand Banking Group Ltd.		760,871		15,415,865
BlueScope Steel Ltd.		348,943		4,506,130
Brambles Ltd.		917,965		7,035,816
Coca-Cola Amatil Ltd.		454,853		4,715,251
Cochlear Ltd.		42,278		6,919,793
Coles Group Ltd.		335,010		3,976,061
Commonwealth Bank of Australia		489,514		30,909,748
CSL Ltd.		133,737		27,188,353
Dexus		953,310		6,568,668
Fortescue Metals Group Ltd.		584,800		10,915,854
Goodman Group		492,114		6,309,271
GPT Group (The)		1,371,492		4,533,925
Insurance Australia Group Ltd.		1,171,187		4,524,597
James Hardie Industries PLC		147,648		4,173,424
Lendlease Corp. Ltd.		503,251		5,181,905
Macquarie Group Ltd.		110,905		12,233,710
Mirvac Group		3,409,953		5,887,167
National Australia Bank Ltd.		860,823		16,421,306
Newcrest Mining Ltd.		309,576		5,905,560
Northern Star Resources Ltd.		524,195		4,143,542
QBE Insurance Group Ltd.		679,478		4,887,021
Ramsay Health Care Ltd.		100,174		5,118,611
Rio Tinto Ltd.		157,350		15,494,332
Seek Ltd.		192,129		3,822,779
Stockland		1,358,179		4,384,764
Sydney Airport(a)		1,025,595		4,652,931
Tabcorp Holdings Ltd.		1,365,578		4,704,675
Transurban Group		990,772		9,818,312
Wesfarmers Ltd.		242,051		9,227,373
Westpac Banking Corp.		987,316		18,207,531
Woodside Petroleum Ltd.		602,888		11,468,191
Woolworths Group Ltd.		320,126		9,764,956
				317,064,256
Austria — 0.2%
OMV AG		238,745		11,550,976
Belgium — 0.8%
Anheuser-Busch InBev SA/NV		253,099		14,580,260
KBC Group NV(a)		102,760		7,436,408
Solvay SA		40,775		5,003,711
UCB SA		44,765		4,479,440
Umicore SA		91,369		5,396,573
				36,896,392
Denmark — 2.6%
Ambu A/S, Series B		89,492		4,169,111
AP Moller - Maersk A/S, Class A		2,522		5,092,371
Carlsberg AS, Class B		62,982		9,972,257
Chr Hansen Holding A/S(a)		50,483		4,357,545
Coloplast A/S, Class B		34,744		5,324,247
DSV Panalpina A/S		48,970		9,048,609
Genmab A/S(a)		18,997		6,418,901
GN Store Nord A/S		52,923		4,474,860
Novo Nordisk A/S, Class B		552,011		39,461,860

Security	Shares		Value
Denmark (continued)
Novozymes A/S, Class B		71,563	$	4,448,266
Orsted A/S(b)		60,909		9,922,413
Pandora A/S		46,876		4,587,937
Vestas Wind Systems A/S		59,669		11,244,703
				118,523,080
Finland — 1.1%
Elisa OYJ		78,527		4,703,848
Kesko OYJ, Class B		185,585		4,739,535
Neste OYJ		159,239		10,526,262
Nokia OYJ(a)		1,849,839		7,409,604
Nordea Bank Abp		612,294		5,563,062
Stora Enso OYJ, Class R		216,556		4,291,119
UPM-Kymmene OYJ		248,295		9,523,622
Wartsila OYJ Abp		467,605		5,393,135
				52,150,187
France — 10.9%
Air Liquide SA		98,958		14,978,367
Airbus SE(a)		146,149		17,014,016
Alstom SA(a)		92,275		4,630,220
Amundi SA(a)(b)		59,156		4,523,624
Atos SE(a)		66,336		5,203,114
AXA SA		767,755		19,383,540
BNP Paribas SA(a)		320,600		19,175,083
Bouygues SA		114,158		4,650,240
Capgemini SE		50,544		8,168,793
Carrefour SA		265,307		4,651,718
Cie. de Saint-Gobain(a)		127,148		6,855,438
Cie. Generale des Etablissements Michelin SCA		66,970		9,734,260
CNP Assurances(a)		275,643		4,988,520
Credit Agricole SA(a)		350,235		4,937,713
Danone SA		229,590		15,734,065
Dassault Systemes SE		47,857		9,985,469
Edenred		82,058		4,570,736
Eiffage SA(a)		47,164		4,875,211
Electricite de France SA(a)		369,497		4,443,693
Engie SA(a)		475,422		6,973,857
EssilorLuxottica SA		76,501		12,535,683
Gecina SA		39,255		5,465,193
Hermes International		5,392		6,042,168
Kering SA		23,565		15,013,817
Legrand SA		68,041		5,939,741
L’Oreal SA		92,249		33,905,070
LVMH Moet Hennessy Louis Vuitton SE		75,648		48,206,307
Orange SA		410,059		4,752,322
Pernod Ricard SA		66,660		12,731,488
Publicis Groupe SA		82,319		4,850,058
Renault SA(a)		94,329		4,250,684
Safran SA(a)		90,694		12,467,055
Sanofi		279,089		25,677,872
Sartorius Stedim Biotech		9,492		4,170,743
Schneider Electric SE		176,132		26,263,980
Societe Generale SA(a)		273,183		6,809,191
STMicroelectronics NV		186,004		7,217,919
Teleperformance		20,815		7,405,244
Thales SA		49,784		4,739,958
TOTAL SE		809,701		37,715,526
Unibail-Rodamco-Westfield		68,093		5,026,851
Valeo SA		118,634		4,210,500
Vinci SA		112,626		11,762,135

SCHEDULE  OF  INVESTMENTS 11

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Vivendi SE		248,171	$	8,606,140
Worldline SA(a)(b)		67,849		6,077,807
				497,321,129
Germany — 8.7%
adidas AG(a)		64,015		22,447,935
Allianz SE, Registered		149,714		36,308,224
BASF SE		294,571		24,216,879
Bayerische Motoren Werke AG		128,137		11,120,587
Beiersdorf AG		53,694		5,337,732
Brenntag SE		60,610		4,727,506
Commerzbank AG(a)		716,941		4,725,311
Continental AG(a)		34,055		4,914,845
Covestro AG(b)		65,905		4,796,529
Daimler AG, Registered		231,253		18,596,036
Delivery Hero SE(a)(b)		38,437		4,931,415
Deutsche Bank AG, Registered(a)		583,668		7,236,171
Deutsche Boerse AG		81,457		13,402,168
Deutsche Post AG, Registered		336,504		16,770,897
Deutsche Telekom AG, Registered		704,350		12,849,748
Deutsche Wohnen SE		107,170		5,066,731
E.ON SE		938,486		9,625,684
Fresenius SE & Co. KGaA		116,420		5,008,047
HeidelbergCement AG		74,492		5,920,596
HelloFresh SE(a)		51,712		4,048,538
Henkel AG & Co. KGaA		57,774		5,147,254
Infineon Technologies AG		422,886		18,478,764
Knorr-Bremse AG		36,789		4,712,835
LEG Immobilien AG		33,310		4,574,440
Merck KGaA		62,833		10,261,683
MTU Aero Engines AG		20,420		4,882,802
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		48,266		14,236,220
Puma SE(a)		58,094		6,203,865
SAP SE		346,338		42,904,497
Siemens AG, Registered		238,668		37,075,192
Symrise AG		37,798		4,437,437
TeamViewer AG(a)(b)		84,019		4,538,210
Telefonica Deutschland Holding AG		1,594,980		4,278,531
Vonovia SE		139,635		8,938,847
Zalando SE(a)(b)		48,238		4,978,030
				397,700,186
Hong Kong — 3.2%
AIA Group Ltd.		3,625,800		45,361,353
BOC Hong Kong Holdings Ltd.		3,905,500		12,989,217
Galaxy Entertainment Group Ltd.		644,000		5,885,979
Hang Seng Bank Ltd.(c)		448,200		8,666,619
Hong Kong Exchanges & Clearing Ltd.		337,700		20,599,772
MTR Corp. Ltd.		1,873,000		11,239,425
Sands China Ltd.(a)		1,720,800		8,052,368
Sun Hung Kai Properties Ltd.		479,000		7,693,787
Swire Pacific Ltd., Class A		949,500		6,958,443
Swire Properties Ltd.		2,186,400		7,032,128
Techtronic Industries Co. Ltd.		402,500		6,143,335
Wharf Real Estate Investment Co. Ltd.		779,000		4,654,508
				145,276,934
Ireland — 0.7%
CRH PLC(a)		287,964		12,513,199
Flutter Entertainment PLC(a)		44,954		8,700,415
Kerry Group PLC, Class A		56,947		6,908,770

Security	Shares		Value
Ireland (continued)
Kingspan Group PLC(a)		72,168	$	5,277,750
				33,400,134
Israel — 0.6%
Bank Hapoalim BM(a)		671,128		4,760,922
Bank Leumi Le-Israel BM		708,505		4,330,977
CyberArk Software Ltd.(a)		31,182		4,578,453
Isracard Ltd.		1		4
Nice Ltd.(a)		16,126		3,749,282
Teva Pharmaceutical Industries Ltd., ADR(a)		416,424		4,480,722
Wix.com Ltd.(a)		23,054		8,035,933
				29,936,293
Italy — 2.2%
Amplifon SpA(a)		106,228		4,255,005
Assicurazioni Generali SpA(a)		354,876		6,698,139
CNH Industrial NV(a)		390,296		5,798,593
Enel SpA		2,814,905		26,800,842
Eni SpA		1,279,149		14,722,047
Ferrari NV		23,273		4,562,176
Intesa Sanpaolo SpA(a)		7,241,471		18,757,213
Nexi SpA(a)(b)		235,469		4,254,315
Snam SpA		870,741		4,540,465
Terna Rete Elettrica Nazionale SpA		659,571		4,617,787
UniCredit SpA(a)		481,272		4,988,794
				99,995,376
Japan — 24.9%
Advantest Corp.		57,200		4,697,766
Aeon Co. Ltd.		245,600		7,383,676
Ajinomoto Co. Inc.		218,000		4,335,855
Alfresa Holdings Corp.		227,600		4,387,933
Asahi Group Holdings Ltd.		170,700		7,389,416
Asahi Kasei Corp.		652,700		7,020,783
Astellas Pharma Inc.		677,100		10,638,872
Azbil Corp.		103,400		4,391,637
Bridgestone Corp.		173,700		6,783,984
Canon Inc.		260,600		5,607,523
Capcom Co. Ltd.		71,200		4,330,543
Central Japan Railway Co.		34,800		5,686,766
Chugai Pharmaceutical Co. Ltd.		227,700		10,179,605
Dai Nippon Printing Co. Ltd.		250,900		4,507,439
Daifuku Co. Ltd.		43,600		4,166,022
Dai-ichi Life Holdings Inc.		348,300		6,110,125
Daiichi Sankyo Co. Ltd.		505,300		14,275,887
Daikin Industries Ltd.		76,800		14,936,137
Daiwa House Industry Co. Ltd.		192,800		5,434,376
Denso Corp.		154,300		9,251,628
East Japan Railway Co.		124,300		9,166,746
Eisai Co. Ltd.		101,500		6,972,766
ENEOS Holdings Inc.		1,775,700		7,795,146
FANUC Corp.		50,800		12,559,339
Fast Retailing Co. Ltd.		18,800		18,528,252
FUJIFILM Holdings Corp.		121,700		6,933,724
Fujitsu Ltd.		74,800		10,784,006
Hankyu Hanshin Holdings Inc.		152,000		5,043,364
Hitachi Ltd.		234,800		10,746,056
Honda Motor Co. Ltd.		470,300		12,852,247
Hoya Corp.		107,400		12,197,672
Ibiden Co. Ltd.		99,300		4,035,752
Idemitsu Kosan Co. Ltd.		181,700		4,748,008
Inpex Corp.		896,800		6,599,317

12 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Isuzu Motors Ltd.		436,400	$	4,563,071
ITOCHU Corp.		668,500		19,878,055
Japan Exchange Group Inc.		206,400		4,443,199
Japan Post Holdings Co. Ltd.		562,600		4,808,556
Japan Retail Fund Investment Corp.		4,466		4,414,021
JFE Holdings Inc.(a)		460,000		4,827,107
Kansai Paint Co. Ltd.		161,900		4,227,575
Kao Corp.		170,900		11,459,636
KDDI Corp.		592,800		18,305,913
Keio Corp.		57,500		4,290,642
Keyence Corp.		50,300		23,870,546
Kikkoman Corp.		66,000		4,354,984
Kintetsu Group Holdings Co. Ltd.		104,100		4,348,085
Kirin Holdings Co. Ltd.		297,900		5,839,724
Komatsu Ltd.		376,500		11,273,090
Kubota Corp.		350,300		7,915,780
Kyocera Corp.		102,300		6,585,070
Kyowa Kirin Co. Ltd.		157,300		4,382,076
Kyushu Railway Co.		192,400		5,005,940
M3 Inc.		108,600		8,587,901
Marubeni Corp.		661,800		4,917,844
Mazda Motor Corp.		527,800		4,156,413
Mitsubishi Chemical Holdings Corp.		654,900		4,547,541
Mitsubishi Corp.		346,200		9,758,200
Mitsubishi Electric Corp.		467,400		6,881,142
Mitsubishi Estate Co. Ltd.		356,300		6,146,794
Mitsubishi Heavy Industries Ltd.		161,200		4,642,027
Mitsubishi UFJ Financial Group Inc.		2,893,400		15,154,094
Mitsui Fudosan Co. Ltd.		311,000		7,005,819
Miura Co. Ltd.		82,100		4,246,020
Mizuho Financial Group Inc.		763,800		11,176,687
MS&AD Insurance Group Holdings Inc.		263,900		7,431,012
Murata Manufacturing Co. Ltd.		185,200		15,785,632
Nabtesco Corp.		88,700		3,763,131
NEC Corp.		89,100		4,850,573
Nexon Co. Ltd.		142,200		4,484,625
NGK Spark Plug Co. Ltd.		261,000		4,414,511
Nidec Corp.		123,800		15,710,306
Nintendo Co. Ltd.		32,508		19,756,833
Nippon Building Fund Inc.		771		4,711,104
Nippon Express Co. Ltd.		64,100		4,765,084
Nippon Paint Holdings Co. Ltd.		55,000		4,088,605
Nippon Steel Corp.(a)		332,100		4,886,116
Nippon Telegraph & Telephone Corp.		379,800		9,831,879
Nippon Yusen KK		180,500		5,175,779
Nitto Denko Corp.		62,500		5,332,504
Nomura Holdings Inc.		1,224,300		7,110,915
Nomura Research Institute Ltd.		162,000		5,033,039
Obayashi Corp.		520,400		4,459,595
Odakyu Electric Railway Co. Ltd.		146,100		4,271,649
Olympus Corp.		262,000		5,483,950
Omron Corp.		113,400		9,132,457
Ono Pharmaceutical Co. Ltd.		160,000		4,301,108
Oriental Land Co. Ltd.		60,700		10,164,145
ORIX Corp.		443,400		7,497,514
Osaka Gas Co. Ltd.		255,400		4,569,105
Otsuka Holdings Co. Ltd.		111,300		4,412,720
Panasonic Corp.		787,700		10,095,779
Recruit Holdings Co. Ltd.		388,200		19,242,390
Resona Holdings Inc.		1,660,600		6,666,403

Security	Shares		Value
Japan (continued)
Rohm Co. Ltd.		43,700	$	4,294,528
Secom Co. Ltd.		90,700		7,854,310
Sekisui Chemical Co. Ltd.		292,800		5,207,959
Sekisui House Ltd.		362,800		6,800,372
Seven & i Holdings Co. Ltd.		202,500		7,673,104
SG Holdings Co. Ltd.		188,300		4,326,623
Shimadzu Corp.		113,600		4,083,799
Shimano Inc.		19,600		4,380,289
Shimizu Corp.		603,000		4,556,176
Shin-Etsu Chemical Co. Ltd.		86,700		14,119,063
Shionogi & Co. Ltd.		119,300		6,061,300
Shiseido Co. Ltd.		106,200		7,887,747
SMC Corp.		7,800		4,605,031
Softbank Corp.		847,300		11,460,102
SoftBank Group Corp.		440,400		40,902,553
Sohgo Security Services Co. Ltd.		93,400		4,207,997
Sompo Holdings Inc.		157,500		6,031,537
Sony Corp.		397,000		41,436,456
Stanley Electric Co. Ltd.		141,200		4,181,397
Sumitomo Chemical Co. Ltd.		1,502,200		7,261,432
Sumitomo Corp.		333,400		4,820,750
Sumitomo Metal Mining Co. Ltd.		149,800		7,229,882
Sumitomo Mitsui Financial Group Inc.		347,100		12,191,179
Sumitomo Mitsui Trust Holdings Inc.		227,100		7,464,841
Suzuki Motor Corp.		97,400		4,204,455
Sysmex Corp.		66,800		6,950,235
Taisei Corp.		118,100		4,162,432
Takeda Pharmaceutical Co. Ltd.		507,594		17,065,907
TDK Corp.		41,500		5,936,362
Teijin Ltd.		263,200		4,520,894
Terumo Corp.		208,800		7,743,278
Tokio Marine Holdings Inc.		182,100		8,978,518
Tokyo Century Corp.		63,100		4,110,325
Tokyo Electron Ltd.		51,700		21,133,236
Tokyo Gas Co. Ltd.		220,400		4,555,292
Tokyu Corp.		374,500		5,146,123
Toray Industries Inc.		782,300		5,114,982
Toshiba Corp.		135,000		4,251,220
TOTO Ltd.		70,100		4,217,580
Toyota Motor Corp.		601,400		44,441,733
Unicharm Corp.		104,600		4,139,230
West Japan Railway Co.		95,400		5,832,885
Yamaha Corp.		81,600		4,541,843
Yamaha Motor Co. Ltd.		205,000		4,462,127
Yaskawa Electric Corp.		92,800		4,633,903
Yokogawa Electric Corp.		225,400		4,265,125
				1,139,366,495
Netherlands — 4.6%
Adyen NV(a)(b)		4,214		9,800,250
Aegon NV		1,012,930		4,863,880
Akzo Nobel NV		82,502		8,568,057
ArcelorMittal SA(a)		197,676		4,644,741
Argenx SE(a)		12,920		4,353,405
ASM International NV		15,462		4,196,474
ASML Holding NV		131,116		74,059,797
Heineken NV		94,379		9,359,325
ING Groep NV		1,153,382		12,654,374
Just Eat Takeaway.com NV(a)(b)		44,050		4,271,015
Koninklijke Ahold Delhaize NV		261,088		6,921,284
Koninklijke DSM NV		54,788		9,080,803

SCHEDULE  OF  INVESTMENTS 13

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Koninklijke KPN NV		1,389,066	$	4,565,819
Koninklijke Philips NV(a)		101,963		5,563,751
Koninklijke Vopak NV		87,719		4,206,761
NN Group NV		107,747		4,995,922
Prosus NV		143,295		17,055,719
QIAGEN NV(a)		85,321		4,246,068
Stellantis NV(a)		298,915		4,870,536
Stellantis NV		110,287		1,798,361
Wolters Kluwer NV		117,188		9,342,506
				209,418,848
New Zealand — 0.4%
Fisher & Paykel Healthcare Corp. Ltd.		207,816		4,419,762
Meridian Energy Ltd.		1,069,234		4,431,407
Ryman Healthcare Ltd.		424,136		4,517,902
Xero Ltd.(a)		49,009		4,493,562
				17,862,633
Norway — 0.9%
DNB ASA		242,657		4,751,986
Equinor ASA		728,940		13,817,865
Mowi ASA		211,234		5,136,136
Norsk Hydro ASA		956,656		5,332,035
Orkla ASA		619,782		5,747,305
Telenor ASA		376,282		6,123,539
				40,908,866
Portugal — 0.2%
Galp Energia SGPS SA		720,163		8,115,458
Russia — 0.1%
Evraz PLC		591,088		4,718,748
Singapore — 1.1%
CapitaLand Ltd.		2,447,300		5,852,759
City Developments Ltd.		915,500		5,067,369
DBS Group Holdings Ltd.		624,800		12,517,614
Keppel Corp. Ltd.		1,444,400		5,518,201
Oversea-Chinese Banking Corp. Ltd.		1,540,100		12,728,961
Singapore Exchange Ltd.		258,700		1,943,606
Singapore Telecommunications Ltd.		4,313,400		7,623,141
				51,251,651
Spain — 2.5%
Amadeus IT Group SA(a)		135,139		9,431,823
Banco Bilbao Vizcaya Argentaria SA		2,283,298		12,757,062
Banco Santander SA(a)		3,809,060		13,396,408
CaixaBank SA		1,695,048		4,952,280
Cellnex Telecom SA(b)		86,031		4,704,320
Iberdrola SA		1,997,438		25,275,310
Industria de Diseno Textil SA		442,302		14,661,814
Naturgy Energy Group SA		212,766		5,348,469
Red Electrica Corp. SA		174,858		2,942,744
Repsol SA		812,952		10,277,117
Siemens Gamesa Renewable Energy SA		108,116		4,041,921
Telefonica SA		1,069,448		4,577,086
				112,366,354
Sweden — 3.4%
Alfa Laval AB(a)		155,522		4,837,787
Assa Abloy AB, Class B		273,439		6,891,232
Atlas Copco AB, Class A		174,059		9,989,624
Atlas Copco AB, Class B		141,080		6,875,889
Boliden AB		254,396		10,130,292

Security	Shares		Value
Sweden (continued)
Epiroc AB, Class B		341,115	$	6,749,124
Essity AB, Class B		304,612		9,203,524
Evolution Gaming Group AB(b)		47,415		5,935,271
Hennes & Mauritz AB, Class B(a)		290,886		6,891,146
Hexagon AB, Class B		53,395		4,472,414
ICA Gruppen AB		95,575		4,561,376
Investor AB, Class B		92,309		6,865,950
Kinnevik AB, Class B		89,929		4,200,919
Nibe Industrier AB, Class B		131,885		4,165,318
Sandvik AB(a)		359,437		9,700,404
Skandinaviska Enskilda Banken AB, Class A(a)		400,651		4,635,095
SKF AB, Class B		172,635		4,728,910
Svenska Cellulosa AB SCA, Class B(a)		268,956		4,650,642
Svenska Handelsbanken AB, Class A(a)		452,065		4,790,756
Swedbank AB, Class A		261,048		4,599,984
Tele2 AB, Class B		364,477		4,623,162
Telefonaktiebolaget LM Ericsson, Class B		873,296		10,957,655
Telia Co. AB		1,445,107		5,868,097
Volvo AB, Class B(a)		353,377		9,099,349
				155,423,920
Switzerland — 9.3%
ABB Ltd., Registered		535,710		15,456,473
Adecco Group AG, Registered		73,899		4,659,400
Alcon Inc.(a)		162,798		11,246,423
Barry Callebaut AG, Registered		2,111		4,589,029
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		513		4,320,805
Coca-Cola HBC AG		143,615		4,493,641
Credit Suisse Group AG, Registered		688,893		9,987,541
Geberit AG, Registered		11,039		6,538,288
Givaudan SA, Registered		3,519		13,321,123
Julius Baer Group Ltd.		78,089		4,813,174
Kuehne + Nagel International AG, Registered		34,182		8,144,325
LafargeHolcim Ltd., Registered		85,449		4,734,477
Logitech International SA, Registered		52,547		5,631,404
Lonza Group AG, Registered		28,996		18,378,333
Nestle SA, Registered		855,779		89,803,386
Novartis AG, Registered		633,201		54,689,038
Partners Group Holding AG		4,261		5,132,686
Roche Holding AG, Bearer		25,348		8,506,266
Roche Holding AG, NVS		191,111		62,897,959
SGS SA, Registered		3,309		9,485,093
Sika AG, Registered		33,536		8,897,987
Sonova Holding AG, Registered(a)		22,124		5,689,238
Straumann Holding AG, Registered		3,730		4,528,079
Swiss Re AG		110,776		10,454,768
Swisscom AG, Registered		20,045		10,107,746
UBS Group AG, Registered		1,062,915		16,554,845
Vifor Pharma AG		33,980		4,245,154
Zurich Insurance Group AG		44,423		18,229,476
				425,536,157
United Kingdom — 14.0%
3i Group PLC		370,776		5,738,491
Antofagasta PLC		369,644		9,211,953
Ashtead Group PLC		150,322		8,154,414
Associated British Foods PLC(a)		162,266		5,372,145
AstraZeneca PLC		397,277		38,574,843
Aviva PLC		1,251,331		6,331,393
BAE Systems PLC		1,159,952		7,847,551

14 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Barclays PLC		4,485,922	$	10,009,747
Barratt Developments PLC(a)		517,785		4,809,696
Berkeley Group Holdings PLC		80,666		4,570,941
BP PLC		9,820,265		40,056,460
British Land Co. PLC (The)		722,746		4,947,270
BT Group PLC(a)		3,004,147		5,189,224
Bunzl PLC		144,384		4,515,684
Burberry Group PLC(a)		197,674		5,017,464
Coca-Cola European Partners PLC		100,398		5,115,278
Compass Group PLC(a)		498,249		10,135,564
Croda International PLC		75,076		6,474,168
DCC PLC		56,651		4,570,060
Diageo PLC		823,023		32,362,569
Entain PLC(a)		251,717		4,972,711
Experian PLC		239,569		7,613,223
Ferguson PLC		89,306		10,528,093
GlaxoSmithKline PLC		1,602,481		26,679,041
Glencore PLC(a)		3,221,490		13,093,034
HSBC Holdings PLC(a)		5,565,037		33,160,418
Informa PLC(a)		656,363		5,054,480
InterContinental Hotels Group PLC(a)		66,060		4,619,774
Intertek Group PLC		58,424		4,374,922
J Sainsbury PLC		1,474,171		4,662,072
Johnson Matthey PLC		113,113		4,831,280
Kingfisher PLC(a)		1,228,659		4,559,012
Legal & General Group PLC		1,995,879		7,235,611
Lloyds Banking Group PLC(a)		23,154,100		12,624,989
London Stock Exchange Group PLC		87,752		11,799,953
Mondi PLC		264,142		6,368,529
National Grid PLC		1,319,034		14,871,165
Natwest Group PLC(a)		1,933,231		4,978,653
Next PLC(a)		46,786		4,945,113
Ocado Group PLC(a)		135,960		4,181,887
Prudential PLC		703,976		13,862,871
Reckitt Benckiser Group PLC		199,250		16,714,295
RELX PLC		706,338		16,713,975
Rentokil Initial PLC(a)		652,010		4,254,324
Rio Tinto PLC		382,033		33,046,045
Rolls-Royce Holdings PLC(a)		3,394,243		5,110,897
RSA Insurance Group PLC		503,336		4,752,888
Sage Group PLC (The)		566,977		4,427,972
Schroders PLC		97,022		4,751,698
Segro PLC		658,444		8,375,356
Smith & Nephew PLC		245,478		4,755,078
Smiths Group PLC		225,180		4,609,028
Spirax-Sarco Engineering PLC		28,497		4,267,044
SSE PLC		428,203		7,929,397
St. James’s Place PLC		279,841		4,593,227
Standard Chartered PLC(a)		869,856		5,619,813

Security	Shares		Value
United Kingdom (continued)
Standard Life Aberdeen PLC		1,055,314	$	4,585,653
Taylor Wimpey PLC(a)		2,046,608		4,509,510
Tesco PLC		2,250,598		7,073,473
Unilever PLC		722,848		37,726,235
United Utilities Group PLC		373,105		4,481,917
Vodafone Group PLC		7,707,559		13,148,808
Whitbread PLC(a)		99,138		4,705,637
Wm Morrison Supermarkets PLC		1,969,141		4,703,599
WPP PLC		431,674		5,152,886
				640,030,501
Total Common Stocks — 99.3% (Cost: $3,829,025,000)				4,544,814,574
Preferred Stocks
Germany — 0.2%
Henkel AG & Co. KGaA, Preference Shares, NVS		45,463		4,501,828
Sartorius AG, Preference Shares, NVS		10,712		5,531,147
				10,032,975
Total Preferred Stocks — 0.2% (Cost: $6,883,248)				10,032,975
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		7,161,166		7,165,462
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		790,000		790,000
				7,955,462
Total Short-Term Investments — 0.2% (Cost: $7,955,462)				7,955,462
Total Investments in Securities — 99.7% (Cost: $3,843,863,710)				4,562,803,011
Other Assets, Less Liabilities — 0.3%				12,688,800
Net Assets — 100.0%			$	4,575,491,811

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULE  OF  INVESTMENTS 15

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EAFE ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	18,348,810	$	—		$	(11,175,485	)(a)	$	(8,723	)	$	860	$	7,165,462		7,161,166	$	75,674	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		430,000		360,000	(a)		—			—			—		790,000		790,000		394			—
									$	(8,723	)	$	860	$	7,955,462			$	76,068		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		16		03/18/21	$	2,053	$	(8,993	)
Euro STOXX 50 Index		185		03/19/21		8,145		7,765
FTSE 100 Index		45		03/19/21		4,051		(69,411	)
TOPIX Index		36		03/11/21		6,337		9,483
							$	(6  1,156	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts Unrealized appreciation on futures contracts(a)	$	17,248
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	78,404

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,781,934
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(137,000	)

16 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EAFE ETF     

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	22,600,622

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,544,814,574		$	—	$	—	$	4,544,814,574
Preferred Stocks		10,032,975			—		—		10,032,975
Money Market Funds		7,955,462			—		—		7,955,462
	$	4,562,803,011		$	—	$	—	$	4,562,803,011
Derivative financial instruments(a)
Assets
Futures Contracts	$	17,248		$	—	$	—	$	17,248
Liabilities
Futures Contracts		(78,404	)		—		—		(78,404	)
	$	(61,156	)	$	—	$	—	$	(61,156	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 17

Schedule of Investments (unaudited) February 28, 2021 iShares^® ESG Aware MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
Howmet Aerospace Inc.		514,439	$	14,460,880
Huntington Ingalls Industries Inc.		90,763		15,966,119
L3Harris Technologies Inc.		196,582		35,760,232
Raytheon Technologies Corp.		920,550		66,270,395
Teledyne Technologies Inc.(a)		42,997		15,951,887
Textron Inc.		284,594		14,326,462
TransDigm Group Inc.(a)		29,391		16,948,908
				179,684,883
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		184,063		16,722,124
Expeditors International of Washington Inc.		409,514		37,609,766
FedEx Corp.		91,511		23,289,549
United Parcel Service Inc., Class B		263,282		41,553,798
				119,175,237
Auto Components — 0.3%
Aptiv PLC		202,458		30,336,307
BorgWarner Inc.		333,477		15,006,465
				45,342,772
Automobiles — 1.6%
General Motors Co.		277,662		14,252,390
Tesla Inc.(a)		313,786		211,962,443
				226,214,833
Banks — 3.8%
Bank of America Corp.		2,992,852		103,881,893
Citigroup Inc.		1,170,747		77,128,812
Huntington Bancshares Inc./OH		1,780,872		27,318,577
JPMorgan Chase & Co.		1,273,032		187,352,119
KeyCorp.		737,747		14,858,225
PNC Financial Services Group Inc. (The)		177,713		29,919,761
Regions Financial Corp.		1,408,714		29,061,770
SVB Financial Group(a)		31,089		15,711,137
Truist Financial Corp.		718,864		40,946,493
U.S. Bancorp.		338,472		16,923,600
				543,102,387
Beverages — 1.8%
Brown-Forman Corp., Class B, NVS		213,504		15,282,616
Coca-Cola Co. (The)		2,118,795		103,799,767
Keurig Dr Pepper Inc.		604,942		18,462,830
Molson Coors Beverage Co., Class B		385,733		17,145,832
PepsiCo Inc.		794,515		102,643,393
				257,334,438
Biotechnology — 2.2%
AbbVie Inc.		745,378		80,307,026
Amgen Inc.		307,543		69,172,572
Biogen Inc.(a)		70,772		19,312,263
BioMarin Pharmaceutical Inc.(a)		171,881		13,308,746
Exact Sciences Corp.(a)		94,630		12,881,036
Gilead Sciences Inc.		758,691		46,583,627
Moderna Inc.(a)		99,177		15,353,591
Regeneron Pharmaceuticals Inc.(a)		36,606		16,493,565
Vertex Pharmaceuticals Inc.(a)		190,486		40,487,799
				313,900,225
Building Products — 1.1%
Allegion PLC		132,959		14,463,280
Carrier Global Corp.		390,271		14,256,600
Fortune Brands Home & Security Inc.		169,766		14,114,345
Johnson Controls International PLC		837,801		46,740,918

Security	Shares		Value
Building Products (continued)
Masco Corp.		272,996	$	14,528,847
Owens Corning		173,422		14,050,650
Trane Technologies PLC		212,053		32,495,002
				150,649,642
Capital Markets — 3.2%
Ameriprise Financial Inc.		66,307		14,669,761
Bank of New York Mellon Corp. (The)		680,095		28,672,805
BlackRock Inc.(b)		98,265		68,245,042
Charles Schwab Corp. (The)		553,278		34,148,318
CME Group Inc.		139,574		27,872,928
FactSet Research Systems Inc.		47,193		14,342,425
Goldman Sachs Group Inc. (The)		103,534		33,077,042
Intercontinental Exchange Inc.		129,871		14,326,070
Invesco Ltd.		639,216		14,331,223
Moody’s Corp.		98,340		27,032,683
Morgan Stanley		859,038		66,034,251
Northern Trust Corp.		237,872		22,628,763
S&P Global Inc.		115,834		38,151,086
State Street Corp.		307,387		22,368,552
T Rowe Price Group Inc.		152,367		24,704,785
				450,605,734
Chemicals — 2.0%
Air Products & Chemicals Inc.		55,997		14,313,953
Axalta Coating Systems Ltd.(a)		578,152		15,806,676
Corteva Inc.		322,432		14,557,805
Dow Inc.		248,506		14,738,891
DuPont de Nemours Inc.		282,825		19,888,254
Ecolab Inc.		209,730		43,909,073
International Flavors & Fragrances Inc.		138,413		18,756,346
Linde PLC		258,504		63,144,772
LyondellBasell Industries NV, Class A		148,993		15,359,688
Mosaic Co. (The)		476,338		14,004,337
PPG Industries Inc.		171,055		23,061,635
Sherwin-Williams Co. (The)		28,527		19,408,059
				276,949,489
Commercial Services & Supplies — 0.2%
Copart Inc.(a)		123,248		13,453,752
Waste Management Inc.		129,660		14,377,997
				27,831,749
Communications Equipment — 0.8%
Cisco Systems Inc.		2,233,416		100,213,376
Motorola Solutions Inc.		109,091		19,143,289
				119,356,665
Consumer Finance — 0.7%
Ally Financial Inc.		390,363		16,200,064
American Express Co.		508,313		68,754,416
Discover Financial Services		152,238		14,321,029
				99,275,509
Containers & Packaging — 0.3%
Amcor PLC		1,704,861		18,651,179
Ball Corp.		161,904		13,824,983
International Paper Co.		296,802		14,736,219
				47,212,381
Distributors — 0.2%
LKQ Corp.(a)		389,742		15,351,937
Pool Corp.		43,806		14,664,935
				30,016,872

18 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services — 0.9%
Berkshire Hathaway Inc., Class B(a)		471,746	$	113,459,630
Voya Financial Inc.		263,677		15,894,450
				129,354,080
Diversified Telecommunication Services — 1.2%
AT&T Inc.		2,455,811		68,492,569
Verizon Communications Inc.		1,715,441		94,863,887
				163,356,456
Electric Utilities — 1.4%
Edison International		256,223		13,833,480
Eversource Energy		506,731		40,274,980
Exelon Corp.		907,308		35,022,089
NextEra Energy Inc.		1,439,536		105,777,105
				194,907,654
Electrical Equipment — 0.3%
Emerson Electric Co.		171,623		14,742,416
Plug Power Inc.(a)		247,454		11,971,824
Rockwell Automation Inc.		61,270		14,905,766
				41,620,006
Electronic Equipment, Instruments & Components — 0.8%
Cognex Corp.		161,325		13,323,832
Corning Inc.		474,382		18,140,368
Keysight Technologies Inc.(a)		153,817		21,768,182
TE Connectivity Ltd.		202,820		26,372,685
Trimble Inc.(a)		282,217		20,923,568
Zebra Technologies Corp., Class A(a)		35,615		17,787,199
				118,315,834
Energy Equipment & Services — 0.3%
Baker Hughes Co.		628,505		15,385,803
Schlumberger Ltd.		1,163,242		32,466,084
				47,851,887
Entertainment — 2.1%
Activision Blizzard Inc.		260,648		24,920,555
Electronic Arts Inc.		105,813		14,175,768
Netflix Inc.(a)		174,478		94,017,470
Roku Inc.(a)		44,727		17,688,634
Walt Disney Co. (The)(a)		779,591		147,373,883
				298,176,310
Equity Real Estate Investment Trusts (REITs) — 2.6%
American Tower Corp.		251,249		54,302,446
Boston Properties Inc.		157,464		15,609,406
Crown Castle International Corp.		170,916		26,620,167
Digital Realty Trust Inc.		106,412		14,336,889
Equinix Inc.		62,863		40,756,598
Equity Residential		359,852		23,537,919
Healthpeak Properties Inc.		860,014		25,017,807
Host Hotels & Resorts Inc.		935,280		15,516,295
Prologis Inc.		412,385		40,854,982
Regency Centers Corp.		279,532		15,312,763
SBA Communications Corp.		56,260		14,353,614
Simon Property Group Inc.		137,648		15,543,212
UDR Inc.		414,140		17,050,144
Ventas Inc.		290,080		15,345,232
Welltower Inc.		266,918		18,123,732
Weyerhaeuser Co.		501,004		16,969,006
				369,250,212
Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		126,493		41,869,183
Kroger Co. (The)		692,582		22,308,066

Security	Shares		Value
Food & Staples Retailing (continued)
Sysco Corp.		228,175	$	18,169,575
Walgreens Boots Alliance Inc.		414,644		19,873,887
				102,220,711
Food Products — 1.6%
Archer-Daniels-Midland Co.		484,731		27,426,080
Bunge Ltd.		232,624		17,814,346
Campbell Soup Co.		316,627		14,400,196
Conagra Brands Inc.		430,672		14,612,701
General Mills Inc.		426,487		23,461,050
Hormel Foods Corp.		310,169		14,382,537
JM Smucker Co. (The)		129,075		14,456,400
Kellogg Co.		587,557		33,907,914
Lamb Weston Holdings Inc.		190,299		15,180,151
McCormick & Co. Inc./MD, NVS		196,661		16,574,589
Mondelez International Inc., Class A		529,335		28,139,449
				220,355,413
Gas Utilities — 0.1%
UGI Corp.		413,253		15,831,722
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		604,973		72,463,666
Align Technology Inc.(a)		30,214		17,134,661
Baxter International Inc.		187,661		14,579,383
Becton Dickinson and Co.		136,017		32,800,500
Danaher Corp.		175,803		38,618,645
DexCom Inc.(a)(c)		55,817		22,202,886
Edwards Lifesciences Corp.(a)		412,011		34,238,114
Hologic Inc.(a)		223,330		16,099,860
IDEXX Laboratories Inc.(a)		61,911		32,204,245
Insulet Corp.(a)		52,085		13,495,223
Intuitive Surgical Inc.(a)		34,086		25,114,565
Medtronic PLC		331,068		38,725,024
ResMed Inc.		101,919		19,647,945
STERIS PLC		80,004		13,984,699
Stryker Corp.		58,651		14,234,011
West Pharmaceutical Services Inc.		125,635		35,259,463
				440,802,890
Health Care Providers & Services — 2.5%
Anthem Inc.		95,459		28,942,214
Cardinal Health Inc.		282,123		14,534,977
Centene Corp.(a)		250,898		14,687,569
Cigna Corp.		227,615		47,776,389
CVS Health Corp.		497,181		33,872,942
DaVita Inc.(a)		140,137		14,312,192
HCA Healthcare Inc.		153,283		26,369,274
Humana Inc.		56,973		21,629,799
Laboratory Corp. of America Holdings(a)		61,766		14,818,281
Quest Diagnostics Inc.		140,728		16,266,750
UnitedHealth Group Inc.		342,146		113,667,744
				346,878,131
Health Care Technology — 0.2%
Cerner Corp.		284,271		19,654,497
Teladoc Health Inc.(a)		67,915		15,015,327
				34,669,824
Hotels, Restaurants & Leisure — 1.6%
Chipotle Mexican Grill Inc.(a)		10,444		15,060,248
Darden Restaurants Inc.		113,237		15,550,837
Hilton Worldwide Holdings Inc.		204,239		25,260,279
Marriott International Inc./MD, Class A		127,753		18,916,387

