iShares Russell Small/Mid-Cap Index Fund - (IWM) 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, 2022

Date of reporting period: February 28, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

FEBRUARY 28, 2022

2022 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, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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.

Overall, 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, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped  Index)	(3.07)	0.64
Past performance is not an indication 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		54
Statements of Operations		57
Statements of Changes in Net Assets		60
Financial Highlights		66
Notes to Financial Statements		77
Statement Regarding Liquidity Risk Management Program		88
Supplemental Information		89
General Information		90
Glossary of Terms Used in this Report		91

Fund Summary  as of February 28, 2022 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 defined by the index provider 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		(10.97	)%		11.25	%		3.02	%		11.25	%		15.50	%
Fund Market		(10.56	)		11.78			3.02			11.78			15.54
Index		(10.75	)		11.68			3.03			11.68			15.58

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 (09/01/21)			Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      890.30	$       1.59		$       1,000.00	$     1,023.10	$       1.71		0.34	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Consumer Discretionary		32.5	%
Consumer Staples		18.9
Materials		13.0
Financials		12.2
Utilities		8.2
Energy		7.7
Communication Services		3.2
Real Estate		3.0
Industrials		1.3

^(a) Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Argentina		48.9	%
United States		22.5
Chile		13.6
Canada		9.7
Brazil		5.3

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Fund Summary  as of February 28, 2022 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		(14.25	)%		0.94	%		4.04	%		(3.55	)%		0.94	%		21.91	%		(30.32	)%
Fund Market		(13.53	)		2.48			4.48			(3.55	)		2.48			24.53			(30.34	)
Index		(14.37	)		2.13			4.99			(2.97	)		2.13			27.55			(26.05	)

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 (09/01/21)			Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      857.50	$       2.67		$       1,000.00	$     1,021.90	$       2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	19.2	%
Industrials	17.9
Utilities	16.8
Consumer Staples	13.5
Materials	8.4
Real Estate	7.4
Financials	5.6
Health Care	4.7
Information Technology	3.5
Energy	2.2
Communication Services	0.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Embraer SA	3.6	%
Sendas Distribuidora SA	3.2
Sul America SA	2.9
Eneva SA	2.7
Marfrig Global Foods SA	2.5
Cia. de Locacao das Americas	2.4
Transmissora Alianca de Energia Eletrica SA	2.4
BR Malls Participacoes SA	2.4
Bradespar SA (Preferred)	2.2
Metalurgica Gerdau SA (Preferred)	2.2

FUND   SUMMARY 5

Fund Summary  as of February 28, 2022 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			10 Years			1 Year			5 Years			10 Years
Fund NAV		(16.74	)%		(31.58	)%		5.14	%		4.13	%		(31.58	)%		28.51	%		49.82	%
Fund Market		(16.59	)		(32.07	)		5.17			4.17			(32.07	)		28.64			50.52
Index		(16.79	)		(31.29	)		5.70			4.67			(31.29	)		31.94			57.86

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	832.60	$	2.64		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	27.9	%
Communication Services	18.2
Financials	16.1
Information Technology	6.5
Industrials	6.1
Health Care	6.1
Consumer Staples	6.1
Real Estate	4.5
Materials	3.9
Utilities	2.6
Energy	2.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Tencent Holdings Ltd.	13.0	%
Alibaba Group Holding Ltd.	8.4
Meituan, Class B	3.8
China Construction Bank Corp., Class H	3.0
JDcom Inc, Class A	3.0
Ping An Insurance Group Co. of China Ltd., Class H	2.1
Baidu Inc.	1.8
NetEase Inc.	1.7
Industrial & Commercial Bank of China Ltd., Class H	1.4
China Merchants Bank Co. Ltd., Class H	1.4

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Fund Summary  as of February 28, 2022 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	(16.81	)%		(22.71	)%	3.68	%	4.43	%		(22.71	)%	19.78	%	54.26	%
Fund Market	(15.58	)		(22.49	)	3.79		4.65			(22.49	)	20.42		57.54
Index	(23.29	)		(30.08	)	1.20		2.92			(30.08	)	6.13		33.35

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	831.90	$	2.63		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Real Estate	18.1	%
Consumer Discretionary	17.7
Health Care	14.0
Industrials	11.0
Information Technology	9.4
Materials	7.1
Utilities	6.1
Communication Services	6.0
Financials	5.4
Consumer Staples	3.4
Energy	1.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Xtep International Holdings Ltd.	2.3	%
JinkoSolar Holding Co. Ltd.	2.1
Lifetech Scientific Corp.	1.6
Zhaojin Mining Industry Co. Ltd., Class H	1.1
Inner Mongolia Yitai Coal Co. Ltd., Class B	1.1
COFCO Joycome Foods Ltd.	1.1
China Everbright Ltd.	1.1
China Overseas Grand Oceans Group Ltd.	1.1
Yuexiu REIT	1.0
Differ Group Holding Co. Ltd.	1.0

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary  as of February 28, 2022 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	14.19	%		5.66	%	1.20	%	(0.81	)%		5.66	%	6.16	%	(7.77	)%
Fund Market	15.25			7.91		1.55		(0.57	)		7.91		7.97		(5.52	)
Index	13.85			5.69		1.69		(0.36	)		5.69		8.75		(3.54	)

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,141.90	$	3.03		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	48.7	%
Communication Services	14.9
Consumer Staples	9.1
Materials	8.7
Energy	5.3
Consumer Discretionary	5.1
Real Estate	2.6
Health Care	2.2
Industrials	1.8
Utilities	1.0
Information Technology	0.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Bank Central Asia Tbk PT	20.9	%
Bank Rakyat Indonesia Persero Tbk PT	14.4
Telkom Indonesia Persero Tbk PT	9.8
Bank Mandiri Persero Tbk PT	4.4
Astra International Tbk PT	4.1
Bank Negara Indonesia Persero Tbk PT	3.2
Bank Jago Tbk PT	2.8
Charoen Pokphand Indonesia Tbk PT	2.3
Adaro Energy Tbk PT	2.0
Kalbe Farma Tbk PT	2.0

^(a)  Excludes money market funds.

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Fund Summary  as of February 28, 2022 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	30.95	%		(4.01	)%	2.91	%	(0.22	)%		(4.01	)%	15.43	%	(2.16	)%
Fund Market	32.69			(2.97	)	3.05		(0.04	)		(2.97	)	16.18		(0.36	)
Index	31.60			(4.90	)	3.17		0.21			(4.90	)	16.86		2.12

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 15 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,309.50	$	3.32		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Materials	53.2	%
Financials	26.7
Consumer Staples	7.7
Industrials	5.5
Energy	2.7
Consumer Discretionary	2.2
Real Estate	2.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Southern Copper Corp.	22.3	%
Credicorp Ltd.	21.8
Cia. de Minas Buenaventura SAA	4.8
Sociedad Minera Cerro Verde SAA	4.5
Alicorp SAA	4.2
Ferreycorp SAA	3.7
Union Andina de Cementos SAA	3.6
Hochschild Mining PLC	3.1
Volcan Cia. Minera SAA, Class B	3.1
PetroTal Corp.	2.7

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 9

Fund Summary  as of February 28, 2022 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		6.83	%		7.18	%		(0.07	)%		2.55	%		7.18	%		(0.36	)%		28.59	%
Fund Market		10.02			10.29			0.54			2.79			10.29			2.71			31.67
Index		6.96			7.73			0.60			3.27			7.73			3.05			37.95

Index performance through November 30, 2020 reflects the performance of the MSCI Philippines Investible Market Index (IMI). Index performance beginning on December 1, 2020 reflects the performance of the MSCI Philippines 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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,068.30	$	2.97		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	29.9	%
Real Estate	23.0
Financials	17.4
Consumer Staples	8.1
Consumer Discretionary	6.9
Communication Services	6.7
Utilities	5.9
Energy	1.2
Materials	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
SM Prime Holdings Inc.	10.8	%
Ayala Land Inc.	8.3
Ayala Corp.	6.1
BDO Unibank Inc.	6.0
SM Investments Corp.	5.5
Bank of the Philippine Islands	4.6
JG Summit Holdings Inc.	4.6
International Container Terminal Services Inc.	4.4
PLDT Inc.	4.4
Jollibee Foods Corp.	3.5

^(a)   Excludes money market funds.

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Fund Summary  as of February 28, 2022 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		(21.31	)%		(3.56	)%		(1.47	)%		(1.53	)%		(3.56	)%		(7.12	)%		(14.27	)%
Fund Market		(21.63	)		(2.78	)		(1.44	)		(1.51	)		(2.78	)		(7.01	)		(14.08	)
Index		(20.70	)		(2.55	)		(1.20	)		(1.14	)		(2.55	)		(5.87	)		(10.85	)

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	786.90	$	2.53		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	41.2	%
Energy	13.7
Materials	11.1
Communication Services	10.2
Consumer Discretionary	8.4
Consumer Staples	5.5
Utilities	5.2
Information Technology	2.4
Industrials	1.3
Health Care	1.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Powszechna Kasa Oszczednosci Bank Polski SA	13.0	%
KGHM Polska Miedz SA	8.3
Bank Polska Kasa Opieki SA	7.7
Polski Koncern Naftowy ORLEN SA	7.6
Powszechny Zaklad Ubezpieczen SA	6.8
Dino Polska SA	5.0
Santander Bank Polska SA	4.4
CD Projekt SA	4.3
Polskie Gornictwo Naftowe i Gazownictwo SA	3.9
Allegro.eu SA	3.8

^(a)   Excludes money market funds.

F U N D   S U M M A R Y 11

Fund Summary  as of February 28, 2022 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		16.83	%		29.96	%		6.60	%		2.48	%		29.96	%		37.67	%		21.19	%
Fund Market		16.82			30.98			6.89			2.57			30.98			39.56			21.97
Index		15.64			29.19			7.21			3.08			29.19			41.66			26.81

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,168.30	$	3.12		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	50.3	%
Industrials	14.9
Materials	9.2
Energy	8.6
Real Estate	6.2
Communication Services	4.3
Utilities	3.5
Consumer Staples	2.1
Health Care	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Qatar National Bank QPSC	22.9	%
Industries Qatar QSC	8.8
Qatar Islamic Bank SAQ	7.6
Masraf Al Rayan QSC	6.4
Commercial Bank PSQC (The)	4.4
Mesaieed Petrochemical Holding Co.	4.3
Qatar Gas Transport Co. Ltd.	3.8
Qatar Fuel QSC	3.7
Qatar Electricity & Water Co. QSC	3.5
Qatar International Islamic Bank QSC	3.2

^(a)   Excludes money market funds.

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Fund Summary  as of February 28, 2022 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	12.48	%		42.29	%	15.98	%	12.36	%		42.29	%	109.84	%	112.14	%
Fund Market	13.80			47.37		16.04		12.56			47.37		110.43		114.60
Index	12.53			43.02		16.68		13.13			43.02		116.30		121.75

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

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,124.80	$	3.90		$	1,000.00	$	1,021.10	$	3.71		0.74	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	46.7	%
Materials	24.3
Communication Services	7.1
Energy	5.9
Consumer Staples	3.5
Health Care	3.2
Consumer Discretionary	3.1
Utilities	2.4
Real Estate	1.9
Industrials	1.8
Information Technology	0.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Al Rajhi Bank	15.8	%
Saudi National Bank (The)	11.9
Saudi Basic Industries Corp.	8.9
Saudi Arabian Oil Co.	4.9
Saudi Telecom Co.	4.3
Riyad Bank	4.1
Saudi Arabian Mining Co.	4.0
Alinma Bank	3.1
Saudi British Bank (The)	2.8
Banque Saudi Fransi	2.8

F U N D   S U M M A R Y 13

Fund Summary  as of February 28, 2022 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	19.96	%		44.49	%	5.09	%	(0.45	)%		44.49	%	28.18	%	(3.45	)%
Fund Market	19.58			44.06		5.39		(0.41	)		44.06		29.99		(3.16	)
Index	20.52			45.35		5.97		0.28			45.35		33.64		2.18

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

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,199.60	$	3.16		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	46.3	%
Communication Services	25.5
Real Estate	10.8
Industrials	9.0
Consumer Discretionary	4.0
Energy	2.8
Consumer Staples	1.6
Health Care	0.0	(b)

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Emirates Telecommunications Group Co. PJSC	23.5	%
First Abu Dhabi Bank PJSC	21.7
Abu Dhabi Islamic Bank PJSC	4.9
Abu Dhabi Commercial Bank PJSC	4.6
Emirates NBD Bank PJSC	4.5
Aldar Properties PJSC	4.4
Emaar Properties PJSC	4.3
Dubai Islamic Bank PJSC	4.2
Abu Dhabi National Oil Co. for Distribution PJSC	4.0
Dubai Investments PJSC	2.8

^(a)   Excludes money market funds.

^(b)   Rounds to less than 0.1%.

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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 each 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 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses 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 15

Schedule of Investments  (unaudited)  February 28, 2022 iShares^® MSCI Argentina and Global Exposure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 48.8%
Arcos Dorados Holdings Inc., Class A(a)		50,179	$	387,884
Banco BBVA Argentina SA, ADR(a)		35,693		115,288
Banco Macro SA, ADR(a)		20,866		301,096
Bioceres Crop. Solutions Corp.(a)		5,131		64,599
Central Puerto SA, ADR(a)(b)		49,139		180,830
Corp. America Airports SA(a)(b)		16,040		88,541
Cresud SACIF y A, ADR(a)(b)		17,728		115,764
Despegar.com Corp.(a)(b)		25,980		299,030
Empresa Distribuidora y Comercializadora Norte, ADR(a)(b)		9,744		64,018
Grupo Financiero Galicia SA, ADR		38,693		366,423
Grupo Supervielle SA, ADR(b)		31,556		58,694
IRSA Inversiones y Representaciones SA, ADR(a)(b)		13,156		62,491
IRSA Propiedades Comerciales SA, ADR(a)		13,512		30,132
Loma Negra Cia Industrial Argentina SA, ADR(a)(b)		29,509		167,316
Pampa Energia SA, ADR(a)(b)		15,165		317,707
Telecom Argentina SA, ADR(b)		43,905		220,403
Transportadora de Gas del Sur SA, Class B, ADR(a)(b)		34,710		194,376
YPF SA, ADR(a)		80,288		337,210
				3,371,802
Brazil — 5.3%
Adecoagro SA(a)		38,033		363,595
Canada — 9.7%
SSR Mining Inc		16,746		331,485
Yamana Gold Inc.		68,318		335,796
				667,281
Chile — 8.8%
Cencosud SA		170,499		313,606
Cia. Cervecerias Unidas SA		36,733		291,221
				604,827
United States — 22.5%
MercadoLibre Inc.(a)(b)		1,381		1,555,904
Total Common Stocks — 95.1% (Cost: $9,036,191)				6,563,409

Security	Shares		Value
Preferred Stocks
Chile — 4.8%
Embotelladora Andina SA, Class B, Preference Shares		152,086	$	331,183
Total Preferred Stocks — 4.8% (Cost: $346,524)				331,183
Short-Term Investments
Money Market Funds — 27.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)		1,868,044		1,868,418
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		10,000		10,000
				1,878,418
Total Short-Term Investments — 27.2% (Cost: $1,878,519)				1,878,418
Total Investments in Securities — 127.1% (Cost: $11,261,234)				8,773,010
Other Assets, Less Liabilities — (27.1)%				(1,869,302	)
Net Assets — 100.0%			$	6,903,708

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	114,864	$	1,753,863	(a)	$	—	$	(188	)	$	(121	)	$	1,868,418		1,868,044	$	2,943	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	(a)		—		—			—			10,000		10,000		—			—
								$	(188	)	$	(121	)	$	1,878,418			$	2,943		$	—

^(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.

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Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Argentina and Global Exposure ETF

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,563,409	$	—	$	—	$	6,563,409
Preferred Stocks		—		331,183		—		331,183
Money Market Funds		1,878,418		—		—		1,878,418
	$	8,441,827	$	331,183	$	—	$	8,773,010

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)  February 28, 2022 iShares® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.6%
Embraer SA(a)		1,179,508	$	4,016,925
Air Freight & Logistics — 0.3%
Sequoia Logistica e Transportes SA(a)		105,207		303,343
Auto Components — 0.7%
Mahle-Metal Leve SA		64,543		335,547
Tupy SA		120,876		430,863
				766,410
Biotechnology — 0.3%
Blau Farmaceutica SA(a)		60,160		346,969
Commercial Services & Supplies — 1.5%
Ambipar Participacoes e Empreendimentos S/A		75,747		499,288
GPS Participacoes e Empreendimentos SA(b)		391,729		1,148,366
				1,647,654
Communications Equipment — 0.8%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		137,332		885,998
Diversified Consumer Services — 4.2%
Anima Holding SA(a)		507,895		703,768
Cogna Educacao(a)		3,146,631		1,380,622
Cruzeiro do Sul Educacional SA		288,102		283,704
MPM Corporeos SA		225,239		187,466
YDUQS Participacoes SA		518,270		2,126,805
				4,682,365
Electric Utilities — 6.9%
Alupar Investimento SA		245,677		1,226,338
Cia Paranaense de Energia		108,530		733,304
EDP - Energias do Brasil SA		487,239		1,956,529
Light SA		562,219		1,068,533
Transmissora Alianca de Energia Eletrica SA		347,761		2,664,903
				7,649,607
Electrical Equipment — 0.4%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(a)		385,428		422,076
Food & Staples Retailing — 5.2%
Cia Brasileira de Distribuicao		270,969		1,242,331
Grupo Mateus SA(a)		926,139		1,067,037
Sendas Distribuidora SA		1,354,659		3,526,255
				5,835,623
Food Products — 8.1%
Camil Alimentos SA		217,141		385,118
M. Dias Branco SA		142,106		627,575
Marfrig Global Foods SA		637,596		2,743,852
Minerva SA		501,076		1,054,601
Sao Martinho SA		296,797		2,294,412
SLC Agricola SA		178,092		1,512,934
Tres Tentos Agroindustrial SA(a)		207,130		402,514
				9,021,006
Health Care Providers & Services — 4.3%
CM Hospitalar SA		167,917		543,663
Fleury SA		319,871		1,110,281
Hospital Mater Dei SA(a)		148,837		452,678
Instituto Hermes Pardini SA		87,848		313,680
Odontoprev SA		445,429		992,807
Oncoclinicas do Brasil Servicos Medicos SA(a)		249,180		481,503

Security	Shares		Value
Health Care Providers & Services (continued)
Qualicorp Consultoria e Corretora de Seguros SA		380,981	$	945,867
				4,840,479
Hotels, Restaurants & Leisure — 2.1%
CVC Brasil Operadora e Agencia de Viagens SA(a)		377,163		904,020
Smartfit Escola de Ginastica e Danca SA(a)		393,197		1,400,476
				2,304,496
Household Durables — 3.0%
Cyrela Brazil Realty SA Empreendimentos e Participacoes, NVS		502,707		1,467,786
Ez Tec Empreendimentos e Participacoes SA		190,313		641,620
MRV Engenharia e Participacoes SA		526,285		1,209,658
				3,319,064
Independent Power and Renewable Electricity Producers — 4.5%
AES Brasil Energia SA		412,574		917,738
Eneva SA(a)		1,167,568		3,034,727
Omega Energia SA(a)		493,245		1,036,909
				4,989,374
Insurance — 3.7%
IRB Brasil Resseguros S/A(a)		1,594,467		940,763
Sul America SA		463,989		3,160,449
				4,101,212
Interactive Media & Services — 0.8%
Infracommerce CXAAS SA(a)		186,629		527,652
Meliuz SA(b)		875,840		396,515
				924,167
IT Services — 2.2%
Cielo SA, NVS		2,049,959		1,020,098
Locaweb Servicos de Internet SA(a)(b)		741,443		1,441,507
				2,461,605
Machinery — 0.5%
Iochpe Maxion SA, NVS		219,089		552,184
Marine — 0.4%
Hidrovias do Brasil SA(a)		701,241		408,143
Metals & Mining — 0.9%
Cia Brasileira de Aluminio(a)		249,768		953,731
Oil, Gas & Consumable Fuels — 2.2%
3R Petroleum Oleo E Gas SA(a)		271,761		1,801,061
Enauta Participacoes SA		178,278		597,705
				2,398,766
Paper & Forest Products — 1.4%
Dexco SA		574,181		1,529,815
Professional Services — 0.3%
Boa Vista Servicos SA		356,441		355,005
Real Estate Management & Development — 7.4%
Aliansce Sonae Shopping Centers SA		243,313		1,037,609
BR Malls Participacoes SA(a)		1,464,054		2,653,826
BR Properties SA		357,775		520,014
Iguatemi SA(a)		233,594		862,374
Iguatemi SA		289,924		148,739
JHSF Participacoes SA		517,787		549,660
LOG Commercial Properties e Participacoes SA		77,084		412,464
Multiplan Empreendimentos Imobiliarios SA, NVS		473,842		2,014,210
				8,198,896

18 2 0 2 2  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, 2022 iShares® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail — 4.8%
Cia. de Locacao das Americas, NVS		554,463	$	2,705,494
Movida Participacoes SA		242,998		767,457
SIMPAR SA		477,776		970,397
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		409,545		871,330
				5,314,678
Software — 0.1%
Clear Sale SA(a)		91,909		163,194
Specialty Retail — 4.2%
C&A Modas Ltda(a)		176,124		175,395
Grupo SBF SA(a)		162,980		719,562
Lojas Quero Quero S/A		298,340		463,048
Pet Center Comercio e Participacoes SA		510,565		1,720,934
Via S/A(a)		2,144,150		1,570,955
				4,649,894
Technology Hardware, Storage & Peripherals — 0.3%
Multilaser Industrial SA(a)		343,963		378,215
Textiles, Apparel & Luxury Goods — 4.9%
Arezzo Industria e Comercio SA		101,220		1,587,201
Grendene SA		529,449		857,103
GRUPO DE MODA SOMA SA(a)		723,711		1,818,225
Guararapes Confeccoes SA		167,408		392,900
Vivara Participacoes SA		158,419		801,639
				5,457,068
Trading Companies & Distributors — 0.5%
Armac Locacao Logistica E Servicos SA		173,927		513,316
Transportation Infrastructure — 1.5%
EcoRodovias Infraestrutura e Logistica SA(a)		583,795		731,319
Santos Brasil Participacoes SA, NVS		795,721		992,671
				1,723,990
Water Utilities — 1.6%
Cia. de Saneamento de Minas Gerais-COPASA		318,798		875,376
Cia. de Saneamento do Parana		247,553		967,423
				1,842,799
Total Common Stocks — 83.6% (Cost: $88,138,031)				92,958,067
Preferred Stocks
Airlines — 3.1%
Azul SA, Preference Shares, NVS(a)		475,528		2,297,878
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		342,622		1,119,556
				3,417,434
Banks — 1.8%
Banco ABC Brasil SA, Preference Shares, NVS		141,659		425,827
Banco do Estado do Rio Grande do Sul SA, Class B,
Preference Shares, NVS		339,607		656,235

Security	Shares		Value
Banks (continued)
Banco Pan SA, Preference Shares, NVS		504,912	$	974,417
				2,056,479
Chemicals — 1.2%
Unipar Carbocloro SA, Class B, Preference Shares, NVS		74,662		1,362,458
Electric Utilities — 1.9%
Cia. Energetica do Ceara, Class A, Preference Shares, NVS		23,687		265,665
Cia. Paranaense de Energia, Preference Shares, NVS		1,368,787		1,828,964
				2,094,629
Independent Power and Renewable Electricity Producers — 1.3%
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		318,340		1,404,476
Machinery — 1.0%
Marcopolo SA, Preference Shares, NVS		811,913		454,339
Randon SA Implementos e Participacoes, Preference Shares, NVS		307,533		627,711
				1,082,050
Metals & Mining — 4.9%
Bradespar SA, Preference Shares, NVS		427,763		2,462,313
Cia Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		64,173		548,494
Metalurgica Gerdau SA, Preference Shares, NVS		1,210,847		2,433,563
				5,444,370
Water Utilities — 0.5%
Cia. de Saneamento do Parana, Preference Shares, NVS		704,259		544,254
Total Preferred Stocks — 15.7% (Cost: $14,435,413)				17,406,150
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		120,000		120,000
Total Short-Term Investments — 0.1% (Cost: $120,000)				120,000
Total Investments in Securities — 99.4% (Cost: $102,693,444)				110,484,217
Other Assets, Less Liabilities — 0.6%				707,774
Net Assets — 100.0%			$	111,191,991

^(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.