SCHEDULE  OF  INVESTMENTS 19

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
McDonald’s Corp.		238,892	$	49,245,197
MGM Resorts International		454,296		17,167,846
Royal Caribbean Cruises Ltd.		196,762		18,351,992
Starbucks Corp.		474,012		51,207,516
Vail Resorts Inc.		48,583		15,020,892
				225,781,194
Household Durables — 0.1%
Newell Brands Inc.		613,690		14,219,197
Household Products — 1.6%
Clorox Co. (The)		124,523		22,544,889
Colgate-Palmolive Co.		576,926		43,384,835
Kimberly-Clark Corp.		295,935		37,977,338
Procter & Gamble Co. (The)		999,254		123,437,847
				227,344,909
Industrial Conglomerates — 1.5%
3M Co.		406,876		71,227,713
General Electric Co.		3,181,896		39,900,976
Honeywell International Inc.		380,310		76,955,728
Roper Technologies Inc.		64,837		24,483,748
				212,568,165
Insurance — 2.0%
Aflac Inc.		315,066		15,088,512
Allstate Corp. (The)		141,457		15,079,316
American International Group Inc.		367,569		16,154,657
Aon PLC, Class A		64,290		14,639,476
Arthur J Gallagher & Co.		124,071		14,863,706
Chubb Ltd.		214,784		34,919,583
Marsh & McLennan Companies Inc.		431,454		49,712,130
MetLife Inc.		708,747		40,823,827
Progressive Corp. (The)		200,487		17,231,858
Prudential Financial Inc.		321,044		27,840,936
Travelers Companies Inc. (The)		196,105		28,533,277
Willis Towers Watson PLC		64,004		14,121,842
				289,009,120
Interactive Media & Services — 5.8%
Alphabet Inc., Class A(a)		151,811		306,948,179
Alphabet Inc., Class C, NVS(a)		92,565		188,541,946
Facebook Inc., Class A(a)		923,560		237,927,527
Match Group Inc.(a)		88,556		13,535,785
Pinterest Inc., Class A(a)		189,958		15,306,816
Snap Inc., Class A, NVS(a)(c)		357,868		23,497,613
Twitter Inc.(a)		278,924		21,493,883
Zillow Group Inc., Class C, NVS(a)		73,037		11,783,059
				819,034,808
Internet & Direct Marketing Retail — 4.6%
Amazon.com Inc.(a)		174,107		538,500,763
Booking Holdings Inc.(a)		15,225		35,451,565
eBay Inc.		318,806		17,987,035
Etsy Inc.(a)		63,945		14,085,165
MercadoLibre Inc.(a)		19,574		32,064,365
Wayfair Inc., Class A(a)		52,601		15,200,637
				653,289,530
IT Services — 5.7%
Accenture PLC, Class A		283,304		71,080,974
Automatic Data Processing Inc.		316,377		55,055,925
Cognizant Technology Solutions Corp., Class A		215,280		15,818,774
Fidelity National Information Services Inc.		230,392		31,794,096
Fiserv Inc.(a)		194,232		22,408,546

Security	Shares		Value
IT Services (continued)
Global Payments Inc.		74,230	$	14,696,798
GoDaddy Inc., Class A(a)		171,740		13,931,549
International Business Machines Corp.		571,483		67,966,473
Mastercard Inc., Class A		379,491		134,282,890
MongoDB Inc.(a)		35,765		13,802,786
Okta Inc.(a)		81,608		21,336,412
PayPal Holdings Inc.(a)		472,975		122,902,554
Square Inc., Class A(a)		150,929		34,718,198
Twilio Inc., Class A(a)		64,033		25,157,285
Visa Inc., Class A		702,777		149,262,807
Western Union Co. (The)		610,870		14,184,401
				808,400,468
Leisure Products — 0.2%
Hasbro Inc.		163,281		15,301,062
Peloton Interactive Inc., Class A(a)		100,080		12,056,638
				27,357,700
Life Sciences Tools & Services — 1.3%
Agilent Technologies Inc.		303,338		37,028,470
Illumina Inc.(a)		68,780		30,222,620
IQVIA Holdings Inc.(a)		76,641		14,775,618
Mettler-Toledo International Inc.(a)		15,673		17,491,852
Thermo Fisher Scientific Inc.		162,442		73,111,895
Waters Corp.(a)		65,472		17,931,471
				190,561,926
Machinery — 1.8%
Caterpillar Inc.		244,056		52,686,809
Cummins Inc.		150,138		38,014,942
Deere & Co.		141,685		49,465,067
Fortive Corp.		232,028		15,272,083
IDEX Corp.		74,002		14,442,970
Illinois Tool Works Inc.		116,154		23,484,016
PACCAR Inc.		150,319		13,677,526
Parker-Hannifin Corp.		52,855		15,167,271
Xylem Inc./NY		390,190		38,847,316
				261,058,000
Media — 1.2%
Cable One Inc.		7,107		13,608,839
Charter Communications Inc., Class A(a)		27,865		17,092,948
Comcast Corp., Class A		1,662,135		87,627,757
Discovery Inc., Class C, NVS(a)		360,493		16,222,185
Omnicom Group Inc.		221,545		15,226,788
ViacomCBS Inc., Class B, NVS		254,950		16,441,726
				166,220,243
Metals & Mining — 0.2%
Newmont Corp.		401,352		21,825,522
Multi-Utilities — 0.7%
Consolidated Edison Inc.		496,056		32,566,077
Public Service Enterprise Group Inc.		589,239		31,718,735
Sempra Energy		250,544		29,058,093
				93,342,905
Multiline Retail — 0.3%
Target Corp.		221,361		40,606,462
Oil, Gas & Consumable Fuels — 2.4%
Cheniere Energy Inc.(a)		212,824		14,342,209
Chevron Corp.		786,667		78,666,700
ConocoPhillips		827,818		43,054,814
Exxon Mobil Corp.		1,573,319		85,541,354

20 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Hess Corp.		321,078	$	21,040,241
Kinder Morgan Inc./DE		971,149		14,275,890
Marathon Petroleum Corp.		339,133		18,523,445
Occidental Petroleum Corp.		551,765		14,682,467
ONEOK Inc.		317,733		14,072,395
Phillips 66		201,746		16,755,005
Valero Energy Corp.		218,038		16,784,565
				337,739,085
Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		49,367		14,112,051
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		987,165		60,542,829
Catalent Inc.(a)		118,910		13,521,256
Eli Lilly & Co.		368,617		75,525,937
Horizon Therapeutics PLC(a)		167,890		15,262,880
Johnson & Johnson		1,020,016		161,631,735
Merck & Co. Inc.		1,070,925		77,770,574
Pfizer Inc.		1,687,596		56,517,590
Zoetis Inc.		266,748		41,409,960
				502,182,761
Professional Services — 0.6%
IHS Markit Ltd.		388,364		35,014,898
Jacobs Engineering Group Inc.		128,193		14,752,451
Leidos Holdings Inc.		138,756		12,272,968
Robert Half International Inc.		244,757		19,039,647
				81,079,964
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		352,034		26,673,616
Road & Rail — 1.3%
AMERCO		28,827		16,567,453
CSX Corp.		405,525		37,125,814
Kansas City Southern		121,082		25,710,552
Norfolk Southern Corp.		135,549		34,166,481
Uber Technologies Inc.(a)		361,613		18,713,473
Union Pacific Corp.		236,279		48,664,023
				180,947,796
Semiconductors & Semiconductor Equipment — 5.4%
Advanced Micro Devices Inc.(a)		466,125		39,392,224
Analog Devices Inc.		117,024		18,234,680
Applied Materials Inc.		536,736		63,436,828
Broadcom Inc.		105,268		49,462,275
Enphase Energy Inc.(a)		75,449		13,283,551
Intel Corp.		1,802,257		109,541,180
Lam Research Corp.		80,537		45,679,781
Marvell Technology Group Ltd.		315,271		15,221,284
Maxim Integrated Products Inc.		159,174		14,830,242
Micron Technology Inc.(a)		419,406		38,388,231
NVIDIA Corp.		282,168		154,791,721
NXP Semiconductors NV		89,535		16,344,614
ON Semiconductor Corp.(a)		378,797		15,254,155
QUALCOMM Inc.		366,660		49,935,425
Skyworks Solutions Inc.		92,802		16,502,052
Texas Instruments Inc.		538,513		92,769,635
Xilinx Inc.		102,399		13,342,590
				766,410,468
Software — 9.7%
Adobe Inc.(a)		244,884		112,565,828

Security	Shares		Value
Software (continued)
Autodesk Inc.(a)		118,793	$	32,786,868
Cadence Design Systems Inc.(a)		229,418		32,368,586
Citrix Systems Inc.		106,808		14,267,413
Cloudflare Inc., Class A(a)		177,893		13,158,745
Coupa Software Inc.(a)(c)		40,838		14,140,566
Crowdstrike Holdings Inc., Class A(a)		60,227		13,009,032
DocuSign Inc.(a)		63,744		14,448,215
HubSpot Inc.(a)		27,672		14,251,080
Intuit Inc.		126,803		49,470,922
Microsoft Corp.		3,108,596		722,375,539
NortonLifeLock Inc.		682,551		13,316,570
Oracle Corp.		539,764		34,820,176
Paycom Software Inc.(a)		37,438		14,010,797
PTC Inc.(a)		99,909		13,681,538
RingCentral Inc., Class A(a)		33,406		12,632,813
salesforce.com Inc.(a)		414,280		89,691,620
ServiceNow Inc.(a)		86,847		46,329,401
Slack Technologies Inc., Class A(a)		329,712		13,495,112
Splunk Inc.(a)		92,331		13,204,256
Trade Desk Inc. (The), Class A(a)		16,800		13,530,552
VMware Inc., Class A(a)(c)		101,962		14,092,168
Workday Inc., Class A(a)		106,972		26,227,395
Zoom Video Communications Inc., Class A(a)		73,015		27,279,134
				1,365,154,326
Specialty Retail — 2.1%
Best Buy Co. Inc.		236,107		23,693,337
CarMax Inc.(a)		119,318		14,259,694
Home Depot Inc. (The)		533,133		137,729,579
Lowe’s Companies Inc.		374,958		59,899,541
Ross Stores Inc.		120,968		14,109,708
TJX Companies Inc. (The)		488,095		32,209,389
Tractor Supply Co.		90,155		14,331,039
				296,232,287
Technology Hardware, Storage & Peripherals — 6.3%
Apple Inc.		6,891,362		835,646,556
Hewlett Packard Enterprise Co.		1,748,215		25,454,011
HP Inc.		777,691		22,529,708
				883,630,275
Textiles, Apparel & Luxury Goods — 0.8%
Lululemon Athletica Inc.(a)(c)		62,577		19,504,000
Nike Inc., Class B		549,918		74,117,948
VF Corp.		275,633		21,810,839
				115,432,787
Trading Companies & Distributors — 0.3%
Fastenal Co.		380,587		17,647,819
WW Grainger Inc.		72,345		26,963,705
				44,611,524
Water Utilities — 0.1%
American Water Works Co. Inc.		94,247		13,371,764
Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.(a)		120,835		14,496,575
Total Common Stocks — 99.7% (Cost: $12,047,527,158)				14,102,939,374

SCHEDULE  OF  INVESTMENTS 21

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(b)(d)(e)		23,499,276	$	23,513,375
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)		42,058,000		42,058,000
				65,571,375
Total Short-Term Investments — 0.5% (Cost: $65,570,293)				65,571,375
Total Investments in Securities — 100.2% (Cost: $12,113,097,451)				14,168,510,749
Other Assets, Less Liabilities — (0.2)%				(28,035,235	)
Net Assets — 100.0%			$	14,140,475,514

^(a) Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,563,398	$	19,968,596	(a)	$	—		$	(12,596	)	$	(6,023	)	$	23,513,375		23,499,276	$	182,958	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		16,098,000		25,960,000	(a)		—			—			—			42,058,000		42,058,000		6,523			—
BlackRock Inc.		38,648,494		29,781,436			(8,305,783	)		2,577,223			5,543,672			68,245,042		98,265		550,558			—
									$	2,564,627		$	5,537,649		$	133,816,417			$	740,039		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		160		03/19/21	$	30,474	$	(199,517	)

22 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA ETF     

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	199,517

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,448,055
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,948,728	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	26,520,052

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	14,102,939,374		$	—	$	—	$	14,102,939,374
Money Market Funds		65,571,375			—		—		65,571,375
	$	14,168,510,749		$	—	$	—	$	14,168,510,749
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(199,517	)	$	—	$	—	$	(199,517	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 23

Schedule of Investments (unaudited) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
AAR Corp.		8,699	$	346,046
Aerovironment Inc.(a)		4,094		450,667
Axon Enterprise Inc.(a)		9,906		1,639,344
BWX Technologies Inc.		22,576		1,309,634
Cubic Corp.		8,833		613,452
Curtiss-Wright Corp.		8,584		948,446
Ducommun Inc.(a)		5,999		326,346
Hexcel Corp.		14,059		755,812
Kratos Defense & Security Solutions Inc.(a)		15,912		437,580
Maxar Technologies Inc.		10,665		510,320
Mercury Systems Inc.(a)		14,242		930,857
Moog Inc., Class A		6,059		470,542
PAE Inc.(a)		39,012		318,728
Spirit AeroSystems Holdings Inc., Class A		10,155		434,939
Vectrus Inc.(a)		6,947		379,306
Virgin Galactic Holdings Inc.(a)		18,999		707,333
				10,579,352
Air Freight & Logistics — 0.2%
Echo Global Logistics Inc.(a)		17,013		473,982
Hub Group Inc., Class A(a)		10,045		578,391
				1,052,373
Airlines — 0.2%
Alaska Air Group Inc.		8,545		555,596
JetBlue Airways Corp.(a)(b)		22,482		414,343
				969,939
Auto Components — 1.1%
Adient PLC(a)		10,448		387,412
American Axle & Manufacturing Holdings Inc.(a)		34,222		334,349
Cooper Tire & Rubber Co.		8,749		500,793
Dana Inc.		25,128		598,298
Dorman Products Inc.(a)		4,206		419,380
Fox Factory Holding Corp.(a)		5,625		715,219
Gentex Corp.		25,717		909,867
Gentherm Inc.(a)		14,817		1,048,895
Goodyear Tire & Rubber Co. (The)		31,235		525,060
LCI Industries		4,019		566,438
Veoneer Inc.(a)(b)		14,591		400,961
Visteon Corp.(a)		4,063		516,692
				6,923,364
Automobiles — 0.4%
Harley-Davidson Inc.		23,499		838,209
Thor Industries Inc.		8,200		959,892
Winnebago Industries Inc.		4,873		339,161
Workhorse Group Inc.(a)		17,564		284,010
				2,421,272
Banks — 7.5%
Amalgamated Bank, Class A		27,798		488,133
Ameris Bancorp		12,211		581,732
BancorpSouth Bank		26,802		805,668
Bank of Hawaii Corp.		11,060		967,750
Bank OZK		31,042		1,279,551
BankUnited Inc.		9,917		398,564
Banner Corp.		8,763		453,748
BOK Financial Corp.		8,152		701,561
Bryn Mawr Bank Corp.		10,970		414,995
Cadence BanCorp.		17,008		349,004
Camden National Corp.		12,193		494,182

Security	Shares		Value
Banks (continued)
Cathay General Bancorp.		10,569	$	397,817
CIT Group Inc.		13,364		606,057
Columbia Banking System Inc.		13,123		581,218
Comerica Inc.		33,822		2,303,278
Commerce Bancshares Inc.		18,293		1,354,231
Community Bank System Inc.		4,958		352,960
Community Trust Bancorp. Inc.		10,169		415,505
Cullen/Frost Bankers Inc.		11,485		1,199,034
CVB Financial Corp.		11,127		238,229
East West Bancorp. Inc.		18,362		1,325,002
First Busey Corp.		31,952		731,381
First Financial Bancorp		36,203		812,033
First Financial Bankshares Inc.		9,871		440,839
First Hawaiian Inc.		17,549		489,442
First Horizon Corp.		82,782		1,341,068
First Interstate BancSystem Inc., Class A		14,373		652,822
Fulton Financial Corp.		98,796		1,526,398
Glacier Bancorp. Inc.		15,230		825,466
Great Western Bancorp. Inc.		21,596		579,421
Hancock Whitney Corp.		13,460		508,115
Heartland Financial USA Inc.		8,660		404,768
Heritage Financial Corp./WA		10,090		261,230
Hilltop Holdings Inc.		11,115		367,240
Independent Bank Corp.		5,498		470,134
International Bancshares Corp.		17,349		756,070
Investors Bancorp. Inc.		26,381		351,923
Live Oak Bancshares Inc.		7,231		398,501
National Bank Holdings Corp., Class A		6,900		267,375
OceanFirst Financial Corp.		28,459		618,414
PacWest Bancorp		11,880		430,531
People’s United Financial Inc.		89,095		1,598,364
Pinnacle Financial Partners Inc.		15,907		1,291,171
Popular Inc.		10,541		704,350
Prosperity Bancshares Inc.		9,747		716,112
QCR Holdings Inc.		9,214		381,460
ServisFirst Bancshares Inc.		12,541		621,532
Signature Bank/New York NY		5,123		1,118,556
Simmons First National Corp., Class A		18,649		546,043
South State Corp.		9,904		781,030
Synovus Financial Corp.		20,373		861,982
TCF Financial Corp.		30,933		1,386,417
Texas Capital Bancshares Inc.(a)		8,229		627,050
TriState Capital Holdings Inc.(a)		17,780		408,051
Triumph Bancorp. Inc.(a)		4,876		373,989
Trustmark Corp.		13,776		415,484
UMB Financial Corp.		5,052		426,237
Umpqua Holdings Corp.		54,698		933,695
United Bankshares Inc./WV		12,433		459,399
United Community Banks Inc./GA		9,182		303,557
Univest Financial Corp.		15,935		400,765
Valley National Bancorp		93,245		1,142,251
Webster Financial Corp.		22,943		1,268,977
Western Alliance Bancorp		18,660		1,707,577
Wintrust Financial Corp.		11,929		878,690
Zions Bancorp NA		43,299		2,302,208
				49,596,337
Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)		1,026		1,055,456

24 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology — 6.6%
ACADIA Pharmaceuticals Inc.(a)		23,475	$	1,149,571
Acceleron Pharma Inc.(a)		8,637		1,176,014
Agios Pharmaceuticals Inc.(a)		11,562		548,501
Alder Biopharmaceuticals Inc.(b)(c)		3,497		3,077
Alkermes PLC(a)		17,558		334,304
Allakos Inc.(a)		3,995		484,114
Allogene Therapeutics Inc.(a)		10,045		348,662
Amicus Therapeutics Inc.(a)		34,201		419,988
AnaptysBio Inc.(a)		10,583		303,732
Apellis Pharmaceuticals Inc.(a)		7,787		375,100
Arcturus Therapeutics Holdings Inc.(a)(b)		4,975		262,033
Arcus Biosciences Inc.(a)		9,983		352,001
Arena Pharmaceuticals Inc.(a)		9,222		740,988
Arrowhead Pharmaceuticals Inc.(a)		14,688		1,170,046
Atara Biotherapeutics Inc.(a)		18,106		303,819
Beam Therapeutics Inc.(a)		3,195		284,770
BioCryst Pharmaceuticals Inc.(a)		35,425		381,882
Biohaven Pharmaceutical Holding Co. Ltd.(a)		7,108		604,038
Bluebird Bio Inc.(a)		15,566		484,103
Blueprint Medicines Corp.(a)		6,362		624,876
CareDx Inc.(a)		5,668		448,225
ChemoCentryx Inc.(a)		7,659		519,587
Coherus Biosciences Inc.(a)		19,253		312,669
CRISPR Therapeutics AG(a)		7,531		946,571
Deciphera Pharmaceuticals Inc.(a)		7,066		309,349
Denali Therapeutics Inc.(a)(b)		11,661		837,260
Dicerna Pharmaceuticals Inc.(a)		14,285		385,409
Dynavax Technologies Corp.(a)		34,384		300,860
Eagle Pharmaceuticals Inc./DE(a)		9,357		416,386
Editas Medicine Inc.(a)		10,110		443,425
Emergent BioSolutions Inc.(a)		5,992		575,232
Epizyme Inc.(a)		31,399		301,116
Esperion Therapeutics Inc.(a)(b)		11,834		324,133
Exelixis Inc.(a)		39,666		859,166
Fate Therapeutics Inc.(a)		9,724		872,437
FibroGen Inc.(a)(b)		13,988		699,820
Frequency Therapeutics Inc.(a)		6,316		310,810
Global Blood Therapeutics Inc.(a)(b)		10,716		456,502
Halozyme Therapeutics Inc.(a)		18,540		838,935
Heron Therapeutics Inc.(a)		18,366		332,057
ImmunoGen Inc.(a)		39,012		341,355
Inovio Pharmaceuticals Inc.(a)(b)		33,705		374,126
Insmed Inc.(a)		15,740		563,020
Intellia Therapeutics Inc.(a)		8,668		524,067
Invitae Corp.(a)		22,999		922,950
Iovance Biotherapeutics Inc.(a)		15,943		594,674
Karuna Therapeutics Inc.(a)		2,757		344,515
Karyopharm Therapeutics Inc.(a)		22,359		309,001
Kodiak Sciences Inc.(a)		4,382		565,322
Kura Oncology Inc.(a)		11,034		308,952
Ligand Pharmaceuticals Inc.(a)		3,069		454,887
MacroGenics Inc.(a)		16,967		424,345
Madrigal Pharmaceuticals Inc.(a)		2,785		337,514
Mersana Therapeutics Inc.(a)		15,257		277,372
Mirati Therapeutics Inc.(a)		5,332		1,071,305
Myriad Genetics Inc.(a)		11,252		343,073
Natera Inc.(a)		9,457		1,097,863
Novavax Inc.(a)		9,256		2,140,265
OPKO Health Inc.(a)(b)		80,073		360,329
Prothena Corp. PLC(a)		14,682		327,702

Security	Shares		Value
Biotechnology (continued)
PTC Therapeutics Inc.(a)		8,282	$	472,902
REGENXBIO Inc.(a)		7,342		300,361
Rhythm Pharmaceuticals Inc.(a)		11,663		302,305
Rocket Pharmaceuticals Inc.(a)		8,047		447,252
Sage Therapeutics Inc.(a)		8,375		711,875
Sangamo Therapeutics Inc.(a)		25,207		289,628
Scholar Rock Holding Corp.(a)		6,447		348,783
Sorrento Therapeutics Inc.(a)(b)		33,008		319,187
SpringWorks Therapeutics Inc.(a)(b)		3,846		330,948
TG Therapeutics Inc.(a)		13,717		600,393
Turning Point Therapeutics Inc.(a)		6,681		787,757
Twist Bioscience Corp.(a)		4,231		582,355
Ultragenyx Pharmaceutical Inc.(a)		10,816		1,530,897
uniQure NV(a)		9,291		340,980
United Therapeutics Corp.(a)		4,985		833,392
Veracyte Inc.(a)		8,967		520,624
Vericel Corp.(a)		6,572		317,296
Xencor Inc.(a)		8,255		406,724
Xenon Pharmaceuticals Inc.(a)		22,923		428,202
Y-mAbs Therapeutics Inc.(a)		7,299		256,706
ZIOPHARM Oncology Inc.(a)		70,817		377,455
Zymeworks Inc.(a)(b)		8,061		292,695
				43,322,922
Building Products — 1.3%
AAON Inc.		8,090		623,739
Advanced Drainage Systems Inc.		11,419		1,256,319
Armstrong World Industries Inc.		9,848		842,792
AZEK Co. Inc. (The)(a)		12,683		559,447
Builders FirstSource Inc.(a)		30,012		1,298,469
Gibraltar Industries Inc.(a)		3,495		305,288
JELD-WEN Holding Inc.(a)		12,488		370,269
Masonite International Corp.(a)		3,235		354,944
Resideo Technologies Inc.(a)		23,976		575,904
Trex Co. Inc.(a)		19,064		1,747,025
UFP Industries Inc.		5,597		341,417
				8,275,613
Capital Markets — 1.8%
Affiliated Managers Group Inc.		10,627		1,487,461
Ares Management Corp., Class A		13,212		686,760
Artisan Partners Asset Management Inc., Class A		9,081		431,347
Cohen & Steers Inc.		5,127		330,076
Cowen Inc., Class A		11,543		390,731
Diamond Hill Investment Group Inc.		2,527		358,455
Evercore Inc., Class A		3,993		478,242
Federated Hermes Inc.		12,203		326,064
Interactive Brokers Group Inc., Class A		9,316		674,385
Janus Henderson Group PLC		48,843		1,427,681
LPL Financial Holdings Inc.		14,245		1,873,787
Morningstar Inc.		4,359		977,506
Open Lending Corp., Class A(a)		11,304		432,265
Stifel Financial Corp.		6,007		366,908
StoneX Group Inc.(a)		5,719		329,929
Victory Capital Holdings Inc., Class A		14,008		332,690
Virtu Financial Inc., Class A		11,657		317,886
Virtus Investment Partners Inc.		1,554		389,899
				11,612,072
Chemicals — 1.5%
Amyris Inc.(a)		23,665		326,577
Avient Corp.		12,986		561,255

SCHEDULE  OF  INVESTMENTS 25

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Balchem Corp.		4,613	$	550,608
Chemours Co. (The)		24,625		579,426
HB Fuller Co.		14,540		815,258
Ingevity Corp.(a)		4,997		347,192
Innospec Inc.		5,574		559,908
Koppers Holdings Inc.(a)		9,494		317,194
Livent Corp.(a)		16,717		311,270
Minerals Technologies Inc.		11,295		804,543
Orion Engineered Carbons SA		19,778		350,071
Quaker Chemical Corp.		1,191		336,315
Scotts Miracle-Gro Co. (The)		5,304		1,130,548
Sensient Technologies Corp.		4,443		345,887
Stepan Co.		4,114		496,519
Trinseo SA		9,288		601,026
Tronox Holdings PLC, Class A		17,819		326,800
Valvoline Inc.		29,534		737,169
WR Grace & Co.		5,623		333,219
				9,830,785
Commercial Services & Supplies — 1.9%
ABM Industries Inc.		10,813		466,905
ACCO Brands Corp.		38,772		314,053
ADT Inc.		36,289		276,159
Brady Corp., Class A, NVS		10,308		540,242
Brink’s Co. (The)		4,590		352,650
Cimpress PLC(a)		3,273		324,289
Clean Harbors Inc.(a)		6,504		553,816
Covanta Holding Corp.		33,348		468,539
Deluxe Corp.		8,699		343,872
Healthcare Services Group Inc.		15,844		450,762
Herman Miller Inc.		15,409		591,012
HNI Corp.		9,300		330,987
IAA Inc.(a)		23,453		1,375,049
KAR Auction Services Inc.		30,233		420,541
Knoll Inc.		21,505		350,747
Matthews International Corp., Class A		15,887		567,166
Montrose Environmental Group Inc.(a)		8,396		410,397
MSA Safety Inc.		6,297		1,013,754
Pitney Bowes Inc.		36,549		309,936
SP Plus Corp.(a)		10,403		344,859
Steelcase Inc., Class A		33,394		465,512
Tetra Tech Inc.		10,244		1,417,462
UniFirst Corp./MA		2,974		720,570
Viad Corp.		9,144		382,585
				12,791,864
Communications Equipment — 0.9%
ADTRAN Inc.		28,063		472,581
Calix Inc.(a)		9,148		361,438
Ciena Corp.(a)		26,749		1,395,495
CommScope Holding Co. Inc.(a)(b)		34,860		508,607
Harmonic Inc.(a)(b)		45,655		353,598
Infinera Corp.(a)		31,738		311,826
Lumentum Holdings Inc.(a)		12,517		1,126,530
NETGEAR Inc.(a)		7,877		315,080
Plantronics Inc.		7,927		320,964
Ribbon Communications Inc.(a)		30,290		261,706
ViaSat Inc.(a)(b)		7,453		381,146
				5,808,971
Construction & Engineering — 2.0%
AECOM(a)		30,055		1,739,884

Security	Shares		Value
Construction & Engineering (continued)
Aegion Corp.(a)		15,038	$	388,732
API Group Corp.(a)(d)		17,469		323,176
Arcosa Inc.		7,920		449,302
Argan Inc.		7,593		379,802
Comfort Systems USA Inc.		11,904		737,334
Dycom Industries Inc.(a)		4,140		317,041
EMCOR Group Inc.		14,487		1,410,599
Fluor Corp.		22,230		381,467
Granite Construction Inc.		13,371		459,695
Great Lakes Dredge & Dock Corp.(a)		25,647		389,578
IES Holdings Inc.(a)		7,406		339,491
MasTec Inc.(a)(b)		8,801		763,487
MYR Group Inc.(a)		6,924		408,170
Primoris Services Corp.		10,516		351,970
Quanta Services Inc.		25,385		2,128,532
Valmont Industries Inc.		3,809		900,943
WillScot Mobile Mini Holdings Corp.(a)		33,477		928,317
				12,797,520
Construction Materials — 0.2%
Summit Materials Inc., Class A(a)		22,438		621,757
U.S. Concrete Inc.(a)		7,313		376,327
				998,084
Consumer Finance — 0.5%
Credit Acceptance Corp.(a)		947		343,780
Encore Capital Group Inc.(a)		10,112		337,943
Green Dot Corp., Class A(a)		6,189		292,492
LendingTree Inc.(a)		1,200		322,644
OneMain Holdings Inc.		11,441		536,697
PRA Group Inc.(a)		12,481		460,050
PROG Holdings Inc.		12,484		624,200
SLM Corp.		42,735		674,786
				3,592,592
Containers & Packaging — 0.7%
AptarGroup Inc.		12,382		1,610,527
Berry Global Group Inc.(a)		10,512		582,365
Graphic Packaging Holding Co.		23,138		367,200
Greif Inc., Class A, NVS		8,104		391,423
Myers Industries Inc.		15,906		352,159
O-I Glass Inc.		25,411		296,800
Sonoco Products Co.		21,036		1,253,115
				4,853,589
Diversified Consumer Services — 1.3%
American Public Education Inc.(a)		11,326		333,437
Bright Horizons Family Solutions Inc.(a)		10,813		1,726,404
Chegg Inc.(a)(b)		16,645		1,606,742
frontdoor Inc.(a)(b)		12,551		657,296
Graham Holdings Co., Class B		650		390,540
Grand Canyon Education Inc.(a)		5,887		616,310
H&R Block Inc.		27,787		534,344
Service Corp. International		17,503		835,943
Strategic Education Inc.		3,708		337,131
Terminix Global Holdings Inc.(a)		26,403		1,188,399
WW International Inc.(a)(b)		11,706		345,210
				8,571,756
Diversified Financial Services — 0.1%
Jefferies Financial Group Inc.		11,747		341,133
Diversified Telecommunication Services — 0.4%
Bandwidth Inc., Class A(a)(b)		3,445		545,550

26 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
Cincinnati Bell Inc.(a)		12,879	$	196,791
Cogent Communications Holdings Inc.		6,755		404,287
Globalstar Inc.(a)		144,326		255,457
Iridium Communications Inc.(a)		14,662		561,701
Liberty Latin America Ltd., Class C, NVS(a)		29,137		319,342
Vonage Holdings Corp.(a)		23,163		306,215
				2,589,343
Electric Utilities — 0.1%
Hawaiian Electric Industries Inc.		26,911		940,809
Electrical Equipment — 1.0%
Acuity Brands Inc.		8,356		1,030,295
Atkore Inc.(a)		7,691		520,296
Bloom Energy Corp., Class A(a)		18,901		539,246
EnerSys		7,865		710,052
FuelCell Energy Inc.(a)		42,232		715,410
Hubbell Inc.		8,800		1,562,088
Regal Beloit Corp.		5,300		724,351
TPI Composites Inc.(a)		4,539		216,329
Vertiv Holdings Co.		33,169		694,227
				6,712,294
Electronic Equipment, Instruments & Components — 3.5%
Avnet Inc.		13,239		504,009
Badger Meter Inc.		14,812		1,608,435
Benchmark Electronics Inc.		15,744		447,129
Coherent Inc.(a)		4,972		1,202,926
CTS Corp.		10,434		335,662
Dolby Laboratories Inc., Class A		13,628		1,330,502
ePlus Inc.(a)		6,741		637,429
Fabrinet(a)		7,420		655,408
FARO Technologies Inc.(a)		6,009		561,601
Flex Ltd.(a)		80,778		1,469,352
FLIR Systems Inc.		22,686		1,211,432
II-VI Inc.(a)		13,159		1,109,304
Insight Enterprises Inc.(a)		8,457		706,921
Itron Inc.(a)		9,592		1,124,566
Jabil Inc.		11,935		515,234
Kimball Electronics Inc.(a)		15,444		362,625
Knowles Corp.(a)		16,449		341,975
Littelfuse Inc.		3,312		861,849
Methode Electronics Inc.		16,017		623,542
MTS Systems Corp.		7,361		429,588
National Instruments Corp.		33,891		1,504,760
Novanta Inc.(a)		7,043		932,000
OSI Systems Inc.(a)		5,911		559,299
PAR Technology Corp.(a)		4,642		403,297
Plexus Corp.(a)		9,798		822,836
Rogers Corp.(a)		3,379		613,221
SYNNEX Corp.		6,122		545,837
Vishay Intertechnology Inc.		17,031		406,530
Vishay Precision Group Inc.(a)		11,968		386,806
Vontier Corp.(a)		24,226		760,696
				22,974,771
Energy Equipment & Services — 0.7%
Archrock Inc.		41,153		424,287
Cactus Inc., Class A		11,324		360,896
ChampionX Corp.(a)		31,719		674,663
Core Laboratories NV(b)		13,084		465,005
Dril-Quip Inc.(a)(b)		9,494		322,416

Security	Shares		Value
Energy Equipment & Services (continued)
Helmerich & Payne Inc.		12,408	$	356,482
NOV Inc.		66,927		1,010,598
Oceaneering International Inc.(a)		34,526		407,407
TechnipFMC PLC		103,049		847,063
				4,868,817
Entertainment — 0.5%
Cinemark Holdings Inc.		21,580		484,471
IMAX Corp.(a)		21,377		441,863
Lions Gate Entertainment Corp., Class A(a)(b)		25,133		364,931
Madison Square Garden Sports Corp.(a)		1,824		350,846
World Wrestling Entertainment Inc., Class A		7,250		358,150
Zynga Inc., Class A(a)		133,280		1,486,072
				3,486,333
Equity Real Estate Investment Trusts (REITs) — 6.9%
Agree Realty Corp.		6,011		388,070
Alexander & Baldwin Inc.		36,542		638,389
American Assets Trust Inc.		11,596		360,404
American Campus Communities Inc.		34,544		1,414,922
American Homes 4 Rent, Class A		30,722		956,683
Americold Realty Trust		25,068		878,383
Apartment Income REIT Corp.		14,075		575,386
Apple Hospitality REIT Inc.		23,424		333,792
Armada Hoffler Properties Inc.		27,359		353,205
Brandywine Realty Trust		70,646		864,001
Brixmor Property Group Inc.		50,409		992,049
Centerspace		4,721		324,002
Colony Capital Inc.		91,785		543,367
Columbia Property Trust Inc.		38,438		542,745
CoreSite Realty Corp.		7,967		969,664
Corporate Office Properties Trust		31,345		814,970
Cousins Properties Inc.		17,767		595,905
CubeSmart		22,136		818,147
CyrusOne Inc.		17,688		1,160,863
DiamondRock Hospitality Co.(a)		41,011		415,031
Douglas Emmett Inc.		43,492		1,424,363
Easterly Government Properties Inc.		27,325		600,603
Empire State Realty Trust Inc., Class A		48,753		536,771
EPR Properties		10,215		461,514
Essential Properties Realty Trust Inc.		22,745		527,684
Federal Realty Investment Trust		12,844		1,299,427
First Industrial Realty Trust Inc.		19,662		839,764
Four Corners Property Trust Inc.		15,338		415,506
Franklin Street Properties Corp.		78,570		389,707
Gaming and Leisure Properties Inc.		26,136		1,160,438
Healthcare Trust of America Inc., Class A		18,338		498,060
Hudson Pacific Properties Inc.		20,647		528,357
Independence Realty Trust Inc.		25,570		359,003
Innovative Industrial Properties Inc.		3,028		590,460
iStar Inc.		21,281		377,099
JBG SMITH Properties		24,082		764,603
Kilroy Realty Corp.		30,089		1,909,448
Kimco Realty Corp.		69,709		1,277,766
Lamar Advertising Co., Class A		8,000		692,720
Life Storage Inc.		15,138		1,270,078
Macerich Co. (The)		32,615		421,386
National Health Investors Inc.		4,889		333,772
National Retail Properties Inc.		15,777		691,664
National Storage Affiliates Trust		8,963		345,524
Outfront Media Inc.		28,133		570,537

SCHEDULE  OF  INVESTMENTS 27

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Paramount Group Inc.		37,199	$	344,835
Park Hotels & Resorts Inc.		41,460		901,755
Pebblebrook Hotel Trust(b)		18,333		415,426
Physicians Realty Trust		26,968		458,456
Piedmont Office Realty Trust Inc., Class A		34,466		587,990
PotlatchDeltic Corp.		6,692		339,619
QTS Realty Trust Inc., Class A		9,765		606,602
Rayonier Inc.		16,499		538,527
Retail Properties of America Inc., Class A		32,510		342,330
Rexford Industrial Realty Inc.		18,023		860,058
RLJ Lodging Trust		28,669		450,103
Ryman Hospitality Properties Inc.		7,779		601,239
Sabra Health Care REIT Inc.		30,272		521,284
Service Properties Trust		27,198		349,222
SITE Centers Corp.		30,872		411,832
SL Green Realty Corp.		14,181		979,482
Spirit Realty Capital Inc.		9,476		407,657
STAG Industrial Inc.		12,774		403,020
STORE Capital Corp.		32,471		1,085,830
Sunstone Hotel Investors Inc.		37,974		501,637
Uniti Group Inc.		45,301		539,535
Washington REIT		23,988		540,210
Weingarten Realty Investors		13,279		337,154
Xenia Hotels & Resorts Inc.		20,665		412,680
				45,162,715
Food & Staples Retailing — 0.9%
BJ’s Wholesale Club Holdings Inc.(a)(b)		20,291		815,292
Casey’s General Stores Inc.		4,636		936,287
Grocery Outlet Holding Corp.(a)(b)		9,671		348,059
Performance Food Group Co.(a)		20,509		1,112,408
PriceSmart Inc.		6,696		645,829
SpartanNash Co.		18,118		330,291
Sprouts Farmers Market Inc.(a)		21,106		445,548
U.S. Foods Holding Corp.(a)		33,976		1,238,765
United Natural Foods Inc.(a)		13,107		346,680
				6,219,159
Food Products — 1.6%
B&G Foods Inc.		10,708		324,774
Beyond Meat Inc.(a)		3,957		575,664
Cal-Maine Foods Inc.(a)		8,619		328,384
Darling Ingredients Inc.(a)		25,409		1,601,783
Flowers Foods Inc.		34,301		746,047
Fresh Del Monte Produce Inc.		12,955		333,462
Freshpet Inc.(a)		8,105		1,263,407
Hain Celestial Group Inc. (The)(a)		14,356		605,536
Hostess Brands Inc.(a)		22,859		328,941
Ingredion Inc.		21,319		1,922,974
Post Holdings Inc.(a)		8,237		791,246
Sanderson Farms Inc.		2,253		343,583
Simply Good Foods Co. (The)(a)(b)		13,264		386,911
TreeHouse Foods Inc.(a)		10,801		540,266
Vital Farms Inc.(a)		12,459		337,888
				10,430,866
Gas Utilities — 0.8%
Chesapeake Utilities Corp.		3,312		350,178
National Fuel Gas Co.		13,784		626,345
New Jersey Resources Corp.		20,947		823,008
Northwest Natural Holding Co.		7,514		360,597
ONE Gas Inc.		13,986		936,642

Security	Shares		Value
Gas Utilities (continued)
South Jersey Industries Inc.		32,813	$	823,934
Southwest Gas Holdings Inc.		11,950		745,082
Spire Inc.		8,692		577,323
				5,243,109
Health Care Equipment & Supplies — 3.4%
Alphatec Holdings Inc.(a)		20,173		323,777
AngioDynamics Inc.(a)		16,442		344,460
Antares Pharma Inc.(a)		76,675		325,869
AtriCure Inc.(a)		8,057		525,880
Atrion Corp.		515		321,824
Avanos Medical Inc.(a)		6,433		295,789
Cantel Medical Corp.		4,381		325,421
Cardiovascular Systems Inc.(a)		12,773		527,525
Cerus Corp.(a)(b)		44,251		271,701
CONMED Corp.		3,906		480,672
CryoPort Inc.(a)		6,128		364,248
Envista Holdings Corp.(a)(b)		23,073		889,233
GenMark Diagnostics Inc.(a)		15,917		311,177
Glaukos Corp.(a)		6,157		582,206
Globus Medical Inc., Class A(a)		10,667		666,688
Haemonetics Corp.(a)		8,132		1,028,698
Heska Corp.(a)		2,448		461,203
Hill-Rom Holdings Inc.		10,345		1,103,501
ICU Medical Inc.(a)		1,932		400,890
Inari Medical Inc.(a)		4,042		422,793
Inogen Inc.(a)		6,754		354,518
Integer Holdings Corp.(a)		4,220		372,162
Integra LifeSciences Holdings Corp.(a)		6,888		470,726
Intersect ENT Inc.(a)		14,161		323,012
iRhythm Technologies Inc.(a)		4,369		702,972
LivaNova PLC(a)		5,962		462,294
Meridian Bioscience Inc.(a)		12,913		272,206
Merit Medical Systems Inc.(a)		9,894		551,294
Natus Medical Inc.(a)		12,947		335,457
Neogen Corp.(a)		3,872		317,194
Nevro Corp.(a)		4,138		683,515
NuVasive Inc.(a)		5,732		345,812
OraSure Technologies Inc.(a)		24,809		262,975
Orthofix Medical Inc.(a)		8,476		394,219
OrthoPediatrics Corp.(a)		6,446		351,049
Penumbra Inc.(a)		5,198		1,478,467
Quidel Corp.(a)(b)		5,662		930,040
Shockwave Medical Inc.(a)		5,566		649,886
SI-BONE Inc.(a)		10,759		337,725
Silk Road Medical Inc.(a)		5,670		310,546
STAAR Surgical Co.(a)		5,593		581,728
Tandem Diabetes Care Inc.(a)		10,012		961,052
Vapotherm Inc.(a)		11,047		268,442
Varex Imaging Corp.(a)		18,055		414,001
				22,104,847
Health Care Providers & Services — 2.9%
1Life Healthcare Inc.(a)		10,297		489,210
Acadia Healthcare Co. Inc.(a)		10,033		554,223
Accolade Inc.(a)		6,255		277,222
Addus HomeCare Corp.(a)		3,945		424,364
Amedisys Inc.(a)		5,308		1,346,321
AMN Healthcare Services Inc.(a)		10,095		735,623
Brookdale Senior Living Inc.(a)		65,507		381,251
Chemed Corp.		1,714		763,090