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, 2022 iShares^® MSCI Brazil Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	100,000	$	20,000	(a)	$	—	$	—	$	—	$	120,000		120,000	$	6	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Brazil Index		11		03/18/22	$544	$	85,048

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	85,048

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(161,763	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	114,240

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	550,970

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

Fair Value Hierarchy as of Period End

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

20 2 0 2 2  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, 2022 iShares^® MSCI Brazil Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,780,761	$	89,177,306	$	—	$	92,958,067
Preferred Stocks		—		17,406,150		—		17,406,150
Money Market Funds		120,000		—		—		120,000
	$	3,900,761	$	106,583,456	$	—	$	110,484,217
Derivative financial instruments(a)
Assets
Futures Contracts	$	85,048	$	—	$	—	$	85,048

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2022 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		438,476	$	3,520,580
AVIC Electromechanical Systems Co. Ltd., Class A		767,200		1,518,114
AviChina Industry & Technology Co. Ltd., Class H		6,576,000		4,082,627
Kuang-Chi Technologies Co. Ltd., Class A(a)		383,600		1,236,223
				10,357,544
Air Freight & Logistics — 0.7%
SF Holding Co. Ltd., Class A		767,283		7,361,686
Yunda Holding Co. Ltd., Class A		548,557		1,689,574
ZTO Express Cayman Inc., ADR		1,177,652		34,670,075
				43,721,335
Airlines — 0.2%
Air China Ltd., Class A(a)		1,096,089		1,716,630
Air China Ltd., Class H(a)(b)		4,384,000		3,371,642
China Eastern Airlines Corp. Ltd., Class A(a)		2,192,096		1,877,163
China Southern Airlines Co. Ltd., Class A(a)		2,137,234		2,346,635
China Southern Airlines Co. Ltd., Class H(a)(b)		4,384,000		2,773,604
				12,085,674
Auto Components — 0.5%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		54,895		1,346,978
Fuyao Glass Industry Group Co. Ltd., Class A		274,098		1,923,745
Fuyao Glass Industry Group Co. Ltd., Class H(c)		1,753,600		8,603,326
Huayu Automotive Systems Co. Ltd., Class A		602,872		2,431,844
Huizhou Desay Sv Automotive Co. Ltd., Class A		110,100		2,319,283
Mianyang Fulin Precision Machining Co. Ltd., Class A, NVS(a)		109,600		464,953
Minth Group Ltd		2,192,000		7,925,844
Ningbo Tuopu Group Co. Ltd., Class A		164,400		1,589,059
Sailun Group Co. Ltd., Class A		438,400		840,946
Shandong Linglong Tyre Co. Ltd., Class A		274,028		1,220,099
Shenzhen Kedali Industry Co. Ltd., Class A, NVS		54,800		1,380,034
				30,046,111
Automobiles — 4.9%
BYD Co. Ltd., Class A		274,059		11,020,407
BYD Co. Ltd., Class H		2,191,500		67,908,764
Chongqing Changan Automobile Co. Ltd., Class A		1,067,893		2,208,041
Dongfeng Motor Group Co. Ltd., Class H		7,234,000		6,226,493
Geely Automobile Holdings Ltd.		15,892,000		29,601,116
Great Wall Motor Co. Ltd., Class A		328,800		1,920,330
Great Wall Motor Co. Ltd., Class H		8,494,000		17,882,420
Guangzhou Automobile Group Co. Ltd., Class H		7,672,400		7,596,074
Li Auto Inc., ADR(a)(b)		1,493,848		45,487,671
NIO Inc., ADR(a)(b)		3,549,639		81,073,755
SAIC Motor Corp. Ltd., Class A		1,424,876		4,108,704
XPeng Inc., ADR(a)(b)		1,053,256		38,306,921
Yadea Group Holdings Ltd.(c)		2,790,000		4,139,059
				317,479,755
Banks — 10.0%
Agricultural Bank of China Ltd., Class A		12,275,200		5,799,260
Agricultural Bank of China Ltd., Class H		67,953,000		25,735,097
Bank of Beijing Co. Ltd., Class A		4,384,099		3,135,197
Bank of Chengdu Co. Ltd., Class A		767,293		1,754,750
Bank of China Ltd., Class A		5,589,600		2,745,087
Bank of China Ltd., Class H		210,983,000		82,136,039
Bank of Communications Co. Ltd., Class A		6,685,622		5,068,152
Bank of Communications Co. Ltd., Class H		21,922,200		15,028,310
Bank of Hangzhou Co. Ltd., Class A		1,150,860		2,615,877

Security	Shares		Value
Banks (continued)
Bank of Jiangsu Co. Ltd., Class A		2,959,255	$	3,123,877
Bank of Nanjing Co. Ltd., Class A		1,968,804		3,048,451
Bank of Ningbo Co. Ltd., Class A		1,095,332		6,622,977
Bank of Shanghai Co. Ltd., Class A		2,740,010		3,036,893
China Bohai Bank Co. Ltd., Class H(c)		8,768,000		1,458,603
China CITIC Bank Corp. Ltd., Class H		22,469,800		10,558,854
China Construction Bank Corp., Class A		1,361,514		1,302,576
China Construction Bank Corp., Class H		257,015,000		192,752,140
China Everbright Bank Co. Ltd., Class A		7,343,200		3,891,343
China Everbright Bank Co. Ltd., Class H		7,124,000		2,649,471
China Merchants Bank Co. Ltd., Class A		3,342,868		26,424,452
China Merchants Bank Co. Ltd., Class H		10,412,650		87,771,415
China Minsheng Banking Corp. Ltd., Class A		5,918,470		3,667,913
China Minsheng Banking Corp. Ltd., Class H		13,702,660		5,337,166
China Zheshang Bank Co. Ltd., Class A		3,161,900		1,718,201
Huaxia Bank Co. Ltd., Class A		2,740,061		2,445,872
Industrial & Commercial Bank of China Ltd., Class A		10,466,800		7,732,521
Industrial & Commercial Bank of China Ltd., Class H		149,607,000		89,308,655
Industrial Bank Co. Ltd., Class A		3,267,100		11,445,864
Ping An Bank Co. Ltd., Class A		3,233,255		8,090,653
Postal Savings Bank of China Co. Ltd., Class A		4,438,800		3,932,180
Postal Savings Bank of China Co. Ltd., Class H(c)		21,372,000		17,548,204
Shanghai Pudong Development Bank Co. Ltd., Class A		4,877,298		6,492,072
				644,378,122
Beverages — 3.0%
Anhui Gujing Distillery Co. Ltd., Class A		65,596		2,304,752
Anhui Gujing Distillery Co. Ltd., Class B		329,230		4,827,456
China Resources Beer Holdings Co. Ltd		3,924,000		31,114,972
Chongqing Brewery Co. Ltd., Class A(a)		109,600		2,327,239
Jiangsu King’s Luck Brewery JSC Ltd., Class A		219,203		1,818,593
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		219,276		5,751,399
JiuGui Liquor Co. Ltd., Class A		55,400		1,505,406
Kweichow Moutai Co. Ltd., Class A		203,005		57,732,441
Luzhou Laojiao Co. Ltd., Class A		239,700		8,278,794
Nongfu Spring Co. Ltd., Class H(c)		4,712,800		29,556,393
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		144,540		1,041,605
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		219,286		10,206,223
Sichuan Swellfun Co. Ltd., Class A		76,752		1,214,431
Tsingtao Brewery Co. Ltd., Class A		109,663		1,635,032
Tsingtao Brewery Co. Ltd., Class H		1,428,000		13,738,560
Wuliangye Yibin Co. Ltd., Class A		657,677		19,908,674
				192,961,970
Biotechnology — 1.3%
3SBio Inc.(a)(c)		3,562,000		2,830,969
Akeso Inc.(a)(b)(c)		748,000		1,975,277
BeiGene Ltd., ADR(a)(b)		126,588		26,649,306
Beijing Tiantan Biological Products Corp. Ltd., Class A		219,272		952,435
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		54,800		2,184,435
BGI Genomics Co. Ltd., Class A		109,699		1,483,944
Chongqing Zhifei Biological Products Co. Ltd., Class A		274,040		5,608,519
Hualan Biological Engineering Inc., Class A		315,872		1,289,763
I-Mab, ADR(a)(b)		96,996		2,397,741
Imeik Technology Development Co. Ltd., Class A		30,300		2,341,794
Innovent Biologics Inc.(a)(c)		3,148,500		14,209,119
Legend Biotech Corp., ADR(a)		94,256		3,731,595
Shanghai RAAS Blood Products Co. Ltd., Class A		1,479,600		1,567,026

22 2 0 2 2  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, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Shenzhen Kangtai Biological Products Co. Ltd., Class A		109,655	$	1,465,816
Walvax Biotechnology Co. Ltd., Class A		274,097		2,042,843
Zai Lab Ltd., ADR(a)		207,144		11,330,777
				82,061,359
Building Products — 0.1%
Beijing New Building Materials PLC, Class A		328,870		1,559,796
China Lesso Group Holdings Ltd.		3,288,000		5,062,154
Guangdong Kinlong Hardware Products Co. Ltd., Class A		55,400		930,000
Zhuzhou Kibing Group Co. Ltd., Class A		438,400		1,096,101
				8,648,051
Capital Markets — 1.9%
Changjiang Securities Co. Ltd., Class A		1,589,236		1,742,979
China Cinda Asset Management Co. Ltd., Class H		21,927,000		3,958,120
China Galaxy Securities Co. Ltd., Class A		787,800		1,265,152
China Galaxy Securities Co. Ltd., Class H		9,042,000		5,175,488
China International Capital Corp. Ltd., Class A		164,400		1,110,186
China International Capital Corp. Ltd., Class H(c)		3,860,400		9,392,052
China Merchants Securities Co. Ltd., Class A		1,260,468		3,171,520
CITIC Securities Co. Ltd., Class A		1,974,251		7,316,832
CITIC Securities Co. Ltd., Class H		6,856,300		16,610,767
CSC Financial Co. Ltd., Class A		767,299		3,141,560
Dongxing Securities Co. Ltd., Class A		767,211		1,255,245
East Money Information Co. Ltd., Class A		1,698,881		7,241,092
Everbright Securities Co. Ltd., Class A		657,699		1,388,883
First Capital Securities Co. Ltd., Class A		876,889		886,896
Founder Securities Co. Ltd., Class A		1,808,499		2,064,363
GF Securities Co. Ltd., Class A		1,072,999		3,177,999
GF Securities Co. Ltd., Class H		2,849,600		4,278,053
Guosen Securities Co. Ltd., Class A		1,315,233		2,163,650
Guotai Junan Securities Co. Ltd., Class A		1,477,359		3,924,260
Guoyuan Securities Co. Ltd., Class A		986,420		1,109,144
Haitong Securities Co. Ltd., Class A		1,698,859		3,033,145
Haitong Securities Co. Ltd., Class H		6,795,200		5,847,192
Hithink RoyalFlush Information Network Co. Ltd., Class A		86,587		1,487,076
Huatai Securities Co. Ltd., Class A		1,534,493		3,867,532
Huatai Securities Co. Ltd., Class H(c)		3,616,800		5,921,795
Huaxi Securities Co. Ltd., Class A		822,073		1,160,486
Industrial Securities Co. Ltd., Class A		1,315,240		1,710,772
Noah Holdings Ltd., ADR(a)		93,708		2,657,559
Orient Securities Co. Ltd., Class A		1,150,864		2,251,113
SDIC Capital Co. Ltd., Class A		1,407,414		1,655,976
Sealand Securities Co. Ltd., Class A		1,698,860		1,055,796
Shanxi Securities Co. Ltd., Class A		929,431		871,611
Shenwan Hongyuan Group Co. Ltd., Class A		4,702,579		3,424,276
Sinolink Securities Co. Ltd., Class A		602,826		971,330
SooChow Securities Co. Ltd., Class A		1,133,435		1,414,180
Western Securities Co. Ltd., Class A		1,260,430		1,521,626
Zheshang Securities Co. Ltd., Class A		712,400		1,307,275
				120,532,981
Chemicals — 1.1%
Beijing Easpring Material Technology Co. Ltd., Class A .		92,000		1,260,464
Do-Fluoride New Materials Co. Ltd., Class A, NVS		109,600		788,290
Dongyue Group Ltd.		4,451,000		6,457,242
Guangzhou Tinci Materials Technology Co. Ltd., Class A		164,800		2,796,865
Hengli Petrochemical Co. Ltd., Class A		1,041,210		4,141,555

Security	Shares		Value
Chemicals (continued)
Hengyi Petrochemical Co. Ltd., Class A		986,476	$	1,573,061
Hoshine Silicon Industry Co. Ltd., Class A		67,900		1,615,124
Huabao International Holdings Ltd.(b)		2,497,000		1,432,549
Huafon Chemical Co. Ltd., Class A		919,200		1,405,890
Hubei Xingfa Chemicals Group Co. Ltd., Class A, NVS		219,200		1,437,904
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,751,370		1,378,521
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A(a)		657,600		941,932
Jiangsu Eastern Shenghong Co. Ltd., Class A		714,100		2,167,059
Kingfa Sci & Tech Co. Ltd., Class A		602,800		1,030,452
LB Group Co. Ltd., Class A		438,400		1,851,779
Ningbo Shanshan Co. Ltd.		54,700		259,004
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,192,700		3,322,140
Rongsheng Petrochemical Co. Ltd., Class A		1,698,842		5,105,393
Satellite Chemical Co. Ltd., Class A		317,764		2,278,582
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		438,470		2,463,164
Shanghai Putailai New Energy Technology Co. Ltd., Class A		109,600		2,549,567
Shenzhen Capchem Technology Co. Ltd., Class A		54,800		841,684
Shenzhen Senior Technology Co. Ltd., Class A, NVS		109,600		665,006
Sinoma Science & Technology Co. Ltd., Class A		274,000		1,303,318
Skshu Paint Co. Ltd., Class A		72,200		1,016,568
Tongkun Group Co. Ltd., Class A		493,264		1,719,902
Transfar Zhilian Co. Ltd., Class A		876,893		1,073,556
Wanhua Chemical Group Co. Ltd., Class A		548,073		8,298,102
Weihai Guangwei Composites Co. Ltd., Class A		109,600		1,277,108
Yunnan Energy New Material Co. Ltd., Class A		160,404		6,647,487
Zhejiang Longsheng Group Co. Ltd., Class A		1,041,271		2,035,525
Zhejiang Yongtai Technology Co. Ltd., Class A, NVS(a)		164,400		977,071
				72,111,864
Commercial Services & Supplies — 0.1%
Beijing Originwater Technology Co. Ltd., Class A		1,096,097		1,162,417
China Everbright Environment Group Ltd.		9,864,148		7,082,215
Shanghai M&G Stationery Inc., Class A		164,400		1,417,125
				9,661,757
Communications Equipment — 0.3%
BYD Electronic International Co. Ltd.		1,919,000		5,415,056
Fiberhome Telecommunication Technologies Co. Ltd., Class A		253,277		692,136
Guangzhou Haige Communications Group Inc. Co., Class A		876,884		1,387,586
Yealink Network Technology Corp. Ltd., Class A		139,094		1,686,105
Zhongji Innolight Co. Ltd., Class A		164,477		1,002,713
ZTE Corp., Class A		632,156		2,925,415
ZTE Corp., Class H		2,082,440		5,130,187
				18,239,198
Construction & Engineering — 1.0%
China Communications Services Corp. Ltd., Class H		7,672,800		4,209,459
China Conch Venture Holdings Ltd.		4,658,000		22,415,405
China Energy Engineering Corp. Ltd.(a)		4,704,200		2,010,724
China National Chemical Engineering Co. Ltd., Class A		1,096,095		1,818,781
China Railway Group Ltd., Class A		3,836,098		3,784,774
China Railway Group Ltd., Class H		10,412,000		6,113,467
China State Construction Engineering Corp. Ltd., Class A		7,014,498		5,666,631
China State Construction International Holdings Ltd		5,480,000		7,717,574
Metallurgical Corp. of China Ltd., Class A		3,890,800		2,523,493
Power Construction Corp. of China Ltd., Class A		2,794,897		3,412,536

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, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Sichuan Road & Bridge Co. Ltd., Class A		712,400	$	1,411,712
				61,084,556
Construction Materials — 0.7%
Anhui Conch Cement Co. Ltd., Class A		744,191		4,764,108
Anhui Conch Cement Co. Ltd., Class H		3,288,000		17,645,135
China Jushi Co. Ltd., Class A		822,005		2,231,635
China National Building Material Co. Ltd., Class H		10,960,000		14,059,797
China Resources Cement Holdings Ltd.		6,576,000		5,627,016
				44,327,691
Consumer Finance — 0.2%
360 DigiTech Inc., ADR		235,092		4,407,975
Lufax Holding Ltd., ADR(a)		1,409,072		9,116,696
				13,524,671
Distributors — 0.0%
Wuchan Zhongda Group Co. Ltd., Class A		1,041,203		934,591
Diversified Consumer Services — 0.2%
China Education Group Holdings Ltd.		2,192,000		1,877,942
New Oriental Education & Technology Group Inc., ADR(a)(b)		4,228,368		6,384,835
TAL Education Group, ADR(a)		1,145,320		3,252,709
				11,515,486
Diversified Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		2,137,282		1,319,990
Far East Horizon Ltd.		4,816,000		4,104,440
				5,424,430
Diversified Telecommunication Services — 0.2%
China Tower Corp. Ltd., Class H(c)		108,514,000		12,647,687
Electrical Equipment — 1.3%
Contemporary Amperex Technology Co. Ltd., Class A		388,571		33,284,719
Dongfang Electric Corp. Ltd., Class A		438,400		1,136,314
Eve Energy Co. Ltd., Class A		337,236		4,839,593
Fangda Carbon New Material Co. Ltd., Class A		876,847		1,437,679
Ginlong Technologies Co. Ltd., Class A		54,800		2,212,679
Gotion High-tech Co. Ltd., Class A(a)		311,900		2,140,252
Hongfa Technology Co. Ltd., Class A		164,400		1,643,018
Jiangsu Zhongtian Technology Co. Ltd., Class A		438,400		1,303,015
Ming Yang Smart Energy Group Ltd., Class A		328,800		1,352,034
NARI Technology Co. Ltd., Class A		931,677		5,258,569
Ningbo Ronbay New Energy Technology Co. Ltd.		54,700		1,277,268
Shanghai Electric Group Co. Ltd., Class A		1,150,800		805,409
Sungrow Power Supply Co. Ltd., Class A		242,600		4,697,706
Sunwoda Electronic Co. Ltd., Class A		328,808		1,928,726
Suzhou Maxwell Technologies Co. Ltd., Class A		16,620		1,451,060
TBEA Co. Ltd., Class A		712,457		2,295,758
Titan Wind Energy Suzhou Co. Ltd., Class A		274,000		905,562
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		636,720		1,519,818
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,006,920		3,283,683
Zhejiang Chint Electrics Co. Ltd., Class A		383,668		3,057,963
Zhuzhou CRRC Times Electric Co. Ltd.		1,479,600		7,712,446
				83,543,271
Electronic Equipment, Instruments & Components — 1.8%
AAC Technologies Holdings Inc.(b)		1,918,000		5,244,196
Avary Holding Shenzhen Co. Ltd., Class A		261,800		1,442,712
BOE Technology Group Co. Ltd., Class A		6,192,400		4,621,635
Chaozhou Three-Circle Group Co. Ltd., Class A		382,977		2,121,019