28 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
CorVel Corp.(a)		3,283	$	333,224
Covetrus Inc.(a)		16,185		601,434
Encompass Health Corp.		19,646		1,580,324
Ensign Group Inc. (The)		8,241		675,927
Fulgent Genetics Inc.(a)		2,341		237,050
Guardant Health Inc.(a)		9,951		1,464,588
Hanger Inc.(a)		15,775		346,734
HealthEquity Inc.(a)(b)		8,991		740,409
LHC Group Inc.(a)		5,806		1,055,008
Magellan Health Inc.(a)		3,584		334,459
MEDNAX Inc.(a)		14,289		349,080
ModivCare Inc.(a)		3,152		404,275
National Research Corp.		8,464		437,335
Owens & Minor Inc.		13,884		472,195
Patterson Companies Inc.		20,964		651,142
Pennant Group Inc. (The)(a)		6,027		318,105
PetIQ Inc.(a)		9,796		337,668
Premier Inc., Class A		21,341		721,753
R1 RCM Inc.(a)		27,779		767,811
RadNet Inc.(a)		18,181		335,258
Select Medical Holdings Corp.(a)		21,222		671,676
Tenet Healthcare Corp.(a)		10,745		548,210
Tivity Health Inc.(a)		14,187		337,651
U.S. Physical Therapy Inc.		3,357		393,575
				19,086,195
Health Care Technology — 0.6%
Allscripts Healthcare Solutions Inc.(a)(b)		41,686		643,215
Change Healthcare Inc.(a)		21,667		495,524
HMS Holdings Corp.(a)		11,676		429,502
Inspire Medical Systems Inc.(a)		2,857		665,081
NextGen Healthcare Inc.(a)		17,524		327,699
Omnicell Inc.(a)		3,423		434,379
Schrodinger Inc.(a)		4,943		506,558
Simulations Plus Inc.(b)		4,009		287,525
Vocera Communications Inc.(a)		8,346		357,543
				4,147,026
Hotels, Restaurants & Leisure — 3.2%
Accel Entertainment Inc.(a)		31,668		351,198
Boyd Gaming Corp.(a)		12,421		729,113
Brinker International Inc.		7,330		502,765
Caesars Entertainment Inc.(a)		26,832		2,507,182
Cheesecake Factory Inc. (The)		7,519		413,169
Choice Hotels International Inc.		2,992		313,771
Churchill Downs Inc.		4,712		1,086,729
Cracker Barrel Old Country Store Inc.		2,279		352,949
Dave & Buster’s Entertainment Inc.		8,977		364,556
Dine Brands Global Inc.		5,197		411,135
El Pollo Loco Holdings Inc.(a)		17,972		329,427
Everi Holdings Inc.(a)		23,014		347,742
Extended Stay America Inc.		29,844		480,190
Hilton Grand Vacations Inc.(a)		17,132		676,885
Jack in the Box Inc.		3,924		401,621
Marriott Vacations Worldwide Corp.		5,265		893,523
Norwegian Cruise Line Holdings Ltd.(a)(b)		45,583		1,347,433
Papa John’s International Inc.		3,282		296,004
Penn National Gaming Inc.(a)		22,938		2,655,762
Planet Fitness Inc., Class A(a)		13,161		1,133,030
Red Rock Resorts Inc., Class A		11,549		348,433
Scientific Games Corp./DE, Class A(a)		8,980		420,533

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
SeaWorld Entertainment Inc.(a)(b)		11,012	$	546,856
Shake Shack Inc., Class A(a)		5,620		665,858
Six Flags Entertainment Corp.		11,794		526,012
Texas Roadhouse Inc.		5,957		541,372
Travel + Leisure Co.		10,909		659,231
Wendy’s Co. (The)		30,916		631,614
Wingstop Inc.		4,359		593,478
Wyndham Hotels & Resorts Inc.		11,823		771,805
				21,299,376
Household Durables — 1.5%
Cavco Industries Inc.(a)		1,553		327,543
Century Communities Inc.(a)		6,130		339,173
Green Brick Partners Inc.(a)		16,293		321,461
Helen of Troy Ltd.(a)(b)		5,456		1,182,861
iRobot Corp.(a)(b)		5,527		685,956
KB Home		15,207		614,059
La-Z-Boy Inc.		8,677		369,727
Leggett & Platt Inc.		17,307		748,874
LGI Homes Inc.(a)(b)		3,886		424,546
MDC Holdings Inc.		6,521		368,893
Meritage Homes Corp.(a)		5,967		503,078
Skyline Champion Corp.(a)		7,837		346,787
Sonos Inc.(a)		13,866		539,942
Taylor Morrison Home Corp.(a)		19,489		536,142
Tempur Sealy International Inc.		19,701		658,210
Toll Brothers Inc.		12,647		675,603
TopBuild Corp.(a)		4,309		820,477
TRI Pointe Homes Inc.(a)		17,095		324,805
Tupperware Brands Corp.(a)		10,357		316,613
				10,104,750
Household Products — 0.2%
Energizer Holdings Inc.		10,776		450,437
Spectrum Brands Holdings Inc.		5,759		446,610
WD-40 Co.		1,026		319,856
				1,216,903
Independent Power and Renewable Electricity Producers — 0.5%
Clearway Energy Inc., Class C		27,957		767,699
NextEra Energy Partners LP		16,022		1,163,838
Ormat Technologies Inc.		7,672		657,260
Sunnova Energy International Inc.(a)(b)		11,100		497,724
				3,086,521
Industrial Conglomerates — 0.3%
Carlisle Companies Inc.		9,914		1,440,008
Raven Industries Inc.		18,583		728,454
				2,168,462
Insurance — 1.7%
American Equity Investment Life Holding Co.		9,753		269,475
Argo Group International Holdings Ltd.		8,192		378,552
Assured Guaranty Ltd.		8,896		393,381
Axis Capital Holdings Ltd.		12,256		619,296
Brighthouse Financial Inc.(a)		10,462		417,329
CNO Financial Group Inc.		22,074		531,100
eHealth Inc.(a)		6,258		371,850
First American Financial Corp.		22,364		1,175,005
Genworth Financial Inc., Class A(a)		90,091		281,084
Goosehead Insurance Inc., Class A		2,301		298,072
Hanover Insurance Group Inc. (The)		8,736		1,007,698
Horace Mann Educators Corp.		8,040		309,862
Kemper Corp.		5,706		431,488

SCHEDULE  OF  INVESTMENTS 29

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Kinsale Capital Group Inc.		2,149	$	378,353
Lemonade Inc.(a)		4,417		555,614
Palomar Holdings Inc.(a)		3,225		274,544
Primerica Inc.		5,895		832,551
ProAssurance Corp.		13,123		324,794
RLI Corp.		3,418		356,634
Selective Insurance Group Inc.		6,229		422,513
Stewart Information Services Corp.		4,948		233,546
Trupanion Inc.(a)		4,535		438,807
Unum Group		28,282		748,907
White Mountains Insurance Group Ltd.		325		388,394
				11,438,849
Interactive Media & Services — 0.3%
Cargurus Inc.(a)		11,130		288,823
TripAdvisor Inc.(a)		13,846		687,038
Yelp Inc.(a)		9,412		354,927
ZoomInfo Technologies Inc., Class A(a)		13,018		682,404
				2,013,192
Internet & Direct Marketing Retail — 0.7%
1-800-Flowers.com Inc., Class A(a)(b)		10,803		305,509
Grubhub Inc.(a)		12,860		823,940
Magnite Inc.(a)(b)		14,593		713,160
Overstock.com Inc.(a)(b)		6,155		413,431
Quotient Technology Inc.(a)		26,746		358,931
Qurate Retail Inc., Series A		32,858		408,096
RealReal Inc. (The)(a)		11,774		300,708
Stamps.com Inc.(a)		2,274		413,709
Stitch Fix Inc., Class A(a)		8,467		646,117
				4,383,601
IT Services — 1.7%
Alliance Data Systems Corp.		6,065		585,273
BigCommerce Holdings Inc., Series 1(a)		4,495		265,700
Concentrix Corp.(a)		6,421		793,058
Conduent Inc.(a)		60,268		324,242
CSG Systems International Inc.		7,173		331,034
DXC Technology Co.		40,615		1,024,310
Euronet Worldwide Inc.(a)		4,327		650,391
EVERTEC Inc.		8,942		347,844
ExlService Holdings Inc.(a)		5,010		423,946
Fastly Inc., Class A(a)(b)		13,561		997,818
LiveRamp Holdings Inc.(a)		6,586		415,972
MAXIMUS Inc.		6,501		528,401
Perficient Inc.(a)		5,552		309,191
Perspecta Inc.		15,606		455,695
Rackspace Technology Inc.(a)		13,376		281,164
Sabre Corp.		51,712		759,649
Sykes Enterprises Inc.(a)		11,893		485,948
TTEC Holdings Inc.		4,264		358,773
Verra Mobility Corp.(a)		23,716		337,953
WEX Inc.(a)		7,201		1,500,328
				11,176,690
Leisure Products — 0.8%
Brunswick Corp./DE		10,054		888,472
Callaway Golf Co.		18,112		506,230
Johnson Outdoors Inc., Class A		3,819		460,877
Malibu Boats Inc., Class A(a)		5,534		412,504
Mattel Inc.(a)		50,494		1,019,979
Polaris Inc.		5,792		682,066

Security	Shares		Value
Leisure Products (continued)
YETI Holdings Inc.(a)		13,746	$	945,313
				4,915,441
Life Sciences Tools & Services — 1.8%
Adaptive Biotechnologies Corp.(a)(b)		14,503		820,435
Bio-Techne Corp.		5,118		1,851,129
Bruker Corp.		13,639		831,706
Charles River Laboratories International Inc.(a)		5,089		1,456,167
Luminex Corp.		11,672		379,574
Medpace Holdings Inc.(a)		2,617		425,079
NanoString Technologies Inc.(a)		5,620		392,220
NeoGenomics Inc.(a)		17,122		872,708
Pacific Biosciences of California Inc.(a)		22,616		691,371
Personalis Inc.(a)		8,351		257,461
PRA Health Sciences Inc.(a)		7,885		1,162,328
Quanterix Corp.(a)		3,854		291,941
Repligen Corp.(a)		7,998		1,698,695
Syneos Health Inc.(a)		6,541		505,946
				11,636,760
Machinery — 4.6%
AGCO Corp.		7,093		918,402
Alamo Group Inc.		2,426		370,280
Allison Transmission Holdings Inc.		23,816		903,103
Altra Industrial Motion Corp.		7,654		443,320
Astec Industries Inc.		6,681		453,774
Barnes Group Inc.		11,212		586,948
Chart Industries Inc.(a)		5,552		794,436
Columbus McKinnon Corp./NY		7,148		359,830
Crane Co.		4,168		349,528
Donaldson Co. Inc.		23,815		1,402,942
Douglas Dynamics Inc.		7,272		350,365
Enerpac Tool Group Corp.		14,970		369,759
EnPro Industries Inc.		4,544		365,065
ESCO Technologies Inc.		6,546		691,716
Evoqua Water Technologies Corp.(a)		14,622		358,970
Federal Signal Corp.		12,311		448,244
Flowserve Corp.		23,119		855,403
Franklin Electric Co. Inc.		9,590		719,825
Graco Inc.		21,211		1,470,983
Hillenbrand Inc.		12,344		573,502
Hyster-Yale Materials Handling Inc.		3,368		288,132
ITT Inc.		17,331		1,438,126
John Bean Technologies Corp.		4,470		659,638
Kennametal Inc.		8,714		325,555
Lincoln Electric Holdings Inc.		6,390		754,723
Lindsay Corp.		2,816		451,264
Luxfer Holdings PLC		19,201		367,891
Meritor Inc.(a)		11,139		338,291
Middleby Corp. (The)(a)		8,254		1,208,468
Navistar International Corp.(a)		9,365		412,622
Nikola Corp.(a)		18,733		339,067
Oshkosh Corp.		15,614		1,655,084
Proto Labs Inc.(a)		4,046		589,421
Rexnord Corp.		13,401		602,375
Shyft Group Inc. (The)		10,517		345,904
SPX FLOW Inc.(a)		5,673		349,230
Tennant Co.		5,981		455,752
Terex Corp.		11,320		466,158
Timken Co. (The)		9,250		724,738
Toro Co. (The)		19,380		1,952,923

30 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
TriMas Corp.(a)		9,700	$	325,823
Trinity Industries Inc.		10,324		331,400
Wabash National Corp.		20,184		334,651
Watts Water Technologies Inc., Class A		7,602		867,312
Welbilt Inc.(a)		29,170		466,137
Woodward Inc.		10,133		1,157,391
				29,994,471
Media — 0.8%
Cardlytics Inc.(a)		3,943		522,171
Gray Television Inc.(a)		18,416		334,250
Iheartmedia Inc., Class A(a)		22,839		321,345
John Wiley & Sons Inc., Class A		16,595		874,225
New York Times Co. (The), Class A		23,994		1,227,773
Nexstar Media Group Inc., Class A		6,022		828,326
Scholastic Corp., NVS		12,286		353,837
Sinclair Broadcast Group Inc., Class A		10,378		320,991
TEGNA Inc.		37,017		674,820
				5,457,738
Metals & Mining — 1.2%
Alcoa Corp.(a)		30,304		743,963
Allegheny Technologies Inc.(a)		18,221		358,225
Arconic Corp.(a)		16,838		369,089
Cleveland-Cliffs Inc.		57,759		770,505
Coeur Mining Inc.(a)		36,949		332,910
Commercial Metals Co.		17,254		433,938
Compass Minerals International Inc.		7,975		503,143
Hecla Mining Co.		54,856		358,210
Reliance Steel & Aluminum Co.		11,900		1,573,180
Royal Gold Inc.		11,906		1,234,771
Schnitzer Steel Industries Inc., Class A		21,978		759,120
United States Steel Corp.		25,360		421,230
				7,858,284
Mortgage Real Estate Investment — 0.9%
Apollo Commercial Real Estate Finance Inc.		26,190		348,065
Arbor Realty Trust Inc.		21,279		354,721
Blackstone Mortgage Trust Inc., Class A		18,213		531,820
Chimera Investment Corp.		29,415		339,449
Ellington Financial Inc.		20,834		327,510
Hannon Armstrong Sustainable Infrastructure Capital Inc.		15,186		853,909
KKR Real Estate Finance Trust Inc.		18,278		336,864
MFA Financial Inc.		83,347		335,055
New Residential Investment Corp.		47,843		491,826
PennyMac Mortgage Investment Trust		16,505		313,100
Redwood Trust Inc.		33,681		331,421
Starwood Property Trust Inc.		48,876		1,115,839
Two Harbors Investment Corp.		50,415		363,996
				6,043,575
Multi-Utilities — 0.4%
Avista Corp.		25,563		1,027,888
MDU Resources Group Inc.		34,093		958,013
Unitil Corp.		8,423		352,419
				2,338,320
Multiline Retail — 0.5%
Big Lots Inc.		7,038		447,194
Kohl’s Corp.		21,871		1,208,373
Macy’s Inc.		43,355		659,430
Nordstrom Inc.		22,287		812,361

Security	Shares		Value
Multiline Retail (continued)
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		5,601	$	463,091
				3,590,449
Oil, Gas & Consumable Fuels — 2.3%
Antero Midstream Corp.		47,685		420,582
Antero Resources Corp.(a)		36,373		327,357
APA Corp.		60,488		1,193,428
Cimarex Energy Co.		15,550		901,744
Clean Energy Fuels Corp.(a)		34,008		443,464
CNX Resources Corp.(a)		37,430		471,992
Delek U.S. Holdings Inc.		15,346		376,898
Diamondback Energy Inc.		21,626		1,498,249
EnLink Midstream LLC		72,600		279,510
EQT Corp.		41,263		734,069
Equitrans Midstream Corp.		50,535		365,368
HollyFrontier Corp.		19,408		735,175
Kosmos Energy Ltd.		124,135		382,336
Marathon Oil Corp.		140,055		1,554,610
Matador Resources Co.(a)		16,805		351,056
Murphy Oil Corp.		22,851		373,157
Ovintiv Inc.		46,162		1,064,957
PDC Energy Inc.(a)		11,589		405,036
Plains GP Holdings LP, Class A		39,058		336,680
Range Resources Corp.(a)		38,118		367,458
Renewable Energy Group Inc.(a)		5,389		419,103
Southwestern Energy Co.(a)		101,313		410,318
Targa Resources Corp.		28,972		896,104
Texas Pacific Land Corp.		628		693,337
World Fuel Services Corp.		12,658		393,411
				15,395,399
Paper & Forest Products — 0.2%
Domtar Corp.		14,545		538,892
Louisiana-Pacific Corp.		15,271		727,053
				1,265,945
Personal Products — 0.3%
Coty Inc., Class A		46,971		360,267
Edgewell Personal Care Co.		10,223		312,722
Herbalife Nutrition Ltd.(a)		13,504		607,410
Medifast Inc.		2,239		566,445
Nu Skin Enterprises Inc., Class A		6,991		357,799
				2,204,643
Pharmaceuticals — 1.1%
Arvinas Inc.(a)		4,629		362,451
Axsome Therapeutics Inc.(a)		4,769		321,240
Cara Therapeutics Inc.(a)(b)		17,256		316,648
Collegium Pharmaceutical Inc.(a)		13,745		324,244
Corcept Therapeutics Inc.(a)		16,697		419,929
Endo International PLC(a)		34,948		277,138
Intra-Cellular Therapies Inc.(a)(b)		12,920		457,755
Nektar Therapeutics(a)		24,960		566,342
Pacira BioSciences Inc.(a)		5,452		400,722
Perrigo Co. PLC		20,529		828,550
Prestige Consumer Healthcare Inc.(a)		7,818		326,089
Provention Bio Inc.(a)(b)		22,783		289,800
Reata Pharmaceuticals Inc., Class A(a)(b)		3,942		481,949
Relmada Therapeutics Inc.(a)		8,751		291,758
Revance Therapeutics Inc.(a)		11,345		297,920
Theravance Biopharma Inc.(a)		17,698		293,256
Tilray Inc., Class 2 (a)		19,072		464,594

SCHEDULE  OF  INVESTMENTS 31

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Zogenix Inc.(a)		14,975	$	317,620
				7,038,005
Professional Services — 1.9%
ASGN Inc.(a)		8,881		825,667
CACI International Inc., Class A(a)		3,927		869,202
CoreLogic Inc.		9,147		774,385
Exponent Inc.		5,877		566,954
FTI Consulting Inc.(a)		6,827		782,033
Heidrick & Struggles International Inc.		10,119		363,171
Huron Consulting Group Inc.(a)		6,068		308,861
ICF International Inc.		5,563		464,232
Insperity Inc.		5,679		503,727
KBR Inc.		12,103		375,193
Kelly Services Inc., Class A, NVS		24,322		506,384
Kforce Inc.		7,292		374,444
Korn Ferry		13,122		807,659
ManpowerGroup Inc.		9,120		861,293
Nielsen Holdings PLC		57,561		1,289,942
Science Applications International Corp.		6,191		533,231
TriNet Group Inc.(a)		8,668		695,780
TrueBlue Inc.(a)		30,901		643,668
Upwork Inc.(a)		11,412		614,879
				12,160,705
Real Estate Management & Development — 0.9%
Cushman & Wakefield PLC(a)		37,041		573,395
eXp World Holdings Inc.(a)		6,076		366,930
Howard Hughes Corp. (The)(a)		7,396		701,658
Jones Lang LaSalle Inc.(a)(b)		8,798		1,530,676
Kennedy-Wilson Holdings Inc.		31,257		586,381
Marcus & Millichap Inc.(a)		12,358		467,997
Realogy Holdings Corp.(a)		22,933		345,830
Redfin Corp.(a)		11,804		894,035
St. Joe Co. (The)		6,360		320,099
Tejon Ranch Co.(a)		20,427		333,369
				6,120,370
Road & Rail — 0.7%
ArcBest Corp.		7,647		451,096
Avis Budget Group Inc.(a)(b)		10,476		581,942
Landstar System Inc.		8,533		1,366,475
Ryder System Inc.		12,819		868,744
Saia Inc.(a)		2,858		573,115
Schneider National Inc., Class B		15,041		347,898
Werner Enterprises Inc.		11,182		479,931
				4,669,201
Semiconductors & Semiconductor Equipment — 3.1%
Advanced Energy Industries Inc.		5,578		582,622
Ambarella Inc.(a)		2,625		295,286
Amkor Technology Inc.		16,941		404,720
Brooks Automation Inc.		8,979		746,694
Cirrus Logic Inc.(a)		11,268		921,497
CMC Materials Inc.		3,043		518,831
Cree Inc.(a)		18,391		2,086,643
Entegris Inc.		18,114		1,905,774
First Solar Inc.(a)(b)		13,125		1,063,387
FormFactor Inc.(a)		6,610		299,896
Ichor Holdings Ltd.(a)		9,044		386,721
Inphi Corp.(a)(b)		6,445		1,060,783
Kulicke & Soffa Industries Inc.		16,444		819,898
Lattice Semiconductor Corp.(a)		18,466		888,584

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
MaxLinear Inc.(a)		8,770	$	348,783
MKS Instruments Inc.		4,949		816,090
Onto Innovation Inc.(a)		11,474		716,666
Power Integrations Inc.		8,723		770,852
Rambus Inc.(a)		22,137		464,434
Semtech Corp.(a)		9,140		670,053
Silicon Laboratories Inc.(a)		7,262		1,130,984
SunPower Corp.(a)(b)		13,365		464,701
Synaptics Inc.(a)		4,787		641,602
Ultra Clean Holdings Inc.(a)		7,542		349,798
Universal Display Corp.		7,414		1,569,470
Veeco Instruments Inc.(a)		15,358		330,197
				20,254,966
Software — 6.3%
2U Inc.(a)		10,001		396,340
8x8 Inc.(a)		17,287		591,388
ACI Worldwide Inc.(a)		28,334		1,084,059
Alarm.com Holdings Inc.(a)		4,295		377,445
Altair Engineering Inc., Class A(a)		6,875		423,431
Alteryx Inc., Class A(a)		7,933		758,395
Anaplan Inc.(a)		16,363		1,063,431
Appian Corp.(a)		4,637		797,100
Aspen Technology Inc.(a)		10,296		1,549,651
Avaya Holdings Corp.(a)		17,398		516,199
Bill.Com Holdings Inc.(a)		7,857		1,296,483
Blackbaud Inc.		10,015		689,232
Blackline Inc.(a)		9,480		1,175,710
Bottomline Technologies DE Inc.(a)		7,325		328,746
Box Inc., Class A(a)		24,765		454,438
CDK Global Inc.		18,095		907,283
Cerence Inc.(a)		5,409		601,589
Cloudera Inc.(a)		28,764		464,251
CommVault Systems Inc.(a)		5,949		379,130
Cornerstone OnDemand Inc.(a)		7,230		365,260
Digital Turbine Inc.(a)		9,951		821,654
Elastic NV(a)		9,196		1,235,850
Envestnet Inc.(a)		8,290		530,726
Everbridge Inc.(a)		4,942		757,263
FireEye Inc.(a)		28,221		545,230
Five9 Inc.(a)		10,404		1,927,237
InterDigital Inc.		5,011		317,547
LivePerson Inc.(a)(b)		8,479		556,392
Manhattan Associates Inc.(a)		8,946		1,099,911
Medallia Inc.(a)(b)		10,662		430,425
MicroStrategy Inc., Class A(a)		1,007		755,663
Mimecast Ltd.(a)		12,475		534,928
Model N Inc.(a)		8,107		343,331
New Relic Inc.(a)		10,543		644,599
Nuance Communications Inc.(a)		38,766		1,728,964
Nutanix Inc., Class A(a)		31,479		953,341
Paylocity Holding Corp.(a)		6,779		1,296,077
Pegasystems Inc.		3,718		492,077
Progress Software Corp.		11,862		504,609
Proofpoint Inc.(a)		7,584		917,057
PROS Holdings Inc.(a)(b)		7,907		374,792
Q2 Holdings Inc.(a)		3,984		485,570
Qualys Inc.(a)		5,810		564,500
Rapid7 Inc.(a)		10,342		788,474
RealPage Inc.(a)		6,928		601,212
SailPoint Technologies Holdings Inc.(a)		13,171		742,581

32 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Smartsheet Inc., Class A(a)		18,090	$	1,252,732
Sprout Social Inc., Class A(a)		4,740		322,178
SPS Commerce Inc.(a)		6,512		655,954
SVMK Inc.(a)		20,203		376,180
Tenable Holdings Inc.(a)		7,711		315,457
Teradata Corp.(a)		33,341		1,336,974
Varonis Systems Inc.(a)		4,000		734,160
Verint Systems Inc.(a)		6,600		325,314
Workiva Inc.(a)		7,781		787,048
Xperi Holding Corp.		15,975		337,072
Yext Inc.(a)		17,564		297,183
Zuora Inc., Class A(a)		23,287		347,675
				41,257,498
Specialty Retail — 3.3%
Aaron’s Co. Inc. (The)(a)		17,211		377,954
American Eagle Outfitters Inc.		31,026		797,368
Asbury Automotive Group Inc.(a)		2,954		500,555
At Home Group Inc.(a)		13,302		335,077
AutoNation Inc.(a)		8,087		606,687
Bed Bath & Beyond Inc.		16,391		440,262
Boot Barn Holdings Inc.(a)		5,525		333,821
Five Below Inc.(a)		8,279		1,540,887
Floor & Decor Holdings Inc., Class A(a)		10,790		1,026,021
Foot Locker Inc.		16,324		785,021
GameStop Corp., Class A(a)(b)		9,247		940,790
Gap Inc. (The)(a)		47,210		1,177,889
Group 1 Automotive Inc.		2,832		431,710
GrowGeneration Corp.(a)		5,937		270,905
Haverty Furniture Companies Inc.		9,956		360,109
Hibbett Sports Inc.(a)		5,355		344,112
L Brands Inc.		33,223		1,815,969
Lithia Motors Inc., Class A		3,875		1,449,056
MarineMax Inc.(a)		8,241		367,961
Monro Inc.		7,071		438,331
Murphy USA Inc.		5,516		687,569
National Vision Holdings Inc.(a)		12,616		599,134
ODP Corp. (The)		8,258		316,034
Rent-A-Center Inc./TX		12,205		704,961
RH(a)(b)		2,138		1,048,411
Sally Beauty Holdings Inc.(a)		21,917		352,864
Signet Jewelers Ltd.		9,134		454,691
Sleep Number Corp.(a)		5,060		693,878
Urban Outfitters Inc.(a)		10,766		364,967
Vroom Inc.(a)		7,423		328,468
Williams-Sonoma Inc.		13,276		1,743,006
Zumiez Inc.(a)		7,323		330,121
				21,964,589
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)		15,671		561,649
NCR Corp.(a)		21,299		740,353
Pure Storage Inc., Class A(a)		29,720		694,854
Xerox Holdings Corp.		36,259		923,879
				2,920,735
Textiles, Apparel & Luxury Goods — 2.0%
Capri Holdings Ltd.(a)		17,346		809,538
Carter’s Inc.		8,375		699,061
Columbia Sportswear Co.		7,794		803,327
Crocs Inc.(a)		11,665		894,939
Deckers Outdoor Corp.(a)		5,239		1,708,490

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Hanesbrands Inc.		62,039	$	1,097,470
Kontoor Brands Inc.		9,063		382,912
Levi Strauss & Co., Class A		25,304		588,571
Oxford Industries Inc.		4,607		351,238
PVH Corp.		12,926		1,292,083
Ralph Lauren Corp.		6,916		809,725
Steven Madden Ltd.		12,014		444,398
Tapestry Inc.		40,155		1,692,132
Under Armour Inc., Class A(a)		26,853		587,812
Under Armour Inc., Class C, NVS(a)		29,514		537,155
Wolverine World Wide Inc.		18,597		649,965
				13,348,816
Thrifts & Mortgage Finance — 1.2%
Essent Group Ltd.		8,466		349,053
Federal Agricultural Mortgage Corp., Class C, NVS		5,128		442,290
Flagstar Bancorp. Inc.		12,006		520,940
HomeStreet Inc.		10,401		446,827
MGIC Investment Corp.		72,451		882,453
Mr Cooper Group Inc.(a)		15,415		484,802
New York Community Bancorp. Inc.		82,735		1,010,194
NMI Holdings Inc., Class A(a)		14,550		332,613
PennyMac Financial Services Inc.		10,203		604,120
Premier Financial Corp.		12,257		375,800
Provident Financial Services Inc.		16,873		341,341
Radian Group Inc.		23,520		479,808
Rocket Companies Inc., Class A(a)		16,348		357,204
TFS Financial Corp.		21,600		421,848
Washington Federal Inc.		12,763		385,698
WSFS Financial Corp.		7,997		424,960
				7,859,951
Trading Companies & Distributors — 1.3%
Air Lease Corp.		13,489		618,606
Beacon Roofing Supply Inc.(a)		10,163		486,096
Boise Cascade Co.		18,270		912,404
GATX Corp.		7,510		716,679
GMS Inc.(a)		10,238		374,711
Herc Holdings Inc.(a)		4,607		404,310
McGrath RentCorp.		6,989		542,766
MSC Industrial Direct Co. Inc., Class A		4,017		345,984
Rush Enterprises Inc., Class A		8,524		361,673
SiteOne Landscape Supply Inc.(a)		8,842		1,401,545
Triton International Ltd.		14,525		839,255
Watsco Inc.		1,827		444,144
WESCO International Inc.(a)		11,085		889,904
				8,338,077
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		14,397		451,202
Water Utilities — 0.1%
American States Water Co.		8,681		634,147
SJW Group		4,902		307,257
				941,404
Wireless Telecommunication Services — 0.1%
Boingo Wireless Inc.(a)(b)		26,787		305,372
Shenandoah Telecommunications Co.		8,017		355,554

SCHEDULE  OF  INVESTMENTS 33

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services (continued)
Telephone and Data Systems Inc.		16,799	$	300,534
			961,460
Total Common Stocks — 99.7% (Cost: $502,703,904)				655,237,626
Short-Term Investments
Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		21,631,924		21,644,904
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		2,080,000		2,080,000
				23,724,904
Total Short-Term Investments — 3.6% (Cost: $23,719,812)				23,724,904
Total Investments in Securities — 103.3% (Cost: $526,423,716)				678,962,530
Other Assets, Less Liabilities — (3.3)%				(21,730,985	)
Net Assets — 100.0%			$	657,231,545

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  Affiliate of the Fund.

^(f) Annualized 7-day yield as of period-end.

^(g)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,849,687	$	7,801,842	(a)	$	—	$	(3,788	)	$	(2,837	)	$	21,644,904		21,631,924	$	74,910	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		360,000		1,720,000	(a)		—		—			—			2,080,000		2,080,000		264			—
								$	(3,788	)	$	(2,837	)	$	23,724,904			$	75,174		$	—

^(a) Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

34 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI USA Small-Cap ETF     

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	655,234,549	$	—	$	3,077	$	655,237,626
Money Market Funds		23,724,904		—		—		23,724,904
	$	678,959,453	$	—	$	3,077	$	678,962,530

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 35

Schedule of Investments (unaudited) February 28, 2021 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.2%
Globant SA(a)		9,435	$	2,025,883
Brazil — 2.8%
Atacadao SA		91,200		311,089
B2W Cia. Digital(a)		55,600		818,080
B3 SA - Brasil, Bolsa, Balcao		515,600		5,023,655
Banco do Brasil SA		214,200		1,078,101
Banco Santander Brasil SA		104,700		702,440
Cosan SA		39,900		582,780
CPFL Energia SA		55,800		288,960
Energisa SA		46,100		361,236
Equatorial Energia SA		219,500		791,658
Klabin SA		178,300		942,841
Localiza Rent a Car SA		151,290		1,574,509
Lojas Renner SA		201,900		1,328,115
Natura & Co. Holding SA(a)		223,241		1,849,443
Notre Dame Intermedica Participacoes SA		130,029		2,023,329
Telefonica Brasil SA		125,024		987,082
TIM SA		208,800		479,565
Ultrapar Participacoes SA		180,900		627,123
Via Varejo SA(a)		322,800		687,529
WEG SA		210,853		2,952,975
				23,410,510
Chile — 0.5%
Cencosud Shopping SA		118,063		233,459
Empresas CMPC SA		289,475		844,684
Empresas COPEC SA		96,128		1,084,808
Enel Americas SA		8,528,213		1,298,979
Falabella SA		191,928		795,929
				4,257,859
China — 31.4%
360 Security Technology Inc., Class A		68,200		169,451
3SBio Inc.(a)(b)		324,500		322,938
51job Inc., ADR(a)		6,862		450,147
AAC Technologies Holdings Inc.		183,500		988,778
Air China Ltd., Class A		82,100		102,501
Air China Ltd., Class H		464,000		382,811
Alibaba Group Holding Ltd., ADR(a)		168,722		40,115,343
Alibaba Health Information Technology Ltd.(a)		1,012,000		3,391,880
A-Living Smart City Services Co. Ltd.(b)		114,000		477,612
Angel Yeast Co. Ltd., Class A		11,700		96,419
Bank of Shanghai Co. Ltd., Class A		210,900		272,744
Baoshan Iron & Steel Co. Ltd., Class A		325,000		377,169
BBMG Corp., Class A		133,300		58,834
Beijing Enterprises Water Group Ltd.		1,224,000		484,403
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		34,850		254,013
Beijing Shiji Information Technology Co. Ltd., Class A		12,500		67,768
BOC Aviation Ltd.(b)		52,800		510,484
BYD Co. Ltd., Class A		27,600		840,244
BYD Co. Ltd., Class H		196,000		4,982,526
BYD Electronic International Co. Ltd.		167,000		931,085
By-Health Co. Ltd., Class A		24,100		81,228
CanSino Biologics Inc., Class H(a)(b)		18,200		865,734
Chacha Food Co. Ltd., Class A		7,400		65,003
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		10,900		63,955
China CITIC Bank Corp. Ltd., Class H		2,222,000		1,048,363

Security	Shares		Value
China (continued)
China Conch Venture Holdings Ltd.		409,000	$	1,818,985
China Construction Bank Corp., Class A		131,000		146,772
China Construction Bank Corp., Class H		24,095,000		19,350,919
China Eastern Airlines Corp. Ltd., Class A		160,400		116,837
China Everbright Bank Co. Ltd., Class H		791,000		342,612
China Everbright Environment Group Ltd.		918,000		525,427
China Feihe Ltd.(b)		287,000		786,190
China Gas Holdings Ltd.		652,800		2,629,764
China Jushi Co. Ltd., Class A		52,000		180,158
China Lesso Group Holdings Ltd.		279,000		515,751
China Literature Ltd.(a)(b)		75,800		706,471
China Medical System Holdings Ltd.		334,000		521,838
China Mengniu Dairy Co. Ltd.		694,000		3,793,254
China Merchants Bank Co. Ltd., Class H		977,000		7,500,029
China Merchants Property Operation & Service Co. Ltd., Class A		14,300		41,444
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		109,400		217,117
China Minsheng Banking Corp. Ltd., Class H		1,471,000		877,971
China Molybdenum Co. Ltd., Class A		258,300		267,076
China Molybdenum Co. Ltd., Class H		840,000		649,706
China National Accord Medicines Corp. Ltd., Class A		4,000		23,994
China National Medicines Corp. Ltd., Class A		11,400		66,853
China National Software & Service Co. Ltd., Class A		7,100		63,748
China Overseas Land & Investment Ltd.		958,000		2,425,457
China Overseas Property Holdings Ltd.		310,000		204,206
China Resources Gas Group Ltd.		232,000		1,158,901
China Resources Pharmaceutical Group Ltd.(b)		392,500		250,456
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		13,300		53,735
China TransInfo Technology Co. Ltd., Class A		27,800		70,360
China Vanke Co. Ltd., Class A		147,700		754,473
China Vanke Co. Ltd., Class H		424,700		1,801,212
CIFI Holdings Group Co. Ltd.		822,000		778,836
CITIC Ltd.		1,460,000		1,236,531
Contemporary Amperex Technology Co. Ltd., Class A		35,100		1,745,453
Country Garden Services Holdings Co. Ltd.		369,000		3,034,825
CSPC Pharmaceutical Group Ltd.		2,243,360		2,342,451
Dali Foods Group Co. Ltd.(b)		531,000		323,090
ENN Energy Holdings Ltd.		197,700		3,030,227
Eve Energy Co. Ltd., Class A		28,432		375,153
Fosun International Ltd.		636,500		955,076
Fu Jian Anjoy Foods Co. Ltd., Class A		3,500		119,948
Geely Automobile Holdings Ltd.		1,473,000		4,785,088
GEM Co. Ltd., Class A		76,900		89,125
Genscript Biotech Corp.(a)		260,000		448,452
GoerTek Inc., Class A		47,500		234,573
Gotion High-tech Co. Ltd., Class A(a)		20,900		118,984
Greenland Holdings Corp. Ltd., Class A		133,300		115,817
Greentown Service Group Co. Ltd.		362,000		367,724
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		18,900		84,206
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A .		6,400		135,233
Guangzhou R&F Properties Co. Ltd., Class H		419,600		560,379
Hangzhou Robam Appliances Co. Ltd., Class A		12,700		74,085
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		296,000		1,507,216
Huadong Medicine Co. Ltd., Class A		29,300		143,971
Huaxia Bank Co. Ltd., Class A		193,000		185,856
Hutchison China MediTech Ltd., ADR(a)		17,838		512,664
Industrial Bank Co. Ltd., Class A		312,900		1,191,752

36 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		92,000	$	613,632
Jinke Properties Group Co. Ltd., Class A		79,100		90,943
Kingdee International Software Group Co. Ltd.		607,000		2,179,217
KWG Group Holdings Ltd.		316,000		479,050
Laobaixing Pharmacy Chain JSC, Class A		6,100		67,591
Lee & Man Paper Manufacturing Ltd.		338,000		313,280
Lenovo Group Ltd.		1,796,000		2,271,234
Logan Group Co. Ltd.		357,000		555,932
Longfor Group Holdings Ltd.(b)		449,000		2,662,507
Meituan, Class B(a)(b)		806,500		35,348,412
Microport Scientific Corp.		180,000		1,059,253
NARI Technology Co. Ltd., Class A		70,100		307,127
NIO Inc., ADR(a)(c)		320,758		14,684,301
Oceanwide Holdings Co. Ltd., Class A		49,400		23,023
Offshore Oil Engineering Co. Ltd., Class A		79,100		59,815
Ovctek China Inc., Class A		8,600		123,707
Ping An Healthcare and Technology Co. Ltd.(a)(b)		129,800		1,875,715
Poly Developments and Holdings Group Co. Ltd., Class A .		184,500		442,469
Poly Property Services Co. Ltd.		27,200		178,999
Sangfor Technologies Inc., Class A		6,200		253,842
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		620,000		1,064,590
Shanghai M&G Stationery Inc., Class A		14,500		173,758
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		33,100		104,564
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		200,500		367,537
Shenzhen Inovance Technology Co. Ltd., Class A		25,800		339,588
Shenzhen Investment Ltd.		820,000		294,920
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		15,200		980,517
Siasun Robot & Automation Co. Ltd., Class A(a)		18,600		34,876
Sichuan Chuantou Energy Co. Ltd., Class A		60,100		99,520
Sino Biopharmaceutical Ltd.		2,601,500		2,894,151
Sinopharm Group Co. Ltd., Class H		336,000		786,578
Sinotrans Ltd., Class A		52,100		36,342
Sinotruk Hong Kong Ltd.		176,500		563,127
Sun Art Retail Group Ltd.		483,000		417,166
Suning.com Co. Ltd., Class A		142,500		153,939
TCL Technology Group Corp., Class A		203,400		258,337
Tencent Holdings Ltd.		475,500		40,609,068
Topchoice Medical Corp., Class A(a)		5,100		208,570
Transfar Zhilian Co. Ltd., Class A		66,800		63,400
TravelSky Technology Ltd., Class H		234,000		590,630
Uni-President China Holdings Ltd.		295,000		354,425
Unisplendour Corp. Ltd., Class A		42,800		141,943
Vinda International Holdings Ltd.		87,000		259,631
Vipshop Holdings Ltd., ADR(a)(c)		111,456		4,159,538
Wangsu Science & Technology Co. Ltd., Class A		36,800		37,880
Want Want China Holdings Ltd.		1,170,000		844,618
Weifu High-Technology Group Co. Ltd., Class A		9,800		34,815
Wharf Holdings Ltd. (The)		386,000		910,594
Winning Health Technology Group Co. Ltd., Class A		30,100		78,085
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		32,200		139,884
WuXi AppTec Co. Ltd., Class A		31,860		706,443
WuXi AppTec Co. Ltd., Class H(b)		69,500		1,448,710
Wuxi Biologics Cayman Inc., New(a)(b)		817,000		10,115,935
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		12,900		167,027
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		52,000		121,577

Security	Shares		Value
China (continued)
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		188,000	$	402,302
Yifeng Pharmacy Chain Co. Ltd., Class A		7,800		106,049
Yunnan Baiyao Group Co. Ltd., Class A		19,100		385,575
Zhejiang Expressway Co. Ltd., Class H		354,000		308,943
Zhejiang Huayou Cobalt Co. Ltd., Class A(a)		16,900		233,006
Zhejiang Weixing New Building Materials Co. Ltd., Class A		20,900		59,895
Zhengzhou Yutong Bus Co. Ltd., Class A		38,500		90,192
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		103,100		228,798
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		345,200		525,987
				265,252,943
Colombia — 0.1%
Bancolombia SA		62,560		543,233
Czech Republic — 0.1%
Komercni Banka AS(a)		19,219		604,244
Moneta Money Bank AS(a)(b)		124,687		456,772
				1,061,016
Egypt — 0.2%
Commercial International Bank Egypt SAE		350,918		1,393,837
EISewedy Electric Co.		184,739		112,138
				1,505,975
Greece — 0.1%
Hellenic Telecommunications Organization SA		59,108		914,035
Hungary — 0.5%
MOL Hungarian Oil & Gas PLC(a)		103,638		748,471
OTP Bank Nyrt(a)		56,037		2,562,208
Richter Gedeon Nyrt		34,811		999,319
				4,309,998
India — 13.1%
Adani Green Energy Ltd.(a)		96,813		1,528,047
Ambuja Cements Ltd.		170,882		635,997
Asian Paints Ltd.		95,989		2,974,568
Axis Bank Ltd.(a)		564,697		5,569,741
Berger Paints India Ltd.		60,116		556,166
Bharat Petroleum Corp. Ltd.		164,177		1,005,035
Bharti Airtel Ltd.		611,226		4,627,135
Britannia Industries Ltd.		27,025		1,237,060
Colgate-Palmolive India Ltd.		30,724		661,098
Dabur India Ltd.		132,247		905,402
Divi’s Laboratories Ltd.		626		28,649
DLF Ltd.		157,357		647,758
Eicher Motors Ltd.		34,044		1,157,547
Godrej Consumer Products Ltd.		96,839		904,542
Grasim Industries Ltd.		74,721		1,220,997
Havells India Ltd.		55,623		836,824
HCL Technologies Ltd.		271,805		3,363,857
Hero MotoCorp Ltd.		30,464		1,336,544
Hindalco Industries Ltd.		396,709		1,836,841
Hindustan Petroleum Corp. Ltd.		174,159		574,605
Hindustan Unilever Ltd.		206,464		5,990,224
Housing Development Finance Corp. Ltd.		427,559		14,775,033
Infosys Ltd.		852,775		14,544,232
Lupin Ltd.		57,565		797,732
Mahindra & Mahindra Ltd.		201,805		2,214,541
Marico Ltd.		130,425		705,592

SCHEDULE  OF  INVESTMENTS 37

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Nestle India Ltd.		8,389	$	1,838,148
Pidilite Industries Ltd.		38,628		886,234
Piramal Enterprises Ltd.		24,839		618,313
Reliance Industries Ltd.		713,955		20,264,916
Shree Cement Ltd.		2,750		991,763
Siemens Ltd.		17,635		443,965
Tata Consultancy Services Ltd.		234,855		9,250,062
Tech Mahindra Ltd.		156,535		1,957,300
Titan Co. Ltd.		89,295		1,709,589
UPL Ltd.		125,198		956,725
Wipro Ltd.		286,254		1,598,286
				111,151,068
Indonesia — 2.0%
Bank Central Asia Tbk PT		2,469,000		5,817,061
Bank Mandiri Persero Tbk PT		4,652,400		2,009,288
Bank Negara Indonesia Persero Tbk PT		1,881,500		786,160
Bank Rakyat Indonesia Persero Tbk PT		13,899,200		4,597,278
Barito Pacific Tbk PT(a)		6,929,000		535,246
Indah Kiat Pulp & Paper Corp. Tbk PT		680,300		629,421
Indofood Sukses Makmur Tbk PT		1,113,300		472,996
Kalbe Farma Tbk PT		5,293,200		546,419
Perusahaan Gas Negara Tbk PT		2,737,000		276,775
Unilever Indonesia Tbk PT		1,928,100		947,802
				16,618,446
Malaysia — 2.6%
AMMB Holdings Bhd		403,000		314,634
Axiata Group Bhd		696,100		610,539
CIMB Group Holdings Bhd		1,603,100		1,714,990
Dialog Group Bhd		996,900		795,550
DiGi.Com Bhd		796,100		727,751
Fraser & Neave Holdings Bhd		38,700		298,891
HAP Seng Consolidated Bhd		160,400		337,246
Hartalega Holdings Bhd(c)		433,600		1,071,279
IHH Healthcare Bhd		550,200		690,554
Kossan Rubber Industries(c)		325,100		317,269
Kuala Lumpur Kepong Bhd		109,400		635,182
Malayan Banking Bhd		981,100		1,946,444
Malaysia Airports Holdings Bhd		268,063		396,713
Maxis Bhd		601,700		706,134
MISC Bhd		333,400		558,481
Nestle Malaysia Bhd		17,800		606,453
Petronas Dagangan Bhd		74,400		367,634
Petronas Gas Bhd		195,500		792,143
PPB Group Bhd		160,600		747,549
Press Metal Aluminium Holdings Bhd		355,200		850,374
Public Bank Bhd		3,651,200		3,752,685
QL Resources Bhd		237,600		361,023
RHB Bank Bhd		394,900		528,810
Sime Darby Bhd		702,400		393,934
Supermax Corp. Bhd		377,387		451,279
Telekom Malaysia Bhd		290,200		440,229
Top Glove Corp. Bhd(c)		1,230,800		1,593,426
Westports Holdings Bhd		229,200		231,040
				22,238,236
Mexico — 1.3%
Arca Continental SAB de CV		111,000		503,071
Cemex SAB de CV, CPO, NVS(a)		3,772,676		2,515,057
Coca-Cola Femsa SAB de CV		132,900		557,963
Fomento Economico Mexicano SAB de CV		486,500		3,330,270

Security	Shares		Value
Mexico (continued)
Gruma SAB de CV, Class B		54,660	$	596,044
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)		52,465		982,108
Grupo Bimbo SAB de CV, Series A		391,400		735,612
Industrias Penoles SAB de CV(a)		34,910		479,396
Infraestructura Energetica Nova SAB de CV(a)		137,700		479,469
Kimberly-Clark de Mexico SAB de CV, Class A		383,100		612,836
				10,791,826
Pakistan — 0.0%
Oil & Gas Development Co. Ltd.		166,763		110,458
Philippines — 1.2%
Ayala Corp.		71,140		1,096,717
Ayala Land Inc.		2,018,900		1,624,857
Bank of the Philippine Islands		433,980		796,047
BDO Unibank Inc.		500,140		1,087,485
JG Summit Holdings Inc.		756,168		1,004,432
Manila Electric Co.		58,930		329,143
Metropolitan Bank & Trust Co.		449,690		469,894
Puregold Price Club Inc.		212,900		162,352
SM Investments Corp.		61,395		1,276,743
SM Prime Holdings Inc.		2,568,600		1,913,745
Universal Robina Corp.		201,920		531,434
				10,292,849
Poland — 1.1%
Bank Polska Kasa Opieki SA(a)		46,705		850,139
CD Projekt SA(a)		16,939		1,075,968
Cyfrowy Polsat SA		73,602		565,136
KGHM Polska Miedz SA(a)		34,794		1,768,751
Orange Polska SA(a)		163,316		276,885
Polski Koncern Naftowy ORLEN SA		75,345		1,190,212
Powszechna Kasa Oszczednosci Bank Polski SA(a)		220,131		1,781,236
Powszechny Zaklad Ubezpieczen SA(a)		150,380		1,181,707
Santander Bank Polska SA(a)		8,949		505,496
				9,195,530
Qatar — 0.8%
Commercial Bank PSQC (The)		504,243		584,455
Ooredoo QPSC		205,145		427,779
Qatar Fuel QSC		115,806		529,384
Qatar National Bank QPSC		1,141,940		5,334,579
				6,876,197
Russia — 2.7%
Gazprom PJSC		2,961,160		8,696,266
LUKOIL PJSC		104,011		7,819,227
Mobile TeleSystems PJSC, ADR		112,880		927,874
Moscow Exchange MICEX-RTS PJSC		331,050		768,138
Novolipetsk Steel PJSC		297,320		893,027
PhosAgro PJSC, GDR(d)		34,016		596,641
Polymetal International PLC		58,932		1,173,303
Polyus PJSC		8,374		1,577,901
				22,452,377
Saudi Arabia — 1.6%
Almarai Co. JSC		62,528		850,268
Bank AlBilad		84,959		746,407
Banque Saudi Fransi		149,619		1,113,017
Samba Financial Group		247,700		2,229,003
Saudi Arabian Mining Co.(a)		107,527		1,473,640
Saudi Basic Industries Corp.		226,121		6,427,009
Savola Group (The)		65,882		661,367
				13,500,711

38 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa — 7.3%
Absa Group Ltd.		179,015	$	1,434,129
Anglo American Platinum Ltd.		13,222		1,601,175
Aspen Pharmacare Holdings Ltd.(a)		97,751		919,345
Bid Corp. Ltd.		84,716		1,584,833
Bidvest Group Ltd. (The)		73,061		811,588
Capitec Bank Holdings Ltd.(a)		16,976		1,500,478
Clicks Group Ltd.		62,337		1,007,352
FirstRand Ltd.		1,194,009		3,966,826
Gold Fields Ltd.		220,483		1,830,971
Growthpoint Properties Ltd.		830,665		749,703
Impala Platinum Holdings Ltd.		195,731		3,179,898
Kumba Iron Ore Ltd.		16,211		694,623
Mr. Price Group Ltd.		64,857		746,875
MTN Group Ltd.		422,952		2,029,835
MultiChoice Group		112,050		944,338
Naspers Ltd., Class N		109,000		25,317,146
Nedbank Group Ltd.		94,312		813,401
NEPI Rockcastle PLC		101,854		623,918
Northam Platinum Ltd.(a)		88,992		1,303,777
Old Mutual Ltd.		1,171,427		1,040,237
Remgro Ltd.		133,541		913,506
Sanlam Ltd.		444,758		1,784,758
Shoprite Holdings Ltd.		127,634		1,121,351
SPAR Group Ltd. (The)		48,525		609,868
Standard Bank Group Ltd.		324,111		2,846,035
Vodacom Group Ltd.		160,813		1,322,709
Woolworths Holdings Ltd.		245,378		747,333
				61,446,008
South Korea — 8.3%
Amorepacific Corp.		8,033		1,676,670
AMOREPACIFIC Group		7,345		422,983
BGF retail Co. Ltd.		1,859		263,089
CJ CheilJedang Corp.		2,071		749,320
CJ Corp.		4,043		333,588
Doosan Bobcat Inc.(a)		12,701		365,712
GS Engineering & Construction Corp.		15,425		499,064
GS Holdings Corp.		12,495		433,738
GS Retail Co. Ltd.		6,156		198,351
Hana Financial Group Inc.		74,894		2,469,802
Hankook Tire & Technology Co. Ltd.		18,529		785,854
Hanwha Solutions Corp.(a)		30,278		1,214,084
Hyundai Heavy Industries Holdings Co. Ltd.		2,349		565,558
Hyundai Marine & Fire Insurance Co. Ltd.		15,383		299,856
KB Financial Group Inc.		98,916		3,856,271
Korea Gas Corp.(a)		7,310		207,231
LG Chem Ltd.		11,468		8,482,339
LG Corp.		23,936		2,000,526
LG Display Co. Ltd.(a)		57,847		1,163,633
LG Electronics Inc.		26,618		3,470,883
LG Household & Health Care Ltd.		2,355		3,171,442
LG Innotek Co. Ltd.		3,519		623,303
Lotte Chemical Corp.		4,329		1,225,298
Lotte Corp.		6,624		198,101
NAVER Corp.		30,842		10,294,393
Samsung Card Co. Ltd.		7,138		209,343
Samsung Electro-Mechanics Co. Ltd.		13,990		2,359,684
Samsung Fire & Marine Insurance Co. Ltd.		7,692		1,184,438
Samsung SDI Co. Ltd.		13,765		8,257,775
Shinhan Financial Group Co. Ltd.(a)		109,772		3,219,392
SK Holdings Co. Ltd.		8,780		2,051,402

Security	Shares		Value
South Korea (continued)
SK Innovation Co. Ltd.(a)		13,881	$	3,218,514
SK Telecom Co. Ltd.		9,847		2,169,232
S-Oil Corp.(a)		11,265		852,270
Woori Financial Group Inc.(a)		134,613		1,147,835
Yuhan Corp.		12,446		686,829
				70,327,803
Taiwan — 15.5%
Accton Technology Corp.		126,000		1,187,506
Acer Inc.		717,000		691,193
Advantech Co. Ltd.		96,288		1,253,187
ASE Technology Holding Co. Ltd.		813,000		3,021,111
AU Optronics Corp.(a)		2,187,000		1,484,043
Catcher Technology Co. Ltd.		171,000		1,178,781
Cathay Financial Holding Co. Ltd.		1,970,000		2,967,113
Chailease Holding Co. Ltd.		310,240		1,915,852
Cheng Shin Rubber Industry Co. Ltd.		442,000		684,761
Chicony Electronics Co. Ltd.		148,000		498,426
China Steel Corp.		2,975,000		2,643,614
Chunghwa Telecom Co. Ltd.		954,000		3,750,579
Compal Electronics Inc.		1,062,000		846,473
CTBC Financial Holding Co. Ltd.		4,417,000		3,171,708
Delta Electronics Inc.		488,000		4,914,604
E.Sun Financial Holding Co. Ltd.		2,854,125		2,587,439
Evergreen Marine Corp. Taiwan Ltd.(a)		608,000		828,421
Far Eastern New Century Corp.		751,000		780,592
Far EasTone Telecommunications Co. Ltd.		393,000		872,001
First Financial Holding Co. Ltd.		2,581,410		1,932,408
Fubon Financial Holding Co. Ltd.		1,657,000		2,968,649
Hiwin Technologies Corp.		65,660		940,610
Hotai Motor Co. Ltd.		75,000		1,591,419
Hua Nan Financial Holdings Co. Ltd.		2,106,232		1,372,520
Innolux Corp.		2,070,000		1,263,441
Inventec Corp.		637,000		567,188
Lite-On Technology Corp.		539,000		1,149,505
MediaTek Inc.		378,000		12,160,057
Micro-Star International Co. Ltd.		167,000		893,385
Nan Ya Plastics Corp.		1,283,000		3,348,859
President Chain Store Corp.		143,000		1,345,158
Quanta Computer Inc.		726,000		2,215,600
Ruentex Development Co. Ltd.		203,000		303,926
SinoPac Financial Holdings Co. Ltd.		2,530,000		1,058,235
Taishin Financial Holding Co. Ltd.		2,437,117		1,133,136
Taiwan Business Bank		1,394,700		474,206
Taiwan High Speed Rail Corp.		494,000		534,749
Taiwan Mobile Co. Ltd.		413,000		1,439,810
Taiwan Semiconductor Manufacturing Co. Ltd.		2,023,000		44,015,367
Uni-President Enterprises Corp.		1,210,000		2,919,379
United Microelectronics Corp.		2,948,000		5,736,706
Vanguard International Semiconductor Corp.		225,000		937,079
Win Semiconductors Corp.		85,000		1,161,206
Wistron Corp.		706,000		811,130
Yageo Corp.		92,000		1,958,747
Yuanta Financial Holding Co. Ltd.		2,455,720		1,873,586
				131,383,465
Thailand — 3.1%
Advanced Info Service PCL, NVDR		299,900		1,613,272
Airports of Thailand PCL, NVDR(c)		1,079,900		2,246,450
B Grimm Power PCL, NVDR		194,800		303,923
Bangkok Dusit Medical Services PCL, NVDR		2,407,800		1,565,250

SCHEDULE  OF  INVESTMENTS 39

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Berli Jucker PCL, NVDR		285,200	$	345,310
BTS Group Holdings PCL, NVDR		1,986,600		606,976
Bumrungrad Hospital PCL, NVDR		108,300		445,300
Central Pattana PCL, NVDR		566,900		976,597
Charoen Pokphand Foods PCL, NVDR(c)		974,900		911,027
CP ALL PCL, NVDR(a)		1,469,700		2,842,359
Energy Absolute PCL, NVDR		375,300		762,416
Gulf Energy Development PCL, NVDR		737,500		797,053
Home Product Center PCL, NVDR		1,481,500		640,452
Indorama Ventures PCL, NVDR		410,600		527,168
Intouch Holdings PCL, NVDR		567,200		1,027,814
Kasikornbank PCL, Foreign		287,600		1,322,752
Kasikornbank PCL, NVDR		153,300		705,069
Land & Houses PCL, NVDR		2,057,400		528,298
Minor International PCL, NVDR(a)(c)		793,400		780,101
Muangthai Capital PCL, NVDR(a)		181,800		385,574
Osotspa PCL, NVDR		157,100		177,445
PTT Exploration & Production PCL, NVDR		350,900		1,311,639
PTT Global Chemical PCL, NVDR		565,400		1,153,195
Siam Cement PCL (The), NVDR		194,400		2,312,654
Siam Commercial Bank PCL (The), NVDR		209,800		702,386
Thai Oil PCL, NVDR(c)		282,300		543,666
Thai Union Group PCL, NVDR		791,000		359,946
Total Access Communication PCL, NVDR		171,400		176,884
True Corp. PCL, NVDR		2,907,700		296,765
				26,367,741
Turkey — 0.3%
KOC Holding AS		190,395		553,886
Turk Hava Yollari AO(a)		138,327		251,554
Turkcell Iletisim Hizmetleri AS		305,456		652,666
Turkiye Garanti Bankasi AS(a)		573,872		690,070
Turkiye Is Bankasi AS, Class C(a)		378,060		292,031
				2,440,207
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		698,525		1,194,271
Abu Dhabi Islamic Bank PJSC		321,649		436,962
Aldar Properties PJSC		976,054		967,245
Dubai Islamic Bank PJSC		459,462		594,162
Emirates NBD Bank PJSC		638,054		1,945,525
Emirates Telecommunications Group Co. PJSC		435,979		2,362,000
First Abu Dhabi Bank PJSC		691,241		2,766,357
				10,266,522
Total Common Stocks — 98.0% (Cost: $665,754,019)				828,740,896
Preferred Stocks
Brazil — 1.5%
Banco Bradesco SA, Preference Shares, NVS		1,114,610		4,600,000

Security	Shares		Value
Brazil (continued)
Cia. Energetica de Minas Gerais, Preference Shares, NVS		240,548	$	516,226
Itau Unibanco Holding SA, Preference Shares, NVS		1,214,600		5,568,410
Itausa SA, Preference Shares, NVS		1,112,100		1,985,519
				12,670,155
Chile — 0.2%
Embotelladora Andina SA, Class B, Preference Shares		94,596		256,016
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		28,681		1,538,812
				1,794,828
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		112,365		963,280
South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		1,948		675,341
LG Household & Health Care Ltd., Preference Shares, NVS		520		326,302
				1,001,643
Total Preferred Stocks — 1.9% (Cost: $23,271,181)				16,429,906
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		3,768,217		3,770,478
Total Short-Term Investments — 0.5% (Cost: $3,770,478)				3,770,478
Total Investments in Securities — 100.4% (Cost: $692,795,678)				848,941,280
Other Assets, Less Liabilities — (0.4)%				(3,293,043	)
Net Assets — 100.0%			$	845,648,237

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period-end.

^(g)  All or a portion of this security was purchased with cash collateral received from loaned securities.

40 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI EM Leaders ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,152,885	$	—	$	(380,733	)(a)	$	(1,753	)	$	79	$	3,770,478		3,768,217	$	41,226	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		1,070,000		—		(1,070,000	)(a)		—			—		—		—		575			—
								$	(1,753	)	$	79	$	3,770,478			$	41,801		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/  Unrealized  Appreciation  (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		10		03/19/21	$	669	$	(41,068	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	41,068

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	107,683
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(64,357	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	663,177

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

SCHEDULE  OF  INVESTMENTS 41

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI EM Leaders ETF     

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	802,373,155		$	26,367,741	$	—	$	828,740,896
Preferred Stocks		16,429,906			—		—		16,429,906
Money Market Funds		3,770,478			—		—		3,770,478
	$	822,573,539		$	26,367,741	$	—	$	848,941,280
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(41,068	)	$	—	$	—	$	(41,068	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

42 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) February 28, 2021 iShares^® ESG MSCI USA Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
Howmet Aerospace Inc.		71,808	$	2,018,523
Teledyne Technologies Inc.(a)		6,746		2,502,766
				4,521,289
Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		24,943		2,266,072
Expeditors International of Washington Inc.		31,057		2,852,275
United Parcel Service Inc., Class B		131,228		20,711,715
				25,830,062
Airlines — 0.0%
Delta Air Lines Inc.		29,105		1,395,294
Auto Components — 0.3%
Aptiv PLC		49,544		7,423,673
BorgWarner Inc.		44,719		2,012,355
				9,436,028
Automobiles — 3.1%
Tesla Inc.(a)		139,137		93,987,043
Banks — 2.2%
Citizens Financial Group Inc.		78,083		3,391,925
First Republic Bank/CA		31,915		5,257,996
Huntington Bancshares Inc./OH		186,104		2,854,835
KeyCorp.		178,545		3,595,896
M&T Bank Corp.		23,466		3,541,958
PNC Financial Services Group Inc. (The)		77,655		13,073,996
Regions Financial Corp.		175,647		3,623,598
SVB Financial Group(a)		9,471		4,786,265
Truist Financial Corp.		247,353		14,089,227
U.S. Bancorp		248,762		12,438,100
				66,653,796
Beverages — 2.3%
Coca-Cola Co. (The)		749,071		36,696,988
PepsiCo Inc.		253,562		32,757,675
				69,454,663
Biotechnology — 3.1%
AbbVie Inc.		323,930		34,900,218
Amgen Inc.		107,145		24,099,054
Biogen Inc.(a)		28,234		7,704,494
BioMarin Pharmaceutical Inc.(a)		33,173		2,568,585
Gilead Sciences Inc.		229,998		14,121,877
Vertex Pharmaceuticals Inc.(a)		47,647		10,127,370
				93,521,598
Building Products — 0.8%
Allegion PLC		16,855		1,833,487
Fortune Brands Home & Security Inc.		25,272		2,101,114
Johnson Controls International PLC		132,823		7,410,195
Lennox International Inc.		6,288		1,759,194
Masco Corp.		47,842		2,546,151
Owens Corning		19,728		1,598,363
Trane Technologies PLC		44,058		6,751,448
				23,999,952
Capital Markets — 4.2%
Ameriprise Financial Inc.		22,003		4,867,944
Bank of New York Mellon Corp. (The)		145,850		6,149,036
BlackRock Inc.(b)		27,982		19,433,499
Carlyle Group Inc. (The)		25,457		871,902
Cboe Global Markets Inc.		19,895		1,968,809

Security	Shares		Value
Capital Markets (continued)
Charles Schwab Corp. (The)		280,691	$	17,324,249
CME Group Inc.		65,867		13,153,640
FactSet Research Systems Inc.		6,950		2,112,174
Franklin Resources Inc.		55,550		1,453,744
Intercontinental Exchange Inc.		102,985		11,360,275
Invesco Ltd.		71,262		1,597,694
MarketAxess Holdings Inc.		6,946		3,861,559
Moody’s Corp.		31,012		8,524,889
Nasdaq Inc.		21,035		2,908,930
Northern Trust Corp.		36,164		3,440,281
Raymond James Financial Inc.		22,582		2,636,223
S&P Global Inc.		44,086		14,520,165
State Street Corp.		64,464		4,691,045
T Rowe Price Group Inc.		41,523		6,732,539
				127,608,597
Chemicals — 2.2%
Axalta Coating Systems Ltd.(a)		38,682		1,057,566
DuPont de Nemours Inc.		98,157		6,902,400
Ecolab Inc.		47,136		9,868,393
International Flavors & Fragrances Inc.		40,909		5,543,579
Linde PLC		96,301		23,523,445
Mosaic Co. (The)		65,761		1,933,373
PPG Industries Inc.		43,339		5,842,964
Sherwin-Williams Co. (The)		14,988		10,196,936
				64,868,656
Commercial Services & Supplies — 0.4%
Copart Inc.(a)		38,993		4,256,476
Waste Management Inc.		77,540		8,598,410
				12,854,886
Communications Equipment — 1.2%
Cisco Systems Inc.		775,299		34,787,666
Consumer Finance — 0.8%
Ally Financial Inc.		68,390		2,838,185
American Express Co.		125,578		16,985,680
Discover Financial Services		56,055		5,273,094
				25,096,959
Containers & Packaging — 0.3%
Amcor PLC		286,929		3,139,003
Ball Corp.		60,019		5,125,023
				8,264,026
Distributors — 0.2%
Genuine Parts Co.		26,392		2,780,397
LKQ Corp.(a)		52,884		2,083,101
			4,863,498
Diversified Financial Services — 0.1%
Equitable Holdings Inc.		73,990		2,187,884
Voya Financial Inc.		23,087		1,391,685
				3,579,569
Diversified Telecommunication Services — 1.5%
Liberty Global PLC, Class A(a)		30,043		739,809
Liberty Global PLC, Class C, NVS(a)		69,298		1,683,942
Lumen Technologies Inc.		170,663		2,097,448
Verizon Communications Inc.		759,260		41,987,078
				46,508,277
Electric Utilities — 0.3%
Edison International		69,192		3,735,676

SCHEDULE  OF  INVESTMENTS 43

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI USA Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Eversource Energy		62,687	$	4,982,363
				8,718,039
Electrical Equipment — 0.5%
Eaton Corp. PLC		73,191		9,528,736
Rockwell Automation Inc.		21,317		5,186,000
				14,714,736
Electronic Equipment, Instruments & Components — 0.4%
Cognex Corp.		32,042		2,646,349
Keysight Technologies Inc.(a)		34,300		4,854,136
Trimble Inc.(a)		45,771		3,393,462
				10,893,947
Energy Equipment & Services — 0.3%
Baker Hughes Co.		125,834		3,080,416
Schlumberger Ltd.		255,410		7,128,493
				10,208,909
Entertainment — 2.8%
Activision Blizzard Inc.		141,804		13,557,880
Electronic Arts Inc.		53,224		7,130,419
Walt Disney Co. (The)(a)		332,189		62,797,009
				83,485,308
Equity Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities Inc.		24,760		3,953,925
American Tower Corp.		81,504		17,615,460
Boston Properties Inc.		27,047		2,681,169
Equinix Inc.		16,348		10,599,062
Equity Residential		68,091		4,453,832
Healthpeak Properties Inc.		98,476		2,864,667
Host Hotels & Resorts Inc.		129,019		2,140,425
Iron Mountain Inc.		52,713		1,833,885
Prologis Inc.		135,633		13,437,161
SBA Communications Corp.		20,475		5,223,787
UDR Inc.		53,976		2,222,192
Welltower Inc.		76,340		5,183,486
Weyerhaeuser Co.		136,517		4,623,831
				76,832,882
Food Products — 0.6%
Bunge Ltd.		25,547		1,956,389
Campbell Soup Co.		33,116		1,506,116
General Mills Inc.		112,168		6,170,362
Hormel Foods Corp.		54,226		2,514,459
Kellogg Co.		47,049		2,715,198
McCormick & Co. Inc./MD, NVS		45,631		3,845,781
				18,708,305
Gas Utilities — 0.1%
Atmos Energy Corp.		23,098		1,954,322
UGI Corp.		38,030		1,456,929
				3,411,251
Health Care Equipment & Supplies — 2.3%
ABIOMED Inc.(a)		8,241		2,674,617
Align Technology Inc.(a)		13,744		7,794,360
Becton Dickinson and Co.		53,215		12,832,797
DENTSPLY SIRONA Inc.		39,971		2,121,261
DexCom Inc.(a)		17,619		7,008,486
Edwards Lifesciences Corp.(a)		114,354		9,502,817
Hologic Inc.(a)		47,379		3,415,552
IDEXX Laboratories Inc.(a)		15,651		8,141,181
ResMed Inc.		26,509		5,110,405
STERIS PLC		15,560		2,719,888

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Varian Medical Systems Inc.(a)		16,673	$	2,922,277
West Pharmaceutical Services Inc.		13,508		3,791,020
				68,034,661
Health Care Providers & Services — 1.8%
AmerisourceBergen Corp.		28,008		2,834,970
Cardinal Health Inc.		53,499		2,756,268
Centene Corp.(a)		106,230		6,218,704
Cigna Corp.		66,285		13,913,221
DaVita Inc.(a)		14,597		1,490,792
HCA Healthcare Inc.		49,668		8,544,386
Henry Schein Inc.(a)		26,072		1,612,553
Humana Inc.		24,282		9,218,661
Laboratory Corp. of America Holdings(a)		17,816		4,274,237
Quest Diagnostics Inc.		24,569		2,839,931
				53,703,723
Health Care Technology — 0.3%
Cerner Corp.		56,253		3,889,332
Teladoc Health Inc.(a)		21,278		4,704,353
				8,593,685
Hotels, Restaurants & Leisure — 2.3%
Aramark		41,568		1,543,004
Darden Restaurants Inc.		23,798		3,268,179
Domino’s Pizza Inc.		7,198		2,494,179
Hilton Worldwide Holdings Inc.		50,906		6,296,054
McDonald’s Corp.		136,713		28,182,018
Royal Caribbean Cruises Ltd.		34,987		3,263,238
Starbucks Corp.		215,351		23,264,369
Vail Resorts Inc.		7,340		2,269,381
				70,580,422
Household Durables — 0.4%
Garmin Ltd.		26,238		3,254,037
Mohawk Industries Inc.(a)		11,072		1,937,489
Newell Brands Inc.		73,740		1,708,556
NVR Inc.(a)		654		2,943,549
Whirlpool Corp.		11,391		2,165,201
				12,008,832
Household Products — 2.6%
Clorox Co. (The)		23,091		4,180,626
Colgate-Palmolive Co.		149,410		11,235,632
Kimberly-Clark Corp.		62,389		8,006,380
Procter & Gamble Co. (The)		455,438		56,260,256
				79,682,894
Industrial Conglomerates — 0.9%
3M Co.		105,836		18,527,650
Roper Technologies Inc.		19,242		7,266,164
				25,793,814
Insurance — 3.2%
Allstate Corp. (The)		57,134		6,090,484
American Financial Group Inc./OH		13,732		1,465,204
American International Group Inc.		158,073		6,947,308
Aon PLC, Class A		42,376		9,649,439
Arch Capital Group Ltd.(a)		74,266		2,660,208
Arthur J Gallagher & Co.		35,287		4,227,383
Assurant Inc.		10,744		1,323,876
Chubb Ltd.		82,818		13,464,550
Erie Indemnity Co., Class A, NVS		4,648		1,125,281
Hartford Financial Services Group Inc. (The)		65,528		3,321,614
Lincoln National Corp.		35,352		2,010,468

44 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI USA Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Loews Corp.		46,173	$	2,207,531
Marsh & McLennan Companies Inc.		93,060		10,722,373
Principal Financial Group Inc.		50,221		2,841,504
Progressive Corp. (The)		107,446		9,234,984
Prudential Financial Inc.		72,658		6,300,902
Reinsurance Group of America Inc.		12,415		1,517,486
Travelers Companies Inc. (The)		46,477		6,762,404
Willis Towers Watson PLC		23,573		5,201,147
				97,074,146
Interactive Media & Services — 7.4%
Alphabet Inc., Class A(a)		55,162		111,532,599
Alphabet Inc., Class C, NVS(a)		54,472		110,951,838
				222,484,437
Internet & Direct Marketing Retail — 1.3%
Booking Holdings Inc.(a)(c)		7,514		17,496,424
eBay Inc.		128,034		7,223,679
MercadoLibre Inc.(a)		8,220		13,465,264
				38,185,367
IT Services — 5.8%
Accenture PLC, Class A		116,385		29,200,996
International Business Machines Corp.		163,492		19,444,104
Mastercard Inc., Class A		163,414		57,824,044
Visa Inc., Class A		310,519		65,951,130
Western Union Co. (The)		75,187		1,745,842
				174,166,116
Leisure Products — 0.1%
Hasbro Inc.		23,814		2,231,610
Life Sciences Tools & Services — 0.5%
Agilent Technologies Inc.		56,488		6,895,490
Mettler-Toledo International Inc.(a)		4,383		4,891,647
Waters Corp.(a)		11,316		3,099,226
				14,886,363
Machinery — 3.0%
Caterpillar Inc.		99,677		21,518,271
Cummins Inc.		27,156		6,875,899
Deere & Co.		54,623		19,069,982
Dover Corp.		26,338		3,246,422
IDEX Corp.		13,815		2,696,274
Illinois Tool Works Inc.		58,075		11,741,604
PACCAR Inc.		63,565		5,783,779
Parker-Hannifin Corp.		23,632		6,781,439
Pentair PLC		30,340		1,696,916
Snap-on Inc.		9,468		1,923,045
Stanley Black & Decker Inc.		29,398		5,139,946
Xylem Inc./NY		32,923		3,277,814
				89,751,391
Media — 0.4%
Cable One Inc.		880		1,685,068
Discovery Inc., Class A(a)(c)		29,269		1,552,135
Discovery Inc., Class C, NVS(a)		59,119		2,660,355
Liberty Broadband Corp., Class C, NVS(a)		29,102		4,351,040
Omnicom Group Inc.		39,309		2,701,708
				12,950,306
Metals & Mining — 0.4%
Newmont Corp.		147,401		8,015,667
Nucor Corp.		55,227		3,303,679

Security	Shares		Value
Metals & Mining (continued)
Steel Dynamics Inc.		38,485	$	1,600,206
				12,919,552
Multi-Utilities — 0.4%
CenterPoint Energy Inc.		99,667		1,937,526
Consolidated Edison Inc.		61,189		4,017,058
Sempra Energy		52,918		6,137,430
				12,092,014
Multiline Retail — 0.6%
Target Corp.		91,882		16,854,834
Oil, Gas & Consumable Fuels — 1.0%
Cheniere Energy Inc.(a)		41,531		2,798,774
Marathon Petroleum Corp.		119,037		6,501,801
ONEOK Inc.		81,259		3,598,961
Phillips 66		80,144		6,655,959
Valero Energy Corp.		74,595		5,742,323
Williams Companies Inc. (The)		222,003		5,070,549
				30,368,367
Personal Products — 0.4%
Estee Lauder Companies Inc. (The), Class A		41,565		11,881,771
Pharmaceuticals — 5.0%
Bristol-Myers Squibb Co.		414,620		25,428,645
Jazz Pharmaceuticals PLC(a)		10,146		1,704,934
Johnson & Johnson		483,020		76,539,349
Merck & Co. Inc.		464,212		33,711,075
Zoetis Inc.		87,202		13,537,239
				150,921,242
Professional Services — 0.3%
IHS Markit Ltd.		69,436		6,260,350
Robert Half International Inc.		20,922		1,627,522
				7,887,872
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		61,333		4,647,201
Road & Rail — 1.8%
AMERCO		1,791		1,029,323
CSX Corp.		140,321		12,846,388
Kansas City Southern		17,260		3,664,988
Norfolk Southern Corp.		46,666		11,762,632
Union Pacific Corp.		124,184		25,576,937
				54,880,268
Semiconductors & Semiconductor Equipment — 5.7%
Applied Materials Inc.		167,570		19,805,098
Intel Corp.		751,903		45,700,664
Lam Research Corp.		26,642		15,111,076
NVIDIA Corp.		113,574		62,304,425
Texas Instruments Inc.		168,424		29,014,403
				171,935,666
Software — 14.1%
Adobe Inc.(a)		88,019		40,459,694
Autodesk Inc.(a)		40,233		11,104,308
Cadence Design Systems Inc.(a)		51,178		7,220,704
Citrix Systems Inc.		21,467		2,867,562
Intuit Inc.		48,209		18,808,259
Microsoft Corp.		1,317,843		306,240,356
salesforce.com Inc.(a)		166,967		36,148,356
VMware Inc., Class A(a)(c)		15,591		2,154,832
				425,004,071

SCHEDULE  OF  INVESTMENTS 45

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI USA Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail — 3.8%
Advance Auto Parts Inc.		12,648	$	2,028,107
Best Buy Co. Inc.		42,742		4,289,160
Burlington Stores Inc.(a)		12,105		3,133,016
CarMax Inc.(a)		30,107		3,598,088
Home Depot Inc. (The)		197,535		51,031,192
Lowe’s Companies Inc.		134,440		21,476,790
Ross Stores Inc.		65,320		7,618,925
TJX Companies Inc. (The)		220,004		14,518,064
Tractor Supply Co.		21,264		3,380,125
Ulta Beauty Inc.(a)		9,777		3,151,420
				114,224,887
Technology Hardware, Storage & Peripherals — 0.4%
Hewlett Packard Enterprise Co.		235,253		3,425,283
HP Inc.		252,010		7,300,730
				10,726,013
Textiles, Apparel & Luxury Goods — 1.4%
Lululemon Athletica Inc.(a)		22,714		7,079,500
Nike Inc., Class B		230,233		31,030,804
VF Corp.		60,588		4,794,328
				42,904,632
Trading Companies & Distributors — 0.4%
Fastenal Co.		104,936		4,865,882
United Rentals Inc.(a)		13,178		3,918,874
WW Grainger Inc.		8,331		3,105,047
				11,889,803
Water Utilities — 0.2%
American Water Works Co. Inc.		33,147		4,702,897

Security	Shares		Value
Water Utilities (continued)
Essential Utilities Inc.		42,605	$	1,791,966
				6,494,863
Total Common Stocks — 99.8% (Cost: $2,337,228,034)				2,999,966,059
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(b)(d)(e)		3,267,676		3,269,636
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)		4,556,000		4,556,000
				7,825,636
Total Short-Term Investments — 0.2% (Cost: $7,824,877)				7,825,636
Total Investments in Securities — 100.0% (Cost: $2,345,052,911)				3,007,791,695
Other Assets, Less Liabilities — (0.0)%				(765,768	)
Net Assets — 100.0%			$	3,007,025,927

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,263,030	$	2,014,848	(a)	$	—		$	(6,670	)	$	(1,572	)	$	3,269,636		3,267,676	$	21,718	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,756,000		—			(200,000	)(a)		—			—			4,556,000		4,556,000		1,571			—
BlackRock Inc.		15,006,268		2,706,879			(874,343	)		305,177			2,289,518			19,433,499		27,982		187,925			—
									$	298,507		$	2,287,946		$	27,259,135			$	211,214		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

46 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG MSCI USA Leaders ETF     

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation  (Depreciation)
Long Contracts
S&P 500 E-Mini Index		32		03/19/21	$	6,095	$	(39,830	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity  Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	39,830

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	519,513
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(361,196	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,830,027

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,999,966,059		$	—	$	—	$	2,999,966,059
Money Market Funds		7,825,636			—		—		7,825,636
	$	3,007,791,695		$	—	$	—	$	3,007,791,695
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(39,830	)	$	—	$	—	$	(39,830	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 47

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Global Impact ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.2%
CSL Ltd.		19,407	$	3,945,388
GPT Group (The)		117,633		388,875
Vicinity Centres		483,751		614,213
				4,948,476
Austria — 0.2%
Verbund AG		9,385		719,944
Belgium — 5.1%
Elia Group SA/NV		9,203		1,000,886
Etablissements Franz Colruyt NV		36,082		2,174,050
Umicore SA		290,486		17,157,121
				20,332,057
Canada — 2.0%
Ballard Power Systems Inc.(a)		2,368		66,588
Northland Power Inc.		41,550		1,386,641
West Fraser Timber Co. Ltd.		94,671		6,505,827
				7,959,056
Chile — 1.5%
Empresas CMPC SA		2,069,039		6,037,427
China — 9.6%
3SBio Inc.(a)(b)		198,000		197,047
Beijing Enterprises Water Group Ltd.		6,196,000		2,452,090
BYD Co. Ltd., Class A		27,300		831,110
BYD Co. Ltd., Class H		100,000		2,542,105
China Conch Venture Holdings Ltd.		227,500		1,011,782
China Education Group Holdings Ltd.		215,000		399,660
China Everbright Environment Group Ltd.		7,836,000		4,485,016
China Longyuan Power Group Corp. Ltd., Class H		819,000		1,218,362
China Medical System Holdings Ltd.		143,000		223,422
China Mengniu Dairy Co. Ltd.		622,000		3,399,718
Contemporary Amperex Technology Co. Ltd., Class A		9,100		452,525
CSPC Pharmaceutical Group Ltd.		933,520		974,754
Gotion High-tech Co. Ltd., Class A(a)		9,100		51,807
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		32,000		162,942
Kingsoft Cloud Holdings Ltd., ADR(a)		4,647		273,615
Koolearn Technology Holding Ltd.(a)(b)		39,000		109,096
LONGi Green Energy Technology Co. Ltd., Class A		29,900		482,010
NIO Inc., ADR(a)		154,811		7,087,248
Shimao Group Holdings Ltd.		1,958,500		6,450,615
Sino Biopharmaceutical Ltd.		733,000		815,458
Sungrow Power Supply Co. Ltd., Class A		8,900		118,779
Vinda International Holdings Ltd.		182,000		543,136
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		9,100		117,825
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		164,000		383,435
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(c)		127,504		272,847
Xinyi Solar Holdings Ltd.		400,000		840,493
XPeng Inc., ADR(a)(c)		11,844		403,999
Yadea Group Holdings Ltd.(b)		1,016,000		2,210,817
				38,511,713
Denmark — 7.3%
Genmab A/S(a)		1,731		584,888
H Lundbeck A/S		13,484		516,579
Novo Nordisk A/S, Class B		128,567		9,190,927
Orsted A/S(b)		19,589		3,191,156
ROCKWOOL International A/S, Class B		4,281		1,561,111

Security	Shares		Value
Denmark (continued)
Vestas Wind Systems A/S		75,810	$	14,286,496
				29,331,157
France — 7.3%
Alstom SA(a)		271,716		13,634,298
Covivio		11,571		978,226
Gecina SA		3,098		431,313
Ipsen SA		6,924		593,767
Klepierre SA		79,272		1,881,108
Suez SA		401,197		8,400,282
Unibail-Rodamco-Westfield		45,376		3,349,807
				29,268,801
Germany — 2.2%
KION Group AG		47,564		4,037,859
Vonovia SE		77,177		4,940,548
				8,978,407
Hong Kong — 4.4%
Henderson Land Development Co. Ltd.		229,000		994,837
MTR Corp. Ltd.		298,500		1,791,227
Swire Properties Ltd.		145,600		468,294
WH Group Ltd.(b)		15,899,500		14,265,248
				17,519,606
India — 0.5%
Adani Green Energy Ltd.(a)		6,497		102,545
Colgate-Palmolive India Ltd.		10,204		219,563
Godrej Consumer Products Ltd.		20,319		189,793
Hindustan Unilever Ltd.		32,893		954,338
Marico Ltd.		32,438		175,488
Nestle India Ltd.		1,274		279,151
				1,920,878
Indonesia — 0.1%
Unilever Indonesia Tbk PT		437,200		214,916
Ireland — 0.2%
Horizon Therapeutics PLC(a)		9,203		836,645
Japan — 14.7%
Asahi Intecc Co. Ltd.		9,100		260,939
Central Japan Railway Co.		60,200		9,837,451
Chugai Pharmaceutical Co. Ltd.		28,800		1,287,539
Daiichi Sankyo Co. Ltd.		100,100		2,828,055
East Japan Railway Co.		218,600		16,121,083
Eisai Co. Ltd.		27,900		1,916,652
GLP J-REIT		146		236,527
Japan Real Estate Investment Corp.		78		475,145
Japan Retail Fund Investment Corp.		608		600,924
Kyowa Kirin Co. Ltd.		19,900		554,376
NH Foods Ltd.		164,200		6,912,305
Nippon Building Fund Inc.		108		659,921
Nippon Prologis REIT Inc.		115		351,887
Nisshin Seifun Group Inc.		131,600		2,115,926
Nissin Foods Holdings Co. Ltd.		21,600		1,632,063
Nomura Real Estate Master Fund Inc.		273		408,706
Ono Pharmaceutical Co. Ltd.		36,400		978,502
Shionogi & Co. Ltd.		21,100		1,072,032
Sysmex Corp.		8,600		894,791
Terumo Corp.		39,600		1,468,553
TOTO Ltd.		54,600		3,285,020
Toyo Suisan Kaisha Ltd.		62,000		2,642,012