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
China Zhenhua Group Science & Technology Co. Ltd., Class A		54,800	$	1,021,405
Foxconn Industrial Internet Co. Ltd., Class A		1,479,686		2,622,519
GoerTek Inc., Class A		548,000		3,836,796
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		109,619		1,492,927
Kingboard Holdings Ltd.		1,918,000		8,972,688
Kingboard Laminates Holdings Ltd.		2,740,000		4,565,790
Lens Technology Co. Ltd., Class A		876,888		2,028,556
Lingyi iTech Guangdong Co., Class A(a)		1,479,600		1,412,133
Luxshare Precision Industry Co. Ltd., Class A		1,150,824		7,981,061
Maxscend Microelectronics Co. Ltd., Class A		55,520		2,385,854
Raytron Technology Co. Ltd., Class A		70,314		709,567
Shengyi Technology Co. Ltd., Class A		493,200		1,525,147
Shennan Circuits Co. Ltd., Class A		72,424		1,350,085
Shenzhen Kaifa Technology Co. Ltd., Class A		313,104		678,395
Sunny Optical Technology Group Co. Ltd.		1,918,000		45,962,857
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		219,200		774,667
Tianma Microelectronics Co. Ltd., Class A		657,636		1,222,051
Unisplendour Corp. Ltd., Class A		485,127		1,691,112
Universal Scientific Industrial Shanghai Co. Ltd., Class A		306,200		682,553
Westone Information Industry Inc., Class A		109,600		802,364
Wingtech Technology Co. Ltd., Class A		219,200		4,084,969
Wuhan Guide Infrared Co. Ltd., Class A		449,264		1,597,820
Wuhu Token Science Co. Ltd., Class A		383,600		589,291
WUS Printed Circuit Kunshan Co. Ltd., Class A		602,818		1,611,727
Zhejiang Dahua Technology Co. Ltd., Class A		657,600		1,958,177
				114,990,073
Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H		5,480,000		6,247,181
Offshore Oil Engineering Co. Ltd., Class A		856,198		670,444
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		164,492		1,178,455
				8,096,080
Entertainment — 2.4%
Alibaba Pictures Group Ltd.(a)(b)		38,360,000		3,835,205
Beijing Enlight Media Co. Ltd., Class A		582,100		872,170
Bilibili Inc., ADR(a)(b)		443,880		14,031,047
Giant Network Group Co. Ltd., Class A		767,271		1,164,725
iQIYI Inc., ADR(a)(b)		770,488		3,189,820
Kingsoft Corp. Ltd.		2,630,400		9,837,189
Kunlun Tech Co. Ltd., Class A		274,061		767,913
Mango Excellent Media Co. Ltd., Class A		328,880		1,792,055
NetEase Inc.		5,485,560		106,100,043
Perfect World Co. Ltd., Class A		404,000		848,423
Tencent Music Entertainment Group, ADR(a)		1,799,632		9,700,016
Wuhu Sanqi Interactive Entertainment Network
Technology Group Co. Ltd., Class A		438,400		1,455,899
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		1,534,498		1,591,036
				155,185,541
Food & Staples Retailing — 0.1%
DaShenLin Pharmaceutical Group Co. Ltd., Class A		164,436		929,637
Sun Art Retail Group Ltd.		5,480,000		1,977,086
Yifeng Pharmacy Chain Co. Ltd., Class A		174,398		1,370,798
Yonghui Superstores Co. Ltd., Class A		2,411,234		1,396,494
				5,674,015
Food Products — 2.4%
Angel Yeast Co. Ltd., Class A		164,424		1,304,155

24 2 0 2 2  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, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Anjoy Foods Group Co Ltd., Class A		55,400	$	1,086,763
Beijing Dabeinong Technology Group Co. Ltd., Class A		876,800		1,153,395
China Feihe Ltd.(c)		9,317,000		11,117,599
China Huishan Dairy Holdings Co. Ltd.(a)(d)		1,366,667		2
China Mengniu Dairy Co. Ltd.		8,533,000		55,485,129
Chongqing Fuling Zhacai Group Co. Ltd., Class A		164,423		917,780
Dali Foods Group Co. Ltd.(c)		6,302,000		3,319,151
Foshan Haitian Flavouring & Food Co. Ltd., Class A		548,014		8,636,851
Guangdong Haid Group Co. Ltd., Class A		308,097		3,225,302
Henan Shuanghui Investment & Development Co. Ltd., Class A		555,708		2,543,144
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		986,423		6,187,244
Jiangxi Zhengbang Technology Co. Ltd., Class A		712,400		780,020
Juewei Food Co. Ltd., Class A		109,600		920,622
Muyuan Foods Co. Ltd., Class A		876,816		7,978,279
New Hope Liuhe Co. Ltd., Class A(a)		822,099		2,011,126
Tingyi Cayman Islands Holding Corp.		5,480,000		12,123,963
Tongwei Co. Ltd., Class A		767,299		5,262,316
Uni-President China Holdings Ltd.		4,384,000		4,558,810
Want Want China Holdings Ltd.(b)		12,605,000		13,418,344
Wens Foodstuffs Group Co. Ltd., Class A(a)		1,370,016		4,236,653
Yihai International Holding Ltd.(b)		1,293,000		5,410,038
Yihai Kerry Arawana Holdings Co. Ltd., Class A		216,992		1,845,979
				153,522,665
Gas Utilities — 1.1%
Beijing Enterprises Holdings Ltd.		1,370,000		4,683,348
China Gas Holdings Ltd.		8,220,000		12,990,659
China Resources Gas Group Ltd.		2,604,000		11,960,144
ENN Energy Holdings Ltd.		2,137,200		30,951,770
Kunlun Energy Co. Ltd.		10,960,000		10,781,169
				71,367,090
Health Care Equipment & Supplies — 0.5%
Autobio Diagnostics Co. Ltd., Class A		109,656		900,434
Intco Medical Technology Co. Ltd., Class A		78,200		634,211
Jafron Biomedical Co. Ltd., Class A		164,420		1,196,812
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		238,300		1,108,219
Lepu Medical Technology Beijing Co. Ltd., Class A		328,800		1,122,984
Microport Scientific Corp.		1,753,600		4,877,781
Ovctek China Inc., Class A		144,640		944,069
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		6,758,400		9,331,950
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		219,295		11,403,514
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)		548,000		1,523,563
				33,043,537
Health Care Providers & Services — 0.5%
Aier Eye Hospital Group Co. Ltd., Class A		876,874		5,070,188
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		88,994		1,186,249
Huadong Medicine Co. Ltd., Class A		328,880		1,984,163
Hygeia Healthcare Holdings Co. Ltd.(b)(c)		876,800		4,786,823
Jinxin Fertility Group Ltd.(a)(c)		3,655,000		4,273,724
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		767,281		874,733
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		383,597		1,139,324
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,137,200		3,857,782
Sinopharm Group Co. Ltd., Class H		3,726,400		9,033,476

Security	Shares		Value
Health Care Providers & Services (continued)
Topchoice Medical Corp., Class A(a)		54,800	$	1,405,986
				33,612,448
Health Care Technology — 0.0%
Winning Health Technology Group Co. Ltd., Class A		480,156		872,819
Hotels, Restaurants & Leisure — 2.1%
Haidilao International Holding Ltd.(b)(c)		2,740,000		6,309,339
Huazhu Group Ltd., ADR(a)		487,720		20,172,099
Jiumaojiu International Holdings Ltd.(b)(c)		2,192,000		4,924,330
Shanghai Jinjiang International Hotels Co. Ltd., Class A		109,600		980,461
Shenzhen Overseas Chinese Town Co. Ltd., Class A		1,589,238		1,738,626
Songcheng Performance Development Co. Ltd., Class A		548,077		1,344,857
Tongcheng Travel Holdings Ltd.(a)		2,849,600		5,307,233
Trip.com Group Ltd., ADR(a)		1,378,220		35,585,640
Yum China Holdings Inc.		1,138,744		59,237,463
				135,600,048
Household Durables — 0.6%
Beijing Roborock Technology Co. Ltd., Class A		8,720		875,065
Ecovacs Robotics Co. Ltd., Class A		110,000		2,359,058
Gree Electric Appliances Inc. of Zhuhai, Class A		437,600		2,547,263
Haier Smart Home Co. Ltd., Class A		1,150,846		4,665,570
Haier Smart Home Co. Ltd., Class H		5,918,400		20,738,544
Hang Zhou Great Star Industrial Co. Ltd., Class A(a)		164,400		523,216
Jason Furniture Hangzhou Co. Ltd., Class A		164,400		1,840,288
Oppein Home Group Inc., Class A		109,620		2,198,355
TCL Technology Group Corp., Class A		2,575,600		2,276,305
Zhejiang Supor Co. Ltd., Class A		164,496		1,320,973
				39,344,637
Household Products — 0.0%
Vinda International Holdings Ltd.(b)		1,096,000		3,120,569
Independent Power and Renewable Electricity Producers — 1.3%
CECEP Solar Energy Co. Ltd., Class A		493,200		787,961
CECEP Wind Power Corp, Class A		822,000		738,111
CGN Power Co. Ltd., Class H(c)		26,305,000		7,457,757
China Longyuan Power Group Corp. Ltd., Class H		9,016,000		18,605,325
China National Nuclear Power Co. Ltd., Class A		3,014,076		3,545,605
China Power International Development Ltd.		14,579,000		8,263,919
China Resources Power Holdings Co. Ltd.		5,480,000		12,239,963
China Three Gorges Renewables Group Co. Ltd.		4,540,100		5,124,574
China Yangtze Power Co. Ltd., Class A		3,836,041		14,113,228
Huaneng Power International Inc., Class A		1,150,800		1,610,834
Huaneng Power International Inc., Class H		9,864,000		5,790,322
SDIC Power Holdings Co. Ltd., Class A		1,260,496		1,999,457
Shenzhen Energy Group Co. Ltd., Class A		712,480		818,270
Sichuan Chuantou Energy Co. Ltd., Class A		858,562		1,638,036
				82,733,362
Industrial Conglomerates — 0.4%
China Baoan Group Co. Ltd., Class A		438,400		961,421
CITIC Ltd.		15,892,000		18,544,760
Fosun International Ltd.		6,850,000		7,432,274
				26,938,455
Insurance — 3.9%
China Life Insurance Co. Ltd., Class A		548,005		2,502,583
China Life Insurance Co. Ltd., Class H		19,728,000		32,681,992
China Pacific Insurance Group Co. Ltd., Class A		1,150,847		4,840,050
China Pacific Insurance Group Co. Ltd., Class H		7,014,600		19,532,692

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, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
China Taiping Insurance Holdings Co. Ltd.		4,384,124	$	5,189,082
New China Life Insurance Co. Ltd., Class A		420,324		2,543,182
New China Life Insurance Co. Ltd., Class H		2,137,200		6,116,395
People’s Insurance Co. Group of China Ltd. (The), Class H		23,016,000		7,401,612
PICC Property & Casualty Co. Ltd., Class H		18,632,462		19,668,172
Ping An Insurance Group Co. of China Ltd., Class A		1,753,643		14,136,304
Ping An Insurance Group Co. of China Ltd., Class H		16,988,000		131,719,216
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		1,370,000		4,509,265
				250,840,545
Interactive Media & Services — 15.4%
Autohome Inc., ADR		207,144		6,336,536
Baidu Inc., ADR(a)		749,664		114,278,780
Hello Group Inc., ADR		417,576		3,979,499
JOYY Inc., ADR		150,700		6,975,903
Kanzhun Ltd.(a)(b)		175,869		5,680,569
Kuaishou Technology(a)(c)		1,260,400		14,585,868
Tencent Holdings Ltd.		15,453,800		833,907,314
Weibo Corp., ADR(a)(b)		173,168		4,749,998
				990,494,467
Internet & Direct Marketing Retail — 16.6%
Alibaba Group Holding Ltd.(a)		40,662,268		535,272,963
Alibaba Health Information Technology Ltd.(a)(b)		10,960,000		7,674,539
China Ruyi Holdings Ltd.(a)(b)		8,768,000		2,609,566
Dada Nexus Ltd., ADR(a)		163,852		1,361,610
JD Health International Inc.(a)(b)(c)		959,000		7,157,698
JDcom Inc, Class A(a)		5,393,405		192,649,307
Meituan, Class B(a)(c)		10,960,200		243,482,568
Pinduoduo Inc., ADR(a)(b)		1,183,132		61,357,225
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		1,260,400		3,905,870
Vipshop Holdings Ltd., ADR(a)		1,205,052		10,447,801
				1,065,919,147
IT Services — 0.4%
Beijing Sinnet Technology Co. Ltd., Class A		548,096		1,305,501
China TransInfo Technology Co. Ltd., Class A		548,047		1,210,807
Chinasoft International Ltd.		6,576,000		5,999,947
Chindata Group Holdings Ltd., ADR(a)(b)		248,792		1,365,868
DHC Software Co. Ltd., Class A		986,428		1,293,271
GDS Holdings Ltd., ADR(a)(b)		240,572		10,710,265
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		153,440		1,034,186
TravelSky Technology Ltd., Class H		2,192,000		4,128,969
				27,048,814
Life Sciences Tools & Services — 1.9%
Genscript Biotech Corp.(a)		3,000,000		11,895,054
Hangzhou Tigermed Consulting Co. Ltd., Class A		54,837		889,648
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		348,700		3,923,241
Pharmaron Beijing Co. Ltd., Class A		110,100		2,113,004
Pharmaron Beijing Co. Ltd., Class H(c)		383,600		4,650,784
WuXi AppTec Co. Ltd., Class A		456,164		7,550,553
WuXi AppTec Co. Ltd., Class H(c)		876,881		12,481,921
Wuxi Biologics Cayman Inc., New(a)(c)		9,561,500		79,087,151
				122,591,356
Machinery — 0.9%
China CSSC Holdings Ltd., Class A		876,800		3,048,228
CRRC Corp. Ltd., Class A		3,881,800		3,568,147
CRRC Corp. Ltd., Class H		9,378,000		4,167,902
Haitian International Holdings Ltd.		1,644,000		4,380,108
Hefei Meiya Optoelectronic Technology Inc., Class A		151,423		868,969

Security	Shares		Value
Machinery (continued)
Jiangsu Hengli Hydraulic Co. Ltd., Class A		237,004	$	2,526,226
North Industries Group Red Arrow Co. Ltd., Class A(a)		219,200		783,898
Sany Heavy Equipment International Holdings Co. Ltd.		3,288,000		3,409,645
Sany Heavy Industry Co. Ltd., Class A		1,415,593		4,423,481
Shenzhen Inovance Technology Co. Ltd., Class A		438,430		4,462,261
Sinotruk Hong Kong Ltd.		1,918,000		2,862,935
Weichai Power Co. Ltd., Class A		1,041,268		2,519,425
Weichai Power Co. Ltd., Class H		5,480,000		9,272,867
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		173,396		1,869,202
Wuxi Shangji Automation Co. Ltd., Class A		55,400		1,398,689
XCMG Construction Machinery Co. Ltd., Class A		1,707,599		1,501,322
Zhejiang Dingli Machinery Co. Ltd., Class A		127,005		1,160,807
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		712,487		2,279,576
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,315,216		1,473,328
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		3,616,800		2,405,908
				58,382,924
Marine — 0.4%
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		2,077,670		5,833,633
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		9,042,100		18,276,116
				24,109,749
Media — 0.1%
China Literature Ltd.(a)(c)		1,096,000		5,948,154
Focus Media Information Technology Co. Ltd., Class A		2,575,638		3,133,700
				9,081,854
Metals & Mining — 1.9%
Aluminum Corp. of China Ltd., Class A(a)		2,192,000		2,268,022
Aluminum Corp. of China Ltd., Class H(a)		10,960,000		7,746,789
Baoshan Iron & Steel Co. Ltd., Class A		3,943,493		4,519,892
Chengtun Mining Group Co. Ltd., Class A		493,200		862,315
China Hongqiao Group Ltd.		6,302,000		8,822,852
China Minmetals Rare Earth Co. Ltd., Class A		159,650		957,775
China Molybdenum Co. Ltd., Class A		3,452,400		3,311,869
China Molybdenum Co. Ltd., Class H		8,220,000		4,947,640
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		602,800		4,741,590
Ganfeng Lithium Co. Ltd., Class A		186,144		4,526,106
Ganfeng Lithium Co. Ltd., Class H(c)		698,600		11,856,774
GEM Co. Ltd., Class A		986,400		1,506,916
Hunan Valin Steel Co. Ltd., Class A		1,192,700		1,103,762
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		8,055,692		3,438,364
Jiangxi Copper Co. Ltd., Class A		272,800		967,029
Jiangxi Copper Co. Ltd., Class H		3,288,000		5,918,401
MMG Ltd.(a)		8,768,000		3,176,029
Shandong Gold Mining Co. Ltd., Class A		493,291		1,610,205
Shandong Gold Mining Co. Ltd., Class H(b)(c)		1,735,500		3,258,916
Shandong Nanshan Aluminum Co. Ltd., Class A		2,396,100		1,858,409
Shanxi Meijin Energy Co. Ltd., Class A(a)		822,000		1,878,941
Shanxi Taigang Stainless Steel Co. Ltd., Class A		1,260,400		1,463,984
Shenghe Resources Holding Co. Ltd., Class A		274,000		856,432
Tianshan Aluminum Group Co. Ltd., Class A		767,200		1,164,853
Tongling Nonferrous Metals Group Co. Ltd., Class A		3,123,600		1,979,938
Western Superconducting Technologies Co. Ltd., Class A		66,456		910,810
YongXing Special Materials Technology Co. Ltd., Class A		54,800		1,299,402
Yunnan Aluminium Co. Ltd., Class A(a)		591,000		1,360,740
Yunnan Tin Co. Ltd., Class A(a)		328,800		1,312,157

26 2 0 2 2  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, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Zhejiang Huayou Cobalt Co. Ltd., Class A		198,528	$	3,926,353
Zijin Mining Group Co. Ltd., Class A		3,726,400		6,668,982
Zijin Mining Group Co. Ltd., Class H		15,344,000		22,773,279
				122,995,526
Oil, Gas & Consumable Fuels — 1.9%
China Coal Energy Co. Ltd., Class H		5,480,000		3,415,870
China Petroleum & Chemical Corp., Class A		5,315,888		3,671,708
China Petroleum & Chemical Corp., Class H		62,477,000		31,081,480
China Shenhua Energy Co. Ltd., Class A		986,405		3,949,298
China Shenhua Energy Co. Ltd., Class H		9,316,000		25,674,750
China Suntien Green Energy Corp. Ltd., Class H		4,384,000		2,920,315
PetroChina Co. Ltd., Class A		3,497,991		3,224,990
PetroChina Co. Ltd., Class H		56,992,000		30,526,375
Shaanxi Coal Industry Co. Ltd., Class A		1,918,088		4,333,456
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		602,800		1,328,359
Yankuang Energy Group Co Ltd, Class H		4,384,000		10,748,783
Yankuang Energy Group Co. Ltd., Class A		328,803		1,650,053
				122,525,437
Paper & Forest Products — 0.1%
Chengxin Lithium Group Co Ltd., Class A, NVS(a)		109,600		1,027,418
Lee & Man Paper Manufacturing Ltd.		3,836,000		2,465,992
Nine Dragons Paper Holdings Ltd.		4,384,000		4,199,726
				7,693,136
Personal Products — 0.2%
By-Health Co Ltd, Class A		328,800		1,294,552
Hengan International Group Co. Ltd.		1,644,000		8,718,580
Shanghai Jahwa United Co. Ltd., Class A		101,581		624,708
				10,637,840
Pharmaceuticals — 1.8%
Apeloa Pharmaceutical Co. Ltd., Class A		109,600		492,062
Asymchem Laboratories Tianjin Co. Ltd., Class A		37,300		2,010,083
Betta Pharmaceuticals Co. Ltd., Class A		88,998		852,920
CanSino Biologics Inc., Class H(a)(b)(c)		219,200		3,961,680
Changchun High & New Technology Industry Group Inc., Class A		64,696		1,877,279
China Medical System Holdings Ltd.		3,836,000		6,830,586
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		328,894		1,864,503
China Traditional Chinese Medicine Holdings Co. Ltd.		7,672,000		4,373,498
CSPC Pharmaceutical Group Ltd.		24,112,400		28,581,939
Dong-E-E-Jiao Co. Ltd., Class A		164,788		991,948
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		438,495		2,067,940
Hansoh Pharmaceutical Group Co. Ltd.(c)		3,288,000		7,018,873
Humanwell Healthcare Group Co. Ltd., Class A		219,500		650,073
Hutchmed China Ltd, ADR(a)(b)		213,772		5,825,287
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,041,288		6,631,415
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		474,962		924,064
Kangmei Pharmaceutical Co. Ltd., Class A(a)		162,415		74,446
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		204,104		1,125,726
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		328,884		2,217,504
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,370,000		5,493,027
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(a)		218,529		867,503