48 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Impact ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Unicharm Corp.		63,700	$	2,520,736
				59,061,145
Malaysia — 0.1%
PPB Group Bhd		49,500		230,409
QL Resources Bhd		169,100		256,940
				487,349
Mexico — 0.5%
Gruma SAB de CV, Class B		92,030		1,003,548
Kimberly-Clark de Mexico SAB de CV, Class A		510,200		816,154
				1,819,702
Netherlands — 0.3%
JDE Peet’s NV(a)		24,693		1,008,570
Norway — 0.6%
Mowi ASA		97,860		2,379,457
Saudi Arabia — 0.1%
Almarai Co. JSC		39,089		531,540
Singapore — 0.5%
CapitaLand Integrated Commercial Trust		510,240		805,824
City Developments Ltd.		127,400		705,169
Mapletree Commercial Trust(c)		209,500		321,411
Suntec REIT		114,400		124,750
				1,957,154
South Korea — 1.2%
Samsung SDI Co. Ltd.		8,200		4,919,270
Sweden — 2.7%
Essity AB, Class B		254,586		7,692,042
Svenska Cellulosa AB SCA, Class B(a)		177,498		3,069,200
				10,761,242
Switzerland — 0.5%
Geberit AG, Registered		3,735		2,212,203
Taiwan — 1.6%
Taiwan High Speed Rail Corp.		637,000		689,545
Uni-President Enterprises Corp.		2,459,000		5,932,853
				6,622,398
Thailand — 0.2%
BTS Group Holdings PCL, NVDR		2,460,200		751,677
United Kingdom — 11.3%
AstraZeneca PLC		149,616		14,527,430
Berkeley Group Holdings PLC		98,408		5,576,292
Johnson Matthey PLC		392,995		16,785,594
Pearson PLC		641,385		6,734,374
United Utilities Group PLC		141,143		1,695,478
				45,319,168
United States — 24.1%
ABIOMED Inc.(a)		1,456		472,545
Alexion Pharmaceuticals Inc.(a)		25,876		3,952,559
Alnylam Pharmaceuticals Inc.(a)		1,421		210,450
Amgen Inc.		55,855		12,562,907

Security	Shares		Value
United States (continued)
Baxter International Inc.		50,662	$	3,935,931
BioMarin Pharmaceutical Inc.(a)		14,942		1,156,959
Boston Properties Inc.		25,785		2,556,067
Citrix Systems Inc.		22,414		2,994,062
Colgate-Palmolive Co.		84,376		6,345,075
DexCom Inc.(a)		3,280		1,304,718
Digital Realty Trust Inc.		39,089		5,266,461
Enphase Energy Inc.(a)		5,193		914,280
Healthpeak Properties Inc.		78,817		2,292,787
Hormel Foods Corp.		78,271		3,629,426
Incyte Corp.(a)		17,130		1,347,446
Insulet Corp.(a)		1,913		495,658
Jazz Pharmaceuticals PLC(a)		9,294		1,561,764
Kimberly-Clark Corp.		110,254		14,148,896
Plug Power Inc.(a)		10,843		524,584
Regeneron Pharmaceuticals Inc.(a)		9,749		4,392,607
Sarepta Therapeutics Inc.(a)		3,644		317,247
Seagen Inc.(a)		5,375		812,216
SolarEdge Technologies Inc.(a)		5,466		1,630,562
Sunrun Inc.(a)		14,396		900,902
Tesla Inc.(a)		21,138		14,278,719
Vertex Pharmaceuticals Inc.(a)		19,771		4,202,326
VMware Inc., Class A(a)(c)		10,386		1,435,449
Xylem Inc./NY		32,256		3,211,407
				96,854,010
Total Common Stocks — 100.0% (Cost: $364,806,672)				401,263,968
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		944,635		945,202
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		1,490,000		1,490,000
				2,435,202
Total Short-Term Investments — 0.6% (Cost: $2,435,202)				2,435,202
Total Investments in Securities — 100.6% (Cost: $367,241,874)				403,699,170
Other Assets, Less Liabilities — (0.6)%				(2,375,678	)
Net Assets — 100.0%			$	401,323,492

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULE  OF  INVESTMENTS 49

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Impact ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	798,117	$	147,573	(a)	$	—	$	1,007	$	(1,495	)	$	945,202		944,635	$	27,376	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		670,000		820,000	(a)		—		—		—			1,490,000		1,490,000		185			—
								$	1,007	$	(1,495	)	$	2,435,202			$	27,561		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		5		03/19/21	$	541	$	(14,454	)
MSCI Emerging Markets E-Mini Index		4		03/19/21		268		(8,479	)
S&P 500 E-Mini Index		1		03/19/21		190		(3,967	)
							$	(26,900	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	26,900

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	96,567
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(28,629	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	741,782

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

50 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Impact ETF     

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	400,512,291		$	751,677	$	—	$	401,263,968
Money Market Funds		2,435,202			—		—		2,435,202
	$	402,947,493		$	751,677	$	—	$	403,699,170
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(26,900	)	$	—	$	—	$	(26,900	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 51

Statements of Assets and Liabilities (unaudited)

February 28, 2021

	iShares ESG Aware MSCI EAFE ETF		iShares ESG Aware MSCI USA ETF		iShares ESG Aware MSCI USA Small-Cap ETF		iShares ESG MSCI EM Leaders ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,554,847,549	$	14,034,694,332	$	655,237,626	$	845,170,802
Affiliated(c)		7,955,462		133,816,417		23,724,904		3,770,478
Cash		3,290		6,731		11,642		7,594,140
Foreign currency, at value(d)		7,400,496		—		—		1,233,542
Cash pledged:
Futures contracts		—		3,716,000		—		110,000
Foreign currency collateral pledged:
Futures contracts(e)		1,210,914		—		—		—
Receivables:
Investments sold		217,193,018		560,094,674		26,894,639		17,991,666
Securities lending income — Affiliated		1,803		130,136		7,502		18,159
Capital shares sold		600,937		2,032,300		232,959		—
Dividends		5,518,021		18,863,646		359,088		1,282,902
Tax reclaims		1,914,042		—		—		18,698
Total assets		4,796,645,532		14,753,354,236		706,468,360		877,190,387
LIABILITIES
Collateral on securities loaned, at value		7,178,987		23,477,173		21,648,122		3,773,607
Deferred foreign capital gain tax		—		—		—		2,598,173
Payables:
Investments purchased		211,244,213		581,851,553		27,192,558		19,758,570
Variation margin on futures contracts		275,608		309,596		—		20,695
Bank borrowings		—		—		—		5,282,492
Capital shares redeemed		1,763,433		5,617,019		313,688		—
Investment advisory fees		691,480		1,623,381		82,447		108,613
Total liabilities		221,153,721		612,878,722		49,236,815		31,542,150
NET ASSETS	$	4,575,491,811	$	14,140,475,514	$	657,231,545	$	845,648,237
NET ASSETS CONSIST OF:
Paid-in capital	$	3,950,127,900	$	11,631,897,980	$	481,161,401	$	702,805,904
Accumulated earnings		625,363,911		2,508,577,534		176,070,144		142,842,333
NET ASSETS	$	4,575,491,811	$	14,140,475,514	$	657,231,545	$	845,648,237
Shares outstanding		61,800,000		161,150,000		17,400,000		13,600,000
Net asset value	$	74.04	$	87.75	$	37.77	$	62.18
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a)  Securities loaned, at value	$	6,829,362	$	23,645,610	$	21,005,381	$	3,590,298
(b)  Investments, at cost — Unaffiliated	$	3,835,908,248	$	11,991,323,109	$	502,703,904	$	689,025,200
(c)  Investments, at cost — Affiliated	$	7,955,462	$	121,774,342	$	23,719,812	$	3,770,478
(d)  Foreign currency, at cost	$	7,387,045	$	—	$	—	$	1,258,156
(e)  Foreign currency collateral pledged, at cost	$	1,233,554	$	—	$	—	$	—

See notes to financial statements

52 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2021

	iShares ESG MSCI USA Leaders ETF		iShares MSCI Global Impact ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	2,980,532,560	$	401,263,968
Affiliated(c)		27,259,135		2,435,202
Cash		8,868		698,176
Foreign currency, at value(d)		—		1,982,077
Cash pledged:
Futures contracts		456,000		163,000
Receivables:
Investments sold		8,975,071		44,435,515
Securities lending income — Affiliated		12,397		1,802
Capital shares sold		—		2,365,068
Dividends		4,319,930		203,015
Tax reclaims		—		29,761
Total assets		3,021,563,961		453,577,584
LIABILITIES
Collateral on securities loaned, at value		3,276,972		945,544
Deferred foreign capital gain tax		—		328
Payables:
Investments purchased		10,986,234		50,423,907
Variation margin on futures contracts		40,079		24,463
Bank borrowings		—		190,018
Capital shares redeemed		—		521,237
Investment advisory fees		234,749		148,595
Total liabilities		14,538,034		52,254,092
NET ASSETS	$	3,007,025,927	$	401,323,492
NET ASSETS CONSIST OF:
Paid-in capital	$	2,333,901,619	$	350,255,570
Accumulated earnings		673,124,308		51,067,922
NET ASSETS	$	3,007,025,927	$	401,323,492
Shares outstanding		45,300,000		4,300,000
Net asset value	$	66.38	$	93.33
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a)  Securities loaned, at value	$	3,200,094	$	892,854
(b)  Investments, at cost — Unaffiliated	$	2,322,908,136	$	364,806,672
(c)  Investments, at cost — Affiliated	$	22,144,775	$	2,435,202
(d)  Foreign currency, at cost	$	—	$	1,978,996

See notes to financial statements.

FINANCIAL  STATEMENTS 53

Statements of Operations (unaudited)

Six Months Ended February 28, 2021

	iShares ESG Aware MSCI EAFE ETF			iShares ESG Aware MSCI USA ETF			iShares ESG Aware MSCI USA Small-Cap ETF			iShares ESG MSCI EM Leaders ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	30,430,868		$	92,326,797		$	3,253,738		$	4,301,657
Dividends — Affiliated		394			557,081			264			575
Securities lending income — Affiliated — net		75,674			182,958			74,910			41,226
Foreign taxes withheld		(2,384,816	)		(8,705	)		(1,268	)		(603,078	)
Total investment income		28,122,120			93,058,131			3,327,644			3,740,380
EXPENSES
Investment advisory fees		3,663,878			8,792,237			396,214			609,300
Commitment fees		—			—			—			12,125
Interest expense		—			—			—			1,480
Total expenses		3,663,878			8,792,237			396,214			622,905
Net investment income		24,458,242			84,265,894			2,931,430			3,117,475
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(2,478,703	)		(82,059,405	)		(2,821,455	)		(2,009,047	)
Investments — Affiliated		(8,723	)		(32,826	)		(3,788	)		(1,753	)
In-kind redemptions — Unaffiliated		7,017,699			625,231,261			36,237,161			3,769,170
In-kind redemptions — Affiliated		—			2,597,453			—			—
Futures contracts		2,781,934			2,448,055			—			107,683
Foreign currency transactions		503,163			—			—			(90,097	)
Net realized gain		7,815,370			548,184,538			33,411,918			1,775,956
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		450,780,229			672,576,896			116,030,812			141,278,407
Investments — Affiliated		860			5,537,649			(2,837	)		79
Futures contracts		(137,000	)		(1,948,728	)		—			(64,357	)
Foreign currency translations		(221,935	)		—			—			(57,226	)
Net change in unrealized appreciation (depreciation)		450,422,154			676,165,817			116,027,975			141,156,903
Net realized and unrealized gain		458,237,524			1,224,350,355			149,439,893			142,932,859
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	482,695,766		$	1,308,616,249		$	152,371,323		$	146,050,334
(a)  Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	42,106
(b)  Net of deferred foreign capital gain tax of	$	—		$	—		$	—		$	(2,255,526	)

See notes to financial statements.

54 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares ESG MSCI USA Leaders ETF			iShares MSCI Global Impact ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	22,278,195		$	1,242,238
Dividends — Affiliated		189,496			185
Securities lending income — Affiliated — net		21,718			27,376
Foreign taxes withheld		—			(45,682	)
Total investment income		22,489,409			1,224,117
EXPENSES
Investment advisory fees		1,358,665			653,694
Commitment fees		—			712
Interest expense		—			121
Total expenses		1,358,665			654,527
Net investment income		21,130,744			569,590
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(9,418,842	)		(5,596,199	)
Investments — Affiliated		(9,139	)		1,007
In-kind redemptions — Unaffiliated		39,916,340			24,342,696
In-kind redemptions — Affiliated		307,646			—
Futures contracts		519,513			96,567
Foreign currency transactions		—			17,436
Net realized gain		31,315,518			18,861,507
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		224,888,133			11,215,549
Investments — Affiliated		2,287,946			(1,495	)
Futures contracts		(361,196	)		(28,629	)
Foreign currency translations		—			(17,004	)
Net change in unrealized appreciation (depreciation)		226,814,883			11,168,421
Net realized and unrealized gain		258,130,401			30,029,928
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	279,261,145		$	30,599,518
(a)  Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	2,602
(b)  Net of deferred foreign capital gain tax of	$	—		$	540

See notes to financial statements.

FINANCIAL  STATEMENTS 55

Statements of Changes in Net Assets

	iShares ESG Aware MSCI EAFE ETF							iShares ESG Aware MSCI USA ETF
		Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	24,458,242		$	43,750,799		$	84,265,894		$	71,524,731
Net realized gain (loss)			7,815,370			(76,351,480	)		548,184,538			120,900,974
Net change in unrealized appreciation (depreciation)			450,422,154			256,704,002			676,165,817			1,360,676,148
Net increase in net assets resulting from operations			482,695,766			224,103,321			1,308,616,249			1,553,101,853
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(32,198,666	)		(35,253,292	)		(76,616,220	)		(48,261,940	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			1,099,476,203			1,918,888,942			3,917,330,131			7,190,400,935
NET ASSETS
Total increase in net assets			1,549,973,303			2,107,738,971			5,149,330,160			8,695,240,848
Beginning of period			3,025,518,508			917,779,537			8,991,145,354			295,904,506
End of period		$	4,575,491,811		$	3,025,518,508		$	14,140,475,514		$	8,991,145,354

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

See notes to financial statements.

56 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares ESG Aware MSCI USA Small-Cap ETF							iShares ESG MSCI EM Leaders ETF
			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Period From 02/05/20 to 08/31/20	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	2,931,430		$	2,070,608		$	3,117,475		$	9,624,890
Net realized gain (loss)			33,411,918			(7,511,367	)		1,775,956			(9,867,055	)
Net change in unrealized appreciation (depreciation)			116,027,975			35,550,785			141,156,903			12,292,446
Net increase in net assets resulting from operations			152,371,323			30,110,026			146,050,334			12,050,281
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders			(3,045,839	)		(1,531,147	)		(10,903,446	)		(4,354,836	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			141,567,015			280,096,417			62,532,810			640,273,094
NET ASSETS
Total increase in net assets			290,892,499			308,675,296			197,679,698			647,968,539
Beginning of period			366,339,046			57,663,750			647,968,539			—
End of period		$	657,231,545		$	366,339,046		$	845,648,237		$	647,968,539

^(a)  Commencement of operations.

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

See notes to financial statements.

FINANCIAL  STATEMENTS 57

Statements of Changes in Net Assets (continued)

	iShares ESG MSCI USA Leaders ETF							iShares MSCI Global Impact ETF
		Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	21,130,744		$	33,632,577			$	569,590		$	1,659,880
Net realized gain (loss)			31,315,518			(962,704	)			18,861,507			16,414,488
Net change in unrealized appreciation (depreciation)			226,814,883			391,890,722				11,168,421			22,785,059
Net increase in net assets resulting from operations			279,261,145			424,560,595				30,599,518			40,859,427
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(20,692,320	)		(31,557,896	)			(1,243,796	)		(1,233,842	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			184,229,455			592,159,848				196,363,922			81,803,802
NET ASSETS
Total increase in net assets			442,798,280			985,162,547				225,719,644			121,429,387
Beginning of period			2,564,227,647			1,579,065,100				175,603,848			54,174,461
End of period		$	3,007,025,927		$	2,564,227,647			$	401,323,492		$	175,603,848

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

See notes to financial statements.

58 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI EAFE ETF
		Six Months Ended																				Period From
		02/28/21				Year Ended				Year Ended				Year Ended				Year Ended						06/28/16	(a)
		(unaudited)				08/31/20				08/31/19				08/31/18				08/31/17				to 08/31/16
Net asset value, beginning of period			$	65.21			$	62.01			$	65.51			$	64.28			$	55.84			$	50.87
Net investment income(b)				0.46				1.53				2.12				2.16				1.87				0.16
Net realized and unrealized gain (loss)(c)				8.98				2.85				(3.92	)			0.83				7.68				4.81
Net increase (decrease) from investment operations				9.44				4.38				(1.80	)			2.99				9.55				4.97
Distributions(d)
From net investment income				(0.61	)			(1.18	)			(1.70	)			(1.76	)			(1.11	)			—
Total distributions				(0.61	)			(1.18	)			(1.70	)			(1.76	)			(1.11	)			—
Net asset value, end of period			$	74.04			$	65.21			$	62.01			$	65.51			$	64.28			$	55.84
Total Return
Based on net asset value				14.51	%(e)			7.12	%			(2.68	)%			4.64	%			17.16	%			9.79	%(e)
Ratios to Average Net Assets
Total expenses				0.20	%(f)			0.20	%			0.20	%			0.20	%			0.38	%			0.40	%(f)
Net investment income				1.34	%(f)			2.47	%			3.39	%			3.22	%			3.10	%			1.67	%(f)
Supplemental Data
Net assets, end of period (000)			$	4,575,492			$	3,025,519			$	917,780			$	360,309			$	122,123			$	5,584
Portfolio turnover rate(g)				14	%(e)			30	%			26	%��			24	%			9	%			5	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 59

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI USA ETF
		Six Months Ended																Period From
		02/28/21				Year Ended				Year Ended				Year Ended						12/01/16	(a)
		(unaudited)				08/31/20				08/31/19				08/31/18				to 08/31/17
Net asset value, beginning of period			$	79.74			$	64.33			$	63.85			$	54.15			$	47.79
Net investment income(b)				0.59				1.22				1.17				1.09				0.71
Net realized and unrealized gain(c)				7.99				15.13				0.40				9.52				6.22
Net increase from investment operations				8.58				16.35				1.57				10.61				6.93
Distributions(d)
From net investment income				(0.57	)			(0.94	)			(1.09	)			(0.80	)			(0.57	)
From net realized gain				—				—				—				(0.11	)			—
Total distributions				(0.57	)			(0.94	)			(1.09	)			(0.91	)			(0.57	)
Net asset value, end of period			$	87.75			$	79.74			$	64.33			$	63.85			$	54.15
Total Return
Based on net asset value				10.84	%(e)			25.79	%			2.59	%			19.79	%			14.55	%(e)
Ratios to Average Net Assets
Total expenses				0.15	%(f)			0.15	%			0.15	%			0.15	%			0.27	%(f)
Net investment income				1.44	%(f)			1.76	%			1.88	%			1.83	%			1.85	%(f)
Supplemental Data
Net assets, end of period (000)			$	14,140,476			$	8,991,145			$	295,905			$	98,974			$	10,830
Portfolio turnover rate(g)				10	%(e)			38	%			27	%			28	%			22	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

60 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI USA Small-Cap ETF
		Six Months Ended												Period From
		02/28/21				Year Ended				Year Ended						04/10/18	(a)
		(unaudited)				08/31/20				08/31/19				to 08/31/18
Net asset value, beginning of period			$	27.34			$	26.21			$	28.76			$	25.47
Net investment income(b)				0.20				0.33				0.36				0.12
Net realized and unrealized gain (loss)(c)				10.44				1.10				(2.58	)			3.23
Net increase (decrease) from investment operations				10.64				1.43				(2.22	)			3.35
Distributions(d)
From net investment income				(0.21	)			(0.30	)			(0.33	)			(0.06	)
Total distributions				(0.21	)			(0.30	)			(0.33	)			(0.06	)
Net asset value, end of period			$	37.77			$	27.34			$	26.21			$	28.76
Total Return
Based on net asset value				39.15	%(e)			5.57	%			(7.69	)%			13.16	%(e)
Ratios to Average Net Assets
Total expenses				0.17	%(f)			0.17	%			0.17	%			0.17	%(f)
Net investment income				1.26	%(f)			1.32	%			1.35	%			1.17	%(f)
Supplemental Data
Net assets, end of period (000)			$	657,232			$	366,339			$	57,664			$	11,506
Portfolio turnover rate(g)				17	%(e)			50	%			34	%			15	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 61

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI EM Leaders ETF
		Six Months Ended				Period From
		02/28/21						02/05/20	(a)
		(unaudited)				to 08/31/20
Net asset value, beginning of period			$	51.84			$	51.43
Net investment income(b)				0.24				0.79
Net realized and unrealized gain (loss)(c)				10.88				(0.03	)
Net increase from investment operations				11.12				0.76
Distributions(d)
From net investment income				(0.78	)			(0.35	)
Total distributions				(0.78	)			(0.35	)
Net asset value, end of period			$	62.18			$	51.84
Total Return
Based on net asset value				21.61	%(e)			1.54	%(e)
Ratios to Average Net Assets
Total expenses				0.16	%(f)			0.16	%(f)
Net investment income				0.82	%(f)			3.04	%(f)
Supplemental Data
Net assets, end of period (000)			$	845,648			$	647,969
Portfolio turnover rate(g)				11	%(e)			19	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

62 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI USA Leaders ETF
		Six Months Ended								Period From
		02/28/21				Year Ended						05/07/19	(a)
		(unaudited)				08/31/20				to 08/31/19
Net asset value, beginning of period			$	60.55			$	50.77			$	49.23
Net investment income(b)				0.48				0.94				0.32
Net realized and unrealized gain(c)				`5.83				9.75				1.34
Net increase from investment operations				6.31				10.69				1.66
Distributions(d)
From net investment income				(0.48	)			(0.91	)			(0.12	)
Total distributions				(0.48	)			(0.91	)			(0.12	)
Net asset value, end of period			$	66.38			$	60.55			$	50.77
Total Return
Based on net asset value				10.52	%(e)			21.45	%			3.38	%(e)
Ratios to Average Net Assets
Total expenses				0.10	%(f)			0.10	%			0.11	%(f)
Total expenses after fees waived				0.10	%(f)			0.10	%			0.10	%(f)
Net investment income				1.56	%(f)			1.77	%			2.00	%(f)
Supplemental Data
Net assets, end of period (000)			$	3,007,026			$	2,564,228			$	1,579,065
Portfolio turnover rate(g)				4	%(e)			9	%			4	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f) Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 63

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Impact ETF
		Six Months Ended																				Period From
		02/28/21				Year Ended				Year Ended				Year Ended				Year Ended						04/20/16	(a)
		(unaudited)				08/31/20				08/31/19				08/31/18				08/31/17				to 08/31/16
Net asset value, beginning of period			$	81.68			$	57.03			$	58.35			$	55.92			$	49.61			$	48.70
Net investment income(b)				0.19				1.19				1.02				1.32				1.05				0.49
Net realized and unrealized gain (loss)(c)				11.87				24.32				(1.29	)			2.65				6.44				0.65
Net increase (decrease) from investment operations				12.06				25.51				(0.27	)			3.97				7.49				1.14
Distributions(d)
From net investment income				(0.41	)			(0.86	)			(1.05	)			(1.54	)			(1.18	)			(0.23	)
Total distributions				(0.41	)			(0.86	)			(1.05	)			(1.54	)			(1.18	)			(0.23	)
Net asset value, end of period			$	93.33			$	81.68			$	57.03			$	58.35			$	55.92			$	49.61
Total Return
Based on net asset value				14.85	%(e)			45.10	%			(0.40	)%			7.16	%			15.27	%			2.38	%(e)
Ratios to Average Net Assets
Total expenses				0.49	%(f)			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%(f)
Net investment income				0.43	%(f)			1.82	%			1.79	%			2.26	%			2.05	%			2.76	%(f)
Supplemental Data
Net assets, end of period (000)			$	401,323			$	175,604			$	54,174			$	37,928			$	25,164			$	14,884
Portfolio turnover rate(g)				32	%(e)			47	%			43	%			36	%			32	%			28	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

64 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited)

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
ESG Aware MSCI EAFE		Diversified
ESG Aware MSCI USA		Diversified
ESG Aware MSCI USA Small-Cap		Non-diversified
ESG MSCI EM Leaders		Non-diversified
ESG MSCI USA Leaders		Non-diversified
MSCI Global Impact		Diversified

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, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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 prevailing market rates as quoted by one or more data service providers. 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 statement 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.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2021, if any, are disclosed in the statement of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

NOTES   TO  FINANCIAL   STATEMENTS 65

Notes to Financial Statements (unaudited) (continued)

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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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. 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 for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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 value of the securities

66 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower 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.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
ESG Aware MSCI EAFE
HSBC Bank PLC	$	2,836,858	$	2,836,858		$	—	$	—
Morgan Stanley & Co. LLC		3,992,504		3,992,504			—		—
	$	6,829,362	$	6,829,362		$	—	$	—
ESG Aware MSCI USA
Barclays Bank PLC	$	1,129,176	$	1,129,176		$	—	$	—
Citigroup Global Markets Inc.		17,672,323		17,392,801			—		(279,522	)(b)
State Street Bank & Trust Company		4,728,497		4,728,497			—		—
UBS AG		115,614		113,546			—		(2,068	)(b)
	$	23,645,610	$	23,364,020		$	—	$	(281,590	)
ESG Aware MSCI USA Small-Cap
Barclays Capital Inc.	$	42,518	$	42,518		$	—	$	—
BMO Capital Markets		83,008		82,727			—		(281	)(b)
BofA Securities, Inc.		2,361,195		2,348,833			—		(12,362	)(b)
Citigroup Global Markets Inc.		2,765,433		2,765,433			—		—
Credit Suisse Securities (USA) LLC		1,312,062		1,312,062			—		—
HSBC Bank PLC		918,257		918,257			—		—
Jefferies LLC		143,488		136,778			—		(6,710	)(b)
Morgan Stanley & Co. LLC		9,471,624		9,471,624			—		—
National Financial Services LLC		1,373,778		1,360,208			—		(13,570	)(b)
Pershing LLC		139,184		139,184			—		—
State Street Bank & Trust Company		129,508		129,508			—		—
TD Prime Services LLC		736,960		736,960			—		—
UBS AG		1,528,366		1,528,366			—		—
	$	21,005,381	$	20,972,458		$	—	$	(32,923	)
ESG MSCI EM Leaders
JPMorgan Securities LLC	$	66,596	$	66,596		$	—	$	—
Morgan Stanley & Co. International PLC		1,001,698		1,001,698			—		—
Morgan Stanley & Co. LLC		48,237		48,237			—		—
Nomura Securities International Inc.		197,631		197,631			—		—
Virtu Americas LLC		2,276,136		2,276,136			—		—
	$	3,590,298	$	3,590,298		$	—	$	—

NOTES   TO  FINANCIAL   STATEMENTS 67

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
ESG MSCI USA Leaders
BNP Paribas Securities Corp.	$	516,883	$	511,371		$	—	$	(5,512	)(b)
BofA Securities, Inc.		2,337,415		2,337,415			—		—
Goldman Sachs & Co.		329,051		324,922			—		(4,129	)(b)
JPMorgan Securities LLC		8,591		8,499			—		(92	)(b)
UBS Securities LLC		8,154		8,154			—		—
	$	3,200,094	$	3,190,361		$	—	$	(9,733	)
MSCI Global Impact
Barclays Bank PLC	$	188,109	$	188,109		$	—	$	—
JPMorgan Securities LLC		406,624		406,624			—		—
Morgan Stanley & Co. LLC		76,709		76,709			—		—
Nomura Securities International Inc.		13,821		13,821			—		—
SG Americas Securities LLC		207,591		207,591			—		—
	$	892,854	$	892,854		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b) Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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, Inc. (“BlackRock”). BlackRock’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

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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. 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).

68 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

iShares ETF	Investment Advisory Fee
ESG Aware MSCI EAFE		0.20%
ESG Aware MSCI USA		0.15
ESG Aware MSCI USA Small-Cap		0.17
ESG MSCI EM Leaders		0.16
ESG MSCI USA Leaders		0.10
MSCI Global Impact		0.49

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “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. 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. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of 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 of the iShares ESG Aware MSCI USA ETF, iShares ESG Aware MSCI USA Small-Cap ETF and iShares ESG MSCI USA Leaders ETF (the “Group 1 Funds”), retains 77% 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.

Pursuant to the current securities lending agreement, each of the iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF and iShares MSCI Global Impact ETF (the “Group 2 Funds”), 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.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% 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, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% 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.

Prior to January 1, 2021, each Group 1 Fund retained 75% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. 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 a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

NOTES   TO  FINANCIAL   STATEMENTS 69

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
ESG Aware MSCI EAFE	$	19,795
ESG Aware MSCI USA		62,137
ESG Aware MSCI USA Small-Cap		27,541
ESG MSCI EM Leaders		9,939
ESG MSCI USA Leaders		7,896
MSCI Global Impact		6,403

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
ESG Aware MSCI EAFE	$	132,347,607	$	185,935,708	$	(4,403,373	)
ESG Aware MSCI USA		253,939,921		406,434,155		(28,955,650	)
ESG Aware MSCI USA Small-Cap		17,364,061		16,277,147		(817,808	)
ESG MSCI EM Leaders		10,813,244		1,884,095		(153,905	)
ESG MSCI USA Leaders		60,949,980		42,441,970		(7,514,866	)
MSCI Global Impact		22,902,852		22,772,487		(2,641,882	)

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 statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Aware MSCI EAFE	$	541,299,606	$	495,255,362
ESG Aware MSCI USA		1,214,748,100		1,202,065,765
ESG Aware MSCI USA Small-Cap		82,537,757		78,794,622
ESG MSCI EM Leaders		122,253,460		79,965,604
ESG MSCI USA Leaders		117,120,264		118,936,055
MSCI Global Impact		131,217,843		87,578,636

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
ESG Aware MSCI EAFE	$	1,064,169,397	$	20,448,993
ESG Aware MSCI USA		6,032,702,887		2,130,792,988
ESG Aware MSCI USA Small-Cap		228,779,880		91,481,111
ESG MSCI EM Leaders		24,454,912		13,161,202
ESG MSCI USA Leaders		306,545,395		120,899,008
MSCI Global Impact		211,102,664		57,735,928

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.

70 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2021, 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.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
ESG Aware MSCI EAFE	$	97,367,379
ESG Aware MSCI USA		120,119,946
ESG Aware MSCI USA Small-Cap		10,085,592
ESG MSCI EM Leaders		10,436,510
ESG MSCI USA Leaders		26,461,692
MSCI Global Impact		3,080,222

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2021, 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)
ESG Aware MSCI EAFE	$	3,857,882,371	$	756,951,153	$	(52,091,669	)	$	704,859,484
ESG Aware MSCI USA		12,118,294,015		2,179,489,302		(129,472,085	)		2,050,017,217
ESG Aware MSCI USA Small-Cap		527,695,101		155,539,744		(4,272,315	)		151,267,429
ESG MSCI EM Leaders		694,190,581		194,376,232		(39,666,601	)		154,709,631
ESG MSCI USA Leaders		2,346,720,263		687,684,060		(26,652,458	)		661,031,602
MSCI Global Impact		368,363,506		40,993,040		(5,684,276	)		35,308,764

9. LINE OF CREDIT

The iShares ESG MSCI EM Leaders ETF and iShares MSCI Global Impact ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

For the six months ended February 28, 2021, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG MSCI EM Leaders	$	5,282,000	$	248,291		1.14	%
MSCI Global Impact		190,000		20,746		1.15

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 the 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 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 the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

NOTES   TO  FINANCIAL   STATEMENTS 71

Notes to Financial Statements (unaudited) (continued)

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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 the Manager 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 statement 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.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration 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.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the schedule of investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

72 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
ESG Aware MSCI EAFE
Shares sold		15,700,000		$	1,121,688,646			32,200,000		$	1,957,484,272
Shares redeemed		(300,000	)		(22,212,443	)		(600,000	)		(38,595,330	)
Net increase		15,400,000		$	1,099,476,203			31,600,000		$	1,918,888,942
ESG Aware MSCI USA
Shares sold		73,300,000		$	6,061,346,263			127,450,000		$	8,513,896,093
Shares redeemed		(24,900,000	)		(2,144,016,132	)		(19,300,000	)		(1,323,495,158	)
Net increase		48,400,000		$	3,917,330,131			108,150,000		$	7,190,400,935
ESG Aware MSCI USA Small-Cap
Shares sold		6,900,000		$	234,533,207			11,500,000		$	286,941,456
Shares redeemed		(2,900,000	)		(92,966,192	)		(300,000	)		(6,845,039	)
Net increase		4,000,000		$	141,567,015			11,200,000		$	280,096,417
ESG MSCI EM Leaders
Shares sold		1,600,000		$	92,937,974			12,500,000		$	640,273,094
Shares redeemed		(500,000	)		(30,405,164	)		—			—
Net increase		1,100,000		$	62,532,810			12,500,000		$	640,273,094

NOTES   TO  FINANCIAL   STATEMENTS 73

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
ESG MSCI USA Leaders
Shares sold		4,850,000		$	307,015,697			14,250,000		$	755,760,037
Shares redeemed		(1,900,000	)		(122,786,242	)		(3,000,000	)		(163,600,189	)
Net increase		2,950,000		$	184,229,455			11,250,000		$	592,159,848
MSCI Global Impact
Shares sold		2,800,000		$	254,946,865			1,550,000		$	107,653,071
Shares redeemed		(650,000	)		(58,582,943	)		(350,000	)		(25,849,269	)
Net increase		2,150,000		$	196,363,922			1,200,000		$	81,803,802

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. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors 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.

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 statement of assets and liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

74 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Aware MSCI EAFE ETF, iShares ESG Aware MSCI USA ETF, iShares ESG Aware MSCI USA Small-Cap ETF, iShares ESG MSCI EM Leaders ETF, iShares ESG MSCI USA Leaders ETF and iShares MSCI Global Impact ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT   REGARDING   LIQUIDITY  RISK   MANAGEMENT  PROGRAM 75

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG Aware MSCI EAFE(a)	$	0.589851	$	—	$	0.017671	$	0.607522		97	%		—	%		3	%		100	%
ESG Aware MSCI USA(a)		0.527329		—		0.047283		0.574612		92			—			8			100
ESG Aware MSCI USA Small-Cap(a)		0.163971		—		0.050911		0.214882		76			—			24			100
ESG MSCI EM Leaders(a)		0.603726		—		0.177883		0.781609		77			—			23			100
ESG MSCI USA Leaders(a)		0.440481		—		0.042254		0.482735		91			—			9			100
MSCI Global Impact(a)		0.362280		—		0.045522		0.407802		89			—			11			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

76 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email 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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

GENERAL   INFORMATION 77

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

78 2 0 2 1  I SHARES  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

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.

©2021 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.

iS-SAR-817-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI Japan Equal Weighted ETF | EWJE | NASDAQ

· iShares MSCI Japan Value ETF | EWJV | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		9.74	%		31.29	%
U.S. small cap equities (Russell 2000® Index)		41.69			51.00
International equities (MSCI Europe, Australasia, Far East Index)		14.33			22.46
Emerging market equities (MSCI Emerging Markets Index)		22.32			36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.06			0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.34	)		(1.96	)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		(1.55	)		1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.92			1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		6.08			9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		19
Notes to Financial Statements		21
Statement Regarding Liquidity Risk Management Program		27
Supplemental Information		28
General Information		29

Fund Summary  as of February 28, 2021  iShares^® MSCI Japan Equal Weighted ETF

Investment Objective

The iShares MSCI Japan Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted Japanese equities, as represented by the MSCI Japan Equal Weighted Index (USD) (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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		14.08	%		24.59	%		10.41	%		24.59	%		21.77	%
Fund Market		15.53			28.20			11.05			28.20			23.17
Index		14.11			24.24			10.19			24.24			21.26

The inception date of the Fund was 3/5/19. The first day of secondary market trading was 3/7/19.

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 6 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,140.80	$	0.80	$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Industrials		23.3	%
Consumer Discretionary		14.5
Information Technology		11.9
Consumer Staples		10.2
Financials		8.9
Materials		8.3
Health Care		7.7
Real Estate		6.1
Communication Services		5.1
Utilities		2.8
Energy		1.2

TEN LARGEST HOLDINGS
Security	Percent of Total Investments(a)
Tokyo Electron Ltd.		0.5	%
Sharp Corp.		0.5
SoftBank Group Corp.		0.5
SUMCO Corp.		0.5
Nippon Yusen KK		0.4
Toyota Industries Corp.		0.4
ABC-Mart Inc.		0.4
Nitto Denko Corp.		0.4
Murata Manufacturing Co. Ltd.		0.4
Lixil Corp.		0.4

^(a) Excludes money market funds.

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Fund Summary  as of February 28, 2021  iShares^® MSCI Japan Value ETF

Investment Objective

The iShares MSCI Japan Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations, as represented by the MSCI Japan Value Index (USD) (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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		17.80	%		18.68	%		8.35	%		18.68	%		17.30	%
Fund Market		19.55			22.47			9.20			22.47			19.14
Index		17.90			18.63			8.21			18.63			16.97

The inception date of the Fund was 3/5/19. The first day of secondary market trading was 3/7/19.

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 6 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,178.00	$	0.81	$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Industrials		20.6	%
Consumer Discretionary		18.8
Financials		17.1
Communication Services		11.3
Information Technology		7.8
Real Estate		6.9
Materials		5.8
Consumer Staples		4.8
Health Care		3.5
Utilities		2.4
Energy		1.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Toyota Motor Corp.		7.7	%
SoftBank Group Corp.		4.8
Mitsubishi UFJ Financial Group Inc.		3.1
KDDI Corp.		2.4
Honda Motor Co. Ltd.		2.2
Sumitomo Mitsui Financial Group Inc.		2.2
Softbank Corp.		1.9
Mitsubishi Corp.		1.9
Mizuho Financial Group Inc.		1.7
Mitsui & Co. Ltd.		1.7

F U N D   S U M M A R Y 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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Schedule of Investments  (unaudited) February 28, 2021 iShares^® MSCI Japan Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.6%
SG Holdings Co. Ltd.		1,000	$	22,977
Yamato Holdings Co. Ltd.		1,000		26,300
				49,277
Airlines — 0.6%
ANA Holdings Inc.(a)		800		19,178
Japan Airlines Co. Ltd.(a)		1,000		23,747
				42,925
Auto Components — 3.1%
Aisin Seiki Co. Ltd.		800		27,220
Bridgestone Corp.		600		23,433
Denso Corp.		400		23,983
Koito Manufacturing Co. Ltd.		400		26,657
NGK Spark Plug Co. Ltd.		1,400		23,679
Stanley Electric Co. Ltd.		800		23,691
Sumitomo Electric Industries Ltd.		2,000		29,031
Toyoda Gosei Co. Ltd.		1,000		25,915
Toyota Industries Corp.		400		34,166
				237,775
Automobiles — 2.6%
Honda Motor Co. Ltd.		800		21,862
Isuzu Motors Ltd.		2,400		25,095
Mazda Motor Corp.		3,000		23,625
Nissan Motor Co. Ltd.(a)		4,600		24,814
Subaru Corp.		1,200		22,397
Suzuki Motor Corp.		600		25,900
Toyota Motor Corp.		400		29,559
Yamaha Motor Co. Ltd.		1,400		30,473
				203,725
Banks — 3.9%
Bank of Kyoto Ltd. (The)		400		23,991
Chiba Bank Ltd. (The)		4,200		26,767
Concordia Financial Group Ltd.		6,600		25,461
Fukuoka Financial Group Inc.		1,200		21,569
Japan Post Bank Co. Ltd.		2,600		24,746
Mitsubishi UFJ Financial Group Inc.		5,400		28,282
Mizuho Financial Group Inc.		1,680		24,583
Resona Holdings Inc.		6,400		25,693
Shinsei Bank Ltd.		1,800		25,681
Shizuoka Bank Ltd. (The)		3,200		23,368
Sumitomo Mitsui Financial Group Inc.		800		28,098
Sumitomo Mitsui Trust Holdings Inc.		800		26,296
				304,535
Beverages — 1.5%
Asahi Group Holdings Ltd.		600		25,973
Coca-Cola Bottlers Japan Holdings Inc.		1,200		20,612
Ito En Ltd.		400		22,076
Kirin Holdings Co. Ltd.		1,200		23,524
Suntory Beverage & Food Ltd.		600		20,528
				112,713
Biotechnology — 0.4%
PeptiDream Inc.(a)		600		28,553
Building Products — 1.4%
AGC Inc.		800		29,285
Daikin Industries Ltd.		100		19,448
Lixil Corp.		1,200		33,644

Security	Shares		Value
Building Products (continued)
TOTO Ltd.		400	$	24,066
				106,443
Capital Markets — 1.3%
Daiwa Securities Group Inc.		5,400		26,235
Japan Exchange Group Inc.		1,000		21,527
Nomura Holdings Inc.		4,800		27,879
SBI Holdings Inc.		1,000		27,764
				103,405
Chemicals — 6.0%
Air Water Inc.		1,600		26,311
Asahi Kasei Corp.		2,600		27,967
JSR Corp.		1,000		29,801
Kansai Paint Co. Ltd.		1,000		26,112
Kuraray Co. Ltd.		2,200		24,614
Mitsubishi Chemical Holdings Corp.		4,200		29,164
Mitsubishi Gas Chemical Co. Inc.		1,400		32,576
Mitsui Chemicals Inc.		1,000		30,787
Nippon Paint Holdings Co. Ltd.		200		14,868
Nippon Sanso Holdings Corp.		1,400		26,268
Nissan Chemical Corp.		400		21,738
Nitto Denko Corp.		400		34,128
Shin-Etsu Chemical Co. Ltd.		200		32,570
Sumitomo Chemical Co. Ltd.		6,800		32,870
Teijin Ltd.		1,400		24,047
Toray Industries Inc.		4,600		30,077
Tosoh Corp.		1,400		25,624
				469,522
Commercial Services & Supplies — 1.2%
Dai Nippon Printing Co. Ltd.		1,200		21,558
Secom Co. Ltd.		200		17,319
Sohgo Security Services Co. Ltd.		600		27,032
Toppan Printing Co. Ltd.		1,800		28,249
				94,158
Construction & Engineering — 1.2%
Kajima Corp.		1,800		22,943
Obayashi Corp.		2,600		22,281
Shimizu Corp.		3,200		24,179
Taisei Corp.		600		21,147
				90,550
Construction Materials — 0.3%
Taiheiyo Cement Corp.		1,000		24,892
Consumer Finance — 0.3%
Acom Co. Ltd.		5,400		24,075
Diversified Financial Services — 1.1%
Mitsubishi UFJ Lease & Finance Co. Ltd.		5,400		28,941
ORIX Corp.		1,800		30,437
Tokyo Century Corp.		400		26,056
				85,434
Diversified Telecommunication Services — 0.3%
Nippon Telegraph & Telephone Corp.		1,000		25,887
Electric Utilities — 1.9%
Chubu Electric Power Co. Inc.		2,000		24,545
Chugoku Electric Power Co. Inc. (The)		2,200		26,246
Kansai Electric Power Co. Inc. (The)		2,600		25,929
Kyushu Electric Power Co. Inc.		2,600		22,330
Tohoku Electric Power Co. Inc.		2,600		22,866

S C H E D U L E   O F   I N V E S  T M E N T S 7

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Japan Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Tokyo Electric Power Co. Holdings Inc.(a)		7,000	$	22,470
				144,386
Electrical Equipment — 1.1%
Fuji Electric Co. Ltd.		800		33,189
Mitsubishi Electric Corp.		1,800		26,500
Nidec Corp.		200		25,380
				85,069
Electronic Equipment, Instruments & Components — 3.6%
Azbil Corp.		600		25,483
Hamamatsu Photonics KK		400		23,540
Hirose Electric Co. Ltd.		200		29,172
Hitachi Ltd.		600		27,460
Ibiden Co. Ltd.		400		16,257
Kyocera Corp.		400		25,748
Murata Manufacturing Co. Ltd.		400		34,094
Omron Corp.		200		16,107
Shimadzu Corp.		800		28,759
TDK Corp.		200		28,609
Yokogawa Electric Corp.		1,400		26,492
				281,721
Entertainment — 1.9%
Capcom Co. Ltd.		400		24,329
Koei Tecmo Holdings Co. Ltd.		400		22,489
Konami Holdings Corp.		400		25,643
Nexon Co. Ltd.		1,000		31,537
Square Enix Holdings Co. Ltd.		400		22,677
Toho Co. Ltd.		600		22,527
				149,202
Equity Real Estate Investment Trusts (REITs) — 3.0%
Daiwa House REIT Investment Corp.		10		26,244
GLP J-REIT		16		25,921
Japan Real Estate Investment Corp.		4		24,366
Japan Retail Fund Investment Corp.		32		31,628
Nippon Building Fund Inc.		4		24,441
Nippon Prologis REIT Inc.		8		24,479
Nomura Real Estate Master Fund Inc.		18		26,948
Orix JREIT Inc.		12		20,420
United Urban Investment Corp.		20		27,445
				231,892
Food & Staples Retailing — 2.5%
Aeon Co. Ltd.		800		24,051
Cosmos Pharmaceutical Corp.		200		28,628
Kobe Bussan Co. Ltd.		800		20,537
Lawson Inc.		400		18,678
Seven & i Holdings Co. Ltd.		800		30,313
Sundrug Co. Ltd.		600		22,527
Tsuruha Holdings Inc.		200		25,737
Welcia Holdings Co. Ltd.		800		25,568
				196,039
Food Products — 3.2%
Ajinomoto Co. Inc.		1,200		23,867
Calbee Inc.		800		21,025
Kikkoman Corp.		400		26,394
MEIJI Holdings Co. Ltd.		400		25,380
NH Foods Ltd.		600		25,258
Nisshin Seifun Group Inc.		1,200		19,294
Nissin Foods Holdings Co. Ltd.		400		30,224
Toyo Suisan Kaisha Ltd.		600		25,568

Security	Shares		Value
Food Products (continued)
Yakult Honsha Co. Ltd.		600	$	29,679
Yamazaki Baking Co. Ltd.		1,400		23,561
				250,250
Gas Utilities — 0.9%
Osaka Gas Co. Ltd.		1,200		21,468
Toho Gas Co. Ltd.		400		23,503
Tokyo Gas Co. Ltd.		1,200		24,802
				69,773
Health Care Equipment & Supplies — 1.5%
Asahi Intecc Co. Ltd.		800		22,940
Hoya Corp.		200		22,714
Olympus Corp.		1,200		25,117
Sysmex Corp.		200		20,809
Terumo Corp.		600		22,251
				113,831
Health Care Providers & Services — 0.9%
Alfresa Holdings Corp.		1,200		23,135
Medipal Holdings Corp.		1,200		23,766
Suzuken Co. Ltd.		600		22,864
				69,765
Health Care Technology — 0.4%
M3 Inc.		400		31,631
Hotels, Restaurants & Leisure — 0.8%
McDonald’s Holdings Co. Japan Ltd.		600		29,735
Oriental Land Co. Ltd.		200		33,490
				63,225
Household Durables — 2.8%
Casio Computer Co. Ltd.		1,400		26,964
Iida Group Holdings Co. Ltd.		1,200		27,167
Panasonic Corp.		2,400		30,760
Rinnai Corp.		200		20,237
Sekisui Chemical Co. Ltd.		1,400		24,901
Sekisui House Ltd.		1,400		26,242
Sharp Corp.		2,000		37,789
Sony Corp.		200		20,875
				214,935
Household Products — 0.9%
Lion Corp.		1,200		23,045
Pigeon Corp.		600		21,682
Unicharm Corp.		600		23,743
				68,470
Industrial Conglomerates — 0.7%
Keihan Holdings Co. Ltd.		600		26,920
Toshiba Corp.		800		25,192
				52,112
Insurance — 2.2%
Dai-ichi Life Holdings Inc.		1,400		24,560
Japan Post Holdings Co. Ltd.		2,800		23,932
Japan Post Insurance Co. Ltd.		1,400		28,633
MS&AD Insurance Group Holdings Inc.		800		22,527
Sompo Holdings Inc.		600		22,977
T&D Holdings Inc.		2,200		29,653
Tokio Marine Holdings Inc.		400		19,722
				172,004
Interactive Media & Services — 0.7%
Kakaku.com Inc.		800		25,380

8 2 0 2 1  I S H A R E S   S E M I - A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Japan Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Z Holdings Corp.		4,400	$	26,783
				52,163
Internet & Direct Marketing Retail — 1.1%
Mercari Inc.(a)		600		28,834
Rakuten Inc.		2,400		26,829
ZOZO Inc.		1,000		31,256
				86,919
IT Services — 3.2%
Fujitsu Ltd.		200		28,834
GMO Payment Gateway Inc.		200		26,488
Itochu Techno-Solutions Corp.		800		24,554
NEC Corp.		400		21,776
Nomura Research Institute Ltd.		800		24,855
NTT Data Corp.		1,800		27,455
Obic Co. Ltd.		100		16,876
Otsuka Corp.		600		27,877
SCSK Corp.		400		23,540
TIS Inc.		1,200		24,937
				247,192
Leisure Products — 1.2%
Bandai Namco Holdings Inc.		200		15,294
Sega Sammy Holdings Inc.		1,800		30,225
Shimano Inc.		100		22,348
Yamaha Corp.		400		22,264
				90,131
Machinery — 7.0%
Amada Co. Ltd.		2,600		31,506
Daifuku Co. Ltd.		200		19,110
FANUC Corp.		100		24,723
Harmonic Drive Systems Inc.		400		30,749
Hino Motors Ltd.		2,800		26,281
Hitachi Construction Machinery Co. Ltd.		800		24,592
Hoshizaki Corp.		200		17,533
Komatsu Ltd.		1,000		29,942
Kubota Corp.		1,400		31,636
Kurita Water Industries Ltd.		800		32,363
Makita Corp.		600		25,540
MINEBEA MITSUMI Inc.		1,200		29,454
MISUMI Group Inc.		800		24,404
Mitsubishi Heavy Industries Ltd.		800		23,037
Miura Co. Ltd.		600		31,031
Nabtesco Corp.		600		25,455
NGK Insulators Ltd.		1,600		28,234
NSK Ltd.		2,800		27,411
THK Co. Ltd.		1,000		32,241
Yaskawa Electric Corp.		600		29,961
				545,203
Marine — 0.4%
Nippon Yusen KK		1,200		34,410
Media — 1.0%
CyberAgent Inc.		400		24,103
Dentsu Group Inc.		800		27,558
Hakuhodo DY Holdings Inc.		1,800		29,634
				81,295
Metals & Mining — 1.5%
Hitachi Metals Ltd.		1,800		28,536
JFE Holdings Inc.(a)		2,600		27,284
Nippon Steel Corp.(a)		2,000		29,425

Security	Shares		Value
Metals & Mining (continued)
Sumitomo Metal Mining Co. Ltd.		600	$	28,958
				114,203
Multiline Retail — 0.9%
Marui Group Co. Ltd.		1,200		22,763
Pan Pacific International Holdings Corp.		1,000		23,418
Ryohin Keikaku Co. Ltd.		1,200		27,010
				73,191
Oil, Gas & Consumable Fuels — 1.1%
ENEOS Holdings Inc.		6,800		29,852
Idemitsu Kosan Co. Ltd.		1,200		31,357
Inpex Corp.		3,800		27,963
				89,172
Paper & Forest Products — 0.4%
Oji Holdings Corp.		5,000		31,491
Personal Products — 1.7%
Kao Corp.		400		26,822
Kobayashi Pharmaceutical Co. Ltd.		200		18,885
Kose Corp.		200		32,044
Pola Orbis Holdings Inc.		1,200		27,404
Shiseido Co. Ltd.		400		29,709
				134,864
Pharmaceuticals — 4.5%
Astellas Pharma Inc.		1,600		25,140
Chugai Pharmaceutical Co. Ltd.		600		26,824
Daiichi Sankyo Co. Ltd.		800		22,602
Eisai Co. Ltd.		400		27,479
Hisamitsu Pharmaceutical Co. Inc.		400		24,929
Kyowa Kirin Co. Ltd.		1,000		27,858
Nippon Shinyaku Co. Ltd.		400		27,145
Ono Pharmaceutical Co. Ltd.		800		21,505
Otsuka Holdings Co. Ltd.		600		23,788
Santen Pharmaceutical Co. Ltd.		1,600		21,956
Shionogi & Co. Ltd.		400		20,323
Sumitomo Dainippon Pharma Co. Ltd.		1,800		28,434
Taisho Pharmaceutical Holdings Co. Ltd.		400		24,517
Takeda Pharmaceutical Co. Ltd.		800		26,897
				349,397
Professional Services — 1.0%
Nihon M&A Center Inc.		400		21,814
Persol Holdings Co. Ltd.		1,400		27,687
Recruit Holdings Co. Ltd.		600		29,741
				79,242
Real Estate Management & Development — 3.0%
Aeon Mall Co. Ltd.		1,600		26,912
Daito Trust Construction Co. Ltd.		200		22,170
Daiwa House Industry Co. Ltd.		800		22,549
Hulic Co. Ltd.		2,400		26,762
Mitsubishi Estate Co. Ltd.		1,400		24,152
Mitsui Fudosan Co. Ltd.		1,200		27,032
Nomura Real Estate Holdings Inc.		1,200		27,021
Sumitomo Realty & Development Co. Ltd.		800		27,558
Tokyu Fudosan Holdings Corp.		5,200		32,506
				236,662
Road & Rail — 4.9%
Central Japan Railway Co.		200		32,683
East Japan Railway Co.		400		29,499
Hankyu Hanshin Holdings Inc.		800		26,544

S C H E D U L E   O F   I N V E S  T M E N T S 9

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Japan Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Keikyu Corp.		1,400	$	22,129
Keio Corp.		400		29,848
Keisei Electric Railway Co. Ltd.		600		21,626
Kintetsu Group Holdings Co. Ltd.		600		25,061
Kyushu Railway Co.		1,000		26,018
Nagoya Railroad Co. Ltd.		1,000		25,380
Nippon Express Co. Ltd.		400		29,735
Odakyu Electric Railway Co. Ltd.		800		23,390
Seibu Holdings Inc.		1,800		21,626
Tobu Railway Co. Ltd.		800		22,752
Tokyu Corp.		1,600		21,986
West Japan Railway Co.		400		24,456
				382,733
Semiconductors & Semiconductor Equipment — 2.8%
Advantest Corp.		400		32,851
Disco Corp.		100		31,350
Lasertec Corp.		200		24,348
Renesas Electronics Corp.(a)		2,800		30,723
Rohm Co. Ltd.		200		19,654
SUMCO Corp.		1,600		36,493
Tokyo Electron Ltd.		100		40,877
				216,296
Software — 0.5%
Oracle Corp. Japan	200		20,274
Trend Micro Inc.(a)		400		19,223
				39,497
Specialty Retail — 1.9%
ABC-Mart Inc.		600		34,128
Hikari Tsushin Inc.		100		19,795
Nitori Holdings Co. Ltd.		100		18,655
Shimamura Co. Ltd.		200		19,918
USS Co. Ltd.		1,600		30,396
Yamada Holdings Co. Ltd.		5,400		25,799
				148,691
Technology Hardware, Storage & Peripherals — 1.8%
Brother Industries Ltd.		1,400		27,503

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Canon Inc.		1,200	$	25,821
FUJIFILM Holdings Corp.		400		22,790
Ricoh Co. Ltd.		3,600		31,155
Seiko Epson Corp.		1,800		29,465
				136,734
Tobacco — 0.3%
Japan Tobacco Inc.		1,200		21,682
Trading Companies & Distributors — 2.6%
ITOCHU Corp.		1,000		29,735
Marubeni Corp.		4,200		31,210
Mitsubishi Corp.		1,000		28,187
Mitsui & Co. Ltd.		1,400		29,744
MonotaRO Co. Ltd.		400		22,977
Sumitomo Corp.		2,000		28,919
Toyota Tsusho Corp.		800		33,490
				204,262
Transportation Infrastructure — 0.4%
Japan Airport Terminal Co. Ltd.		600		28,891
Wireless Telecommunication Services — 1.1%
KDDI Corp.		800		24,704
Softbank Corp.		2,000		27,051
SoftBank Group Corp.		400		37,151
				88,906
Total Common Stocks — 99.1% (Cost: $6,979,961)				7,711,401
Total Investments in Securities — 99.1% (Cost: $6,979,961)				7,711,401
Other Assets, Less Liabilities — 0.9%				67,056
Net Assets — 100.0%			$	7,778,457

^(a)  Non-income producing security.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	0	(b)	$	—	$	—	$	—	$	—		—	$	20	(c)	$	—

^(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

10 2 0 2 1  I S H A R E S   S E M I - A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Japan Equal Weighted ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)			Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		3		03/11/21	$	53		$	1,570
							��

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,570

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	5,670
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,590

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	39,519

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	7,711,401	$	—	$	—	$	7,711,401
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,570	$	—	$	—	$	1,570

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E   O F   I N V E S  T M E N T S 11

Schedule of Investments  (unaudited) February 28, 2021 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.2%
ANA Holdings Inc.(a)		600	$	14,384
Japan Airlines Co. Ltd.(a)		600		14,248
				28,632
Auto Components — 3.0%
Aisin Seiki Co. Ltd.		1,200		40,830
Bridgestone Corp.		4,200		164,034
Koito Manufacturing Co. Ltd.		600		39,985
NGK Spark Plug Co. Ltd.		1,200		20,296
Stanley Electric Co. Ltd.		1,200		35,536
Sumitomo Electric Industries Ltd.		6,000		87,094
Toyota Industries Corp.		1,200		102,497
				490,272
Automobiles — 12.1%
Honda Motor Co. Ltd.		13,200		360,727
Isuzu Motors Ltd.		4,200		43,916
Mazda Motor Corp.		4,500		35,437
Nissan Motor Co. Ltd.(a)		17,400		93,859
Subaru Corp.		4,800		89,589
Suzuki Motor Corp.		1,200		51,800
Toyota Motor Corp.		16,800		1,241,472
Yamaha Motor Co. Ltd.		2,400		52,240
				1,969,040
Banks — 9.3%
Bank of Kyoto Ltd. (The)		600		35,987
Chiba Bank Ltd. (The)		4,200		26,767
Concordia Financial Group Ltd.		8,400		32,405
Fukuoka Financial Group Inc.		1,200		21,569
Japan Post Bank Co. Ltd.		3,600		34,263
Mitsubishi UFJ Financial Group Inc.		97,200		509,082
Mizuho Financial Group Inc.		19,250		281,685
Resona Holdings Inc.		16,800		67,443
Shinsei Bank Ltd.		1,200		17,120
Shizuoka Bank Ltd. (The)		3,600		26,289
Sumitomo Mitsui Financial Group Inc.		10,200		358,254
Sumitomo Mitsui Trust Holdings Inc.		3,000		98,611
				1,509,475
Beverages — 1.1%
Asahi Group Holdings Ltd.		3,600		155,840
Suntory Beverage & Food Ltd.		600		20,528
				176,368
Biotechnology — 0.2%
PeptiDream Inc.(a)		600		28,553
Building Products — 1.0%
AGC Inc.		1,800		65,891
Lixil Corp.		2,400		67,287
TOTO Ltd.		600		36,099
				169,277
Capital Markets — 1.5%
Daiwa Securities Group Inc.		11,400		55,384
Nomura Holdings Inc.		25,200		146,365
SBI Holdings Inc.		1,800		49,976
				251,725
Chemicals — 3.9%
Air Water Inc.		1,200		19,733
Asahi Kasei Corp.		10,200		109,717
JSR Corp.		1,800		53,642

Security	Shares		Value
Chemicals (continued)
Kuraray Co. Ltd.		2,400	$	26,852
Mitsubishi Chemical Holdings Corp.		10,200		70,827
Mitsubishi Gas Chemical Co. Inc.		1,200		27,922
Mitsui Chemicals Inc.		1,200		36,944
Nippon Sanso Holdings Corp.		1,200		22,515
Nitto Denko Corp.		1,200		102,384
Sumitomo Chemical Co. Ltd.		6,000		29,003
Teijin Ltd.		1,200		20,612
Toray Industries Inc.		11,400		74,538
Tosoh Corp.		2,400		43,927
				638,616
Commercial Services & Supplies — 0.7%
Dai Nippon Printing Co. Ltd.		1,800		32,337
Secom Co. Ltd.		600		51,958
Toppan Printing Co. Ltd.		2,400		37,665
				121,960
Construction & Engineering — 1.1%
Kajima Corp.		3,600		45,887
Obayashi Corp.		5,400		46,276
Shimizu Corp.		4,200		31,734
Taisei Corp.		1,800		63,441
				187,338
Construction Materials — 0.1%
Taiheiyo Cement Corp.		600		14,935
Diversified Financial Services — 1.4%
Mitsubishi UFJ Lease & Finance Co. Ltd.		3,000		16,079
ORIX Corp.		10,200		172,473
Tokyo Century Corp.		600		39,084
				227,636
Diversified Telecommunication Services — 1.6%
Nippon Telegraph & Telephone Corp.		10,200		264,047
Electric Utilities — 1.5%
Chubu Electric Power Co. Inc.		5,400		66,271
Chugoku Electric Power Co. Inc. (The)		2,400		28,632
Kansai Electric Power Co. Inc. (The)		5,400		53,853
Kyushu Electric Power Co. Inc.		3,000		25,765
Tohoku Electric Power Co. Inc.		3,000		26,384
Tokyo Electric Power Co. Holdings Inc.(a)		11,400		36,595
				237,500
Electrical Equipment — 1.6%
Fuji Electric Co. Ltd.		1,200		49,784
Mitsubishi Electric Corp.		14,400		211,999
				261,783
Electronic Equipment, Instruments & Components — 3.0%
Hirose Electric Co. Ltd.		200		29,172
Hitachi Ltd.		4,800		219,681
Kyocera Corp.		2,400		154,489
Omron Corp.		600		48,320
Yokogawa Electric Corp.		1,800		34,060
				485,722
Equity Real Estate Investment Trusts (REITs) — 2.6%
Daiwa House REIT Investment Corp.		18		47,239
GLP J-REIT		36		58,322
Japan Real Estate Investment Corp.		12		73,099
Japan Retail Fund Investment Corp.		48		47,441
Nippon Building Fund Inc.		12		73,324
Nippon Prologis REIT Inc.		6		18,359

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Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Nomura Real Estate Master Fund Inc.		30	$	44,913
Orix JREIT Inc.		18		30,631
United Urban Investment Corp.		24		32,934
				426,262
Food & Staples Retailing — 1.6%
Lawson Inc.		600		28,018
Seven & i Holdings Co. Ltd.		6,000		227,351
				255,369
Food Products — 1.0%
Ajinomoto Co. Inc.		1,200		23,867
MEIJI Holdings Co. Ltd.		800		50,760
NH Foods Ltd.		600		25,258
Nisshin Seifun Group Inc.		1,800		28,941
Toyo Suisan Kaisha Ltd.		600		25,568
Yamazaki Baking Co. Ltd.		600		10,098
				164,492
Gas Utilities — 0.9%
Osaka Gas Co. Ltd.		3,000		53,670
Toho Gas Co. Ltd.		600		35,254
Tokyo Gas Co. Ltd.		3,000		62,005
				150,929
Health Care Providers & Services — 0.6%
Alfresa Holdings Corp.		1,800		34,702
Medipal Holdings Corp.		1,800		35,649
Suzuken Co. Ltd.		600		22,865
				93,216
Household Durables — 2.6%
Casio Computer Co. Ltd.		1,800		34,669
Iida Group Holdings Co. Ltd.		1,200		27,167
Panasonic Corp.		17,400		223,012
Sekisui Chemical Co. Ltd.		3,000		53,360
Sekisui House Ltd.		4,800		89,972
				428,180
Industrial Conglomerates — 0.2%
Keihan Holdings Co. Ltd.		600		26,919
Insurance — 4.8%
Dai-ichi Life Holdings Inc.		8,400		147,359
Japan Post Holdings Co. Ltd.		12,600		107,693
Japan Post Insurance Co. Ltd.		1,800		36,814
MS&AD Insurance Group Holdings Inc.		3,600		101,370
Sompo Holdings Inc.		2,400		91,909
T&D Holdings Inc.		4,200		56,610
Tokio Marine Holdings Inc.		4,800		236,666
				778,421
IT Services — 1.3%
Fujitsu Ltd.		1,500		216,257
Leisure Products — 0.3%
Sega Sammy Holdings Inc.		1,200		20,150
Yamaha Corp.		600		33,396
				53,546
Machinery — 4.0%
Amada Co. Ltd.		2,400		29,082
Hino Motors Ltd.		2,400		22,527
Hitachi Construction Machinery Co. Ltd.		600		18,444
Komatsu Ltd.		7,200		215,581
Kubota Corp.		8,400		189,816
Kurita Water Industries Ltd.		600		24,272

Security	Shares		Value
Machinery (continued)
Makita Corp.		600	$	25,540
Mitsubishi Heavy Industries Ltd.		2,400		69,112
NGK Insulators Ltd.		1,800		31,763
NSK Ltd.		3,000		29,369
				655,506
Marine — 0.2%
Nippon Yusen KK		1,200		34,410
Media — 0.6%
Dentsu Group Inc.		1,800		62,005
Hakuhodo DY Holdings Inc.		1,800		29,634
				91,639
Metals & Mining — 1.5%
Hitachi Metals Ltd.		600		9,512
JFE Holdings Inc.(a)		4,200		44,074
Nippon Steel Corp.(a)		6,600		97,104
Sumitomo Metal Mining Co. Ltd.		1,800		86,874
				237,564
Multiline Retail — 0.2%
Marui Group Co. Ltd.		1,800		34,145
Oil, Gas & Consumable Fuels — 1.0%
ENEOS Holdings Inc.		24,600		107,992
Idemitsu Kosan Co. Ltd.		1,292		33,761
Inpex Corp.		3,000		22,076
				163,829
Paper & Forest Products — 0.3%
Oji Holdings Corp.		7,200		45,346
Personal Products — 0.1%
Pola Orbis Holdings Inc.		600		13,702
Pharmaceuticals — 2.7%
Daiichi Sankyo Co. Ltd.		4,800		135,611
Kyowa Kirin Co. Ltd.		1,200		33,430
Otsuka Holdings Co. Ltd.		3,000		118,941
Shionogi & Co. Ltd.		2,400		121,937
Sumitomo Dainippon Pharma Co. Ltd.		1,200		18,956
Taisho Pharmaceutical Holdings Co. Ltd.		200		12,259
				441,134
Real Estate Management & Development — 4.2%
Aeon Mall Co. Ltd.		600		10,092
Daito Trust Construction Co. Ltd.		600		66,510
Daiwa House Industry Co. Ltd.		4,800		135,296
Hulic Co. Ltd.		600		6,690
Mitsubishi Estate Co. Ltd.		9,600		165,617
Mitsui Fudosan Co. Ltd.		7,200		162,192
Nomura Real Estate Holdings Inc.		1,200		27,021
Sumitomo Realty & Development Co. Ltd.		2,400		82,673
Tokyu Fudosan Holdings Corp.		4,800		30,006
				686,097
Road & Rail — 4.9%
Central Japan Railway Co.		1,200		196,095
East Japan Railway Co.		2,400		176,993
Hankyu Hanshin Holdings Inc.		1,800		59,724
Keikyu Corp.		1,200		18,967
Keio Corp.		200		14,924
Keisei Electric Railway Co. Ltd.		600		21,626
Kintetsu Group Holdings Co. Ltd.		600		25,061
Kyushu Railway Co.		1,200		31,222

S C H E D U L E   O F   I N V E S  T M E N T S 13

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Nagoya Railroad Co. Ltd.		600	$	15,228
Nippon Express Co. Ltd.		600		44,603
Odakyu Electric Railway Co. Ltd.		1,200		35,085
Seibu Holdings Inc.		600		7,209
Tobu Railway Co. Ltd.		600		17,064
Tokyu Corp.		4,200		57,714
West Japan Railway Co.		1,200		73,370
				794,885
Semiconductors & Semiconductor Equipment — 0.6%
Disco Corp.		100		31,350
Rohm Co. Ltd.		200		19,654
SUMCO Corp.		1,800		41,055
				92,059
Software — 0.2%
Trend Micro Inc.(a)		600		28,834
Specialty Retail — 0.5%
ABC-Mart Inc.		200		11,376
Shimamura Co. Ltd.		200		19,918
USS Co. Ltd.		1,200		22,797
Yamada Holdings Co. Ltd.		6,000		28,665
				82,756
Technology Hardware, Storage & Peripherals — 2.8%
Brother Industries Ltd.		1,800		35,361
Canon Inc.		7,800		167,838
FUJIFILM Holdings Corp.		3,000		170,922
Ricoh Co. Ltd.		4,200		36,347
Seiko Epson Corp.		2,400		39,287
				449,755

Security	Shares		Value
Tobacco — 1.1%
Japan Tobacco Inc.		9,600	$	173,456
Trading Companies & Distributors — 6.5%
ITOCHU Corp.		5,400		160,571
Marubeni Corp.		13,200		98,089
Mitsubishi Corp.		10,800		304,415
Mitsui & Co. Ltd.		13,200		280,441
Sumitomo Corp.		9,600		138,810
Toyota Tsusho Corp.		1,800		75,352
				1,057,678
Wireless Telecommunication Services — 9.1%
KDDI Corp.		12,600		389,093
Softbank Corp.		22,800		308,380
SoftBank Group Corp.		8,400		780,158
				1,477,631
Total Common Stocks — 99.7% (Cost: $14,660,097)				16,216,896
Total Investments in Securities — 99.7% (Cost: $14,660,097)				16,216,896
Other Assets, Less Liabilities — 0.3%				51,487
Net Assets — 100.0%			$	16,268,383

^(a)   Non-income producing security.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 08/31/20	Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21	Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	—	$        0	(b)	$	—	$	—	$	—	$	—	—	$	1	$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index	2	03/11/21	$	35	$	1,462

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Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Japan Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

		Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,462

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

		Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	14,253
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,597

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	84,156

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

		Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	16,216,896	$	—	$	—	$	16,216,896
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,462	$	—	$	—	$	1,462

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E   O F   I N V E S  T M E N T S 15

Statements of Assets and Liabilities  _(unaudited) 

February 28, 2021

	iShares MSCI Japan Equal Weighted ETF		iShares MSCI Japan Value ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	7,711,401	$	16,216,896
Cash		979		2,321
Foreign currency, at value(b)		24,570		10,947
Foreign currency collateral pledged:
Futures contracts(c)		1,812		1,821
Receivables:
Investments sold		155,551		—
Dividends		14,931		33,311
Tax reclaims		—		5,483
Total assets		7,909,244		16,270,779
LIABILITIES
Payables:
Investments purchased		129,472		—
Variation margin on futures contracts		388		496
Investment advisory fees		927		1,900
Total liabilities		130,787		2,396
NET ASSETS	$	7,778,457	$	16,268,383
NET ASSETS CONSIST OF:
Paid-in capital	$	7,211,098	$	14,780,870
Accumulated earnings		567,359		1,487,513
NET ASSETS	$	7,778,457	$	16,268,383
Shares outstanding		200,000		600,000
Net asset value	$	38.89	$	27.11
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — Unaffiliated	$	6,979,961	$	14,660,097
(b) Foreign currency, at cost	$	24,901	$	11,048
(c)  Foreign currency collateral pledged, at cost	$	1,858	$	1,877

See notes to financial statements.

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Statements of Operations   (unaudited)

Six Months Ended February 28, 2021

	iShares MSCI Japan Equal Weighted ETF			iShares MSCI Japan Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	71,028		$	187,815
Dividends — Affiliated		—			1
Securities lending income — Affiliated — net		20			—
Foreign taxes withheld		(7,003	)		(19,236	)
Total investment income		64,045			168,580
EXPENSES
Investment advisory fees		5,549			9,751
Total expenses		5,549			9,751
Net investment income		58,496			158,829
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(129,646	)		(258,409	)
In-kind redemptions — Unaffiliated		—			390,906
Futures contracts		5,670			14,253
Foreign currency transactions		1,153			2,366
Net realized gain (loss)		(122,823	)		149,116
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,028,065			1,907,815
Futures contracts		1,590			1,597
Foreign currency translations		(811	)		(1,013	)
Net change in unrealized appreciation (depreciation)		1,028,844			1,908,399
Net realized and unrealized gain		906,021			2,057,515
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	964,517		$	2,216,344

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 17

Statements of Changes in Net Assets

	iShares MSCI Japan Equal Weighted ETF						iShares MSCI Japan Value ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	58,496		$	132,744		$	158,829		$	212,145
Net realized gain (loss)		(122,823	)		600,883			149,116			37,327
Net change in unrealized appreciation (depreciation)		1,028,844			(186,121	)		1,908,399			(106,226	)
Net increase in net assets resulting from operations		964,517			547,506			2,216,344			143,246
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(44,432	)		(182,059	)		(137,702	)		(280,402	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			(25,928	)		7,225,008			(8,724	)
NET ASSETS
Total increase (decrease) in net assets		920,085			339,519			9,303,650			(145,880	)
Beginning of period		6,858,372			6,518,853			6,964,733			7,110,613
End of period	$	7,778,457		$	6,858,372		$	16,268,383		$	6,964,733

^(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 MSCI Japan Equal Weighted ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Period From 03/05/19(a) to 08/31/19
Net asset value, beginning of period		$	34.29			$	32.59			$	33.43
Net investment income(b)			0.29				0.66				0.44
Net realized and unrealized gain (loss)(c)			4.53				1.95				(0.82	)
Net increase (decrease) from investment operations			4.82				2.61				(0.38	)
Distributions(d)
From net investment income			(0.22	)			(0.91	)			(0.46	)
Total distributions			(0.22	)			(0.91	)			(0.46	)
Net asset value, end of period		$	38.89			$	34.29			$	32.59
Total Return
Based on net asset value			14.08	%(e)			7.98	%			(1.14	)%(e)
Ratios to Average Net Assets
Total expenses			0.15	%(f)			0.15	%			0.15	%(f)
Net investment income			1.58	%(f)			1.98	%			2.68	%(f)
Supplemental Data
Net assets, end of period (000)		$	7,778			$	6,858			$	6,519
Portfolio turnover rate(g)			13	%(e)			17	%			6	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 19

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan Value ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Period From 03/05/19(a) to 08/31/19
Net asset value, beginning of period		$	23.22			$	23.70			$	24.67
Net investment income(b)			0.31				0.71				0.46
Net realized and unrealized gain (loss)(c)			3.81				(0.26	)			(0.97	)
Net increase (decrease) from investment operations			4.12				0.45				(0.51	)
Distributions(d)
From net investment income			(0.23	)			(0.93	)			(0.46	)
Total distributions			(0.23	)			(0.93	)			(0.46	)
Net asset value, end of period		$	27.11			$	23.22			$	23.70
Total Return
Based on net asset value			17.80	%(e)			1.71	%			(2.10	)%(e)
Ratios to Average Net Assets
Total expenses			0.15	%(f)			0.15	%			0.15	%(f)
Net investment income			2.44	%(f)			2.98	%			3.83	%(f)
Supplemental Data
Net assets, end of period (000)		$	16,268			$	6,965			$	7,111
Portfolio turnover rate(g)			12	%(e)			35	%			9	%(e)

^(a)  Commencement of operations.

^(b) Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements  (unaudited)

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
MSCI Japan Equal Weighted	Non-diversified
MSCI Japan Value	Non-diversified

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, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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 prevailing market rates as quoted by one or more data service providers. 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 statement 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.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2021, if any, are disclosed in the statement of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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Notes to Financial Statements  (unaudited) (continued)

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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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. 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 for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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 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

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Notes to Financial Statements  (unaudited) (continued)

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower 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.

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, Inc. (“BlackRock”). BlackRock’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

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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. 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 Fund, BFA is entitled to an annual investment advisory fee of 0.15%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “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. 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. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of 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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Notes to Financial Statements  (unaudited) (continued)

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
MSCI Japan Equal Weighted	$	5

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
MSCI Japan Value	$	619,411	$	383,279	$	(125,088)

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 statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Japan Equal Weighted	$	923,959	$	961,472
MSCI Japan Value		4,280,668		1,569,836

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
MSCI Japan Value	$	6,965,137	$	2,435,687

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 February 28, 2021, 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.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Japan Equal Weighted	$	22,791
MSCI Japan Value		123,662

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements  (unaudited) (continued)

As of February 28, 2021, 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)
MSCI Japan Equal Weighted	$	6,994,177	$	964,516	$	(245,722	)	$	718,794
MSCI Japan Value		14,763,210		1,801,242		(346,094	)		1,455,148

9. 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 the 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 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 the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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 the Manager 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 statement 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.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration 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.

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Notes to Financial Statements  (unaudited) (continued)

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. 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:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Japan Equal Weighted
Shares sold		—		$	—			100,000		$	3,403,244
Shares redeemed		—			—			(100,000	)		(3,429,172	)
Net decrease		—		$	—			—		$	(25,928	)
MSCI Japan Value
Shares sold		400,000		$	9,696,716			100,000		$	2,629,581
Shares redeemed		(100,000	)		(2,471,708	)		(100,000	)		(2,638,305	)
Net increase (decrease)		300,000		$	7,225,008			—		$	(8,724	)

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. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors 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.

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 statement of assets and liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

26 2 0 2 1  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program  (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Japan Equal Weighted ETF and iShares MSCI Japan Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 27

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Japan Value(a)	$	0.217275	$	—	$	0.012228	$	0.229503		95	%		—	%		5	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

28 2 0 2 1  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

General Information

Electronic Delivery

Shareholders can sign up for email 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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

G E N E R A L  I N F O R M A T I O N 29

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.

^©2021 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.

iS-SAR-819-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares ESG Advanced MSCI EAFE ETF | DMXF | NASDAQ

· iShares ESG Advanced MSCI EM ETF | EMXF | NASDAQ

· iShares ESG Advanced MSCI USA ETF | USXF | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		26
Statements of Changes in Net Assets		27
Financial Highlights		29
Notes to Financial Statements		32
Board Review and Approval of Investment Advisory Contract		40
Statement Regarding Liquidity Risk Management Program		42
Supplemental Information		43
General Information		44
Glossary of Terms Used in this Report		45

Fund Summary as of February 28, 2021 iShares^® ESG Advanced MSCI EAFE ETF

Investment Objective

The iShares ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened 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.

Performance

				Cumulative Total Returns
	6 Months			Since     Inception
Fund NAV		14.28	%		24.11%
Fund Market		14.52			24.24
Index		14.48			24.32

The inception date of the Fund was 6/16/20. The first day of secondary market trading was 6/18/20.

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 7 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
											��
	$    1,000.00	$     1,142.80	$        0.64			$     1,000.00	$     1,024.20	$        0.60		0.12%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials		20.0%
Industrials		17.3
Information Technology		13.6
Consumer Discretionary		12.4
Health Care		10.8
Communication Services		8.1
Materials		7.5
Consumer Staples		5.3
Real Estate		4.5
Utilities		0.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan		31.2%
United Kingdom		10.0
France		9.8
Germany		9.3
Netherlands		6.0
Switzerland		5.6
Australia		5.6
Sweden		4.9
Hong Kong		4.1
Denmark		3.4

^(a) Excludes money market funds.

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Fund Summary as of February 28, 2021 iShares^® ESG Advanced MSCI EM ETF

Investment Objective

The iShares ESG Advanced MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 5% Issuer 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.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		22.87	%
Fund Market		22.02
Index		23.41

The inception date of the Fund was 10/6/20. The first day of secondary market trading was 10/8/20.

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 7 for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (10/06/20)	(a)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(b)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(b)	Annualized    Expense    Ratio
	$       1,000.00		$       1,228.70	$        0.71			$       1,000.00	$       1,024.00	$        0.80		0.16%

^(a)  The beginning of the period (commencement of operations) is October 6, 2020.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (145 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials		32.5%
Information Technology		22.9
Consumer Discretionary		16.6
Communication Services		9.2
Health Care		5.0
Consumer Staples		4.9
Materials		3.9
Industrials		3.4
Real Estate		1.1
Utilities		0.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
China		29.1%
Taiwan		17.5
India		11.3
South Korea		10.9
South Africa		7.3
Brazil		4.8
Thailand		3.3
Indonesia		2.4
Malaysia		2.2
Saudi Arabia		1.5

^(a) Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2021 iShares^® ESG Advanced MSCI USA ETF

Investment Objective

The iShares ESG Advanced MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI USA Choice ESG Screened 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.

Performance

				Cumulative Total Returns
	6 Months			Since     Inception
Fund NAV		10.93	%	26.67%
Fund Market		10.98		26.95
Index		10.83		26.57

The inception date of the Fund was 6/16/20. The first day of secondary market trading was 6/18/20.

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 7 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized    Expense    Ratio
	$       1,000.00	$       1,109.30	$        0.52			$       1,000.00	$       1,024.30	$        0.50		0.10%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology		31.0%
Consumer Discretionary		12.3
Industrials		11.7
Communication Services		11.4
Financials		10.7
Health Care		10.0
Consumer Staples		5.5
Real Estate		4.0
Materials		3.2
Utilities		0.2

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Alphabet Inc., Class A		4.3%
Alphabet Inc., Class C		4.3
Tesla Inc.		3.6
Visa Inc., Class A		2.6
NVIDIA Corp.		2.4
Mastercard Inc., Class A		2.2
PayPal Holdings Inc.		2.1
Home Depot Inc. (The)		2.0
Verizon Communications Inc.		1.6
Adobe Inc.		1.6

^(a) Excludes money market funds.