Security	Shares		Value
Pharmaceuticals (continued)
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		300,560	$	1,146,703
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		328,865		906,352
Sino Biopharmaceutical Ltd.		26,306,000		16,792,823
Yunnan Baiyao Group Co. Ltd., Class A		219,173		3,131,390
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		109,709		6,315,821
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		274,046		1,004,766
Zhejiang NHU Co. Ltd., Class A		548,093		2,954,076
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		92,706		671,435
				117,655,722
Professional Services — 0.1%
51job Inc., ADR(a)		82,748		4,286,346
Real Estate Management & Development — 4.5%
Agile Group Holdings Ltd.(b)		3,288,000		1,498,086
A-Living Smart City Services Co. Ltd., Class A(c)		1,507,000		2,701,328
China Evergrande Group		5,220,000		1,068,373
China Jinmao Holdings Group Ltd.		15,258,000		5,073,948
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,589,233		3,409,022
China Overseas Land & Investment Ltd.		10,412,000		31,789,572
China Overseas Property Holdings Ltd.		3,450,000		3,745,782
China Resources Land Ltd.		8,928,665		43,431,684
China Resources Mixc Lifestyle Services Ltd.(c)		1,534,400		7,892,434
China Vanke Co. Ltd., Class A		1,644,009		5,003,854
China Vanke Co. Ltd., Class H		4,493,631		10,673,190
CIFI Ever Sunshine Services Group Ltd.		1,666,000		3,029,733
CIFI Holdings Group Co. Ltd.		9,142,400		6,369,613
Country Garden Holdings Co. Ltd.(b)		20,824,727		16,179,389
Country Garden Services Holdings Co. Ltd.		5,417,000		32,404,264
Gemdale Corp., Class A		932,697		1,876,675
Greenland Holdings Corp. Ltd., Class A		1,777,856		1,218,699
Greentown China Holdings Ltd.		2,466,000		3,704,136
Greentown Service Group Co. Ltd.		4,384,000		4,403,828
Guangzhou R&F Properties Co. Ltd., Class H(b)		4,822,400		2,052,896
Hopson Development Holdings Ltd.		1,972,800		4,061,114
Jinke Properties Group Co. Ltd., Class A		1,152,081		820,726
Jinmao Property Services Co. Ltd.		229,244		58,260
KE Holdings Inc., ADR(a)(b)		980,920		19,039,657
KWG Group Holdings Ltd.		3,562,000		1,667,812
Logan Group Co. Ltd.		3,836,000		1,276,278
Longfor Group Holdings Ltd.(c)		4,932,000		26,373,985
Poly Developments and Holdings Group Co. Ltd., Class A		1,972,875		4,940,967
Powerlong Real Estate Holdings Ltd.		3,836,000		1,838,672
RiseSun Real Estate Development Co. Ltd., Class A		1,698,830		1,061,091
Seazen Group Ltd.(b)		5,480,000		2,891,557
Seazen Holdings Co. Ltd., Class A		383,664		1,835,083
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,666,978		3,267,277
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		548,009		1,205,902
Shimao Group Holdings Ltd.(b)		3,014,000		1,808,695
Shimao Services Holdings Ltd.(c)		1,644,000		1,201,469
Sunac China Holdings Ltd.		8,311,000		6,793,405
Sunac Services Holdings Ltd.(a)(c)		2,192,000		1,873,429
Wharf Holdings Ltd. (The)(b)		3,836,000		13,878,612
Yuexiu Property Co. Ltd.		4,384,600		4,385,787
				287,806,284

S C H E D U L E  O F  I N V E S T M E N T S 27

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail — 0.2%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		6,734,251	$	5,517,153
Daqin Railway Co. Ltd., Class A		2,352,100		2,535,746
DiDi Global Inc., ADR(a)		779,340		3,195,294
				11,248,193
Semiconductors & Semiconductor Equipment — 1.7%
Advanced Micro-Fabrication Equipment Inc., Class A(a)		109,788		2,239,877
China Resources Microelectronics Ltd.		164,100		1,524,149
Daqo New Energy Corp., ADR(a)		159,468		7,648,085
Flat Glass Group Co. Ltd., Class A		219,200		1,716,114
Flat Glass Group Co. Ltd., Class H		1,096,000		4,532,150
GCL System Integration Technology Co. Ltd., Class A(a)		1,205,645		702,925
Gigadevice Semiconductor Beijing Inc., Class A		119,687		2,930,683
Hangzhou First Applied Material Co. Ltd., Class A		164,800		3,127,507
Hangzhou Silan Microelectronics Co. Ltd., Class A		219,200		2,003,656
Hua Hong Semiconductor Ltd.(a)(c)		1,377,000		7,173,852
Ingenic Semiconductor Co. Ltd., Class A		110,000		1,951,653
JA Solar Technology Co. Ltd., Class A		274,050		4,151,925
JCET Group Co. Ltd., Class A		328,900		1,469,317
LONGi Green Energy Technology Co. Ltd., Class A		876,825		10,914,279
Montage Technology Co. Ltd., Class A		109,600		1,347,271
National Silicon Industry Group Co. Ltd., Class A(a)		301,029		1,169,972
NAURA Technology Group Co. Ltd., Class A		77,200		3,742,341
SG Micro Corp., Class A		43,400		2,402,040
Shenzhen SC New Energy Technology Corp., Class A		54,800		768,641
StarPower Semiconductor Ltd., Class A		22,000		1,268,717
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		493,298		3,776,867
Tianshui Huatian Technology Co. Ltd., Class A		602,829		1,148,935
TongFu Microelectronics Co. Ltd., Class A		313,296		906,369
Trina Solar Co. Ltd.		273,500		3,346,444
Unigroup Guoxin Microelectronics Co. Ltd., Class A		91,200		3,202,803
Will Semiconductor Co. Ltd. Shanghai, Class A		138,100		5,419,434
Xinyi Solar Holdings Ltd.		13,152,000		23,888,843
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		219,093		2,270,753
				106,745,602
Software — 0.8%
360 Security Technology Inc., Class A(a)		1,315,200		2,189,201
Beijing E-Hualu Information Technology Co. Ltd., Class A		180,520		804,750
Beijing Kingsoft Office Software Inc., Class A		51,052		1,732,023
Beijing Shiji Information Technology Co. Ltd., Class A		228,204		866,894
Hundsun Technologies Inc., Class A		261,468		2,173,018
Iflytek Co. Ltd., Class A		366,462		2,863,634
Kingdee International Software Group Co. Ltd.(a)		7,124,000		17,607,976
Ming Yuan Cloud Group Holdings Ltd.		1,644,000		3,244,734
NavInfo Co. Ltd., Class A(a)		657,618		1,790,496
Sangfor Technologies Inc., Class A		66,200		1,535,458
Shanghai Baosight Software Co. Ltd., Class A		204,180		1,746,579
Shanghai Baosight Software Co. Ltd., Class B		704,350		3,041,774
Thunder Software Technology Co. Ltd., Class A		109,600		2,441,629
Weimob Inc.(a)(b)(c)		4,932,000		3,261,797
Yonyou Network Technology Co. Ltd., Class A		602,812		3,008,280
				48,308,243
Specialty Retail — 0.6%
China Meidong Auto Holdings Ltd.		1,470,000		6,921,477
China Tourism Group Duty Free Corp. Ltd., Class A		328,889		10,622,750
GOME Retail Holdings Ltd.(a)(b)		33,976,000		2,528,352

Security	Shares		Value
Specialty Retail (continued)
Suningcom Co Ltd, Class A(a)		2,356,471	$	1,344,256
Topsports International Holdings Ltd.(c)		4,384,000		4,557,289
Zhongsheng Group Holdings Ltd.		1,644,000		11,479,925
				37,454,049
Technology Hardware, Storage & Peripherals — 1.6%
China Greatwall Technology Group Co. Ltd., Class A		548,000		1,159,288
Inspur Electronic Information Industry Co. Ltd., Class A		288,280		1,507,433
Lenovo Group Ltd.(b)		19,728,000		21,968,488
Ninestar Corp., Class A		218,426		1,738,140
Shenzhen Transsion Holding Co. Ltd., Class A		89,551		1,919,801
Xiaomi Corp., Class B(a)(c)		38,579,400		72,614,803
				100,907,953
Textiles, Apparel & Luxury Goods — 2.4%
ANTA Sports Products Ltd.(b)		2,998,200		45,792,113
Bosideng International Holdings Ltd.(b)		8,768,000		4,988,704
Li Ning Co. Ltd.		6,149,500		61,422,124
Shenzhou International Group Holdings Ltd.		2,246,800		37,738,618
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		109,600		1,564,677
				151,506,236
Tobacco — 0.4%
RLX Technology Inc., ADR(a)(b)		1,571,318		4,839,659
Smoore International Holdings Ltd.(c)		4,932,000		18,307,855
				23,147,514
Trading Companies & Distributors — 0.1%
Beijing United Information Technology Co. Ltd., Class A		109,600		2,056,245
BOC Aviation Ltd.(c)		602,800		5,240,140
COSCO SHIPPING Development Co. Ltd., Class A		1,041,200		551,939
				7,848,324
Transportation Infrastructure — 0.5%
Beijing Capital International Airport Co. Ltd., Class H(a)		5,480,000		3,509,992
China Merchants Port Holdings Co. Ltd.		4,384,000		8,265,578
COSCO SHIPPING Ports Ltd.		4,386,000		3,614,387
Jiangsu Expressway Co. Ltd., Class H		3,288,000		3,517,970
Shanghai International Airport Co. Ltd., Class A(a)		219,499		1,826,130
Shanghai International Port Group Co. Ltd., Class A		2,411,277		2,182,722
Shenzhen International Holdings Ltd.		3,288,000		3,387,894
Zhejiang Expressway Co. Ltd., Class H		3,288,000		2,966,129
				29,270,802
Water Utilities — 0.2%
Beijing Enterprises Water Group Ltd.(b)		12,056,000		4,763,131
Guangdong Investment Ltd.		7,672,000		10,324,169
				15,087,300
Wireless Telecommunication Services — 0.0%
China United Network Communications Ltd., Class A		4,454,400		2,698,738
Total Common Stocks — 99.9% (Cost: $6,415,611,106)				6,415,681,544

28 2 0 2 2  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, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		124,927,481	$	124,952,466
Total Short-Term Investments — 1.9% (Cost: $124,885,384)				124,952,466
Total Investments in Securities — 101.8% (Cost: $6,540,496,490)				6,540,634,010
Other Assets, Less Liabilities — (1.8)%				(118,761,438	)
Net Assets — 100.0%			$	6,421,872,572

^(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) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	148,079,490	$	—	$	(23,079,797	)(a)	$	(7,381	)	$	(39,846	)	$	124,952,466		124,927,481	$	909,652	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		6,820,000		—		(6,820,000	)(a)		—			—			—		—		211			—
								$	(7,381	)	$	(39,846	)	$	124,952,466			$	909,863		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Index		73		03/18/22	$	2,102	$	(146,211	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	146,211

^(a)  Net cumulative unrealized 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).

S C H E D U L E  O F  I N V E S T M E N T S 29

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI China ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,405,752	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,488,876

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	7,740,348

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	780,344,949	$	5,635,336,593		$	2	$	6,415,681,544
Money Market Funds		124,952,466		—			—		124,952,466
	$	905,297,415	$	5,635,336,593		$	2	$	6,540,634,010
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(146,211	)	$	—	$	(146,211	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

30 2 0 2 2  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, 2022 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
EHang Holdings Ltd., ADR(a)(b)		16,275	$	241,847
Air Freight & Logistics — 0.1%
BEST Inc., ADR(a)(b)		140,554		98,402
Auto Components — 2.2%
Huazhong In-Vehicle Holdings Co. Ltd.		372,000		142,334
Nexteer Automotive Group Ltd.		620,000		620,979
Prinx Chengshan Holdings Ltd.		108,500		101,355
Tianneng Power International Ltd.(b)		498,000		456,859
Wuling Motors Holdings Ltd.(b)		930,000		140,162
				1,461,689
Automobiles — 0.6%
Niu Technologies, ADR(a)		21,762		270,719
Qingling Motors Co. Ltd., Class H		558,000		107,890
				378,609
Beverages — 0.4%
China Foods Ltd.		620,000		267,211
China Huiyuan Juice Group Ltd.(a)(c)		81,000		—
				267,211
Biotechnology — 3.2%
Alphamab Oncology(a)(b)(d)		285,000		338,711
Ascentage Pharma Group International(a)(b)(d)		105,400		247,378
Beyondspring Inc.(a)(b)		15,252		36,757
Burning Rock Biotech Ltd., ADR(a)(b)		31,372		264,466
CStone Pharmaceuticals(a)(d)		341,000		282,680
Essex Bio-Technology Ltd.		217,000		131,609
Everest Medicines Ltd.(a)(b)(d)		114,500		353,744
Genetron Holdings Ltd., ADR(a)		12,369		41,436
Genor Biopharma Holdings Ltd.(a)(d)		108,500		76,068
Immunotech Biopharm Ltd.(a)(b)		67,000		57,272
JW Cayman Therapeutics Co. Ltd.(a)(b)(d)		124,000		157,530
Shanghai Henlius Biotech Inc.(a)(b)(d)		58,900		171,799
Untrade Cteg(c)		600,000		9,472
				2,168,922
Building Products — 0.5%
Luoyang Glass Co. Ltd., Class H, NVS(a)		186,000		321,991
Capital Markets — 2.1%
China Everbright Ltd.		650,000		715,841
China Renaissance Holdings Ltd.(a)(d)		117,800		175,763
Glory Sun Financial Group Ltd.(a)		7,936,000		176,703
Up Fintech Holding Ltd., ADR(a)(b)		70,649		318,627
				1,386,934
Chemicals — 2.1%
China BlueChemical Ltd., Class H		1,302,000		389,859
China Longevity Group Co. Ltd.(a)(c)		96,000		—
China Lumena New Materials Corp.(a)(b)(c)		21,700		—
China XLX Fertiliser Ltd.		310,000		239,221
Fufeng Group Ltd.(a)		1,085,600		406,476
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		288,393		184,629
Sinofert Holdings Ltd.		1,488,000		213,590
				1,433,775
Commercial Services & Supplies — 0.5%
Binjiang Service Group Co. Ltd.		62,000		184,628
Dynagreen Environmental Protection Group Co. Ltd., Class H		279,000		137,078
				321,706

Security	Shares		Value
Communications Equipment — 0.1%
Eastern Communications Co. Ltd., Class B		217,000	$	101,122
Construction & Engineering — 1.6%
Changsha Broad Homes Industrial Group Co Ltd., Class H(a)(b)(d)		83,700		117,724
Greentown Management Holdings Co. Ltd.(d)		341,000		278,053
ReneSola Ltd., ADR(a)(b)		27,497		165,257
Sinopec Engineering Group Co. Ltd., Class H		1,054,000		504,218
				1,065,252
Construction Materials — 0.7%
Asia Cement China Holdings Corp.		341,000		213,170
MH Development Ltd.(a)(c)		112,000		7,154
West China Cement Ltd.		1,550,000		266,094
				486,418
Consumer Finance — 2.2%
Differ Group Holding Co. Ltd.(a)(b)		2,108,000		650,843
FinVolution Group, ADR		77,190		314,163
LexinFintech Holdings Ltd., ADR(a)		72,168		256,197
Qudian Inc., ADR(a)(b)		129,456		106,542
Yixin Group Ltd.(a)(d)		930,000		139,556
				1,467,301
Containers & Packaging — 0.5%
CPMC Holdings Ltd.		279,000		154,293
Greatview Aseptic Packaging Co. Ltd.		589,000		209,533
				363,826
Distributors — 0.8%
China Tobacco International HK Co. Ltd.(b)		155,000		289,841
Xinhua Winshare Publishing and Media Co. Ltd., Class H		310,000		231,681
				521,522
Diversified Consumer Services — 4.4%
China East Education Holdings Ltd.(b)(d)		387,500		225,465
China Kepei Education Group Ltd.		298,000		89,397
China Maple Leaf Educational Systems Ltd.(a)(b)		1,054,000		55,584
China New Higher Education Group Ltd.(d)		620,000		227,768
China Yuhua Education Corp. Ltd.(d)		1,302,000		336,555
Edvantage Group Holdings Ltd.		238,000		97,943
Fu Shou Yuan International Group Ltd.		837,000		620,452
Gaotu Techedu Inc., ADR(a)(b)		93,682		163,943
Hope Education Group Co. Ltd.(d)		1,984,000		201,572
JH Educational Technology Inc.(a)		356,000		151,245
Koolearn Technology Holding Ltd.(a)(b)(d)		248,000		155,576
Minsheng Education Group Co. Ltd.(d)		744,000		80,329
Tianli Education International Holdings Ltd.(a)(c)		1,056,000		209,449
Wisdom Education International Holdings Co. Ltd.		558,000		30,654
Youdao Inc., ADR(a)(b)		26,536		314,717
				2,960,649
Diversified Financial Services — 0.8%
CSSC Hong Kong Shipping Co. Ltd.		868,000		124,751
Haitong UniTrust International Leasing Co. Ltd., Class H(d)		1,054,000		117,860
National Agricultural Holdings Ltd.(a)(b)(c)		108,900		139
SY Holdings Group Ltd.		325,500		302,399
				545,149
Electrical Equipment — 1.6%
China Fiber Optic Network System Group Ltd.(c)		181,600		—
China High Speed Transmission Equipment Group Co. Ltd.(a)(b)		279,000		211,673
Hangzhou Steam Turbine Co. Ltd., Class B		198,423		377,823
Harbin Electric Co. Ltd., Class H		512,000		180,929

S C H E D U L E  O F  I N V E S T M E N T S 31

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Sun King Technology Group Ltd.		744,000	$	303,380
Trony Solar Holdings Co. Ltd.(c)		216,000		—
				1,073,805
Electronic Equipment, Instruments & Components — 1.3%
Anxin-China Holdings Ltd.(a)(c)		672,000		1
FIH Mobile Ltd., NVS(a)(b)		2,294,000		338,420
Truly International Holdings Ltd.		1,302,000		451,779
Zepp Health Corp., ADR(a)		20,863		75,941
				866,141
Entertainment — 3.8%
Archosaur Games Inc.(d)		124,000		128,955
Cathay Media And Education Group Inc.(d)		310,000		70,713
CMGE Technology Group Ltd.(a)(b)		682,000		241,156
DouYu International Holdings Ltd., ADR(a)(b)		104,966		216,230
Fire Rock Holdings Ltd.		1,488,000		94,561
Huanxi Media Group Ltd.(a)(b)		1,240,000		232,962
HUYA Inc., ADR(a)		58,776		308,574
iDreamSky Technology Holdings Ltd.(a)(d)		384,400		277,890
IMAX China Holding Inc.(d)		86,800		121,071
NetDragon Websoft Holdings Ltd.		170,500		382,339
Untrade SMI Holdings(a)(c)		267,200		—
XD Inc.(a)		136,400		443,602
				2,518,053
Equity Real Estate Investment Trusts (REITs) — 1.0%
Yuexiu REIT		1,643,000		668,587
Food & Staples Retailing — 0.1%
111 Inc.(a)(b)		17,701		47,262
Food Products — 2.8%
China Modern Dairy Holdings Ltd.		2,263,000		418,206
China Youran Dairy Group Ltd.(a)(d)		558,000		303,633
COFCO Joycome Foods Ltd.(a)		1,674,000		730,308
Zhou Hei Ya International Holdings Co. Ltd.(a)(d)		604,500		403,871
				1,856,018
Gas Utilities — 1.2%
Beijing Gas Blue Sky Holdings Ltd.(a)(c)		3,264,000		25,190
Tian Lun Gas Holdings Ltd.		217,000		179,454
Towngas Smart Energy Co. Ltd.(a)		806,000		572,662
				777,306
Health Care Equipment & Supplies — 2.9%
AK Medical Holdings Ltd.(d)		372,000		256,210
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H(a)(b)		62,100		85,335
China Isotope & Radiation Corp.(b)		39,600		116,551
Kangji Medical Holdings Ltd.		217,000		217,431
Lifetech Scientific Corp., NVS(a)		2,666,000		1,058,030
Peijia Medical Ltd.(a)(d)		124,000		195,173
Untrade Hosa International Ltd.(c)		220,000		—
				1,928,730
Health Care Providers & Services — 1.9%
China Resources Medical Holdings Co. Ltd.		604,500		340,775
Genertec Universal Medical Group Co. Ltd.(d)		682,000		482,020
IVD Medical Holding Ltd.		589,000		250,105
New Horizon Health Ltd.(a)(d)		62,000		232,624
				1,305,524
Hotels, Restaurants & Leisure — 1.9%
China Travel International Investment Hong Kong Ltd.(a)(b)		1,612,000		316,630
Haichang Ocean Park Holdings Ltd.(a)(d)		868,000		320,343