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

A B O U T    F U N D    P E R F O  R M A N C E / S H A R E H O L D E R    E X P E N S E S 7

Schedule of Investments (unaudited) February 28, 2021 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.5%
Afterpay Ltd.(a)		2,101	$	194,411
ASX Ltd.		2,385		124,821
Aurizon Holdings Ltd.		20,865		61,546
Australia & New Zealand Banking Group Ltd.		27,916		565,601
BlueScope Steel Ltd.		5,445		70,315
Brambles Ltd.		14,710		112,746
Coca-Cola Amatil Ltd.		4,727		49,003
Cochlear Ltd.		667		109,170
Coles Group Ltd.		13,068		155,097
Computershare Ltd.		4,441		45,625
CSL Ltd.		4,489		912,601
Dexus		9,902		68,229
Evolution Mining Ltd.		13,035		42,385
Fortescue Metals Group Ltd.		16,634		310,490
Goodman Group		16,443		210,812
GPT Group (The)		18,740		61,951
Insurance Australia Group Ltd.		24,059		92,946
James Hardie Industries PLC		4,411		124,681
Lendlease Corp. Ltd.		6,636		68,330
Magellan Financial Group Ltd.		1,526		51,321
Medibank Pvt Ltd.		26,552		56,942
Mirvac Group		36,968		63,824
Newcrest Mining Ltd.		7,918		151,046
Northern Star Resources Ltd.		10,542		83,330
Orica Ltd.		3,775		36,708
QBE Insurance Group Ltd.		14,650		105,367
Ramsay Health Care Ltd.		1,784		91,157
REA Group Ltd.		486		51,473
Scentre Group		49,508		110,388
Seek Ltd.		3,525		70,137
Sonic Healthcare Ltd.		4,556		111,920
Stockland		23,288		75,183
Suncorp Group Ltd.		13,980		107,584
Sydney Airport(a)		11,461		51,996
Transurban Group		26,563		263,233
Vicinity Centres		36,922		46,879
WiseTech Global Ltd.		1,379		29,114
				4,938,362
Austria — 0.2%
Erste Group Bank AG(a)		2,776		91,954
Raiffeisen Bank International AG(a)		1,307		26,684
voestalpine AG		992		39,542
				158,180
Belgium — 0.7%
Ageas SA/NV		1,747		98,519
Elia Group SA/NV		291		31,648
Groupe Bruxelles Lambert SA		1,019		101,620
KBC Group NV(a)		2,451		177,371
Proximus SADP		1,260		24,776
Solvay SA		696		85,410
Umicore SA		1,950		115,174
				634,518
Denmark — 3.4%
Ambu A/S, Series B		1,710		79,663
AP Moller - Maersk A/S, Class A		30		60,575
AP Moller - Maersk A/S, Class B, NVS		61		131,833
Chr Hansen Holding A/S(a)		1,051		90,719
Demant A/S(a)		1,051		43,558

Security	Shares		Value
Denmark (continued)
DSV Panalpina A/S		2,041	$	377,133
Genmab A/S(a)		650		219,629
GN Store Nord A/S		1,298		109,751
H Lundbeck A/S		512		19,615
Novo Nordisk A/S, Class B		17,101		1,222,507
Novozymes A/S, Class B		2,084		129,539
Pandora A/S		983		96,210
ROCKWOOL International A/S, Class B		90		32,819
Tryg A/S		1,260		39,901
Vestas Wind Systems A/S		1,935		364,653
				3,018,105
Finland — 1.5%
Elisa OYJ		1,391		83,322
Kesko OYJ, Class B		2,606		66,553
Kone OYJ, Class B		3,354		269,017
Nokia OYJ(a)		55,707		223,137
Nordea Bank Abp		31,665		287,696
Orion OYJ, Class B		991		40,862
Sampo OYJ, Class A		4,699		210,293
Stora Enso OYJ, Class R		6,420		127,214
				1,308,094
France — 9.8%
Accor SA(a)		1,807		75,802
Aeroports de Paris(a)		281		35,881
Air Liquide SA		4,676		707,763
Alstom SA(a)		2,674		134,177
Amundi SA(a)(b)		630		48,176
Arkema SA		667		74,079
Atos SE(a)		924		72,475
AXA SA		18,960		478,684
BioMerieux		380		48,523
BNP Paribas SA(a)		11,004		658,149
Bouygues SA		2,490		101,430
Bureau Veritas SA(a)		2,845		77,319
Capgemini SE		1,602		258,911
Carrefour SA		5,993		105,077
Cie. Generale des Etablissements Michelin SCA		1,636		237,797
CNP Assurances(a)		1,875		33,933
Covivio		447		37,790
Danone SA		6,113		418,931
Dassault Systemes SE		1,341		279,803
Edenred		2,491		138,752
Eiffage SA(a)		819		84,658
EssilorLuxottica SA		2,811		460,619
Eurazeo SE(a)		435		32,393
Gecina SA		425		59,170
Getlink SE(a)		4,860		80,050
Hermes International		317		355,224
Ipsen SA		353		30,272
Klepierre SA		1,819		43,164
Legrand SA		2,564		223,828
L’Oreal SA		2,507		921,419
Natixis SA(a)		11,055		54,157
Orpea SA(a)		540		65,204
Publicis Groupe SA		2,142		126,202
Sartorius Stedim Biotech		272		119,516
Schneider Electric SE		5,325		794,039
SCOR SE(a)		1,549		51,667
SEB SA		255		46,025

8 2 0 2 1    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
SES SA		4,155	$	33,367
Societe Generale SA(a)		7,812		194,717
Sodexo SA(a)		849		81,638
STMicroelectronics NV		6,304		244,628
Suez SA		3,436		71,943
Ubisoft Entertainment SA(a)		852		69,888
Unibail-Rodamco-Westfield		1,349		99,588
Valeo SA		2,202		78,152
Wendel SE		285		32,760
Worldline SA(a)(b)		2,401		215,078
				8,692,818
Germany — 8.9%
adidas AG(a)		1,860		652,240
Allianz SE, Registered		4,042		980,255
Bechtle AG		229		43,445
Beiersdorf AG		997		99,112
Brenntag SE		1,529		119,260
Carl Zeiss Meditec AG, Bearer		420		63,368
Commerzbank AG(a)		9,568		63,062
Covestro AG(b)		1,839		133,842
Deutsche Boerse AG		1,956		321,822
Deutsche Post AG, Registered		9,671		481,989
Deutsche Telekom AG, Registered		32,600		594,735
Deutsche Wohnen SE		3,316		156,772
Evonik Industries AG		2,045		69,229
GEA Group AG		1,414		49,121
Hannover Rueck SE		620		105,584
HeidelbergCement AG		1,435		114,053
HelloFresh SE(a)		1,479		115,791
Henkel AG & Co. KGaA		1,059		94,349
Infineon Technologies AG		12,854		561,679
KION Group AG		658		55,860
Knorr-Bremse AG		696		89,161
LANXESS AG		774		57,609
LEG Immobilien AG		696		95,581
Merck KGaA		1,285		209,862
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		1,390		409,985
Nemetschek SE		536		33,929
Rational AG		45		38,726
SAP SE		10,283		1,273,862
Scout24 AG(b)		1,140		86,414
Symrise AG		1,282		150,505
TeamViewer AG(a)(b)		1,635		88,313
Telefonica Deutschland Holding AG		9,596		25,741
Vonovia SE		5,228		334,675
Zalando SE(a)(b)		1,524		157,273
				7,927,204
Hong Kong — 4.1%
AIA Group Ltd.		119,400		1,493,780
ASM Pacific Technology Ltd.		3,200		44,510
BOC Hong Kong Holdings Ltd.		38,000		126,383
ESR Cayman Ltd.(a)(b)		19,600		62,029
Hang Lung Properties Ltd.		30,000		77,733
Hang Seng Bank Ltd.		9,100		175,962
HKT Trust & HKT Ltd.		47,000		63,859
Hong Kong Exchanges & Clearing Ltd.		8,100		494,102
Link REIT		21,100		199,104
MTR Corp. Ltd.		17,500		105,013

Security	Shares		Value
Hong Kong (continued)
PCCW Ltd.		45,000	$	25,814
Sino Land Co. Ltd.		44,000		66,590
Sun Hung Kai Properties Ltd.		15,000		240,933
Swire Properties Ltd.		12,000		38,596
Techtronic Industries Co. Ltd.		15,000		228,944
Wharf Real Estate Investment Co. Ltd.		16,000		95,600
Xinyi Glass Holdings Ltd.		30,000		83,920
				3,622,872
Ireland — 0.7%
CRH PLC(a)		7,776		337,899
Kerry Group PLC, Class A		1,617		196,173
Smurfit Kappa Group PLC		2,370		112,652
				646,724
Israel — 0.7%
Bank Hapoalim BM(a)		12,405		88,000
Bank Leumi Le-Israel BM		16,020		97,928
CyberArk Software Ltd.(a)		420		61,669
Israel Discount Bank Ltd., Class A		11,458		42,578
Mizrahi Tefahot Bank Ltd.		1,137		27,238
Nice Ltd.(a)		617		143,452
Wix.com Ltd.(a)		544		189,622
				650,487
Italy — 1.5%
Amplifon SpA(a)		1,142		45,743
Assicurazioni Generali SpA(a)		11,394		215,057
CNH Industrial NV(a)		10,140		150,649
DiaSorin SpA		285		56,179
Ferrari NV		1,241		243,272
FinecoBank Banca Fineco SpA(a)		2,866		50,685
Infrastrutture Wireless Italiane SpA(b)		2,974		31,099
Moncler SpA(a)		1,963		122,232
Nexi SpA(a)(b)		4,274		77,220
Poste Italiane SpA(b)		5,412		61,776
Prysmian SpA		2,409		78,043
Recordati Industria Chimica e Farmaceutica SpA		1,230		62,914
Telecom Italia SpA/Milano		93,975		44,817
Terna Rete Elettrica Nazionale SpA		16,991		118,957
				1,358,643
Japan — 31.2%
Advantest Corp.		1,400		114,980
Aeon Co. Ltd.		7,000		210,447
Ajinomoto Co. Inc.		4,200		83,535
Amada Co. Ltd.		3,000		36,353
ANA Holdings Inc.(a)		1,500		35,958
Asahi Kasei Corp.		12,100		130,154
Astellas Pharma Inc.		19,600		307,963
Azbil Corp.		1,400		59,461
Bridgestone Corp.		5,600		218,712
Brother Industries Ltd.		1,400		27,503
Canon Inc.		10,500		225,936
Capcom Co. Ltd.		1,400		85,151
Casio Computer Co. Ltd.		1,400		26,965
Central Japan Railway Co.		1,400		228,778
Chiba Bank Ltd. (The)		5,600		35,690
Chugai Pharmaceutical Co. Ltd.		7,000		312,944
CyberAgent Inc.		1,400		84,363
Dai Nippon Printing Co. Ltd.		2,800		50,302
Daifuku Co. Ltd.		1,400		133,771
Dai-ichi Life Holdings Inc.		10,600		185,953

S C H E D U L E    O F    I N V E S T  M E N T S 9

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiichi Sankyo Co. Ltd.		16,600	$	468,988
Daikin Industries Ltd.		2,800		544,547
Denso Corp.		4,200		251,827
Eisai Co. Ltd.		2,800		192,352
FANUC Corp.		1,900		469,739
Fast Retailing Co. Ltd.		600		591,327
FUJIFILM Holdings Corp.		2,800		159,527
GMO Payment Gateway Inc.		300		39,732
Hakuhodo DY Holdings Inc.		2,800		46,097
Hankyu Hanshin Holdings Inc.		2,800		92,904
Hino Motors Ltd.		3,000		28,158
Hitachi Construction Machinery Co. Ltd.		1,400		43,035
Hitachi Metals Ltd.		1,500		23,780
Hoya Corp.		4,200		477,004
Hulic Co. Ltd.		3,000		33,452
Ibiden Co. Ltd.		1,400		56,899
Isuzu Motors Ltd.		5,600		58,555
Itochu Techno-Solutions Corp.		1,400		42,970
Japan Exchange Group Inc.		5,600		120,552
Japan Real Estate Investment Corp.		14		85,283
Japan Retail Fund Investment Corp.		58		57,325
JFE Holdings Inc.(a)		4,200		44,074
JSR Corp.		1,400		41,721
Kajima Corp.		4,200		53,535
Kansai Paint Co. Ltd.		1,400		36,557
Kao Corp.		4,200		281,629
KDDI Corp.		15,400		475,558
Keihan Holdings Co. Ltd.		1,400		62,812
Keikyu Corp.		1,400		22,129
Keio Corp.		1,400		104,468
Keisei Electric Railway Co. Ltd.		1,400		50,460
Keyence Corp.		1,800		854,214
Kikkoman Corp.		1,400		92,378
Kintetsu Group Holdings Co. Ltd.		1,400		58,476
Kobe Bussan Co. Ltd.		1,400		35,940
Komatsu Ltd.		9,000		269,476
Kubota Corp.		10,500		237,270
Kuraray Co. Ltd.		3,000		33,565
Kurita Water Industries Ltd.		1,400		56,636
Kyocera Corp.		2,800		180,237
Kyowa Kirin Co. Ltd.		2,800		78,003
Kyushu Railway Co.		1,500		39,028
Lion Corp.		1,400		26,886
Lixil Corp.		2,800		78,502
Marui Group Co. Ltd.		1,500		28,454
Mazda Motor Corp.		5,600		44,100
Medipal Holdings Corp.		1,500		29,707
Mercari Inc.(a)		1,400		67,280
MINEBEA MITSUMI Inc.		2,800		68,725
Mitsubishi Chemical Holdings Corp.		12,100		84,021
Mitsubishi Electric Corp.		18,100		266,471
Mitsubishi Estate Co. Ltd.		12,100		208,746
Mitsubishi UFJ Financial Group Inc.		121,000		633,734
Mitsubishi UFJ Lease & Finance Co. Ltd.		4,500		24,118
Mitsui Chemicals Inc.		1,400		43,101
Mitsui Fudosan Co. Ltd.		9,100		204,993
Miura Co. Ltd.		1,400		72,405
MonotaRO Co. Ltd.		1,400		80,421
MS&AD Insurance Group Holdings Inc.		4,200		118,265
Murata Manufacturing Co. Ltd.		5,600		477,319

Security	Shares		Value
Japan (continued)
Nabtesco Corp.		1,400	$	59,396
Nagoya Railroad Co. Ltd.		1,400		35,532
NEC Corp.		2,800		152,431
NGK Insulators Ltd.		2,800		49,409
NGK Spark Plug Co. Ltd.		1,500		25,371
Nidec Corp.		4,200		532,983
Nintendo Co. Ltd.		1,100		668,528
Nippon Building Fund Inc.		14		85,545
Nippon Paint Holdings Co. Ltd.		1,400		104,074
Nippon Prologis REIT Inc.		14		42,838
Nippon Telegraph & Telephone Corp.		13,500		349,474
Nippon Yusen KK		1,400		40,145
Nitori Holdings Co. Ltd.		800		149,240
Nitto Denko Corp.		1,400		119,448
Nomura Real Estate Holdings Inc.		1,500		33,776
Nomura Real Estate Master Fund Inc.		42		62,878
Nomura Research Institute Ltd.		2,800		86,991
NSK Ltd.		2,800		27,411
NTT Data Corp.		6,100		93,040
Obayashi Corp.		6,100		52,274
Odakyu Electric Railway Co. Ltd.		2,800		81,866
Oji Holdings Corp.		9,000		56,683
Omron Corp.		1,400		112,746
Ono Pharmaceutical Co. Ltd.		4,200		112,904
Oriental Land Co. Ltd.		2,000		334,898
Orix JREIT Inc.		28		47,648
Otsuka Corp.		1,400		65,046
Otsuka Holdings Co. Ltd.		4,200		166,518
Panasonic Corp.		22,600		289,659
Persol Holdings Co. Ltd.		1,500		29,665
Rakuten Inc.		9,000		100,610
Recruit Holdings Co. Ltd.		12,600		624,560
Resona Holdings Inc.		21,200		85,106
Rohm Co. Ltd.		1,400		137,582
Santen Pharmaceutical Co. Ltd.		2,800		38,423
Secom Co. Ltd.		2,000		173,193
Seibu Holdings Inc.		2,800		33,640
Seiko Epson Corp.		2,800		45,834
Sekisui Chemical Co. Ltd.		2,800		49,803
Sekisui House Ltd.		6,100		114,339
SG Holdings Co. Ltd.		2,800		64,336
Sharp Corp.		1,500		28,341
Shimadzu Corp.		1,400		50,329
Shimizu Corp.		5,600		42,313
Shin-Etsu Chemical Co. Ltd.		3,500		569,974
Shionogi & Co. Ltd.		2,800		142,260
Shiseido Co. Ltd.		4,200		311,945
Shizuoka Bank Ltd. (The)		4,500		32,861
Softbank Corp.		28,700		388,180
SoftBank Group Corp.		15,400		1,430,289
Sohgo Security Services Co. Ltd.		1,400		63,075
Sompo Holdings Inc.		2,800		107,227
Sony Corp.		12,600		1,315,112
Square Enix Holdings Co. Ltd.		1,400		79,369
Stanley Electric Co. Ltd.		1,400		41,459
Sumitomo Chemical Co. Ltd.		14,000		67,674
Sumitomo Dainippon Pharma Co. Ltd.		1,500		23,695
Sumitomo Metal Mining Co. Ltd.		2,800		135,138
Sumitomo Mitsui Financial Group Inc.		13,600		477,672
Suntory Beverage & Food Ltd.		1,400		47,898

10 2 0 2 1    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Suzuken Co. Ltd.		700	$	26,675
Sysmex Corp.		1,400		145,664
T&D Holdings Inc.		5,600		75,480
Taiheiyo Cement Corp.		1,500		37,338
Taisei Corp.		1,400		49,343
TDK Corp.		1,400		200,263
Terumo Corp.		7,000		259,593
THK Co. Ltd.		1,400		45,138
TIS Inc.		1,400		29,093
Tobu Railway Co. Ltd.		1,400		39,816
Tokio Marine Holdings Inc.		7,000		345,138
Tokyo Electron Ltd.		1,400		572,273
Tokyu Corp.		4,200		57,714
Tokyu Fudosan Holdings Corp.		6,000		37,507
Toppan Printing Co. Ltd.		2,800		43,942
Toray Industries Inc.		14,000		91,537
Tosoh Corp.		2,800		51,248
TOTO Ltd.		1,400		84,231
Toyo Suisan Kaisha Ltd.		1,400		59,658
Toyota Motor Corp.		21,100		1,559,229
Unicharm Corp.		4,200		166,202
United Urban Investment Corp.		28		38,423
USS Co. Ltd.		1,400		26,597
West Japan Railway Co.		1,400		85,598
Yakult Honsha Co. Ltd.		1,400		69,251
Yamada Holdings Co. Ltd.		7,500		35,832
Yamaha Motor Co. Ltd.		2,800		60,946
Yaskawa Electric Corp.		2,800		139,816
Yokogawa Electric Corp.		2,800		52,983
Z Holdings Corp.		25,700		156,434
ZOZO Inc.		1,400		43,758
				27,721,760
Netherlands — 6.0%
ABN AMRO Bank NV, CVA(a)(b)		3,949		45,632
Aegon NV		17,440		83,743
Akzo Nobel NV		1,892		196,489
Argenx SE(a)		453		152,639
ASM International NV		462		125,389
ASML Holding NV		4,202		2,373,465
EXOR NV		1,074		86,691
ING Groep NV		38,391		421,208
JDE Peet’s NV(a)		672		27,447
Just Eat Takeaway.com NV(a)(b)		1,267		122,846
Koninklijke Ahold Delhaize NV		10,689		283,359
Koninklijke DSM NV		1,708		283,091
NN Group NV		2,893		134,140
Prosus NV		4,821		573,821
QIAGEN NV(a)		2,295		114,213
Randstad NV(a)		1,110		74,561
Wolters Kluwer NV		2,790		222,426
				5,321,160
New Zealand — 0.6%
a2 Milk Co. Ltd. (The)(a)		7,266		51,194
Auckland International Airport Ltd.(a)		12,053		66,166
Fisher & Paykel Healthcare Corp. Ltd.		5,791		123,161
Mercury NZ Ltd.		8,475		37,281
Meridian Energy Ltd.		12,640		52,386
Ryman Healthcare Ltd.		3,764		40,094
Spark New Zealand Ltd.		18,795		62,726

Security	Shares		Value
New Zealand (continued)
Xero Ltd.(a)		1,221	$	111,952
				544,960
Norway — 0.8%
Adevinta ASA(a)		720		10,124
DNB ASA		9,172		179,617
Gjensidige Forsikring ASA		2,040		47,139
Mowi ASA		4,288		104,262
Orkla ASA		7,348		68,139
Schibsted ASA, Class A(a)		1,275		51,921
Schibsted ASA, Class B(a)		466		16,114
Telenor ASA		6,954		113,168
Yara International ASA		1,724		83,397
				673,881
Portugal — 0.0%
Jeronimo Martins SGPS SA		2,412		37,621
Singapore — 1.6%
Ascendas REIT		33,799		74,730
CapitaLand Integrated Commercial Trust		43,244		68,295
CapitaLand Ltd.		25,800		61,701
City Developments Ltd.		3,200		17,712
DBS Group Holdings Ltd.		18,100		362,626
Mapletree Commercial Trust		17,000		26,081
Mapletree Logistics Trust		31,859		44,325
Oversea-Chinese Banking Corp. Ltd.		34,700		286,796
Singapore Airlines Ltd.(a)		12,200		45,692
Singapore Exchange Ltd.		1,400		10,518
Singapore Telecommunications Ltd.		84,700		149,692
United Overseas Bank Ltd.		13,500		250,568
UOL Group Ltd.		3,200		17,785
				1,416,521
Spain — 1.7%
Aena SME SA(a)(b)		684		116,981
Amadeus IT Group SA(a)		4,487		313,164
CaixaBank SA		36,600		106,931
Cellnex Telecom SA(b)		3,217		175,911
Ferrovial SA		5,042		126,316
Grifols SA		3,055		77,204
Industria de Diseno Textil SA		10,971		363,676
Red Electrica Corp. SA		111		1,868
Telefonica SA		50,333		215,418
				1,497,469
Sweden — 4.9%
Alfa Laval AB(a)		3,117		96,960
Assa Abloy AB, Class B		9,891		249,274
Atlas Copco AB, Class A		6,373		365,760
Atlas Copco AB, Class B		4,200		204,698
Boliden AB		2,608		103,853
Electrolux AB, Series B		2,217		52,640
EQT AB		3,045		85,368
Essity AB, Class B		6,063		183,187
Fastighets AB Balder, Class B(a)		914		44,046
Hennes & Mauritz AB, Class B(a)		7,872		186,489
Hexagon AB, Class B		2,764		231,515
Husqvarna AB, Class B		3,789		46,595
ICA Gruppen AB		899		42,905
Industrivarden AB, Class A(a)		795		28,392
Industrivarden AB, Class C(a)		1,835		60,926
Investment AB Latour, Class B		1,680		38,460

S C H E D U L E    O F    I N V E S T  M E N T S 11

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Investor AB, Class B		4,453	$	331,214
Kinnevik AB, Class B		2,384		111,366
L E Lundbergforetagen AB, Class B(a)		614		30,714
Nibe Industrier AB, Class B		3,066		96,833
Sandvik AB(a)		11,069		298,728
Skandinaviska Enskilda Banken AB, Class A(a)		16,094		186,190
SKF AB, Class B		3,678		100,750
Svenska Cellulosa AB SCA, Class B(a)		5,888		101,812
Svenska Handelsbanken AB, Class A(a)		15,075		159,757
Tele2 AB, Class B		4,566		57,917
Telefonaktiebolaget LM Ericsson, Class B		28,826		361,693
Telia Co. AB		26,535		107,750
Volvo AB, Class B(a)		13,715		353,157
				4,318,949
Switzerland — 5.6%
ABB Ltd., Registered		17,977		518,678
Adecco Group AG, Registered		1,484		93,568
Alcon Inc.(a)		4,867		336,222
Baloise Holding AG, Registered		409		71,788
Banque Cantonale Vaudoise, Registered		345		36,356
Clariant AG, Registered		1,698		35,656
Coca-Cola HBC AG		1,956		61,202
Geberit AG, Registered		349		206,709
Givaudan SA, Registered		91		344,479
Julius Baer Group Ltd.		2,282		140,656
Kuehne + Nagel International AG, Registered		515		122,706
Logitech International SA, Registered		1,658		177,686
Lonza Group AG, Registered		740		469,029
Partners Group Holding AG		198		238,506
SGS SA, Registered		63		180,587
Sika AG, Registered		1,406		373,049
Sonova Holding AG, Registered(a)		544		139,891
Straumann Holding AG, Registered		106		128,680
Swiss Life Holding AG, Registered		302		150,883
Swiss Prime Site AG, Registered		687		64,579
Swiss Re AG		2,785		262,842
Swisscom AG, Registered		243		122,533
Temenos AG, Registered		666		90,303
Vifor Pharma AG		396		49,473
Zurich Insurance Group AG		1,468		602,410
				5,018,471
United Kingdom — 10.0%
3i Group PLC		11,160		172,723
Admiral Group PLC		1,876		80,993
Antofagasta PLC		3,770		93,953
Ashtead Group PLC		4,433		240,474
AstraZeneca PLC		12,866		1,249,264
Auto Trader Group PLC(b)		9,200		70,770
AVEVA Group PLC		1,172		55,630
Aviva PLC		39,242		198,554
Barratt Developments PLC(a)		10,065		93,494
Berkeley Group Holdings PLC		1,211		68,621
British Land Co. PLC (The)		8,527		58,368
BT Group PLC(a)		87,185		150,599
Bunzl PLC		3,268		102,208
Burberry Group PLC(a)		3,980		101,022
Coca-Cola European Partners PLC		2,025		103,174
Compass Group PLC(a)		17,551		357,029
Croda International PLC		1,358		117,107

Security	Shares		Value
United Kingdom (continued)
Direct Line Insurance Group PLC		13,498	$	60,502
Ferguson PLC		2,194		258,646
Halma PLC		4,185		132,643
Hikma Pharmaceuticals PLC		1,670		52,207
Informa PLC(a)		14,648		112,800
InterContinental Hotels Group PLC(a)		1,691		118,257
Intertek Group PLC		1,618		121,160
J Sainsbury PLC		16,073		50,831
JD Sports Fashion PLC(a)		4,785		55,553
Kingfisher PLC(a)		20,291		75,291
Land Securities Group PLC		6,659		61,911
Legal & General Group PLC		58,001		210,270
Lloyds Banking Group PLC(a)		699,903		381,629
London Stock Exchange Group PLC		3,176		427,075
M&G PLC		25,943		66,702
Mondi PLC		4,692		113,125
Next PLC(a)		1,284		135,714
Ocado Group PLC(a)		4,784		147,147
Pearson PLC		7,399		77,688
Persimmon PLC		3,157		114,318
Phoenix Group Holdings PLC		5,280		52,412
Prudential PLC		25,588		503,885
RELX PLC		19,045		450,659
Rentokil Initial PLC(a)		18,292		119,354
RSA Insurance Group PLC		10,206		96,373
Sage Group PLC (The)		9,451		73,810
Schroders PLC		1,529		74,883
Segro PLC		11,727		149,166
Severn Trent PLC		2,391		73,209
Spirax-Sarco Engineering PLC		728		109,008
St. James’s Place PLC		6,600		108,330
Standard Life Aberdeen PLC		24,720		107,416
Taylor Wimpey PLC(a)		35,952		79,217
United Utilities Group PLC		7,105		85,349
Vodafone Group PLC		259,308		442,370
Whitbread PLC(a)		1,970		93,507
Wm Morrison Supermarkets PLC		22,621		54,034
WPP PLC		11,623		138,744
				8,899,178
Total Common Stocks — 99.4% (Cost: $82,343,904)				88,405,977
Preferred Stocks
Germany — 0.4%
Henkel AG & Co. KGaA, Preference Shares, NVS		1,765		174,773
Sartorius AG, Preference Shares, NVS		362		186,919
				361,692
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		59,272		31,958
Total Preferred Stocks — 0.4% (Cost: $375,265)				393,650
Total Investments in Securities — 99.8% (Cost: $82,719,169)				88,799,627
Other Assets, Less Liabilities — 0.2%				150,216
Net Assets — 100.0%			$	88,949,843

12 2 0 2 1    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EAFE ETF

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—		$        6	(b)	$	—	$	(6	)	$	—	$	—		—	$	122	(c)	$	—

^(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		6		03/11/21	$	106	$	(1,556	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,556

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	21,290
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,229	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	118,320

S C H E D U L E    O F    I N V E S T  M E N T S 13

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EAFE ETF

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	88,405,977		$	—	$	—	$88,405,977
Preferred Stocks		393,650			—		—	393,650
	$	88,799,627		$	—	$	—	$88,799,627
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,556	)	$	—	$	—	$ (1,556)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

14 2 0 2 1    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (unaudited) February 28, 2021 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.3%
Globant SA(a)		168	$	36,073
Brazil — 3.2%
Atacadao SA		1,500		5,117
B2W Cia. Digital(a)		1,200		17,656
B3 SA - Brasil, Bolsa, Balcao		9,600		93,536
Banco Bradesco SA		5,700		21,059
Banco do Brasil SA		3,900		19,629
Banco Santander Brasil SA		2,100		14,089
Energisa SA		300		2,351
Klabin SA		3,300		17,450
Localiza Rent a Car SA		2,700		28,100
Lojas Renner SA		3,900		25,655
Natura & Co. Holding SA(a)		4,500		37,280
Notre Dame Intermedica Participacoes SA		2,400		37,345
Telefonica Brasil SA		2,100		16,580
TIM SA		2,700		6,201
TOTVS SA		2,400		13,514
WEG SA		3,900		54,619
				410,181
Chile — 0.3%
Banco de Credito e Inversiones SA		207		8,988
Banco Santander Chile		275,142		15,751
Cencosud Shopping SA		2,856		5,648
Falabella SA		3,549		14,718
				45,105
China — 29.3%
360 Security Technology Inc., Class A		2,000		4,969
3SBio Inc.(a)(b)		6,000		5,971
AAC Technologies Holdings Inc.		3,000		16,165
Agricultural Bank of China Ltd., Class A		13,200		6,641
Agricultural Bank of China Ltd., Class H		126,000		45,804
Air China Ltd., Class H		6,000		4,950
Alibaba Health Information Technology Ltd.(a)		18,000		60,330
A-Living Smart City Services Co. Ltd.(b)		2,250		9,427
Bank of Communications Co. Ltd., Class A		8,400		5,924
Bank of Communications Co. Ltd., Class H		36,000		20,327
Bank of Hangzhou Co. Ltd., Class A		2,100		5,192
Bank of Shanghai Co. Ltd., Class A		1,500		1,940
Baozun Inc., ADR(a)		270		12,401
Beijing Enterprises Water Group Ltd.		18,000		7,124
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		900		6,560
Beijing Shiji Information Technology Co. Ltd., Class A		300		1,626
BYD Co. Ltd., Class A		400		12,177
BYD Co. Ltd., Class H		3,000		76,263
CanSino Biologics Inc., Class H(a)(b)		300		14,270
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		300		1,760
China Bohai Bank Co. Ltd., Class H(a)(b)		12,000		6,621
China CITIC Bank Corp. Ltd., Class H		33,000		15,570
China Construction Bank Corp., Class A		1,200		1,344
China Construction Bank Corp., Class H		429,000		344,534
China Everbright Bank Co. Ltd., Class A		11,700		7,403
China Everbright Bank Co. Ltd., Class H		12,000		5,198
China Everbright Environment Group Ltd.		15,000		8,585
China Feihe Ltd.(b)		6,000		16,436
China Galaxy Securities Co. Ltd., Class A		1,500		2,493
China Galaxy Securities Co. Ltd., Class H		16,500		10,188

Security	Shares		Value
China (continued)
China International Capital Corp. Ltd., Class H(a)(b)		4,800	$	11,076
China International Captial, NVS		900		8,028
China Jushi Co. Ltd., Class A		1,200		4,158
China Lesso Group Holdings Ltd.		6,000		11,091
China Medical System Holdings Ltd.		6,000		9,374
China Merchants Bank Co. Ltd., Class A		5,700		44,950
China Merchants Bank Co. Ltd., Class H		18,000		138,179
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,800		5,557
China Minsheng Banking Corp. Ltd., Class A		6,900		5,516
China Minsheng Banking Corp. Ltd., Class H		27,000		16,115
China Molybdenum Co. Ltd., Class A		3,300		3,412
China Molybdenum Co. Ltd., Class H		18,000		13,922
China National Medicines Corp. Ltd., Class A		300		1,759
China Vanke Co. Ltd., Class A		3,300		16,857
China Vanke Co. Ltd., Class H		7,500		31,809
China Zheshang Bank Co. Ltd., Class A		5,700		3,615
Contemporary Amperex Technology Co. Ltd., Class A		600		29,837
Country Garden Services Holdings Co. Ltd.		6,000		49,347
Eve Energy Co. Ltd., Class A		300		3,958
Everbright Securities Co. Ltd., Class A		44		105
Founder Securities Co. Ltd., Class A(a)		2,700		3,583
Geely Automobile Holdings Ltd.		27,000		87,710
Genscript Biotech Corp.(a)		6,000		10,349
GoerTek Inc., Class A		1,200		5,926
Greentown Service Group Co. Ltd.		6,000		6,095
Guangzhou Automobile Group Co. Ltd., Class H		12,000		11,138
Guolian Securities Co. Ltd., Class A(a)		900		2,068
Haitong Securities Co. Ltd., Class A		3,300		6,157
Haitong Securities Co. Ltd., Class H		12,000		10,968
Hangzhou Robam Appliances Co. Ltd., Class A		300		1,750
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		6,000		30,552
Huatai Securities Co. Ltd., Class A		3,300		8,744
Huatai Securities Co. Ltd., Class H(b)		6,000		8,926
Hundsun Technologies Inc., Class A		400		5,395
Hutchison China MediTech Ltd., ADR(a)		345		9,915
Industrial Bank Co. Ltd., Class A		5,700		21,710
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,000		13,340
Jafron Biomedical Co. Ltd., Class A		300		3,634
JD Health International Inc.(a)(b)		1,350		24,677
Jinxin Fertility Group Ltd.(b)		6,000		13,551
Joyoung Co. Ltd., Class A		300		1,386
Kingboard Laminates Holdings Ltd.		4,500		7,680
Kingdee International Software Group Co. Ltd.		12,000		43,082
Kingsoft Cloud Holdings Ltd., ADR(a)		279		16,428
Kingsoft Corp. Ltd.		3,000		21,038
Lee & Man Paper Manufacturing Ltd.		6,000		5,561
Lenovo Group Ltd.		30,000		37,938
Meituan, Class B(a)(b)		12,300		539,102
Microport Scientific Corp.		3,000		17,654
NetEase Inc., ADR		1,872		205,639
NIO Inc., ADR(a)		5,778		264,517
Orient Securities Co. Ltd., Class A		2,800		4,144
Ovctek China Inc., Class A		300		4,315
Pharmaron Beijing Co. Ltd., Class H(b)		900		15,384
Ping An Insurance Group Co. of China Ltd., Class A		2,700		35,493
Ping An Insurance Group Co. of China Ltd., Class H		27,000		331,698
Postal Savings Bank of China Co. Ltd., Class A		4,500		4,250
Postal Savings Bank of China Co. Ltd., Class H(b)		45,000		33,472
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		24,000		41,210

S C H E D U L E    O F    I N V E S T  M E N T S 15

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		900	$	6,395
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,500		7,077
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,200		7,699
Shanghai Pudong Development Bank Co. Ltd., Class A		6,300		10,247
Shenzhen Inovance Technology Co. Ltd., Class A		300		3,949
Shenzhen Investment Ltd.		12,000		4,316
Shenzhou International Group Holdings Ltd.		3,600		74,763
Sinotrans Ltd., Class A		3,600		2,511
Sungrow Power Supply Co. Ltd., Class A		300		4,004
Suning.com Co. Ltd., Class A		5,700		6,158
Sunny Optical Technology Group Co. Ltd.		3,300		82,528
TCL Technology Group Corp., Class A		5,200		6,604
Tongcheng-Elong Holdings Ltd.(a)		4,800		11,274
TravelSky Technology Ltd., Class H		3,000		7,572
Unisplendour Corp. Ltd., Class A		1,200		3,980
Vipshop Holdings Ltd., ADR(a)		2,013		75,125
Wangsu Science & Technology Co. Ltd., Class A		2,100		2,162
Weifu High-Technology Group Co. Ltd., Class A		900		3,197
WuXi AppTec Co. Ltd., Class A		800		17,739
WuXi AppTec Co. Ltd., Class H(b)		1,200		25,014
Wuxi Biologics Cayman Inc., New(a)(b)		15,000		185,727
Xiamen Intretech Inc., Class A		300		2,982
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		900		2,104
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		3,600		7,704
Xinyi Solar Holdings Ltd.		18,000		37,822
Yadea Group Holdings Ltd.(b)		6,000		13,056
Yum China Holdings Inc.		1,809		108,251
Yunnan Baiyao Group Co. Ltd., Class A		400		8,075
Zhengzhou Yutong Bus Co. Ltd., Class A		900		2,108
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,000		4,438
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		6,000		9,142
				3,806,760
Colombia — 0.3%
Bancolombia SA		1,347		11,696
Grupo de Inversiones Suramericana SA		1,143		7,482
Interconexion Electrica SA ESP		2,259		14,868
				34,046
Czech Republic — 0.2%
Komercni Banka AS(a)		414		13,016
Moneta Money Bank AS(a)(b)		2,541		9,309
				22,325
Egypt — 0.2%
Commercial International Bank Egypt SAE		5,991		23,796
Greece — 0.1%
Hellenic Telecommunications Organization SA		1,134		17,536
Hungary — 0.5%
OTP Bank Nyrt(a)		1,044		47,735
Richter Gedeon Nyrt		540		15,502
				63,237
India — 11.4%
Adani Green Energy Ltd.(a)		1,773		27,984
Asian Paints Ltd.		1,726		53,486
Axis Bank Ltd.(a)		10,092		99,540
Bajaj Auto Ltd.		303		15,663
Bajaj Finance Ltd.		1,223		87,623
Bandhan Bank Ltd.(a)(b)		3,102		14,574

Security	Shares		Value
India (continued)
Bharti Airtel Ltd.		10,950	$	82,894
Biocon Ltd.(a)		1,845		9,797
Colgate-Palmolive India Ltd.		465		10,006
Dabur India Ltd.		2,199		15,055
Eicher Motors Ltd.		633		21,523
Havells India Ltd.		915		13,766
HCL Technologies Ltd.		5,035		62,313
HDFC Life Insurance Co. Ltd.(a)(b)		3,636		34,668
Hero MotoCorp Ltd.		540		23,691
Hindustan Unilever Ltd.		3,681		106,798
ICICI Lombard General Insurance Co. Ltd.(a)(b)		999		19,386
Info Edge India Ltd.		357		23,855
Infosys Ltd.		15,336		261,558
Kotak Mahindra Bank Ltd.(a)		2,463		59,672
Mahindra & Mahindra Ltd.		3,686		40,449
Marico Ltd.		2,103		11,377
Nestle India Ltd.		147		32,210
Piramal Enterprises Ltd.		465		11,575
Shriram Transport Finance Co. Ltd.		869		15,172
Siemens Ltd.		252		6,344
State Bank of India(a)		7,788		41,348
Tata Consultancy Services Ltd.		4,254		167,549
Tech Mahindra Ltd.		2,937		36,724
Titan Co. Ltd.		1,632		31,245
Trent Ltd.		804		8,848
Wipro Ltd.		5,328		29,749
				1,476,442
Indonesia — 2.4%
Bank Central Asia Tbk PT		43,800		103,194
Bank Mandiri Persero Tbk PT		84,900		36,667
Bank Negara Indonesia Persero Tbk PT		35,100		14,666
Bank Rakyat Indonesia Persero Tbk PT		249,300		82,458
Kalbe Farma Tbk PT		99,600		10,282
Telkom Indonesia Persero Tbk PT		220,500		54,041
Unilever Indonesia Tbk PT		30,900		15,190
				316,498
Kuwait — 1.3%
Gulf Bank KSCP		10,125		7,226
Kuwait Finance House KSCP		24,734		59,005
National Bank of Kuwait SAKP		38,655		105,371
				171,602
Malaysia — 2.2%
AMMB Holdings Bhd		8,800		6,870
Axiata Group Bhd		15,600		13,683
CIMB Group Holdings Bhd		30,300		32,415
DiGi.Com Bhd		13,500		12,341
Fraser & Neave Holdings Bhd		1,200		9,268
HAP Seng Consolidated Bhd		3,200		6,728
IHH Healthcare Bhd		10,800		13,555
Kuala Lumpur Kepong Bhd		2,400		13,935
Malayan Banking Bhd		19,200		38,092
Maxis Bhd		10,800		12,674
Nestle Malaysia Bhd		400		13,628
PPB Group Bhd		4,000		18,619
Public Bank Bhd		67,200		69,068
RHB Bank Bhd		8,400		11,248
Sime Darby Bhd		16,000		8,973
Supermax Corp. Bhd		40		48

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Telekom Malaysia Bhd		5,700	$	8,647
				289,792
Mexico — 0.8%
Arca Continental SAB de CV		2,100		9,518
Coca-Cola Femsa SAB de CV		2,100		8,817
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)		900		16,847
Grupo Financiero Banorte SAB de CV, Class O(a)		12,300		61,798
Kimberly-Clark de Mexico SAB de CV, Class A		6,600		10,558
				107,538
Pakistan — 0.0%
Habib Bank Ltd.		3,348		2,619
MCB Bank Ltd.		2,013		2,331
				4,950
Peru — 0.4%
Credicorp Ltd.		300		48,003
Philippines — 0.5%
Bank of the Philippine Islands		7,110		13,042
BDO Unibank Inc.		8,940		19,439
Globe Telecom Inc.		150		6,263
SM Prime Holdings Inc.		42,600		31,739
				70,483
Poland — 1.2%
Bank Polska Kasa Opieki SA(a)		948		17,256
Cyfrowy Polsat SA		1,182		9,076
KGHM Polska Miedz SA(a)		681		34,618
LPP SA(a)		6		12,605
Orange Polska SA(a)		4,377		7,421
Powszechna Kasa Oszczednosci Bank Polski SA(a)		4,302		34,810
Powszechny Zaklad Ubezpieczen SA(a)		3,207		25,201
Santander Bank Polska SA(a)		210		11,862
				152,849
Qatar — 0.9%
Commercial Bank PSQC (The)		8,061		9,343
Ooredoo QPSC		4,604		9,601
Qatar National Bank QPSC		20,256		94,626
				113,570
Russia — 0.8%
Mail.Ru Group Ltd., GDR(a)(c)		561		15,143
Moscow Exchange MICEX-RTS PJSC		5,460		12,669
Novolipetsk Steel PJSC		5,760		17,301
PhosAgro PJSC, GDR(c)		567		9,945
Polymetal International PLC		1,008		20,069
Polyus PJSC		150		28,264
				103,391
Saudi Arabia — 1.5%
Almarai Co. JSC		1,284		17,460
Bank AlBilad		1,936		17,009
Dr Sulaiman Al Habib Medical Services Group Co.		231		7,329
Samba Financial Group		4,659		41,925
Saudi Basic Industries Corp.		4,104		116,648
				200,371
South Africa — 7.4%
Absa Group Ltd.		3,276		26,245
Bid Corp. Ltd.		1,458		27,276
Bidvest Group Ltd. (The)		1,203		13,363
Capitec Bank Holdings Ltd.(a)		324		28,638
Clicks Group Ltd.		1,140		18,422

Security	Shares		Value
South Africa (continued)
FirstRand Ltd.		21,540	$	71,562
Gold Fields Ltd.		3,999		33,209
Growthpoint Properties Ltd.		12,930		11,670
Kumba Iron Ore Ltd.		318		13,626
Mr. Price Group Ltd.		1,185		13,646
MTN Group Ltd.		7,635		36,642
MultiChoice Group		2,034		17,142
Naspers Ltd., Class N		1,953		453,618
Nedbank Group Ltd.		1,749		15,084
NEPI Rockcastle PLC		1,962		12,018
Remgro Ltd.		2,259		15,453
Sanlam Ltd.		7,824		31,397
Shoprite Holdings Ltd.		2,265		19,900
SPAR Group Ltd. (The)		876		11,010
Standard Bank Group Ltd.		5,844		51,316
Vodacom Group Ltd.		2,757		22,677
Woolworths Holdings Ltd.		4,272		13,011
				956,925
South Korea — 11.0%
Amorepacific Corp.		141		29,430
AMOREPACIFIC Group		120		6,910
CJ CheilJedang Corp.		39		14,111
CJ Corp.		84		6,931
Coway Co. Ltd.		213		12,266
DB Insurance Co. Ltd.		219		8,070
GS Engineering & Construction Corp.		303		9,803
Hana Financial Group Inc.		1,356		44,717
Hanon Systems		903		12,418
Hanwha Solutions Corp.(a)		70		2,807
Hyundai Marine & Fire Insurance Co. Ltd.		252		4,912
Kakao Corp.		261		113,367
LG Corp.		423		35,353
LG Display Co. Ltd.(a)		988		19,874
LG Electronics Inc.		477		62,199
LG Household & Health Care Ltd.		45		60,601
LG Innotek Co. Ltd.		64		11,336
Mirae Asset Daewoo Co. Ltd.		1,365		11,348
NAVER Corp.		552		184,246
NCSoft Corp.		75		62,483
Samsung Card Co. Ltd.		108		3,167
Samsung Electro-Mechanics Co. Ltd.		249		41,999
Samsung Fire & Marine Insurance Co. Ltd.		129		19,864
Samsung Life Insurance Co. Ltd.		321		21,429
Samsung SDI Co. Ltd.		249		149,378
Samsung SDS Co. Ltd.		156		27,007
Samsung Securities Co. Ltd.		288		9,369
Shinhan Financial Group Co. Ltd.(a)		1,932		56,662
SK Biopharmaceuticals Co. Ltd.(a)		84		8,822
SK Hynix Inc.		2,445		307,937
SK Telecom Co. Ltd.		162		35,688
Woori Financial Group Inc.(a)		2,307		19,672
Yuhan Corp.		225		12,416
				1,426,592
Taiwan — 17.6%
Accton Technology Corp.		3,000		28,274
Acer Inc.		16,000		15,424
Advantech Co. Ltd.		3,000		39,045
ASE Technology Holding Co. Ltd.		15,000		55,740
Asustek Computer Inc.		3,000		32,744

S C H E D U L E    O F    I N V E S T  M E N T S 17

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
AU Optronics Corp.(a)		39,000	$	26,464
Catcher Technology Co. Ltd.		4,000		27,574
Cathay Financial Holding Co. Ltd.		33,000		49,703
Chailease Holding Co. Ltd.		6,000		37,052
Cheng Shin Rubber Industry Co. Ltd.		12,000		18,591
China Development Financial Holding Corp.		72,000		24,041
China Life Insurance Co. Ltd.		10,000		8,150
China Steel Corp.		55,000		48,874
Chunghwa Telecom Co. Ltd.		18,000		70,766
Compal Electronics Inc.		18,000		14,347
CTBC Financial Holding Co. Ltd.		78,000		56,009
Delta Electronics Inc.		9,000		90,638
E.Sun Financial Holding Co. Ltd.		51,000		46,235
Evergreen Marine Corp. Taiwan Ltd.(a)		12,000		16,350
Far Eastern New Century Corp.		12,000		12,473
Far EasTone Telecommunications Co. Ltd.		6,000		13,313
First Financial Holding Co. Ltd.		45,000		33,686
Fubon Financial Holding Co. Ltd.		30,000		53,747
Hua Nan Financial Holdings Co. Ltd.		39,000		25,414
Innolux Corp.		40,000		24,414
Inventec Corp.		12,000		10,685
Lite-On Technology Corp.		9,000		19,194
MediaTek Inc.		6,000		193,017
Mega Financial Holding Co. Ltd.		48,000		50,322
Micro-Star International Co. Ltd.		4,000		21,398
President Chain Store Corp.		3,000		28,220
Quanta Computer Inc.		12,000		36,622
Shanghai Commercial & Savings Bank Ltd. (The)		15,000		21,488
SinoPac Financial Holdings Co. Ltd.		45,000		18,822
Taishin Financial Holding Co. Ltd.		45,000		20,923
Taiwan Business Bank		24,000		8,160
Taiwan Cooperative Financial Holding Co. Ltd.		42,000		30,084
Taiwan Mobile Co. Ltd.		8,000		27,890
Taiwan Semiconductor Manufacturing Co. Ltd.		30,000		652,724
Unimicron Technology Corp.		6,000		21,004
United Microelectronics Corp.		51,000		99,244
Vanguard International Semiconductor Corp.		4,000		16,659
Win Semiconductors Corp.		3,000		40,984
Yageo Corp.		3,000		63,872
Yuanta Financial Holding Co. Ltd.		48,000		36,622
				2,287,002
Thailand — 3.4%
Advanced Info Service PCL, NVDR		5,700		30,662
Airports of Thailand PCL, NVDR		20,100		41,813
Asset World Corp. PCL, NVDR		48,300		7,630
Bangkok Bank PCL, Foreign		3,200		12,689
Bangkok Dusit Medical Services PCL, NVDR		43,200		28,083
BTS Group Holdings PCL, NVDR		44,000		13,444
Bumrungrad Hospital PCL, NVDR		2,100		8,635
Central Pattana PCL, NVDR		10,500		18,088
CP ALL PCL, NVDR(a)		27,300		52,797
Delta Electronics Thailand PCL, NVDR		900		11,701
Energy Absolute PCL, NVDR		7,200		14,627
Home Product Center PCL, NVDR		34,800		15,044
Indorama Ventures PCL, NVDR		8,700		11,170
Intouch Holdings PCL, NVDR		10,800		19,571
Kasikornbank PCL, Foreign		5,100		23,456
Kasikornbank PCL, NVDR		2,700		12,418
Krungthai Card PCL, NVDR		3,900		8,050
Land & Houses PCL, NVDR		46,800		12,017

Security	Shares		Value
Thailand (continued)
Minor International PCL, NVDR(a)		15,900	$	15,634
Siam Cement PCL (The), NVDR		3,600		42,827
Siam Commercial Bank PCL (The), NVDR		4,500		15,065
Thai Union Group PCL, NVDR		19,200		8,737
Total Access Communication PCL, NVDR		4,400		4,541
True Corp. PCL, NVDR		71,100		7,257
				435,956
Turkey — 0.2%
Turkcell Iletisim Hizmetleri AS		4,725		10,096
Turkiye Garanti Bankasi AS(a)		10,629		12,781
Turkiye Is Bankasi AS, Class C(a)		7,551		5,833
				28,710
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		13,137		22,460
Abu Dhabi Islamic Bank PJSC		6,327		8,595
Dubai Islamic Bank PJSC		8,835		11,425
Emirates NBD Bank PJSC		11,616		35,419
Emirates Telecommunications Group Co. PJSC		7,311		39,609
First Abu Dhabi Bank PJSC		12,819		51,302
				168,810
Total Common Stocks — 98.7% (Cost: $10,947,614)				12,818,543
Preferred Stocks
Brazil — 1.7%
Banco Bradesco SA, Preference Shares, NVS		20,400		84,191
Itau Unibanco Holding SA, Preference Shares, NVS		21,600		99,026
Itausa SA, Preference Shares, NVS		19,500		34,815
				218,032
Chile — 0.3%
Embotelladora Andina SA, Class B, Preference Shares		987		2,671
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		537		28,812
				31,483
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		2,025		17,360
South Korea — 0.0%
LG Household & Health Care Ltd., Preference Shares, NVS		3		1,882
Total Preferred Stocks — 2.1% (Cost: $234,234)				268,757
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)		80,951		81,000
Total Short-Term Investments — 0.6% (Cost: $81,000)				81,000
Total Investments in Securities — 101.4% (Cost: $11,262,848)				13,168,300
Other Assets, Less Liabilities — (1.4)%				(183,484	)
Net Assets — 100.0%			$	12,984,816

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI EM ETF

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

Affiliates    

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:    

Affiliated Issuer	Value at    10/06/20(a)		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$81,000	(b)	$	—	$	—	$	—	$	81,000		80,951	$	255	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(d)		—		0	(b)		—		—		—		—		—		10			—
								$	—	$	—	$	81,000			$	265		$	—

^(a)  The Fund commenced operations on October 6, 2020.

^(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(d)  As of period end, the entity is no longer held.

Derivative Financial Instruments Categorized by Risk Exposure    

For the period ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(6,130	)

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	12,382,587	$	435,956	$	—	$12,818,543
Preferred Stocks		268,757		—		—	268,757
Money Market Funds		81,000		—		—	81,000
	$	12,732,344	$	435,956	$	—	$13,168,300

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 19

Schedule of Investments (unaudited)  February 28, 2021 iShares^® ESG Advanced MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
Howmet Aerospace Inc.		3,549	$	99,762
Teledyne Technologies Inc.(a)		335		124,285
				224,047
Air Freight & Logistics — 1.0%
CH Robinson Worldwide Inc.		1,249		113,472
Expeditors International of Washington Inc.		1,554		142,719
United Parcel Service Inc., Class B		6,505		1,026,684
				1,282,875
Auto Components — 0.4%
Aptiv PLC		2,455		367,857
Autoliv Inc.		768		69,120
BorgWarner Inc.		2,222		99,990
				536,967
Automobiles — 3.6%
Tesla Inc.(a)		6,897		4,658,924
Banks — 2.0%
Citizens Financial Group Inc.		3,883		168,678
First Republic Bank/CA		1,586		261,293
Huntington Bancshares Inc./OH		9,252		141,926
KeyCorp		8,881		178,863
PNC Financial Services Group Inc. (The)		3,853		648,691
Regions Financial Corp.		8,735		180,203
SVB Financial Group(a)		469		237,014
Truist Financial Corp.		12,261		698,387
				2,515,055
Beverages — 2.8%
Coca-Cola Co. (The)		37,132		1,819,097
Keurig Dr Pepper Inc.		5,120		156,262
PepsiCo Inc.		12,569		1,623,789
				3,599,148
Biotechnology — 2.1%
Amgen Inc.		5,295		1,190,951
Biogen Inc.(a)		1,399		381,759
BioMarin Pharmaceutical Inc.(a)		1,650		127,760
Regeneron Pharmaceuticals Inc.(a)		952		428,943
Vertex Pharmaceuticals Inc.(a)		2,364		502,468
				2,631,881
Building Products — 0.9%
A O Smith Corp.		1,254		74,450
Allegion PLC		836		90,940
Carrier Global Corp.		7,488		273,537
Fortune Brands Home & Security Inc.		1,280		106,419
Lennox International Inc.		316		88,407
Masco Corp.		2,379		126,611
Owens Corning		1,000		81,020
Trane Technologies PLC		2,183		334,523
				1,175,907
Capital Markets — 4.8%
Ameriprise Financial Inc.		1,072		237,169
Bank of New York Mellon Corp. (The)		7,252		305,744
BlackRock Inc.(b)		1,387		963,272
Carlyle Group Inc. (The)		1,292		44,251
Charles Schwab Corp. (The)		13,912		858,649
CME Group Inc.		3,264		651,821
FactSet Research Systems Inc.		345		104,849
Franklin Resources Inc.		2,754		72,072

Security	Shares		Value
Capital Markets (continued)
Intercontinental Exchange Inc.		5,034	$	555,300
Invesco Ltd.		3,619		81,138
MarketAxess Holdings Inc.		345		191,799
Moody’s Corp.		1,537		422,506
Nasdaq Inc.		1,044		144,375
Northern Trust Corp.		1,797		170,949
S&P Global Inc.		2,188		720,640
State Street Corp.		3,209		233,519
T Rowe Price Group Inc.		2,058		333,684
				6,091,737
Chemicals — 2.2%
Air Products & Chemicals Inc.		2,010		513,796
Albemarle Corp.		1,045		164,284
Axalta Coating Systems Ltd.(a)		1,961		53,614
DuPont de Nemours Inc.		4,877		342,951
International Flavors & Fragrances Inc.		2,035		275,763
Linde PLC		4,772		1,165,656
PPG Industries Inc.		2,147		289,459
				2,805,523
Commercial Services & Supplies — 1.0%
Cintas Corp.		809		262,391
Copart Inc.(a)		1,933		211,006
Republic Services Inc.		2,029		180,764
Waste Connections Inc.		2,389		233,382
Waste Management Inc.		3,844		426,261
				1,313,804
Communications Equipment — 1.8%
Arista Networks Inc.(a)		515		144,117
Cisco Systems Inc.		38,432		1,724,444
F5 Networks Inc.(a)		568		107,909
Juniper Networks Inc.		2,998		69,793
Motorola Solutions Inc.		1,541		270,415
				2,316,678
Construction Materials — 0.1%
Martin Marietta Materials Inc.		566		190,668
Consumer Finance — 0.8%
Ally Financial Inc.		3,399		141,059
American Express Co.		6,223		841,723
				982,782
Containers & Packaging — 0.5%
Ball Corp.		2,975		254,035
International Paper Co.		3,396		168,612
Packaging Corp. of America		861		113,669
Sealed Air Corp.		1,443		60,462
				596,778
Distributors — 0.3%
Genuine Parts Co.		1,312		138,219
LKQ Corp.(a)		2,628		103,517
Pool Corp.		364		121,856
				363,592
Diversified Financial Services — 0.1%
Equitable Holdings Inc.		3,639		107,605
Voya Financial Inc.		1,169		70,468
				178,073
Diversified Telecommunication Services —1.6%
Verizon Communications Inc.		37,637		2,081,326

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment — 1.4%
Eaton Corp. PLC		3,625	$	471,939
Emerson Electric Co.		5,437		467,038
Generac Holdings Inc.(a)		571		188,179
Plug Power Inc.(a)		4,257		205,953
Rockwell Automation Inc.		1,056		256,904
Sensata Technologies Holding PLC(a)		1,458		83,529
Sunrun Inc.(a)		1,090		68,212
				1,741,754
Electronic Equipment, Instruments & Components — 1.4%
Amphenol Corp., Class A		2,721		341,975
Cognex Corp.		1,604		132,474
Corning Inc.		6,947		265,653
Keysight Technologies Inc.(a)		1,685		238,461
TE Connectivity Ltd.		3,007		391,000
Trimble Inc.(a)		2,275		168,669
Zebra Technologies Corp., Class A(a)		485		242,224
				1,780,456
Entertainment — 0.8%
Activision Blizzard Inc.		7,028		671,947
Electronic Arts Inc.		2,636		353,145
				1,025,092
Equity Real Estate Investment Trusts (REITs) — 3.8%
Alexandria Real Estate Equities Inc.		1,168		186,518
American Tower Corp.		4,039		872,949
Boston Properties Inc.		1,343		133,132
Camden Property Trust		886		92,277
Crown Castle International Corp.		3,923		611,007
Duke Realty Corp.		3,382		132,744
Equinix Inc.		810		525,155
Equity Residential		3,385		221,413
Healthpeak Properties Inc.		4,896		142,425
Host Hotels & Resorts Inc.		6,415		106,425
Iron Mountain Inc.		2,620		91,150
Prologis Inc.		6,723		666,048
Regency Centers Corp.		1,572		86,114
SBA Communications Corp.		1,009		257,426
UDR Inc.		2,677		110,212
Ventas Inc.		3,406		180,177
VICI Properties Inc.		4,881		139,108
Welltower Inc.		3,795		257,680
				4,811,960
Food & Staples Retailing — 0.2%
Walgreens Boots Alliance Inc.		6,693		320,796
Food Products — 0.9%
Campbell Soup Co.		1,648		74,951
Conagra Brands Inc.		4,442		150,717
General Mills Inc.		5,559		305,801
Hormel Foods Corp.		2,698		125,106
JM Smucker Co. (The)		1,036		116,032
Kellogg Co.		2,344		135,272
Lamb Weston Holdings Inc.		1,345		107,291
McCormick & Co. Inc./MD, NVS		2,261		190,557
				1,205,727
Health Care Equipment & Supplies — 2.5%
ABIOMED Inc.(a)		411		133,390
Align Technology Inc.(a)		680		385,635
Baxter International Inc.		4,646		360,948
Cooper Companies Inc. (The)		485		187,273

Security	Shares		Value
Health Care Equipment & Supplies (continued)
DENTSPLY SIRONA Inc.		1,986	$	105,397
DexCom Inc.(a)		872		346,864
Hologic Inc.(a)		2,337		168,474
IDEXX Laboratories Inc.(a)		774		402,612
Insulet Corp.(a)		599		155,201
Novocure Ltd.(a)		794		118,385
ResMed Inc.		1,317		253,891
STERIS PLC		775		135,470
Teleflex Inc.		423		168,405
Varian Medical Systems Inc.(a)		830		145,474
West Pharmaceutical Services Inc.		672		188,597
				3,256,016
Health Care Providers & Services — 1.3%
Centene Corp.(a)		5,272		308,623
DaVita Inc.(a)		711		72,614
HCA Healthcare Inc.		2,461		423,366
Henry Schein Inc.(a)		1,323		81,827
Humana Inc.		1,204		457,099
Laboratory Corp. of America Holdings(a)		886		212,560
Quest Diagnostics Inc.		1,225		141,598
				1,697,687
Health Care Technology — 0.3%
Cerner Corp.		2,787		192,693
Teladoc Health Inc.(a)		1,057		233,692
				426,385
Hotels, Restaurants & Leisure — 1.5%
Aramark		2,070		76,839
Darden Restaurants Inc.		1,183		162,461
Domino’s Pizza Inc.		357		123,704
Hilton Worldwide Holdings Inc.		2,522		311,921
Starbucks Corp.		10,674		1,153,112
Vail Resorts Inc.		370		114,397
				1,942,434
Household Durables — 0.5%
Garmin Ltd.		1,304		161,722
Mohawk Industries Inc.(a)		549		96,069
Newell Brands Inc.		3,734		86,517
NVR Inc.(a)		31		139,526
PulteGroup Inc.		2,437		109,933
				593,767
Household Products — 1.0%
Church & Dwight Co. Inc.		2,259		177,896
Clorox Co. (The)		1,146		207,483
Colgate-Palmolive Co.		7,405		556,856
Kimberly-Clark Corp.		3,092		396,797
				1,339,032
Industrial Conglomerates — 0.3%
Roper Technologies Inc.		952		359,494
Insurance — 3.0%
Aflac Inc.		6,068		290,597
Allstate Corp. (The)		2,764		294,642
Arch Capital Group Ltd.(a)		3,693		132,283
Arthur J Gallagher & Co.		1,748		209,410
Assurant Inc.		524		64,567
Chubb Ltd.		4,105		667,391
Lincoln National Corp.		1,756		99,864
Marsh & McLennan Companies Inc.		4,612		531,395
Principal Financial Group Inc.		2,498		141,337

S C H E D U L E    O F    I N V E S T  M E N T S 21

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Progressive Corp. (The)		5,325	$	457,684
Prudential Financial Inc.		3,602		312,366
Reinsurance Group of America Inc.		628		76,760
Travelers Companies Inc. (The)		2,302		334,941
Willis Towers Watson PLC		1,171		258,369
				3,871,606
Interactive Media & Services — 8.6%
Alphabet Inc., Class A(a)		2,734		5,527,902
Alphabet Inc., Class C, NVS(a)		2,699		5,497,485
				11,025,387
Internet & Direct Marketing Retail — 1.8%
Booking Holdings Inc.(a)		371		863,877
eBay Inc.		6,269		353,697
Etsy Inc.(a)		1,104		243,178
MercadoLibre Inc.(a)		407		666,711
Wayfair Inc., Class A(a)		601		173,677
				2,301,140
IT Services — 10.9%
Akamai Technologies Inc.(a)		1,480		139,860
Automatic Data Processing Inc.		3,899		678,504
Broadridge Financial Solutions Inc.		1,051		149,757	��
Cognizant Technology Solutions Corp., Class A		4,861		357,186
Fidelity National Information Services Inc.		5,643		778,734
Fiserv Inc.(a)		5,182		597,847
Gartner Inc.(a)		812		145,381
GoDaddy Inc., Class A(a)		1,545		125,330
Jack Henry & Associates Inc.		693		102,869
Mastercard Inc., Class A		8,091		2,863,000
Okta Inc.(a)		1,090		284,981
Paychex Inc.		2,941		267,837
PayPal Holdings Inc.(a)		10,123		2,630,462
Square Inc., Class A(a)		3,443		791,993
Twilio Inc., Class A(a)		1,274		500,529
VeriSign Inc.(a)		933		181,030
Visa Inc., Class A		15,392		3,269,107
Western Union Co. (The)		3,810		88,468
				13,952,875
Leisure Products — 0.1%
Hasbro Inc.		1,182		110,765
Life Sciences Tools & Services — 2.8%
Agilent Technologies Inc.		2,804		342,284
Avantor Inc.(a)		4,734		131,937
Illumina Inc.(a)		1,327		583,097
IQVIA Holdings Inc.(a)		1,742		335,840
Mettler-Toledo International Inc.(a)		215		239,951
PerkinElmer Inc.		1,017		128,234
PPD Inc.(a)		1,111		38,952
Thermo Fisher Scientific Inc.		3,605		1,622,538
Waters Corp.(a)		564		154,468
				3,577,301
Machinery — 4.0%
Caterpillar Inc.		4,940		1,066,447
Cummins Inc.		1,345		340,554
Deere & Co.		2,706		944,719
Dover Corp.		1,310		161,471
Fortive Corp.		2,759		181,597
IDEX Corp.		687		134,082
Illinois Tool Works Inc.		2,877		581,672

Security	Shares		Value
Machinery (continued)
Ingersoll Rand Inc.(a)		3,228	$	149,586
Nordson Corp.		507		97,552
Otis Worldwide Corp.		3,742		238,403
PACCAR Inc.		3,150		286,618
Parker-Hannifin Corp.		1,170		335,743
Pentair PLC		1,537		85,964
Snap-on Inc.		467		94,852
Stanley Black & Decker Inc.		1,457		254,742
Xylem Inc./NY		1,638		163,079
				5,117,081
Media — 0.4%
Cable One Inc.		43		82,339
Discovery Inc., Class A(a)(c)		1,484		78,696
Discovery Inc., Class C, NVS(a)		2,801		126,045
Omnicom Group Inc.		1,954		134,298
Sirius XM Holdings Inc.(c)		9,661		56,517
				477,895
Metals & Mining — 0.4%
Newmont Corp.		7,306		397,300
Steel Dynamics Inc.		1,949		81,040
				478,340
Multiline Retail — 0.6%
Target Corp.		4,553		835,202
Personal Products — 0.5%
Estee Lauder Companies Inc. (The), Class A		2,059		588,586
Pharmaceuticals — 1.0%
Catalent Inc.(a)		1,497		170,224
Elanco Animal Health Inc.(a)		3,862		126,905
Horizon Therapeutics PLC(a)		2,007		182,456
Jazz Pharmaceuticals PLC(a)		513		86,205
Zoetis Inc.		4,323		671,103
				1,236,893
Professional Services — 0.7%
Booz Allen Hamilton Holding Corp.		1,253		96,657
IHS Markit Ltd.		3,442		310,331
Robert Half International Inc.		1,035		80,513
TransUnion		1,730		145,683
Verisk Analytics Inc.		1,404		230,045
				863,229
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		3,051		231,174
Road & Rail — 1.8%
AMERCO		91		52,299
CSX Corp.		6,954		636,639
Kansas City Southern		850		180,489
Old Dominion Freight Line Inc.		852		182,984
Union Pacific Corp.		6,128		1,262,123
				2,314,534
Semiconductors & Semiconductor Equipment — 7.8%
Advanced Micro Devices Inc.(a)		10,889		920,229
Analog Devices Inc.		3,361		523,711
Applied Materials Inc.		8,305		981,568
Lam Research Corp.		1,309		742,452
Marvell Technology Group Ltd.		6,095		294,267
Maxim Integrated Products Inc.		2,430		226,403
Micron Technology Inc.(a)		10,124		926,650

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.		5,629	$	3,087,957
ON Semiconductor Corp.(a)		3,739		150,569
Qorvo Inc.(a)		1,035		180,846
Skyworks Solutions Inc.		1,509		268,330
Texas Instruments Inc.		8,348		1,438,110
Xilinx Inc.		2,228		290,308
				10,031,400
Software — 8.2%
Adobe Inc.(a)		4,362		2,005,080
ANSYS Inc.(a)		780		265,972
Autodesk Inc.(a)		1,993		550,068
Cadence Design Systems Inc.(a)		2,536		357,804
Citrix Systems Inc.		1,063		141,996
Cloudflare Inc., Class A(a)		1,807		133,664
Coupa Software Inc.(a)(c)		620		214,681
Datadog Inc., Class A(a)		1,608		153,419
DocuSign Inc.(a)		1,600		362,656
Dropbox Inc., Class A(a)		2,924		65,922
Fair Isaac Corp.(a)		264		120,793
Fortinet Inc.(a)		1,254		211,738
Guidewire Software Inc.(a)		770		85,462
HubSpot Inc.(a)		395		203,425
Intuit Inc.		2,388		931,654
NortonLifeLock Inc.		5,112		99,735
Paycom Software Inc.(a)		451		168,782
PTC Inc.(a)		1,007		137,899
RingCentral Inc., Class A(a)		687		259,796
salesforce.com Inc.(a)		8,276		1,791,754
ServiceNow Inc.(a)		1,777		947,958
Slack Technologies Inc., Class A(a)		4,174		170,842
Splunk Inc.(a)		1,458		208,509
Tyler Technologies Inc.(a)		366		169,612
VMware Inc., Class A(a)(c)		776		107,251
Workday Inc., Class A(a)		1,640		402,095
Zendesk Inc.(a)		1,070		156,370
Zscaler Inc.(a)		665		136,345
				10,561,282
Specialty Retail — 3.2%
Advance Auto Parts Inc.		616		98,776
Best Buy Co. Inc.		2,118		212,541
Burlington Stores Inc.(a)		601		155,551
CarMax Inc.(a)		1,491		178,189
Home Depot Inc. (The)		9,791		2,529,407
TJX Companies Inc. (The)		10,905		719,621
Tractor Supply Co.		1,059		168,339
				4,062,424

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 0.8%
Dell Technologies Inc., Class C(a)		2,242	$	181,759
Hewlett Packard Enterprise Co.		11,700		170,352
HP Inc.		12,492		361,893
NetApp Inc.		2,019		126,389
Seagate Technology PLC		2,103		154,003
				994,396
Textiles, Apparel & Luxury Goods — 0.3%
Lululemon Athletica Inc.(a)		1,126		350,952
Trading Companies & Distributors — 0.5%
Fastenal Co.		5,221		242,098
United Rentals Inc.(a)		656		195,081
WW Grainger Inc.		415		154,675
				591,854
Water Utilities — 0.2%
American Water Works Co. Inc.		1,648		233,818
Total Common Stocks — 99.9% (Cost: $120,563,482)				127,854,499
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(b)(d)(e)		171,761		171,864
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)		110,000		110,000
				281,864
Total Short-Term Investments — 0.2% (Cost: $281,864)				281,864
Total Investments in Securities — 100.1% (Cost: $120,845,346)				128,136,363
Other Assets, Less Liabilities — (0.1)%				(86,831	)
Net Assets — 100.0%			$	128,049,532

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

S C H E D U L E    O F    I N V E S T  M E N T S 23

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Advanced MSCI USA ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,183	$	161,708	(a)	$	—		$	(27	)	$	—	$	171,864		171,761	$	1,303	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		110,000	(a)		—			—			—		110,000		110,000		3			—
BlackRock Inc.		36,840		920,246			(35,114	)		962			40,338		963,272		1,387		3,071			—
									$	935		$	40,338	$	1,245,136			$	4,377		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	127,854,499	$	—	$	—	$127,854,499
Money Market Funds		281,864		—		—	281,864
	$	128,136,363	$	—	$	—	$128,136,363

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited)

February 28, 2021

	iShares ESG Advanced MSCI EAFE ETF		iShares ESG Advanced MSCI EM ETF		iShares ESG Advanced MSCI USA ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	88,799,627	$	13,087,300	$	126,891,227
Affiliated(c)		—		81,000		1,245,136
Cash		3,389		373,608		5,058
Foreign currency, at value(d)		330,234		717,308		—
Cash pledged:
Futures contracts		19,000		—		—
Receivables:
Investments sold		3,893,314		2,605,980		3,053,269
Securities lending income — Affiliated		—		91		1,157
Variation margin on futures contracts		—		11,397		—
Capital shares sold		854,322		—		66,549
Dividends		52,873		19,465		92,718
Tax reclaims		5,382		—		—
Total assets		93,958,141		16,896,149		131,355,114
LIABILITIES
Collateral on securities loaned, at value		—		81,000		171,892
Deferred foreign capital gain tax		—		33,899		—
Payables:
Investments purchased		4,828,234		1,543,528		3,075,669
Variation margin on futures contracts		6,379		—		—
Bank borrowings		—		95,009		—
Capital shares redeemed		165,496		2,156,164		49,219
Investment advisory fees		8,189		1,733		8,802
Total liabilities		5,008,298		3,911,333		3,305,582
NET ASSETS	$	88,949,843	$	12,984,816	$	128,049,532
NET ASSETS CONSIST OF:
Paid-in capital	$	80,997,625	$	10,765,641	$	120,192,566
Accumulated earnings		7,952,218		2,219,175		7,856,966
NET ASSETS	$	88,949,843	$	12,984,816	$	128,049,532
Shares outstanding		1,400,000		300,000		4,000,000
Net asset value	$	63.54	$	43.28	$	32.01
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Securities loaned, at value	$	—	$	—	$	167,412
(b) Investments, at cost — Unaffiliated	$	82,719,169	$	11,181,848	$	119,643,263
(c)  Investments, at cost — Affiliated	$	—	$	81,000	$	1,202,083
(d) Foreign currency, at cost	$	330,322	$	717,205	$	—

See notes to financial statements.    

F I N A N C I A L    S T A T E M E N T  S 25

Statements of Operations (unaudited)

Six Months Ended February 28, 2021

		iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF	(a)	iShares ESG Advanced MSCI USA ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	243,718		$	52,915		$   401,019
Dividends — Affiliated		—			10		3,074
Securities lending income — Affiliated — net		122			255		1,303
Foreign taxes withheld		(29,597	)		(8,599	)	—
Total investment income		214,243			44,581		405,396
EXPENSES
Investment advisory fees		30,992			7,909		31,002
Commitment fees		—			203		—
Interest expense		—			43		—
Total expenses		30,992			8,155		31,002
Net investment income		183,251			36,426		374,394
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(565,665	)		(56,743	)	(320,997)
Investments — Affiliated		(6	)		—		(999)
In-kind redemptions — Unaffiliated		2,416,346			433,362		714,825
In-kind redemptions — Affiliated		—			—		1,934
Futures contracts		21,290			(6,130	)	—
Foreign currency transactions		5,625			(18,925	)	—
Net realized gain		1,877,590			351,564		394,763
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		5,208,477			1,871,553		6,559,271
Investments — Affiliated		—			—		40,338
Futures contracts		(2,229	)		—		—
Foreign currency translations		(1,708	)		11,641		—
Net change in unrealized appreciation (depreciation)		5,204,540			1,883,194		6,599,609
Net realized and unrealized gain		7,082,130			2,234,758		6,994,372
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,265,381		$	2,271,184		$7,368,766
(a) For the period from October 6, 2020 (commencement of operations) to February 28, 2021.
(b) Net of deferred foreign capital gain tax of	$	—		$	(33,899	)	$—

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares ESG Advanced MSCI EAFE ETF						iShares ESG Advanced MSCI EM ETF
		Six Months Ended 02/28/21 (unaudited	)		Period From 06/16/20 to 08/31/20	(a)		Period From 10/06/20 to 02/28/21 (unaudited	(a)   )
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	183,251		$	36,320		$	36,426
Net realized gain (loss)		1,877,590			(25,528	)		351,564
Net change in unrealized appreciation (depreciation)		5,204,540			873,204			1,883,194
Net increase in net assets resulting from operations		7,265,381			883,996			2,271,184
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(197,159	)		—			(52,009	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		70,723,939			10,273,686			10,765,641
NET ASSETS
Total increase in net assets		77,792,161			11,157,682			12,984,816
Beginning of period		11,157,682			—			—
End of period	$	88,949,843		$	11,157,682		$	12,984,816

^(a)  Commencement of operations.

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 27

Statements of Changes in Net Assets (continued)

	iShares ESG Advanced MSCI USA ETF
		Six Months Ended 02/28/21 (unaudited	)		Period From 06/16/20 to 08/31/20	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	374,394		$	12,921
Net realized gain		394,763			17,694
Net change in unrealized appreciation (depreciation)		6,599,609			691,408
Net increase in net assets resulting from operations		7,368,766			722,023
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(233,823	)		—
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		115,107,046			5,085,520
NET ASSETS
Total increase in net assets		122,241,989			5,807,543
Beginning of period		5,807,543			—
End of period	$	128,049,532		$	5,807,543

^(a)  Commencement of operations.

^(b)  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 ESG Advanced MSCI EAFE ETF
		Six Months Ended 02/28/21 (unaudited)			Period From 06/16/20 to 08/31/20	(a)
Net asset value, beginning of period	$	55.79		$	51.37
Net investment income(b)		0.22			0.18
Net realized and unrealized gain(c)		7.73			4.24
Net increase from investment operations		7.95			4.42
Distributions(d)
From net investment income		(0.20	)		—
Total distributions		(0.20	)		—
Net asset value, end of period	$	63.54		$	55.79
Total Return
Based on net asset value		14.28	%(e)		8.60	%(e)
Ratios to Average Net Assets
Total expenses		0.12	%(f)		0.12	%(f)
Net investment income		0.71	%(f)		1.64	%(f)
Supplemental Data
Net assets, end of period (000)	$	88,950		$	11,158
Portfolio turnover rate(g)		15	%(e)		6	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c) 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.

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

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 29

Financial Highlights (continued)

(For a share outstanding throughout the period)

	iShares ESG Advanced MSCI EM ETF
		Period From 10/06/20 to 02/28/21 (unaudited)	(a)
Net asset value, beginning of period	$	35.39
Net investment income(b)		0.12
Net realized and unrealized gain(c)		7.94
Net increase from investment operations		8.06
Distributions
From net investment income		(0.17	)
Total distributions		(0.17	)
Net asset value, end of period	$	43.28
Total Return
Based on net asset value		22.87	%(d)
Ratios to Average Net Assets
Total expenses		0.16	%(e)
Net investment income		0.74	%(e)
Supplemental Data
Net assets, end of period (000)	$	12,985
Portfolio turnover rate(f)		33	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amount 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.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Advanced MSCI USA ETF
		Six Months Ended 02/28/21 (unaudited)			Period From 06/16/20 to 08/31/20	(a)
Net asset value, beginning of period	$	29.04		$	25.43
Net investment income(b)		0.19			0.06
Net realized and unrealized gain(c)		2.96			3.55
Net increase from investment operations		3.15			3.61
Distributions(d)
From net investment income		(0.17	)		—
From net realized gain		(0.01	)		—
Total distributions		(0.18	)		—
Net asset value, end of period	$	32.01		$	29.04
Total Return
Based on net asset value		10.93	%(e)		14.20	%(e)
Ratios to Average Net Assets
Total expenses		0.10	%(f)		0.10	%(f)
Net investment income		1.21	%(f)		1.16	%(f)
Supplemental Data
Net assets, end of period (000)	$	128,050		$	5,808
Portfolio turnover rate(g)		12	%(e)		4	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 31

Notes to Financial Statements (unaudited)

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
ESG Advanced MSCI EAFE	Non-diversified
ESG Advanced MSCI EM(a)	Non-diversified
ESG Advanced MSCI USA	Non-diversified

^(a) The Fund commenced operations on October 6, 2020.

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, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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 prevailing market rates as quoted by one or more data service providers. 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 statement 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.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2021, if any, are disclosed in the statement of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

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Notes to Financial Statements (unaudited) (continued)

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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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. 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 for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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 value of the securities

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Notes to Financial Statements (unaudited) (continued)

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower 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.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of February 28, 2021:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral    Received(a)		Non-Cash Collateral Received		Net Amount
ESG Advanced MSCI EM(b)
Virtu Americas, LLC	$	—	$	—	$	—	$	—
ESG Advanced MSCI USA
Barclays Bank PLC	$	85,690	$	85,690	$	—	$	—
BNP Paribas Securities Corp.		9,439		9,343		—		(96	)(c)
Morgan Stanley & Co. LLC		2,685		2,685		—		—
UBS AG		69,598		68,952		—		(646	)(c)
	$	167,412	$	166,670	$	—	$	(742	)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  Securities loaned with a value of $78,900 have been sold and are pending settlement as of February 28, 2021.

^(c)  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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, Inc. (“BlackRock”). BlackRock’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

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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Notes to Financial Statements (unaudited)(continued)

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

iShares ETF	Investment Advisory Fee
ESG Advanced MSCI EAFE		0.12	%
ESG Advanced MSCI EM		0.16
ESG Advanced MSCI USA		0.10

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “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. 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. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of 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, the iShares ESG Advanced MSCI USA ETF (the “Group 1 Fund”), retains 77% 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.

Pursuant to the current securities lending agreement, the iShares ESG Advanced MSCI EAFE ETF and iShares ESG Advanced MSCI EM ETF (the “Group 2 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.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% 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, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% 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.

Prior to January 1, 2021, the Group 1 Fund retained 75% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. 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 a calendar year exceeded a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

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Notes to Financial Statements (unaudited)(continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:    

iShares ETF	Fees Paid to BTC
ESG Advanced MSCI EAFE	$	28
ESG Advanced MSCI EM		60
ESG Advanced MSCI USA		416

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Advanced MSCI EAFE	$	3,264,718	$	3,901,372	$	(345,976	)
ESG Advanced MSCI USA		3,698,037		5,292,865		(166,283	)

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 statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Advanced MSCI EAFE	$	16,192,656	$	7,666,698
ESG Advanced MSCI EM		14,093,474		3,939,745
ESG Advanced MSCI USA		9,734,712		7,673,797

For the six months ended February 28, 2021, in-kind transactions were as follows:    

iShares ETF	In-kind Purchases		In-kind Sales
ESG Advanced MSCI EAFE	$	73,605,529	$	11,527,469
ESG Advanced MSCI EM		2,824,180		2,173,662
ESG Advanced MSCI USA		124,774,226		11,776,036

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 February 28, 2021 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
ESG Advanced MSCI EAFE	$	30,583

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements (unaudited)(continued)

As of February 28, 2021, 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)
ESG Advanced MSCI EAFE	$	82,736,800	$	7,118,040	$	(1,056,769	)	$	6,061,271
ESG Advanced MSCI EM		11,262,848		1,962,577		(57,125	)		1,905,452
ESG Advanced MSCI USA		120,845,712		9,557,125		(2,266,474	)		7,290,651

9. LINE OF CREDIT

The iShares ESG Advanced MSCI EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

For the six months ended February 28, 2021, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Advanced MSCI EM	$	151,000	$	7,414		1.14	%

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 the 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 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 the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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Notes to Financial Statements (unaudited)(continued)

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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 the Manager 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 statement 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.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration 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.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the schedule of investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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Notes to Financial Statements (unaudited)(continued)

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:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares		Amount
ESG Advanced MSCI EAFE
Shares sold		1,400,000		$	83,117,981			200,000	$	10,273,686
Shares redeemed		(200,000	)		(12,394,042	)		—		—
Net increase		1,200,000		$	70,723,939			200,000	$	10,273,686

	Period Ended 02/28/21
iShares ETF	Shares			Amount
ESG Advanced MSCI EM
Shares sold		400,000		$	15,095,468
Shares redeemed		(100,000	)		(4,329,827	)
Net increase		300,000		$	10,765,641

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares		Amount
ESG Advanced MSCI USA
Shares sold		4,200,000		$	127,049,285			200,000	$	5,085,520
Shares redeemed		(400,000	)		(11,942,239	)		—		—
Net increase		3,800,000		$	115,107,046			200,000	$	5,085,520

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. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors 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.

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 statement of assets and liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares ESG Advanced MSCI EM ETF

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 Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 1-3, 2019, the Board, including the Independent Trustees, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses 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 of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable 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 further 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 lower 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.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. 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 and have made significant investments into the iShares business, including during the past year, to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. 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 relevant, and has provided information and made appropriate 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 who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any 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.

This consideration 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 Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board 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”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates

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Board Review and Approval of Investment Advisory Contract (continued)

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 further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, 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 ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. 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. The Board noted that the investment advisory fee rate under the Advisory Contract 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: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, 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 considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit 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 also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. 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 Advisory Contract.

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 Trustees, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

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 41

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Advanced MSCI EAFE ETF and iShares ESG Advanced MSCI USA ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG Advanced MSCI EAFE(a)	$	0.174992	$	—	$	0.022167	$	0.197159		89	%		—	%		11	%		100	%
ESG Advanced MSCI EM(a)		0.032547		—		0.140816		0.173363		19			—			81			100
ESG Advanced MSCI USA(a)		0.150191		0.007686		0.022731		0.180608		83			4			13			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for email 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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

G L O S S A R Y    O F    T E R M S     U S E D    I N    T H I S    R E P O R T 45

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.

^©2021 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.

iS-SAR-820-0221

(b) Not Applicable

Item 2 – Code of Ethics.

Not applicable to this semi-annual report.

Item 3 – Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4 – Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5 – Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6 – Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10 – Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11 – Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13 – Exhibits.

(a)(1) – Not applicable to this semi-annual report.

(a)(2) – Section 302 Certifications are attached.

(a)(3) – Not applicable.

(a)(4) – Not applicable.

(b) – Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: May 06, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: May 06, 2021

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: May 06, 2021