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Huangshan Tourism Development Co. Ltd., Class B(a)		151,900	$	113,773
Shanghai Jin Jiang Capital Co. Ltd., Class H		930,000		353,454
Xiabuxiabu Catering Management China Holdings Co. Ltd.(d)		310,000		195,069
				1,299,269
Household Durables — 1.9%
Konka Group Co. Ltd., Class B		390,600		107,881
Q Technology Group Co. Ltd.		310,000		292,758
Skyworth Group Ltd.(a)(b)		1,054,000		595,434
TCL Electronics Holdings Ltd.		620,000		290,648
				1,286,721
Independent Power and Renewable Electricity Producers — 3.8%
Beijing Energy International Holding Co. Ltd.(a)		4,836,000		161,342
Beijing Jingneng Clean Energy Co. Ltd., Class H		992,000		302,999
Canvest Environmental Protection Group Co. Ltd.		341,000		165,981
CGN New Energy Holdings Co. Ltd.(b)		930,000		618,949
China Datang Corp. Renewable Power Co. Ltd., Class H(b)		1,612,000		610,863
China Everbright Greentech Ltd.(d)		434,000		143,459
Concord New Energy Group Ltd.		4,160,000		390,105
GCL New Energy Holdings Ltd.(a)		6,014,000		132,983
				2,526,681
Industrial Conglomerates — 0.7%
Shanghai Industrial Holdings Ltd.		310,000		471,272
Insurance — 0.3%
Fanhua Inc., ADR		29,016		193,827
Interactive Media & Services — 1.4%
Meitu Inc.(a)(d)		1,565,500		252,442
Sohu.com Ltd., ADR(a)(b)		21,204		388,881
Tongdao Liepin Group(a)		130,200		313,229
				954,552
Internet & Direct Marketing Retail — 1.5%
Baozun Inc., ADR(a)(b)		39,029		410,975
Cango Inc./KY, ADR(b)		27,094		91,849
Maoyan Entertainment(a)(b)(d)		285,200		311,690
Uxin Ltd., ADR(a)(b)		178,932		184,300
				998,814
IT Services — 2.1%
Digital China Holdings Ltd.		558,000		304,622
Hi Sun Technology China Ltd.(a)		1,302,000		165,148
Vnet Group Inc., ADR(a)		70,215		552,592
Yeahka Ltd.(a)(b)		148,800		411,305
				1,433,667
Life Sciences Tools & Services — 0.3%
Viva Biotech Holdings(b)(d)		480,500		184,964
Machinery — 2.8%
China Yuchai International Ltd.		10,106		125,011
CIMC Enric Holdings Ltd.		510,000		609,998
First Tractor Co. Ltd., Class H		310,000		149,305
Lonking Holdings Ltd.		1,395,000		371,803
Shanghai Highly Group Co. Ltd., Class B		192,284		96,112
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		151,900		198,630
Shanghai New Power Automotive Technology Co. Ltd., Class B		248,065		139,909

32 2 0 2 2  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, 2022 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		167,400	$	175,754
				1,866,522
Media — 0.8%
iClick Interactive Asia Group Ltd., ADR(a)(b)		45,508		110,129
Joy Spreader Group Inc.(a)(b)		465,000		136,124
Mobvista Inc.(a)(b)(d)		372,000		299,319
				545,572
Metals & Mining — 3.7%
China Metal Recycling Holdings Ltd.(a)(c)		184,800		—
China Oriental Group Co. Ltd.		806,000		234,288
China Zhongwang Holdings Ltd.(a)(b)(c)		1,271,200		199,897
Jinchuan Group International Resources Co. Ltd.		2,263,000		404,350
Shougang Fushan Resources Group Ltd.		1,426,000		471,528
Tiangong International Co. Ltd.(b)		806,000		380,407
Untrade Real Gold Mining(c)		126,000		—
Youyuan International Holdings Ltd.(b)(c)		120,000		1,796
Zhaojin Mining Industry Co. Ltd., Class H		852,500		752,259
				2,444,525
Oil, Gas & Consumable Fuels — 1.8%
CGN Mining Co. Ltd.		1,705,000		199,144
Inner Mongolia Yitai Coal Co. Ltd., Class B		762,687		734,740
Sinopec Kantons Holdings Ltd.		744,000		278,475
				1,212,359
Paper & Forest Products — 0.0%
China Forestry Holdings Co. Ltd.(c)		306,000		—
Qunxing Paper Holdings Co. Ltd.(c)		148,000		—
Superb Summit International Group Ltd.(a)(c)		2,975		1
				1
Personal Products — 0.1%
Yatsen Holding Ltd., ADR(a)(b)		63,550		86,428
Pharmaceuticals — 5.7%
Antengene Corp. Ltd.(a)(d)		139,500		104,608
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		186,000		258,009
China Animal Healthcare Ltd.(a)(c)		140,000		—
China Shineway Pharmaceutical Group Ltd.		217,000		177,719
Grand Pharmaceutical Group Ltd., Class A		759,500		601,002
Hua Han Health Industry Holdings Ltd.(a)(c)		651,960		1
Hua Medicine(a)(d)		496,000		241,189
Luye Pharma Group Ltd., NVS(a)(d)		1,271,000		513,450
Ocumension Therapeutics(a)(b)(d)		108,500		122,965
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., Class H		186,000		92,321
Shanghai Haixin Group Co., Class B		310,063		105,421
Sihuan Pharmaceutical Holdings Group Ltd.		2,728,000		584,961
SSY Group Ltd.(b)		992,000		463,255
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class S(b)		142,600		152,582
Tong Ren Tang Technologies Co. Ltd., Class H		434,000		375,601
				3,793,084
Professional Services — 0.1%
SOS Ltd., ADR(a)(b)		131,037		95,395
Real Estate Management & Development — 17.1%
C&D International Investment Group Ltd.		310,000		576,489
C&D Property Management Group Co. Ltd.(a)		372,000		190,234
Central China Management Co. Ltd.		683,038		91,551
Central China New Life Ltd.(a)		244,000		148,961

Security	Shares		Value
Real Estate Management & Development (continued)
Central China Real Estate Ltd.		620,038	$	50,906
China Aoyuan Group Ltd.		899,000		149,850
China Logistics Property Holdings Co. Ltd.(a)(d)		496,000		274,829
China Merchants Land Ltd.		930,000		92,943
China Overseas Grand Oceans Group Ltd.		1,240,000		715,349
China SCE Group Holdings Ltd.		1,209,800		242,895
China South City Holdings Ltd.		2,356,000		196,671
China Vast Industrial Urban Development Co. Ltd.(d)		99,000		21,580
Colour Life Services Group Co. Ltd.(b)		341,000		34,143
Cosmopolitan International Holdings Ltd.(a)		1,364,000		235,229
DaFa Properties Group Ltd.(b)		186,000		88,780
Datang Group Holdings Ltd.(b)		248,000		131,527
Dexin China Holdings Co. Ltd.(a)		589,000		217,824
Excellence Commercial Property & Facilities Management Group Ltd.(a)		217,000		130,072
Ganglong China Property Group Ltd.(b)		341,000		205,535
Gemdale Properties & Investment Corp. Ltd., NVS		4,774,000		525,381
Greenland Hong Kong Holdings Ltd.		589,000		100,827
Huijing Holdings Co. Ltd.		558,000		137,811
Jiayuan International Group Ltd.		1,054,000		334,031
Jingrui Holdings Ltd.		403,000		96,952
JY Grandmark Holdings Ltd.		372,000		123,768
Kaisa Group Holdings Ltd.(b)		2,015,000		183,551
KWG Living Group Holdings Ltd.		651,000		269,678
Leading Holdings Group Ltd.(a)(b)		217,000		132,734
LVGEM China Real Estate Investment Co. Ltd.(a)(b)		744,000		127,577
Midea Real Estate Holding Ltd.(d)		223,200		327,048
Nam Tai Property Inc.(a)(b)		12,679		96,868
Poly Property Group Co. Ltd.		1,511,000		409,915
Powerlong Commercial Management Holdings Ltd.		108,500		189,881
Radiance Holdings Group Co. Ltd.(a)(b)		589,000		325,606
Redco Properties Group Ltd.(b)(d)		744,000		203,742
Redsun Properties Group Ltd.(b)		713,000		204,376
Road King Infrastructure Ltd.		155,000		147,472
Ronshine China Holdings Ltd.(b)		418,500		134,023
SCE Intelligent Commercial Management Holdings Ltd.(a)		372,000		108,037
Shanghai Industrial Urban Development Group Ltd.		1,364,000		129,790
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		198,400		177,922
Shenzhen Investment Ltd.		1,922,000		433,282
Shinsun Holdings Group Co. Ltd.(b)		527,000		59,345
Shoucheng Holdings Ltd.		1,551,600		256,665
Shui On Land Ltd.		2,619,500		382,595
Sino-Ocean Group Holding Ltd.		2,201,000		473,429
Skyfame Realty Holdings Ltd.		1,860,000		202,314
SOHO China Ltd.(a)		1,503,500		305,910
Sunkwan Properties Group Ltd.(b)		434,000		105,520
Times Neighborhood Holdings Ltd.		403,000		137,593
Yincheng International Holding Co. Ltd.(b)		310,000		117,421
Yuzhou Group Holdings Co. Ltd.		1,612,907		128,146
Zhenro Properties Group Ltd.		1,271,000		109,429
Zhongliang Holdings Group Co. Ltd.(b)		511,500		200,290
Zhuguang Holdings Group Co. Ltd.		1,302,000		253,249
				11,447,546
Semiconductors & Semiconductor Equipment — 2.5%
BOE Varitronix Ltd., Class A(b)		217,000		253,361
JinkoSolar Holding Co. Ltd., ADR(a)(b)		27,466		1,390,054
				1,643,415

S C H E D U L E  O F  I N V E S T M E N T S 33

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software — 2.7%
Agora Inc., ADR(a)		31,186	$	376,727
AsiaInfo Technologies Ltd.(d)		136,400		255,742
Bit Digital Inc.(a)(b)		44,826		176,166
BIT Mining Ltd., SP ADR(a)(b)		32,395		93,622
China Youzan Ltd.(a)		10,416,000		331,889
Cloopen Group Holding Ltd., ADR(a)(b)		37,727		85,640
Inspur International Ltd.(a)		310,000		148,120
Newborn Town Inc.(a)		310,000		174,877
OneConnect Financial Technology Co. Ltd., ADR(a)		83,886		132,540
				1,775,323
Specialty Retail — 0.9%
Boshiwa International Holding Ltd.(a)(c)		67,000		—
China Harmony Auto Holding Ltd.		558,000		263,484
Mulsanne Group Holding Ltd.(a)(b)(d)		170,500		99,054
Pou Sheng International Holdings Ltd.(a)		1,550,000		229,054
				591,592
Technology Hardware, Storage & Peripherals — 0.7%
Canaan Inc., ADR(a)(b)		70,029		369,053
Coolpad Group Ltd.(a)		3,348,000		117,967
				487,020
Textiles, Apparel & Luxury Goods — 3.5%
361 Degrees International Ltd.(a)		589,000		289,569
China Dongxiang Group Co. Ltd.		2,108,000		159,153
China Lilang Ltd.		310,000		172,208
Fuguiniao Co. Ltd.(c)		43,200		—
JNBY Design Ltd.		108,500		146,466
Xtep International Holdings Ltd.(b)		945,500		1,568,656
				2,336,052
Trading Companies & Distributors — 0.4%
China Aircraft Leasing Group Holdings Ltd.		186,000		134,424
CITIC Resources Holdings Ltd.(a)		1,984,000		137,575
				271,999
Transportation Infrastructure — 2.2%
Anhui Expressway Co. Ltd., Class H		310,000		295,537
COSCO SHIPPING International Hong Kong Co. Ltd.		372,000		117,258
Hainan Meilan International Airport Co. Ltd., Class H(a)		132,000		373,384
Sichuan Expressway Co. Ltd., Class H		558,000		154,385

Security	Shares		Value
Transportation Infrastructure (continued)
Tianjin Port Development Holdings Ltd.		1,302,000	$	104,906
Yuexiu Transport Infrastructure Ltd.		744,000		461,751
				1,507,221
Water Utilities — 1.2%
China Everbright Water Ltd.		629,300		146,219
China Water Affairs Group Ltd.(b)		570,000		629,716
				775,935
Total Common Stocks — 99.9% (Cost: $85,766,541)				66,863,507
Short-Term Investments
Money Market Funds — 21.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		14,435,813		14,438,700
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		140,000		140,000
				14,578,700
Total Short-Term Investments — 21.8% (Cost: $14,577,199)				14,578,700
Total Investments in Securities — 121.7% (Cost: $100,343,740)				81,442,207
Other Assets, Less Liabilities — (21.7)%				(14,521,245	)
Net Assets — 100.0%			$	66,920,962

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,118,371	$	—		$	(7,674,971	)(a)	$	(2,529	)	$	(2,171	)	$	14,438,700		14,435,813	$	404,353	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		90,000	(a)		—			—			—			140,000		140,000		7			—
									$	(2,529	)	$	(2,171	)	$	14,578,700			$	404,360		$	—

^(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.

34 2 0 2 2  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, 2022 iShares^® MSCI China Small-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Index		6		03/18/22	$	173	$	(11,080	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	11,080

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,269	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(7,402	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	286,581

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	18,892,012	$	47,518,395		$	453,100	$	66,863,507
Money Market Funds		14,578,700		—			—		14,578,700
	$	33,470,712	$	47,518,395		$	453,100	$	81,442,207
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(11,080	)	$	—	$	(11,080	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 35

Schedule of Investments  (unaudited) February 28, 2022 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 4.1%
Astra International Tbk PT		45,229,830	$	18,342,276
Banks — 47.7%
Bank Aladin Syariah Tbk PT(a)		9,400,400		1,472,186
Bank BTPN Syariah Tbk PT		9,078,100		2,278,292
Bank Central Asia Tbk PT		165,732,290		93,566,769
Bank Jago Tbk PT(a)		11,209,500		12,680,964
Bank Mandiri Persero Tbk PT		36,350,360		19,652,498
Bank Negara Indonesia Persero Tbk PT		25,286,758		14,168,512
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		16,341,336		1,586,703
Bank Pembangunan Daerah Jawa Timur Tbk PT		25,145,000		1,347,647
Bank Rakyat Indonesia Persero Tbk PT		202,019,054		64,597,641
Bank Tabungan Negara Persero Tbk PT(a)		21,127,426		2,626,330
				213,977,542
Capital Markets — 0.5%
Pacific Strategic Financial Tbk PT(a)		28,832,000		2,317,879
Pool Advista Indonesia Tbk PT(a)(b)		7,126,300		—
				2,317,879
Chemicals — 1.4%
Barito Pacific Tbk PT		100,947,500		6,294,607
Construction & Engineering — 1.1%
PP Persero Tbk PT(a)		17,681,922		1,190,865
Waskita Karya Persero Tbk PT(a)		58,456,419		2,334,387
Wijaya Karya Persero Tbk PT(a)		16,999,770		1,206,945
				4,732,197
Construction Materials — 2.4%
Berkah Beton Sadaya Tbk(a)		3,044,300		939,447
Indocement Tunggal Prakarsa Tbk PT		5,746,044		4,401,951
Semen Indonesia Persero Tbk PT		10,892,455		5,502,118
				10,843,516
Consumer Finance — 0.1%
BFI Finance Indonesia Tbk PT		7,347,800		657,195
Diversified Telecommunication Services — 12.6%
Inovisi Infracom Tbk PT(a)(b)		9,476,400		—
Link Net Tbk PT		6,240,800		1,898,259
Sarana Menara Nusantara Tbk PT		62,178,100		4,496,360
Telkom Indonesia Persero Tbk PT		145,196,890		43,836,814
Tower Bersama Infrastructure Tbk PT		30,352,800		6,242,035
				56,473,468
Electronic Equipment, Instruments & Components — 0.4%
Erajaya Swasembada Tbk PT		46,201,500		1,799,297
Energy Equipment & Services — 0.1%
Pelayaran Tamarin Samudra Tbk PT(a)		87,360,300		304,031
Food Products — 6.1%
Astra Agro Lestari Tbk PT		523,400		415,361
Charoen Pokphand Indonesia Tbk PT		25,948,325		10,507,019
Indofood CBP Sukses Makmur Tbk PT		8,741,854		5,182,039
Indofood Sukses Makmur Tbk PT		15,999,230		6,920,122
Inti Agri Resources Tbk PT(a)(b)		190,840,700		—
Japfa Comfeed Indonesia Tbk PT		19,405,300		2,131,423
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		18,560,000		1,840,214
Sawit Sumbermas Sarana Tbk PT		5,714,700		447,667
				27,443,845

Security	Shares		Value
Gas Utilities — 1.0%
Perusahaan Gas Negara Tbk PT(a)		43,707,307	$	4,419,146
Health Care Providers & Services — 0.2%
Metro Healthcare Indonesia TBK PT(a)		17,910,000		699,584
Siloam International Hospitals Tbk PT		740,800		402,188
				1,101,772
Household Products — 1.5%
Unilever Indonesia Tbk PT		26,706,920		6,872,383
Insurance — 0.2%
Panin Financial Tbk PT(a)		88,989,578		1,046,790
IT Services — 0.1%
M Cash Integrasi PT(a)		519,800		427,830
Marine — 0.2%
Berlian Laju Tanker Tbk PT(a)		20,933,614		72,853
Trada Alam Minera Tbk PT(a)(b)		163,879,000		—
Transcoal Pacific Tbk PT(a)		1,018,800		638,889
				711,742
Media — 0.8%
Media Nusantara Citra Tbk PT		26,382,500		1,605,936
MNC Vision Networks Tbk PT(a)		39,470,500		349,695
Surya Citra Media Tbk PT(a)		98,600,200		1,780,075
				3,735,706
Metals & Mining — 3.1%
Aneka Tambang Tbk		32,142,554		5,007,757
Merdeka Copper Gold Tbk PT(a)		30,557,300		8,274,161
Timah Tbk PT(a)		4,266,700		474,895
				13,756,813
Multiline Retail — 0.5%
Mitra Adiperkasa Tbk PT(a)		41,456,100		2,278,572
Oil, Gas & Consumable Fuels — 5.2%
Adaro Energy Tbk PT		52,994,439		9,079,618
AKR Corporindo Tbk PT		44,957,200		2,378,138
Bukit Asam Tbk PT		16,064,900		3,529,229
Indika Energy Tbk PT(a)		3,992,100		619,641
Indo Tambangraya Megah Tbk PT		2,081,700		3,865,062
Medco Energi Internasional Tbk PT(a)		41,147,286		1,737,159
Sekawan Intipratama Tbk PT(a)(b)		30,572,100		—
Sugih Energy Tbk PT(a)(b)		39,886,700		28
United Tractors Tbk PT		1,348,696		2,353,453
				23,562,328
Paper & Forest Products — 1.8%
Indah Kiat Pulp & Paper Tbk PT		10,050,500		5,679,707
Pabrik Kertas Tjiwi Kimia Tbk PT		4,442,700		2,317,655
				7,997,362
Personal Products — 0.5%
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		34,079,537		2,316,148
Pharmaceuticals — 2.0%
Kalbe Farma Tbk PT		76,898,485		8,804,761
Real Estate Management & Development — 2.6%
Bumi Serpong Damai Tbk PT(a)		34,552,722		2,219,922
Ciputra Development Tbk PT		41,191,013		2,656,879
Hanson International Tbk PT(a)(b)		372,896,535		—
Lippo Karawaci Tbk PT(a)		131,795,142		1,192,550
Pakuwon Jati Tbk PT(a)		79,002,377		2,543,507
Puradelta Lestari Tbk PT		71,718,700		943,470

36 2 0 2 2  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, 2022 iShares^® MSCI Indonesia ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Rimo International Lestari Tbk PT(a)(b)		54,096,000	$	—
Summarecon Agung Tbk PT(a)		46,997,286		2,282,169
				11,838,497
Road & Rail — 0.1%
Adi Sarana Armada Tbk PT(a)		2,179,700		386,744
Software — 0.1%
Digital Mediatama Maxima Tbk PT(a)		2,539,700		335,869
Specialty Retail — 0.5%
Ace Hardware Indonesia Tbk PT		30,707,779		2,294,741
Tobacco — 0.9%
Gudang Garam Tbk PT		1,785,342		3,912,421
Transportation Infrastructure — 0.5%
Jasa Marga Persero Tbk PT(a)		9,659,708		2,280,383
Wireless Telecommunication Services — 1.4%
Indosat Tbk PT		6,442,700		2,453,599
Smartfren Telecom Tbk PT(a)		124,351,100		688,334
XL Axiata Tbk PT		15,760,600		3,148,824
				6,290,757
Total Common Stocks — 99.7% (Cost: $514,110,312)				447,556,618

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		300,000	$	300,000
Total Short-Term Investments — 0.1% (Cost: $300,000)				300,000
Total Investments in Securities — 99.8% (Cost: $514,410,312)				447,856,618
Other Assets, Less Liabilities — 0.2%				786,264
Net Assets — 100.0%			$	448,642,882

^(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	280,000	(a)	$	—	$	—	$	—	$	300,000		300,000	$	19	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		16		03/18/22	$	940	$	(16,567	)

S C H E D U L E  O F  I N V E S T M E N T S 37

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Indonesia ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	16,567

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(73,858	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(16,913	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	704,603

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	27,294,914		$	420,261,676	$	28	$	447,556,618
Money Market Funds		300,000			—		—		300,000
	$	27,594,914		$	420,261,676	$	28	$	447,856,618
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(16,567	)	$	—	$	—	$	(16,567	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

38 2 0 2 2  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, 2022 iShares^® MSCI Peru ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 26.6%
Banco BBVA Peru SA		8,845,887	$	5,209,372
Banco de Credito del Peru, Class C		55,764		44,326
Credicorp Ltd.		294,626		44,562,182
Intercorp Financial Services Inc.		147,380		4,760,374
				54,576,254
Construction & Engineering — 1.7%
Aenza SAA(a)		9,907,774		3,506,065
Construction Materials — 5.4%
Cementos Pacasmayo SAA		2,950,728		3,857,212
Union Andina de Cementos SAA		11,794,740		7,288,587
				11,145,799
Food & Staples Retailing — 2.5%
InRetail Peru Corp.(b)		147,605		5,223,741
Food Products — 5.2%
Alicorp SAA		5,350,263		8,647,004
Casa Grande SAA		816,816		1,962,931
				10,609,935
Metals & Mining — 47.5%
Aclara Resources Inc.(a)		364,173		307,165
Cia. de Minas Buenaventura SAA, ADR(a)		997,136		9,871,646
Corp. Aceros Arequipa SA, NVS		4,570,118		2,268,947
Fortuna Silver Mines Inc.(a)		1,199,051		4,474,565
Hochschild Mining PLC		4,136,559		6,413,211
MMG Ltd.(a)		11,780,000		4,267,064
Pan American Silver Corp.		184,449		4,362,746
Sociedad Minera Cerro Verde SAA		211,324		9,192,594
Southern Copper Corp.		656,858		45,579,377
Volcan Cia. Minera SAA, Class B, NVS(a)		32,243,347		6,386,170
Wheaton Precious Metals Corp.		104,525		4,580,133
				97,703,618

Security	Shares		Value
Multiline Retail — 2.2%
Falabella SA		1,370,546	$	4,510,180
Oil, Gas & Consumable Fuels — 2.7%
PetroTal Corp.(a)		10,702,939		5,596,704
Real Estate Management & Development — 2.0%
Parque Arauco SA(a)		4,120,512		4,112,212
Trading Companies & Distributors — 3.7%
Ferreycorp SAA		12,272,076		7,648,375
Total Common Stocks — 99.5% (Cost: $213,976,611)				204,632,883
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		170,000		170,000
Total Short-Term Investments — 0.1% (Cost: $170,000)				170,000
Total Investments in Securities — 99.6% (Cost: $214,146,611)				204,802,883
Other Assets, Less Liabilities — 0.4%				763,435
Net Assets — 100.0%			$	205,566,318

^(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	540,000	$	—		$(370,000	)(a)	$	—	$	—	$	170,000		170,000	$	10	$	—

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

S C H E D U L E  O F  I N V E S T M E N T S 39

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Peru ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		12		03/18/22	$	705	$	(21,601	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	21,601

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(9,173	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(28,890	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	737,400

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	183,936,527		$	20,696,356	$	—	$	204,632,883
Money Market Funds		170,000			—		—		170,000
	$	184,106,527		$	20,696,356	$	—	$	204,802,883
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(21,601	)	$	—	$	—	$	(21,601	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments  (unaudited)  February 28, 2022 iShares^® MSCI Philippines ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
Cebu Air Inc.(a)		469,140	$	423,775
Banks — 15.5%
Bank of the Philippine Islands		3,743,905		7,317,125
BDO Unibank Inc.		3,819,964		9,680,418
Metropolitan Bank & Trust Co.		4,960,474		5,524,538
Security Bank Corp.		1,077,990		2,460,489
				24,982,570
Chemicals — 0.9%
D&L Industries Inc.		9,448,400		1,481,705
Diversified Financial Services — 1.8%
Metro Pacific Investments Corp.		38,026,050		2,877,431
Electric Utilities — 2.9%
Manila Electric Co.		653,790		4,704,474
Equity Real Estate Investment Trusts (REITs) — 0.7%
AREIT Inc.		431,550		414,968
Filinvest REIT Corp.		4,909,500		722,971
				1,137,939
Food & Staples Retailing — 2.7%
Cosco Capital Inc., NVS		10,537,600		1,047,593
Puregold Price Club Inc.		2,763,160		1,894,384
Robinsons Retail Holdings Inc.		1,104,570		1,329,276
				4,271,253
Food Products — 5.5%
Century Pacific Food Inc.		3,005,800		1,568,269
Monde Nissin Corp.(a)(b)		10,381,200		3,344,986
Universal Robina Corp.		1,656,888		3,878,029
				8,791,284
Hotels, Restaurants & Leisure — 4.7%
Bloomberry Resorts Corp.(a)		13,347,265		1,926,463
Jollibee Foods Corp.		1,192,531		5,605,617
				7,532,080
Independent Power and Renewable Electricity Producers — 2.7%
AC Energy Corp.		18,118,954		3,003,922
First Gen Corp.		2,501,347		1,361,178
				4,365,100
Industrial Conglomerates — 25.2%
Aboitiz Equity Ventures Inc.		4,638,817		5,419,644
Alliance Global Group Inc.		10,184,339		2,542,609
Ayala Corp.		591,188		9,801,244
DMCI Holdings Inc.		13,594,900		2,248,581
GT Capital Holdings Inc.		290,516		3,290,012
JG Summit Holdings Inc.		6,185,461		7,305,969
LT Group Inc.		5,316,400		1,003,760
SM Investments Corp.		507,556		8,830,504
				40,442,323

Security	Shares		Value
Oil, Gas & Consumable Fuels — 1.2%
Semirara Mining & Power Corp.		3,647,800	$	1,970,822
Real Estate Management & Development — 22.2%
Ayala Land Inc.		17,554,550		13,382,470
Filinvest Land Inc.		48,333,590		1,036,999
Megaworld Corp.		35,420,960		2,225,531
Robinsons Land Corp.		2,130,406		802,084
SM Prime Holdings Inc.		22,242,135		17,359,795
Vista Land & Lifescapes Inc.		14,967,900		893,345
				35,700,224
Specialty Retail — 2.3%
AllHome Corp.		5,664,600		975,534
Wilcon Depot Inc.		4,647,400		2,651,384
				3,626,918
Transportation Infrastructure — 4.4%
International Container Terminal Services Inc.		1,719,753		7,064,170
Water Utilities — 0.2%
Manila Water Co. Inc., NVS		967,629		377,464
Wireless Telecommunication Services — 6.6%
Globe Telecom Inc.		73,545		3,695,405
PLDT Inc.		199,539		7,001,573
				10,696,978
Total Common Stocks — 99.8% (Cost: $179,681,077)				160,446,510
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		120,000		120,000
Total Short-Term Investments — 0.1% (Cost: $120,000)				120,000
Total Investments in Securities — 99.9% (Cost: $179,801,077)				160,566,510
Other Assets, Less Liabilities — 0.1%			128,213
Net Assets — 100.0%			$  160,694,723

^(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.

S C H E D U L E  O F  I N V E S T M E N T S 41

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Philippines ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	140,000	$	—	$	(20,000	)(a)	$	—	$	—	$	120,000		120,000	$	6	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		3		03/18/22	$	176	$	(6,467	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	6,467

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(4,635	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(11,514	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	291,168

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

Fair Value Hierarchy as of Period End

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

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Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Philippines ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	81,416,700		$	79,029,810	$	—	$	160,446,510
Money Market Funds		120,000			—		—		120,000
	$	81,536,700		$	79,029,810	$	—	$	160,566,510
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(6,467	)	$	—	$	—	$	(6,467	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 43

Schedule of Investments  (unaudited)  February 28, 2022 iShares^® MSCI Poland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 31.5%
Alior Bank SA(a)		234,053	$	2,607,238
Bank Handlowy w Warszawie SA		148,249		2,044,348
Bank Millennium SA(a)(b)		2,312,847		3,857,109
Bank Polska Kasa Opieki SA		584,248		16,028,269
mBank SA(a)		54,791		5,354,832
Powszechna Kasa Oszczednosci Bank Polski SA(a)		2,838,625		27,280,689
Santander Bank Polska SA		121,632		9,118,054
				66,290,539
Capital Markets — 0.9%
Warsaw Stock Exchange		139,918		1,281,197
XTB SA(c)		138,326		518,922
				1,800,119
Chemicals — 1.5%
Ciech SA		146,673		1,411,527
Grupa Azoty SA(a)		227,718		1,764,738
				3,176,265
Construction & Engineering — 1.3%
Budimex SA		50,295		2,735,907
Consumer Finance — 1.9%
KRUK SA		64,641		4,031,209
Diversified Telecommunication Services — 2.2%
Orange Polska SA(a)		2,498,753		4,636,800
Electric Utilities — 5.2%
Enea SA(a)		1,060,190		2,211,342
PGE Polska Grupa Energetyczna SA(a)		3,129,511		6,070,736
Tauron Polska Energia SA(a)(b)		4,547,712		2,671,254
				10,953,332
Entertainment — 5.0%
CD Projekt SA(b)		225,514		8,957,338
HUUUGE Inc.(a)(b)(c)		81,834		389,871
PlayWay SA		5,050		367,978
TEN Square Games SA(b)		16,661		852,605
				10,567,792
Food & Staples Retailing — 5.4%
Dino Polska SA(a)(c)		149,055		10,481,082
Eurocash SA		411,018		929,881
				11,410,963
Health Care Providers & Services — 0.9%
Neuca SA(b)		9,966		1,775,193
Hotels, Restaurants & Leisure — 0.9%
AmRest Holdings SE(a)(b)		352,347		1,932,931
Insurance — 6.8%
Powszechny Zaklad Ubezpieczen SA		1,908,385		14,317,946
Internet & Direct Marketing Retail — 3.8%
Allegro.eu SA(a)(b)(c)		1,081,131		8,057,223

Security	Shares		Value
Media — 2.9%
Cyfrowy Polsat SA		938,530	$	6,085,466
Metals & Mining — 9.5%
Jastrzebska Spolka Weglowa SA(a)		230,662		2,694,453
KGHM Polska Miedz SA		441,852		17,350,195
				20,044,648
Oil, Gas & Consumable Fuels — 13.7%
Grupa Lotos SA(a)		354,887		4,553,322
Polski Koncern Naftowy ORLEN SA		946,210		15,983,220
Polskie Gornictwo Naftowe i Gazownictwo SA		6,257,854		8,247,281
				28,783,823
Pharmaceuticals — 0.2%
Celon Pharma SA(b)		56,868		316,413
Software — 2.4%
Asseco Poland SA		226,114		3,985,811
LiveChat Software SA		47,558		1,102,423
				5,088,234
Textiles, Apparel & Luxury Goods — 3.6%
CCC SA(a)(b)		148,396		1,888,202
LPP SA		2,767		5,690,725
				7,578,927
Total Common Stocks — 99.6% (Cost: $302,512,609)				209,583,730
Short-Term Investments
Money Market Funds — 9.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		18,021,814		18,025,419
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		2,500,000		2,500,000
				20,525,419
Total Short-Term Investments — 9.8% (Cost: $20,525,979)				20,525,419
Total Investments in Securities — 109.4% (Cost: $323,038,588)				230,109,149
Other Assets, Less Liabilities — (9.4)%				(19,678,629	)
Net Assets — 100.0%			$	210,430,520

^(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 the cash collateral from loaned securities.

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Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Poland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,507,125	$	4,524,594	(a)	$	—	$	(4,391	)	$	(1,909	)	$	18,025,419		18,021,814	$	155,134	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,310,000		190,000	(a)		—		—			—			2,500,000		2,500,000		141			—
								$	(4,391	)	$	(1,909	)	$	20,525,419			$	155,275		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		17		03/18/22	$	999	$	(25,440	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	25,440

^(a) Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(145,465	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(11,807	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,103,817

For more information about the Fund’s investment risks regarding derivative 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 45

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Poland ETF

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	29,658,738		$	179,924,992	$	—	$	209,583,730
Money Market Funds		20,525,419			—		—		20,525,419
	$	50,184,157		$	179,924,992	$	—	$	230,109,149
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(25,440	)	$	—	$	—	$	(25,440	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments  (unaudited) February 28, 2022 iShares^® MSCI Qatar ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.9%
Gulf Warehousing Co.		736,400	$	897,971
Banks — 47.1%
Commercial Bank PSQC (The)		2,378,815		4,511,793
Doha Bank QPSC		2,757,244		2,152,338
Masraf Al Rayan QSC(a)		4,775,733		6,542,638
Qatar First Bank(a)		1,754,985		862,658
Qatar International Islamic Bank QSC		1,147,325		3,225,127
Qatar Islamic Bank SAQ		1,345,048		7,772,436
Qatar National Bank QPSC		3,899,446		23,344,023
				48,411,013
Chemicals — 4.2%
Mesaieed Petrochemical Holding Co.		5,953,600		4,356,240
Construction Materials — 2.0%
Qatar National Cement Co. QSC		748,328		1,270,452
Qatari Investors Group QSC		1,198,900		727,283
				1,997,735
Diversified Financial Services — 0.9%
Salam International Investment Ltd. QSC(a)		3,407,335		941,225
Diversified Telecommunication Services — 2.6%
Ooredoo QPSC		1,290,297		2,713,382
Energy Equipment & Services — 1.1%
Gulf International Services QSC, NVS(a)		2,321,593		1,138,952
Food & Staples Retailing — 1.2%
Al Meera Consumer Goods Co. QSC		221,908		1,212,748
Food Products — 0.9%
Baladna		2,325,905		936,639
Health Care Providers & Services — 0.8%
Medicare Group		402,540		862,499
Industrial Conglomerates — 11.7%
Aamal Co.		4,000,710		1,314,314
Industries Qatar QSC		1,785,382		8,951,548
Mannai Corp. QSC		473,538		1,032,787
Qatar Industrial Manufacturing Co. QSC		845,242		740,865
				12,039,514
Insurance — 1.9%
Qatar Insurance Co. SAQ(a)		2,788,102		1,917,455

Security	Shares		Value
Marine — 2.2%
Qatar Navigation QSC		980,193	$	2,274,772
Metals & Mining — 3.0%
Qatar Aluminum Manufacturing Co.		4,988,753		3,049,285
Multi-Utilities — 3.5%
Qatar Electricity & Water Co. QSC		722,451		3,567,004
Oil, Gas & Consumable Fuels — 7.4%
Qatar Fuel QSC		729,659		3,718,568
Qatar Gas Transport Co. Ltd.		3,779,167		3,906,253
				7,624,821
Real Estate Management & Development — 6.2%
Barwa Real Estate Co.		3,027,975		3,012,032
Ezdan Holding Group QSC(a)		3,026,913		1,137,881
Mazaya Real Estate Development QPSC		2,530,466		634,976
United Development Co. QSC		3,445,358		1,575,555
				6,360,444
Wireless Telecommunication Services — 1.6%
Vodafone Qatar QSC		3,443,205		1,643,440
Total Common Stocks — 99.2% (Cost: $68,832,526)				101,945,139
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(c)		150,000		150,000
Total Short-Term Investments — 0.2% (Cost: $150,000)				150,000
Total Investments in Securities — 99.4% (Cost: $68,982,526)				102,095,139
Other Assets, Less Liabilities — 0.6%				654,189
Net Assets — 100.0%			$	102,749,328

^(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	130,000	(a)	$	—	$	—	$	—	$	150,000		150,000	$	4	$	—

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

S C H E D U L E  O F  I N V E S T M E N T S 47

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Qatar ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		7		03/18/22	$	411	$	(6,249	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	6,249

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,410
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,077	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	200,653

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	36,248,006		$	65,697,133	$	—	$	101,945,139
Money Market Funds		150,000			—		—		150,000
	$	36,398,006		$	65,697,133	$	—	$	102,095,139
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(6,249	)	$	—	$	—	$	(6,249)

(^a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments  (unaudited) February 28, 2022 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 45.0%
Al Rajhi Bank		4,456,970	$	191,211,630
Alinma Bank		3,915,214		37,124,326
Arab National Bank		2,461,448		18,401,346
Bank AlBilad(a)		1,507,394		23,722,772
Bank Al-Jazira		1,791,954		12,875,336
Banque Saudi Fransi		2,360,910		33,531,155
Riyad Bank(a)		5,282,528		50,070,047
Saudi British Bank (The)(a)		3,275,903		33,894,254
Saudi National Bank (The)		7,941,045		144,660,719
				545,491,585
Building Products — 0.3%
Saudi Ceramic Co.		248,933		3,260,593
Chemicals — 17.3%
Advanced Petrochemical Co.		471,382		9,457,330
Alujain Holding		114,886		1,873,954
National Industrialization Co.(a)		1,537,812		9,315,641
National Petrochemical Co.		151,250		1,825,224
SABIC Agri-Nutrients Co.		694,618		29,596,189
Sahara International Petrochemical Co.		1,524,850		19,073,044
Saudi Basic Industries Corp.		3,218,412		107,293,220
Saudi Industrial Investment Group		980,271		9,255,632
Saudi Kayan Petrochemical Co.(a)		1,709,009		9,343,090
Yanbu National Petrochemical Co.		668,968		12,279,374
				209,312,698
Commercial Services & Supplies — 0.4%
Saudi Airlines Catering Co.(a)		197,733		4,476,394
Construction Materials — 3.0%
Arabian Cement Co./Saudi Arabia		286,279		3,066,627
City Cement Co.		385,950		2,192,258
Eastern Province Cement Co.		245,265		2,737,953
Najran Cement Co.		553,199		2,694,576
Northern Region Cement Co.		620,968		2,142,466
Qassim Cement Co. (The)		220,468		4,530,768
Riyadh Cement Co.		87,955		775,501
Saudi Cement Co.		359,154		5,338,149
Southern Province Cement Co.		311,617		5,648,094
Yamama Cement Co.(a)		507,725		3,561,303
Yanbu Cement Co.		388,517		3,941,336
				36,629,031
Diversified Consumer Services — 0.1%
Ataa Educational Co.		44,120		782,667
National Co. for Learning & Education Ltd.		43,508		722,476
				1,505,143
Diversified Telecommunication Services — 4.3%
Saudi Telecom Co.		1,711,655		52,224,758
Electric Utilities — 2.0%
Saudi Electricity Co.		3,369,882		24,871,887
Equity Real Estate Investment Trusts (REITs) — 0.2%
Jadwa REIT Saudi Fund		531,042		2,239,274
Food & Staples Retailing — 0.5%
Abdullah Al Othaim Markets Co.		209,059		6,217,856
Food Products — 2.9%
Al Jouf Agricultural Development Co.		46,964		715,468

Security	Shares		Value
Food Products (continued)
Almarai Co. JSC		1,045,378	$	14,015,789
Aseer Trading Tourism & Manufacturing Co.(a)		471,059		2,595,721
Halwani Brothers Co.		47,025		1,115,960
National Agriculture Development Co. (The)(a)		293,827		2,422,665
Saudi Fisheries Co.(a)		61,568		772,327
Saudia Dairy & Foodstuff Co.		83,494		3,811,942
Savola Group (The)		1,128,185		10,220,951
				35,670,823
Gas Utilities — 0.3%
National Gas & Industrialization Co.		240,393		3,541,866
Health Care Providers & Services — 3.0%
Al Hammadi Co. for Development and Investment, NVS		342,046		3,740,495
Dallah Healthcare Co.		204,269		4,475,272
Dr Sulaiman Al Habib Medical Services Group Co.		193,837		8,864,127
Middle East Healthcare Co.(a)		223,214		1,921,524
Mouwasat Medical Services Co.		214,295		11,887,371
National Medical Care Co.		143,517		2,690,396
Saudi Chemical Co. Holding		269,761		2,484,295
				36,063,480
Hotels, Restaurants & Leisure — 1.1%
Dur Hospitality Co.(a)		281,267		2,467,844
Herfy Food Services Co.		145,249		2,247,623
Leejam Sports Co. JSC		124,946		4,237,149
Seera Group Holding(a)		738,062		4,176,583
				13,129,199
Industrial Conglomerates — 0.1%
Astra Industrial Group		69,811		732,576
Insurance — 1.6%
Al Rajhi Co. for Co-operative Insurance(a)		106,643		2,419,501
Bupa Arabia for Cooperative Insurance Co.		255,467		11,077,957
Co for Cooperative Insurance (The)		297,444		6,251,335
				19,748,793
IT Services — 0.1%
Al Moammar Information Systems Co.		25,158		1,024,192
Media — 0.9%
Saudi Research & Media Group(a)		166,632		11,114,493
Metals & Mining — 4.0%
Saudi Arabian Mining Co.(a)		1,695,723		48,407,035
Oil, Gas & Consumable Fuels — 5.9%
Aldrees Petroleum and Transport Services Co.		199,044		4,455,902
Rabigh Refining & Petrochemical Co.(a)		1,065,335		6,993,671
Saudi Arabia Refineries Co.		22,435		797,029
Saudi Arabian Oil Co.(b)		5,377,559		59,661,352
				71,907,954
Pharmaceuticals — 0.3%
Saudi Pharmaceutical Industries & Medical Appliances Corp.		322,452		3,344,752
Professional Services — 0.2%
Maharah Human Resources Co.		109,038		2,259,220
Real Estate Management & Development — 1.7%
Arriyadh Development Co.		513,640		3,579,234
Dar Al Arkan Real Estate Development Co.(a)		2,527,979		7,386,668
Emaar Economic City(a)		1,958,378		6,488,983

S C H E D U L E  O F  I N V E S T M E N T S 49

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Saudi Real Estate Co.(a)		586,081	$	3,306,218
				20,761,103
Road & Rail — 0.4%
Saudi Public Transport Co.(a)		416,219		2,417,248
United International Transportation Co.		220,018		2,865,946
				5,283,194
Specialty Retail — 1.9%
Fawaz Abdulaziz Al Hokair & Co.(a)		427,033		1,788,718
Jarir Marketing Co.		249,174		13,912,584
Saudi Co. For Hardware CJSC		122,898		1,457,210
United Electronics Co.		158,596		5,512,391
				22,670,903
Thrifts & Mortgage Finance — 0.0%
Amlak International for Real Estate Finance Co.		119,665		654,174
Transportation Infrastructure — 0.4%
Saudi Ground Services Co.(a)		451,673		4,229,872
Saudi Industrial Services Co.		131,965		1,024,968
				5,254,840

Security	Shares		Value
Water Utilities — 0.1%
AlKhorayef Water & Power Technologies Co.		28,178	$	735,345
Wireless Telecommunication Services — 1.8%
Etihad Etisalat Co.(a)		1,595,490		14,870,343
Mobile Telecommunications Co.(a)		2,047,845		7,355,750
				22,226,093
Total Common Stocks — 99.8% (Cost: $ 809,057,324)				1,210,759,254
Total Investments in Securities — 99.8% (Cost: $ 809,057,324)				1,210,759,254
Other Assets, Less Liabilities — 0.2%				2,313,843
Net Assets — 100.0%			$	1,213,073,097

^(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	3,190,000	$	—	$	(3,190,000	)(b)	$	—	$	—	$	—		—	$	64	$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		24		03/18/22	$	1,411	$	12,710

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	12,710

^(a)  Net cumulative unrealized 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).

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Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Saudi Arabia ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(8,631	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(33,924	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,952,550

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	12,418,136	$	1,198,341,118	$	—	$	1,210,759,254
Derivative financial instruments(a)
Assets
Futures Contracts	$	12,710	$	—	$	—	$	12,710

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 51

Schedule of Investments (unaudited)  February 28, 2022 iShares^® MSCI UAE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.5%
Aramex PJSC		490,094	$	535,297
Airlines — 2.4%
Air Arabia PJSC, NVS(a)		1,938,782		868,696
Banks — 39.8%
Abu Dhabi Commercial Bank PJSC		565,540		1,658,685
Abu Dhabi Islamic Bank PJSC		719,028		1,734,679
Dubai Islamic Bank PJSC		902,787		1,500,359
Emirates NBD Bank PJSC		414,601		1,617,375
First Abu Dhabi Bank PJSC		1,379,374		7,766,149
				14,277,247
Building Products — 2.0%
National Central Cooling Co. PJSC		214,682		144,950
Ras Al Khaimah Ceramics, NVS		651,880		565,446
				710,396
Capital Markets — 2.9%
Dubai Financial Market PJSC(a)		1,277,802		814,975
SHUAA Capital PSC		1,330,755		214,760
				1,029,735
Construction & Engineering — 0.2%
Arabtec Holding PJSC(a)(b)		2,433,366		7
Drake & Scull International PJSC(a)(b)		2,972,998		89,844
				89,851
Diversified Financial Services — 2.9%
Al Waha Capital PJSC		1,276,084		555,440
Amanat Holdings PJSC(a)		1,332,910		415,238
Gulf General Investment Co.(a)(b)		7,295,803		82,730
				1,053,408
Diversified Telecommunication Services — 25.4%
Al Yah Satellite Communications Co.(a)		1,002,380		717,150
Emirates Telecommunications Group Co. PJSC		877,202		8,377,655
				9,094,805
Energy Equipment & Services — 0.5%
Lamprell PLC(a)		373,165		172,707
Food Products — 1.6%
Agthia Group PJSC		424,099		563,456
Health Care Providers & Services — 0.0%
NMC Health PLC(b)		112,588		2

Security	Shares		Value
Industrial Conglomerates — 2.8%
Dubai Investments PJSC, NVS		1,610,655	$	991,389
Oil, Gas & Consumable Fuels — 2.3%
Dana Gas PJSC		2,831,443		818,461
Real Estate Management & Development — 10.8%
Aldar Properties PJSC		1,362,539		1,557,190
Deyaar Development PJSC(a)		955,891		121,555
Emaar Development PJSC(a)		49,368		57,751
Emaar Properties PJSC		1,103,575		1,528,667
Eshraq Investments PJSC(a)		1,459,225		130,861
RAK Properties PJSC(a)		1,295,257		273,662
Union Properties PJSC(a)		2,750,161		201,806
				3,871,492
Specialty Retail — 4.0%
Abu Dhabi National Oil Co. for Distribution PJSC		1,285,850		1,443,668
Thrifts & Mortgage Finance — 0.5%
Amlak Finance PJSC(a)		813,662		181,707
Total Common Stocks — 99.6% (Cost: $29,219,440)				35,702,317
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		20,000		20,000
Total Short-Term Investments — 0.1% (Cost: $20,000)				20,000
Total Investments in Securities — 99.7% (Cost: $29,239,440)				35,722,317
Other Assets, Less Liabilities — 0.3%				122,911
Net Assets — 100.0%			$	35,845,228

^(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	70,000	$	—	$	(50,000	)(a)	$	—	$	—	$	20,000		20,000	$	2	$	—

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

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI UAE ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,461	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	40,410

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	8,647,262	$	26,882,472	$	172,583	$	35,702,317
Money Market Funds		20,000		—		—		20,000
	$	8,667,262	$	26,882,472	$	172,583	$	35,722,317

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 53

Statements of Assets and Liabilities (unaudited) 

February 28, 2022

	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)	$	6,894,592		$	110,364,217		$	6,415,681,544		$	66,863,507
Affiliated(c)		1,878,418			120,000			124,952,466			14,578,700
Cash		277			15,606			5,742,679			7,103
Foreign currency, at value(d)		7,015			91,127			4,942,065			75,822
Cash pledged:
Futures contracts		—			63,000			206,000			—
Receivables:
Investments sold		414,635			5,356,421			38,362,618			1,615,510
Securities lending income — Affiliated		634			—			90,048			28,171
Variation margin on futures contracts		—			6,934			9,068			85
Capital shares sold		—			—			2,994,478			—
Dividends		—			311,597			58,191			28,752
Total assets		9,195,571			116,328,902			6,593,039,157			83,197,650
LIABILITIES
Collateral on securities loaned, at value		1,868,138			—			124,801,877			14,443,931
Payables:
Investments purchased		420,722			5,087,673			43,492,451			1,802,460
Investment advisory fees		3,003			49,238			2,872,257			30,297
Total liabilities		2,291,863			5,136,911			171,166,585			16,276,688
NET ASSETS	$	6,903,708		$	111,191,991		$	6,421,872,572		$	66,920,962
NET ASSETS CONSIST OF:
Paid-in capital	$	13,782,740		$	168,706,176		$	7,376,502,194		$	95,989,808
Accumulated loss		(6,879,032	)		(57,514,185	)		(954,629,622	)		(29,068,846	)
NET ASSETS	$	6,903,708		$	111,191,991		$	6,421,872,572		$	66,920,962
Shares outstanding		250,000			7,650,000			109,600,000			1,550,000
Net asset value	$	27.61		$	14.53		$	58.59		$	43.17
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Securities loaned, at value	$	1,819,776		$	—		$	119,489,404		$	13,485,696
(b) Investments, at cost — Unaffiliated	$	9,382,715		$	102,573,444		$	6,415,611,106		$	85,766,541
(c)  Investments, at cost — Affiliated	$	1,878,519		$	120,000		$	124,885,384		$	14,577,199
(d) Foreign currency, at cost	$	6,976		$	90,983		$	4,954,846		$	75,916

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022

		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)		$	447,556,618		$	204,632,883		$	160,446,510		$	209,583,730
Affiliated(c)			300,000			170,000			120,000			20,525,419
Cash			749			5,050			4,839			9,896
Foreign currency, at value(d)			635,399			118,073			218,906			115,858
Cash pledged:
Futures contracts			50,000			32,000			8,000			34,000
Receivables:
Investments sold			16,714,509			7,699,349			1,543,358			4,258,051
Securities lending income — Affiliated			—			—			—			21,052
Capital shares sold			—			385,059			11,291			373,570
Dividends			13,752			703,772			31,029			151
Tax reclaims			—			—			—			593,629
Total assets			465,271,027			213,746,186			162,383,933			235,515,356
	��
LIABILITIES
Collateral on securities loaned, at value			—			—			—			18,027,612
Payables:
Investments purchased			16,434,966			8,081,719			1,626,587			4,438,458
Variation margin on futures contracts			16,071			8,820			2,205			6,952
Investment advisory fees			177,108			89,329			60,418			104,308
Professional fees			—			—			—			50,000
IRS compliance fee for foreign withholding tax claims			—			—			—			2,457,506
Total liabilities			16,628,145			8,179,868			1,689,210			25,084,836
NET ASSETS		$	448,642,882		$	205,566,318		$	160,694,723		$	210,430,520
NET ASSETS CONSIST OF:
Paid-in capital		$	680,822,449		$	363,921,861		$	243,638,426		$	428,987,162
Accumulated loss			(232,179,567	)		(158,355,543	)		(82,943,703	)		(218,556,642	)
NET ASSETS		$	448,642,882		$	205,566,318		$	160,694,723		$	210,430,520
Shares outstanding			18,550,000			5,950,000			4,950,000			11,700,000
Net asset value		$	24.19		$	34.55		$	32.46		$	17.99
Shares authorized			Unlimited			Unlimited			Unlimited			Unlimited
Par value			None			None			None			None
(a) Securities loaned, at value		$	—		$	—		$	—		$	16,981,244
(b) Investments, at cost — Unaffiliated		$	514,110,312		$	213,976,611		$	179,681,077		$	302,512,609
(c)  Investments, at cost — Affiliated		$	300,000		$	170,000		$	120,000		$	20,525,979
(d) Foreign currency, at cost		$	638,762		$	116,362		$	222,935		$	120,845

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 55

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022

	iShares MSCI Qatar ETF		iShares MSCI Saudi Arabia ETF		iShares MSCI UAE ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	101,945,139	$	1,210,759,254	$	35,702,317
Affiliated(b)		150,000		—		20,000
Cash		6,441		435,680		1,958
Foreign currency, at value(c)		404,678		532,388		5,314
Cash pledged:
Futures contracts		13,000		3,000		—
Receivables:
Investments sold		1,639,706		5,695,108		1,094,529
Variation margin on futures contracts		—		14,131		—
Capital shares sold		—		11,389,203		—
Dividends		2		518,356		—
Total assets		104,158,966		1,229,347,120		36,824,118
LIABILITIES
Payables:
Investments purchased		1,364,429		15,629,639		963,661
Variation margin on futures contracts		2,491		—		—
Investment advisory fees		42,718		644,384		15,229
Total liabilities		1,409,638		16,274,023		978,890
NET ASSETS	$	102,749,328	$	1,213,073,097	$	35,845,228
NET ASSETS CONSIST OF:
Paid-in capital	$	95,112,823	$	947,232,169	$	68,830,793
Accumulated earnings (loss)		7,636,505		265,840,928		(32,985,565	)
NET ASSETS	$	102,749,328	$	1,213,073,097	$	35,845,228
Shares outstanding		4,500,000		26,350,000		2,050,000
Net asset value	$	22.83	$	46.04	$	17.49
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Investments, at cost — Unaffiliated	$	68,832,526	$	809,057,324	$	29,219,440
(b) Investments, at cost — Affiliated	$	150,000	$	—	$	20,000
(c)  Foreign currency, at cost	$	404,589	$	532,388	$	5,250

See notes to financial statements.

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Statements of Operations (unaudited) 

Six Months Ended February 28, 2022

	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	$	104,200		$	1,586,923		$	14,644,025		$	599,425
Dividends — Affiliated		66			6			9,967			1,130
Interest — Unaffiliated		—			—			2,515			—
Securities lending income — Affiliated — net		2,877			—			899,896			403,230
Foreign taxes withheld		(27,738	)		(146,413	)		(619,739	)		(4,140	)
Total investment income		79,405			1,440,516			14,936,664			999,645
EXPENSES
Investment advisory fees		20,786			279,171			17,736,568			222,213
Commitment fees		—			481			19,090			—
Professional fees		217			217			217			217
Total expenses		21,003			279,869			17,755,875			222,430
Less:
Investment advisory fees waived		(8,874	)		—			—			—
Total expenses after fees waived		12,129			279,869			17,755,875			222,430
Net investment income (loss)		67,276			1,160,647			(2,819,211	)		777,215
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		2,236			(447,158	)		(134,270,317	)		(4,349,334	)
Investments — Affiliated		(188	)		—			(7,381	)		(2,529	)
In-kind redemptions — Unaffiliated		497,809			—			—			723,287
Futures contracts		—			(161,763	)		(2,405,752	)		(1,269	)
Foreign currency transactions		503			132,328			4,477			(1,604	)
Net realized gain (loss)		500,360			(476,593	)		(136,678,973	)		(3,631,449	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,511,352	)		(14,379,280	)		(1,038,539,469	)		(11,305,111	)
Investments — Affiliated		(121	)		—			(39,846	)		(2,171	)
Futures contracts		—			114,240			1,488,876			(7,402	)
Foreign currency translations		(484	)		15,397			(22,695	)		(286	)
Net change in unrealized appreciation (depreciation)		(1,511,957	)		(14,249,643	)		(1,037,113,134	)		(11,314,970	)
Net realized and unrealized loss		(1,011,597	)		(14,726,236	)		(1,173,792,107	)		(14,946,419	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(944,321	)	$	(13,565,589	)	$	(1,176,611,318	)	$	(14,169,204	)

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 57

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022

	iShares MSCI Indonesia ETF			iShares MSCI Peru ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	2,620,528		$	3,666,552		$	615,952		$	2,878,282
Dividends — Affiliated		19			10			6			1,478
Securities lending income — Affiliated — net		—			—			—			153,797
Foreign taxes withheld		(421,380	)		(111,895	)		(124,059	)		(431,470	)
IRS Compliance fee for foreign withholding tax claims		—			—			—			(30,909	)
Total investment income		2,199,167			3,554,667			491,899			2,571,178
EXPENSES
Investment advisory fees		1,119,817			418,282			354,625			782,598
Professional fees		217			217			217			217
Total expenses		1,120,034			418,499			354,842			782,815
Net investment income		1,079,133			3,136,168			137,057			1,788,363
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(10,846,178	)		(13,550,265	)		(3,354,995	)		(8,870,362	)
Investments — Affiliated		—			—			—			(4,391	)
In-kind redemptions — Unaffiliated		8,954,728			8,618,085			2,631,890			9,458,997
Futures contracts		(73,858	)		(9,173	)		(4,635	)		(145,465	)
Foreign currency transactions		(2,911	)		(3,700	)		1,396			(96,155	)
Net realized gain (loss)		(1,968,219	)		(4,945,053	)		(726,344	)		342,624
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		49,439,837			43,839,820			8,531,060			(66,430,243	)
Investments — Affiliated		—			—			—			(1,909	)
Futures contracts		(16,913	)		(28,890	)		(11,514	)		(11,807	)
Foreign currency translations		(11,972	)		6,606			(9,501	)		(56,586	)
Net change in unrealized appreciation (depreciation)		49,410,952			43,817,536			8,510,045			(66,500,545	)
Net realized and unrealized gain (loss)		47,442,733			38,872,483			7,783,701			(66,157,921	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	48,521,866		$	42,008,651		$	7,920,758		$	(64,369,558	)

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022

	iShares MSCI Qatar ETF			iShares MSCI Saudi Arabia ETF			iShares MSCI UAE ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	928,294		$	4,603,782		$	54,629
Dividends — Affiliated		4			64			2
Foreign taxes withheld		—			(160,011	)		—
Total investment income		928,298			4,443,835			54,631
EXPENSES
Investment advisory fees		263,377			3,659,394			80,672
Commitment fees		451			4,577			132
Professional fees		217			217			217
Total expenses		264,045			3,664,188			81,021
Net investment income (loss)		664,253			779,647			(26,390	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		321,541			(3,477,425	)		1,138,494
Futures contracts		2,410			(8,631	)		(2,461	)
Foreign currency transactions		(39,678	)		(53,820	)		(1,687	)
Net realized gain (loss)		284,273			(3,539,876	)		1,134,346
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		13,276,340			124,009,106			3,988,348
Futures contracts		(6,077	)		(33,924	)		—
Foreign currency translations		468			99			104
Net change in unrealized appreciation (depreciation)		13,270,731			123,975,281			3,988,452
Net realized and unrealized gain		13,555,004			120,435,405			5,122,798
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,219,257		$	121,215,052		$	5,096,408

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 59

Statements of Changes in Net Assets

	iShares MSCI Argentina and Global Exposure ETF							iShares MSCI Brazil Small-Cap ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21				Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	67,276		$	44,780			$	1,160,647		$	2,487,826
Net realized gain (loss)			500,360			229,623				(476,593	)		6,485,872
Net change in unrealized appreciation (depreciation)			(1,511,957	)		2,543,515				(14,249,643	)		18,749,589
Net increase (decrease) in net assets resulting from operations			(944,321	)		2,817,918				(13,565,589	)		27,723,287
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(58,451	)		(64,808	)			(2,442,567	)		(2,361,269	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(1,483,573	)		(1,067,643	)			19,224,165			(14,760,639	)
NET ASSETS
Total increase (decrease) in net assets			(2,486,345	)		1,685,467				3,216,009			10,601,379
Beginning of period			9,390,053			7,704,586				107,975,982			97,374,603
End of period		$	6,903,708		$	9,390,053			$	111,191,991		$	107,975,982

^(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 China ETF						iShares MSCI China Small-Cap ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(2,819,211	)	$	61,419,028		$	777,215		$	2,147,257
Net realized gain (loss)		(136,678,973	)		89,362,120			(3,631,449	)		16,601,968
Net change in unrealized appreciation (depreciation)		(1,037,113,134	)		(537,758,595	)		(11,314,970	)		(8,325,517	)
Net increase (decrease) in net assets resulting from operations		(1,176,611,318	)		(386,977,447	)		(14,169,204	)		10,423,708
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(44,692,034	)		(64,101,259	)		(2,842,339	)		(2,247,618	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,460,706,908			514,643,583			(4,888,344	)		28,655,679
NET ASSETS
Total increase (decrease) in net assets		239,403,556			63,564,877			(21,899,887	)		36,831,769
Beginning of period		6,182,469,016			6,118,904,139			88,820,849			51,989,080
End of period	$	6,421,872,572		$	6,182,469,016		$	66,920,962		$	88,820,849

^(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 61

Statements of Changes in Net Assets (continued)

	iShares MSCI Indonesia ETF						iShares MSCI Peru ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,079,133		$	4,335,677		$	3,136,168		$	3,460,080
Net realized loss		(1,968,219	)		(19,687,162	)		(4,945,053	)		(17,601,355	)
Net change in unrealized appreciation (depreciation)		49,410,952			46,416,147			43,817,536			(9,103,638	)
Net increase (decrease) in net assets resulting from operations		48,521,866			31,064,662			42,008,651			(23,244,913	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,830,791	)		(4,987,704	)		(3,197,453	)		(2,273,885	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		50,994,087			5,989,055			70,893,350			39,083,845
NET ASSETS
Total increase in net assets		96,685,162			32,066,013			109,704,548			13,565,047
Beginning of period		351,957,720			319,891,707			95,861,770			82,296,723
End of period	$	448,642,882		$	351,957,720		$	205,566,318		$	95,861,770

^(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 Philippines ETF						iShares MSCI Poland ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	137,057		$	1,131,105		$	1,788,363		$	2,087,648
Net realized gain (loss)		(726,344	)		(10,531,238	)		342,624			(13,048,272	)
Net change in unrealized appreciation (depreciation)		8,510,045			23,537,100			(66,500,545	)		79,176,026
Net increase (decrease) in net assets resulting from operations		7,920,758			14,136,967			(64,369,558	)		68,215,402
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(452,910	)		(1,185,812	)		(2,982,099	)		(2,299,648	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		28,183,678			(6,414,725	)		(6,364,058	)		(35,363,332	)
NET ASSETS
Total increase (decrease) in net assets		35,651,526			6,536,430			(73,715,715	)		30,552,422
Beginning of period		125,043,197			118,506,767			284,146,235			253,593,813
End of period	$	160,694,723		$	125,043,197		$	210,430,520		$	284,146,235

^(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 63

Statements of Changes in Net Assets (continued)

	iShares MSCI Qatar ETF						iShares MSCI Saudi Arabia ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	664,253		$	1,764,915		$	779,647		$	14,061,663
Net realized gain (loss)		284,273			(341,109	)		(3,539,876	)		1,956,363
Net change in unrealized appreciation (depreciation)		13,270,731			9,448,605			123,975,281			244,575,468
Net increase in net assets resulting from operations		14,219,257			10,872,411			121,215,052			260,593,494
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(278,602	)		(1,877,384	)		(6,678,052	)		(9,483,509	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,574,718			(9,984,547	)		199,852,440			130,945,034
NET ASSETS
Total increase (decrease) in net assets		16,515,373			(989,520	)		314,389,440			382,055,019
Beginning of period		86,233,955			87,223,475			898,683,657			516,628,638
End of period	$	102,749,328		$	86,233,955		$	1,213,073,097		$	898,683,657

^(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 UAE ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(26,390	)	$	752,809
Net realized gain (loss)		1,134,346			(1,734,153	)
Net change in unrealized appreciation (depreciation)		3,988,452			5,887,761
Net increase in net assets resulting from operations		5,096,408			4,906,417
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(523,297	)		(741,238	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		7,554,587			(18,624,637	)
NET ASSETS
Total increase (decrease) in net assets		12,127,698			(14,459,458	)
Beginning of period		23,717,530			38,176,988
End of period	$	35,845,228		$	23,717,530

^(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 65

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Argentina and Global Exposure ETF
		Six Months Ended																				Period From
		02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18						04/25/17	(a)
																							to 08/31/17
Net asset value, beginning of period			$	31.30			$	22.01			$	19.34			$	22.20			$	25.71			$	25.23
Net investment income(b)				0.26				0.15				0.17				0.27				0.63				0.03
Net realized and unrealized gain (loss)(c)				(3.72	)			9.36				2.65				(2.88	)			(3.61	)			0.46
Net increase (decrease) from investment operations				(3.46	)			9.51				2.82				(2.61	)			(2.98	)			0.49
Distributions(d)
From net investment income				(0.23	)			(0.22	)			(0.15	)			(0.25	)			(0.53	)			(0.01	)
Total distributions				(0.23	)			(0.22	)			(0.15	)			(0.25	)			(0.53	)			(0.01	)
Net asset value, end of period			$	27.61			$	31.30			$	22.01			$	19.34			$	22.20			$	25.71
Total Return(e)
Based on net asset value				(10.97	)%(f)			43.35	%			14.65	%			(12.05	)%			(12.00	)%			2.00	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.60	%(h)			0.59	%			0.59	%			0.59	%			0.59	%			0.59	%(h)
Total expenses after fees waived				0.34	%(h)			0.24	%			0.24	%			0.45	%			0.59	%			0.59	%(h)
Net investment income				1.91	%(h)			0.59	%			0.85	%			1.14	%			2.22	%			0.34	%(h)
Supplemental Data
Net assets, end of period (000)			$	6,904			$	9,390			$	7,705			$	8,704			$	22,203			$	15,428
Portfolio turnover rate(i)				25	%(f)			30	%			51	%			27	%			42	%			17	%(f)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  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 Brazil Small-Cap ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	17.42		$	13.62		$	16.92		$	11.87		$	16.19		$	11.51
Net investment income(a)			0.17			0.37			0.23			0.50			0.40			0.36
Net realized and unrealized gain (loss)(b)			(2.68	)		3.79			(3.30	)		5.15			(4.01	)		4.74
Net increase (decrease) from investment operations			(2.51	)		4.16			(3.07	)		5.65			(3.61	)		5.10
Distributions(c)
From net investment income			(0.38	)		(0.36	)		(0.23	)		(0.60	)		(0.71	)		(0.42	)
Total distributions			(0.38	)		(0.36	)		(0.23	)		(0.60	)		(0.71	)		(0.42	)
Net asset value, end of period		$	14.53		$	17.42		$	13.62		$	16.92		$	11.87		$	16.19
Total Return(d)
Based on net asset value			(14.25	)%(e)		30.34	%		(18.40	)%		48.35	%		(22.95	)%		45.92	%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			2.39	%(g)		2.26	%		1.51	%		3.26	%		2.55	%		2.76	%
Supplemental Data
Net assets, end of period (000)		$	111,192		$	107,976		$	97,375		$	106,588		$	48,679		$	62,316
Portfolio turnover rate(h)			19	%(e)(i)		40	%(i)		65	%(i)		47	%(i)		67	%(i)		58	%(i)
(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)   Where applicable, assumes the reinvestment of distributions. (e)   Not annualized. (f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g)   Annualized. (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:			19	%		39	%		26	%		30	%		25	%		26	%
See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 67

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI China ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	70.90		$	75.92		$	56.43		$	60.85		$	62.06		$	46.87
Net investment income (loss)(a)			(0.03	)		0.74			0.90			0.95			1.05			0.86
Net realized and unrealized gain (loss)(b)			(11.80	)		(4.98	)		19.40			(4.49	)		(1.10	)		14.94
Net increase (decrease) from investment operations			(11.83	)		(4.24	)		20.30			(3.54	)		(0.05	)		15.80
Distributions(c)
From net investment income			(0.48	)		(0.78	)		(0.81	)		(0.88	)		(1.16	)		(0.61	)
Total distributions			(0.48	)		(0.78	)		(0.81	)		(0.88	)		(1.16	)		(0.61	)
Net asset value, end of period		$	58.59		$	70.90		$	75.92		$	56.43		$	60.85		$	62.06
Total Return(d)
Based on net asset value			(16.74	)%(e)		(5.69	)%		36.29	%		(5.76	)%		(0.22	)%		34.13	%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income (loss)			(0.09	)%(g)		0.93	%		1.43	%		1.63	%		1.57	%		1.70	%
Supplemental Data
Net assets, end of period (000)		$	6,421,873		$	6,182,469		$	6,118,904		$	3,588,927		$	3,444,143		$	2,594,247
Portfolio turnover rate(h)			3	%(e)		18	%		16	%		14	%		14	%		6	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 China Small-Cap ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	53.83		$	45.21		$	38.46		$	47.23		$	48.50		$	43.79
Net investment income(a)			0.49			1.50			1.46			1.39			1.51			1.22
Net realized and unrealized gain (loss)(b)			(9.37	)		8.86			6.48			(7.78	)		(1.14	)		5.21
Net increase (decrease) from investment operations			(8.88	)		10.36			7.94			(6.39	)		0.37			6.43
Distributions(c)
From net investment income			(1.78	)		(1.74	)		(1.19	)		(2.38	)		(1.64	)		(1.72	)
Total distributions			(1.78	)		(1.74	)		(1.19	)		(2.38	)		(1.64	)		(1.72	)
Net asset value, end of period		$	43.17		$	53.83		$	45.21		$	38.46		$	47.23		$	48.50
Total Return(d)
Based on net asset value			(16.81	)%(e)		23.33	%		21.21	%		(13.60	)%		0.58	%		15.29	%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			2.01	%(g)		2.82	%		3.70	%		3.26	%		2.91	%		2.72	%
Supplemental Data
Net assets, end of period (000)		$	66,921		$	88,821		$	51,989		$	19,230		$	25,977		$	21,825
Portfolio turnover rate(h)			37	%(e)		51	%		39	%		38	%		63	%		26	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 69

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Indonesia ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	21.33		$	19.69		$	25.22		$	23.57		$	26.89		$	25.82
Net investment income(a)			0.06			0.27			0.36			0.41			0.43			0.31
Net realized and unrealized gain (loss)(b)			2.96			1.68			(5.66	)		1.70			(3.27	)		1.11
Net increase (decrease) from investment operations			3.02			1.95			(5.30	)		2.11			(2.84	)		1.42
Distributions(c)
From net investment income			(0.16	)		(0.31	)		(0.23	)		(0.46	)		(0.48	)		(0.35	)
Total distributions			(0.16	)		(0.31	)		(0.23	)		(0.46	)		(0.48	)		(0.35	)
Net asset value, end of period		$	24.19		$	21.33		$	19.69		$	25.22		$	23.57		$	26.89
Total Return(d)
Based on net asset value			14.19	%(e)		9.88	%		(21.04	)%		9.00	%		(10.67	)%		5.53	%
Ratios to Average Net Assets(f)
Total expenses			0.57	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			0.55	%(g)		1.26	%		1.65	%		1.64	%		1.63	%		1.22	%
Supplemental Data
Net assets, end of period (000)		$	448,643		$	351,958		$	319,892		$	402,185		$	414,758		$	501,411
Portfolio turnover rate(h)			9	%(e)		10	%		13	%		12	%		7	%		6	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 Peru ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	27.00		$	31.65		$	34.11		$	37.44		$	37.54		$	32.79
Net investment income(a)			0.65			0.79			0.69			0.85			1.09			0.46
Net realized and unrealized gain (loss)(b)			7.57			(5.00	)		(2.34	)		(3.36	)		(0.06	)		4.99
Net increase (decrease) from investment operations			8.22			(4.21	)		(1.65	)		(2.51	)		1.03			5.45
Distributions(c)
From net investment income			(0.67	)		(0.44	)		(0.81	)		(0.82	)		(1.13	)		(0.70	)
Total distributions			(0.67	)		(0.44	)		(0.81	)		(0.82	)		(1.13	)		(0.70	)
Net asset value, end of period		$	34.55		$	27.00		$	31.65		$	34.11		$	37.44		$	37.54
Total Return(d)
Based on net asset value			30.95	%(e)		(13.49	)%		(4.78	)%		(6.75	)%		2.60	%		16.89	%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			4.31	%(g)		2.42	%		2.15	%		2.33	%		2.65	%		1.37	%
Supplemental Data
Net assets, end of period (000)		$	205,566		$	95,862		$	82,297		$	163,738		$	164,717		$	170,794
Portfolio turnover rate(h)			14	%(e)		33	%		26	%		18	%		11	%		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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 71

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Philippines ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	30.50		$	26.63		$	34.45		$	33.08		$	35.88		$	39.19
Net investment income(a)			0.04			0.26			0.17			0.28			0.14			0.15
Net realized and unrealized gain (loss)(b)			2.04			3.90			(7.80	)		1.35			(2.79	)		(3.26	)
Net increase (decrease) from investment operations			2.08			4.16			(7.63	)		1.63			(2.65	)		(3.11	)
Distributions(c)
From net investment income			(0.12	)		(0.29	)		(0.19	)		(0.26	)		(0.15	)		(0.20	)
Total distributions			(0.12	)		(0.29	)		(0.19	)		(0.26	)		(0.15	)		(0.20	)
Net asset value, end of period		$	32.46		$	30.50		$	26.63		$	34.45		$	33.08		$	35.88
Total Return(d)
Based on net asset value			6.83	%(e)		15.57	%		(22.16	)%		4.93	%		(7.40	)%		(7.87	)%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			0.22	%(g)		0.87	%		0.57	%		0.83	%		0.40	%		0.42	%
Supplemental Data
Net assets, end of period (000)		$	160,695		$	125,043		$	118,507		$	217,028		$	172,013		$	172,245
Portfolio turnover rate(h)			6	%(e)		20	%		16	%		8	%		8	%		7	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 Poland ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	23.10		$	18.24		$	20.68		$	24.31		$	27.33		$	18.06
Net investment income(a)			0.14			0.16	(b)		0.17	(b)		0.65	(b)		0.33	(b)		0.45	(b)
Net realized and unrealized gain (loss)(c)			(5.03	)		4.86			(1.95	)		(3.93	)		(2.90	)		9.25
Net increase (decrease) from investment operations			(4.89	)		5.02			(1.78	)		(3.28	)		(2.57	)		9.70
Distributions(d)
From net investment income			(0.22	)		(0.16	)		(0.66	)		(0.35	)		(0.45	)		(0.43	)
Total distributions			(0.22	)		(0.16	)		(0.66	)		(0.35	)		(0.45	)		(0.43	)
Net asset value, end of period		$	17.99		$	23.10		$	18.24		$	20.68		$	24.31		$	27.33
Total Return(e)
Based on net asset value			(21.31	)%(f)		27.65	%(b)		(8.76	)%(b)		(13.64	)%(b)		(9.53	)%(b)		54.79	%(b)
Ratios to Average Net Assets(g)
Total expenses			0.57	%(h)		0.61	%		0.78	%		0.61	%		0.63	%		0.63	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			1.31	%(h)		0.80	%(b)		0.93	%(b)		2.81	%(b)		1.28	%(b)		2.07	%(b)
Supplemental Data
Net assets, end of period (000)		$	210,431		$	284,146		$	253,594		$	260,578		$	263,758		$	363,537
Portfolio turnover rate(i)			5	%(f)		22	%		15	%		5	%		7	%		6	%

^(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, 2021, August 31, 2020, August 31, 2019, August 31, 2018 and August 31, 2017, respectively:

• Net investment income per share by $0.07, $0.28, $0.05, $0.08 and $0.03, respectively.

• Total return by 0.38%, 1.40%, 0.21%, 0.41% and 0.11%, respectively.

• Ratio of net investment income to average net assets by 0.34%, 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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  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 73

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Qatar ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	19.60		$	17.62		$	17.44		$	17.82		$	16.19		$	20.18
Net investment income(a)			0.15			0.37			0.56			0.64			0.66			0.57
Net realized and unrealized gain (loss)(b)			3.14			2.03			0.11			(0.26	)		1.71			(3.90	)
Net increase (decrease) from investment operations			3.29			2.40			0.67			0.38			2.37			(3.33	)
Distributions(c)
From net investment income			(0.06	)		(0.42	)		(0.45	)		(0.76	)		(0.74	)		(0.66	)
Return of capital			—			—			(0.04	)		—			—			—
Total distributions			(0.06	)		(0.42	)		(0.49	)		(0.76	)		(0.74	)		(0.66	)
Net asset value, end of period		$	22.83		$	19.60		$	17.62		$	17.44		$	17.82		$	16.19
Total Return(d)
Based on net asset value			16.83	%(e)		13.70	%		4.10	%		1.98	%		14.96	%		(16.52	)%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			1.45	%(g)		1.98	%		3.31	%		3.48	%		4.09	%		3.05	%
Supplemental Data
Net assets, end of period (000)		$	102,749		$	86,234		$	87,223		$	50,576		$	55,253		$	49,390
Portfolio turnover rate(h)			18	%(e)(i)		26	%(i)		24	%(i)		33	%(i)		58	%(i)		47	%(i)
(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)   Where applicable, assumes the reinvestment of distributions. (e)   Not annualized. (f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g)   Annualized. (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:			4	%		9	%		14	%		23	%		22	%		20	%

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Saudi Arabia ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	41.22		$	28.70		$	30.21		$	29.72		$	26.15		$	21.52
Net investment income(a)			0.03			0.71			0.57			1.11			1.28			0.91
Net realized and unrealized gain (loss)(b)			5.07			12.27			(1.26	)		0.12			2.92			4.24
Net increase (decrease) from investment operations			5.10			12.98			(0.69	)		1.23			4.20			5.15
Distributions(c)
From net investment income			(0.28	)		(0.46	)		(0.82	)		(0.74	)		(0.63	)		(0.52	)
Total distributions			(0.28	)		(0.46	)		(0.82	)		(0.74	)		(0.63	)		(0.52	)
Net asset value, end of period		$	46.04		$	41.22		$	28.70		$	30.21		$	29.72		$	26.15
Total Return(d)
Based on net asset value			12.48	%(e)		45.37	%		(2.21	)%		4.14	%		16.23	%		24.06	%
Ratios to Average Net Assets(f)
Total expenses			0.74	%(g)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income			0.16	%(g)		2.06	%		2.03	%		3.46	%		4.31	%		3.68	%
Supplemental Data
Net assets, end of period (000)		$	1,213,073		$	898,684		$	516,629		$	646,591		$	257,099		$	18,306
Portfolio turnover rate(h)			8	%(e)(i)		13	%(i)		64	%(i)		82	%(i)		20	%(i)		21	%(i)
(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)   Where applicable, assumes the reinvestment of distributions. (e)   Not annualized. (f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g)   Annualized. (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:			3	%		6	%		20	%		14	%		10	%		21	%

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 75

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI UAE ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	14.82		$	10.91		$	14.09		$	15.61		$	17.74		$	17.15
Net investment income (loss)(a)			(0.01	)		0.46			0.53			0.57			0.70			0.50
Net realized and unrealized gain (loss)(b)			2.96			3.96			(3.16	)		(1.54	)		(2.04	)		0.72
Net increase (decrease) from investment operations			2.95			4.42			(2.63	)		(0.97	)		(1.34	)		1.22
Distributions(c)
From net investment income			(0.28	)		(0.51	)		(0.55	)		(0.55	)		(0.79	)		(0.63	)
Total distributions			(0.28	)		(0.51	)		(0.55	)		(0.55	)		(0.79	)		(0.63	)
Net asset value, end of period		$	17.49		$	14.82		$	10.91		$	14.09		$	15.61		$	17.74
Total Return(d)
Based on net asset value			19.96	%(e)		40.74	%		(18.43	)%		(5.95	)%		(7.55	)%		7.33	%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income (loss)			(0.19	)%(g)		3.61	%		4.46	%		3.95	%		4.18	%		2.94	%
Supplemental Data
Net assets, end of period (000)		$	35,845		$	23,718		$	38,177		$	45,807		$	39,018		$	49,663
Portfolio turnover rate(h)			21	%(e)		112	%		67	%		55	%		33	%		33	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 Statements 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, 2022, if any, are disclosed in the Statements 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 Statements 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

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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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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

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Notes to Financial Statements  (unaudited) (continued)

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 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 Schedule 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:

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
BNP Paribas SA	$	1,213,402	$	1,213,402		$	—	$	—
BofA Securities, Inc.		143,037		143,037			—		—
Citigroup Global Markets, Inc.		754		754			—		—
J.P. Morgan Securities LLC		75,954		75,954			—		—
Scotia Capital (USA), Inc.		172,650		172,650			—		—
Toronto Dominion Bank		6,024		6,024			—		—
UBS AG		191,326		191,326			—		—
UBS Securities LLC		16,629		16,629			—		—
	$	1,819,776	$	1,819,776		$	—	$	—

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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
Barclays Bank PLC	$	589,245	$	589,245		$	—	$	—
Barclays Capital, Inc.		4,826,898		4,826,898			—		—
BNP Paribas SA		6,463,823		6,463,823			—		—
BofA Securities, Inc.		17,268,254		17,268,254			—		—
Citigroup Global Markets, Inc.		9,476,035		9,476,035			—		—
Credit Suisse Securities (USA) LLC		983,147		983,147			—		—
Goldman Sachs & Co. LLC		7,073,572		7,073,572			—		—
HSBC Bank PLC		313,107		313,107			—		—
J.P. Morgan Securities LLC		2,701,066		2,701,066			—		—
Macquarie Bank Ltd.		4,686,660		4,686,660			—		—
Morgan Stanley		57,537,360		57,537,360			—		—
National Financial Services LLC		58,374		58,374			—		—
RBC Capital Markets LLC		74,934		74,934			—		—
State Street Bank & Trust Co.		103,720		103,720			—		—
Toronto Dominion Bank		1,236,417		1,236,417			—		—
UBS AG		5,750,954		5,384,251			—		(366,703	)(b)
UBS Securities LLC		152,542		152,542			—		—
Wells Fargo Securities LLC		193,296		193,296			—		—
	$	119,489,404	$	119,122,701		$	—	$	(366,703	)
MSCI China Small-Cap
Barclays Bank PLC	$	407,730	$	407,730		$	—	$	—
Barclays Capital, Inc.		351,521		351,521			—		—
BNP Paribas SA		459,175		459,175			—		—
BofA Securities, Inc.		2,116,702		2,116,702			—		—
Citigroup Global Markets, Inc.		407,816		407,816			—		—
Credit Suisse Securities (USA) LLC		228,078		228,078			—		—
Goldman Sachs & Co. LLC		2,575,835		2,575,835			—		—
J.P. Morgan Securities LLC		2,579,875		2,579,875			—		—
Macquarie Bank Ltd.		468,863		468,863			—		—
Morgan Stanley		2,936,543		2,936,543			—		—
National Financial Services LLC		115,897		115,897			—		—
Scotia Capital (USA), Inc.		366,397		366,397			—		—
SG Americas Securities LLC		7,418		7,418			—		—
UBS AG		408		408			—		—
UBS Securities LLC		463,438		463,438			—		—
	$	13,485,696	$	13,485,696		$	—	$	—
MSCI Poland
BofA Securities, Inc.	$	2,854,176	$	2,854,176		$	—	$	—
Goldman Sachs & Co. LLC		4,646,470		4,646,470			—		—
J.P. Morgan Securities LLC		370,133		370,133			—		—
Morgan Stanley		9,110,465		9,110,465			—		—
	$	16,981,244	$	16,981,244		$	—	$	—

^(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)  The market value of the loaned securities is determined as of February 28, 2022. 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).

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Notes to Financial Statements  (unaudited) (continued)

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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the 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 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		0.7400	%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275

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 had 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. The voluntary waiver was discontinued after December 31, 2021.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
MSCI Argentina and Global Exposure	$	8,874

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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

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Notes to Financial Statements  (unaudited) (continued)

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 Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI Argentina and Global Exposure	$	781
MSCI China		232,044
MSCI China Small-Cap		92,230
MSCI Poland		37,321

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, 2022, 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	$	404,104	$	—	$	—
MSCI China		13,847,224		17,981,064		(20,860,290	)
MSCI China Small-Cap		8,538,595		2,803,195		717,066
MSCI Peru		1,666,808		2,467,968		(2,015,184	)
MSCI Poland		5,859,309		1,237,718		(665,261	)

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

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.

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Notes to Financial Statements  (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended February 28, 2022, 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	$	1,761,447	$	2,041,450
MSCI Brazil Small-Cap		37,106,143		19,322,098
MSCI China		1,470,460,753		199,154,629
MSCI China Small-Cap		28,880,454		28,915,999
MSCI Indonesia		39,152,958		35,594,571
MSCI Peru		27,617,932		20,915,483
MSCI Philippines		8,202,043		7,738,780
MSCI Poland		12,959,456		15,656,567
MSCI Qatar		18,591,174		16,241,848
MSCI Saudi Arabia		273,686,622		79,622,420
MSCI UAE		12,914,589		6,037,662

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind    Sales
MSCI Argentina and Global Exposure	$	—	$	1,188,715
MSCI China		177,982,046		—
MSCI China Small-Cap		257,286		6,639,894
MSCI Indonesia		111,884,802		66,957,386
MSCI Peru		140,750,080		76,233,987
MSCI Philippines		69,901,541		42,123,737
MSCI Poland		93,491,502		99,498,541
MSCI UAE		35,106		—

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, 2022, 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, 2021, 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	$	4,727,042
MSCI Brazil Small-Cap		55,778,419
MSCI China		649,443,403
MSCI China Small-Cap		4,605,075
MSCI Indonesia		161,291,249
MSCI Peru		140,440,764
MSCI Philippines		60,067,144
MSCI Poland		121,342,231
MSCI Qatar		18,006,638
MSCI Saudi Arabia		65,216,720
MSCI UAE		36,039,405

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.

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 83

Notes to Financial Statements  (unaudited) (continued)

As of February 28, 2022, 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	$	11,434,186	$	723,406	$	(3,384,582	)	$	(2,661,176	)
MSCI Brazil Small-Cap		111,796,848		20,470,886		(21,698,469	)		(1,227,583	)
MSCI China		6,729,058,503		975,873,702		(1,164,444,406	)		(188,570,704	)
MSCI China Small-Cap		102,956,405		5,830,490		(27,355,768	)		(21,525,278	)
MSCI Indonesia		516,374,084		35,384,004		(103,918,037	)		(68,534,033	)
MSCI Peru		219,313,323		8,703,017		(23,235,058	)		(14,532,041	)
MSCI Philippines		182,610,579		4,115,725		(26,166,261	)		(22,050,536	)
MSCI Poland		327,733,098		1,265,956		(98,915,345	)		(97,649,389	)
MSCI Qatar		77,394,886		33,278,159		(8,584,155	)		24,694,004
MSCI Saudi Arabia		875,678,522		403,379,717		(68,286,275	)		335,093,442
MSCI UAE		33,776,492		11,086,132		(9,140,307	)		1,945,825

9. LINE OF CREDIT

The iShares MSCI Brazil Small-Cap ETF, iShares MSCI China 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 $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) 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 Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

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. Although vaccines have been developed and approved for use by various governments, 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.

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Notes to Financial Statements  (unaudited) (continued)

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 Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. 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 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.

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

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Argentina and Global Exposure
Shares redeemed		(50,000	)	$	(1,483,573	)		(50,000	)	$	(1,067,643	)
MSCI Brazil Small-Cap
Shares sold		1,450,000		$	19,224,165			50,000		$	1,032,617
Shares redeemed		—			—			(1,000,000	)		(15,793,256	)
Net increase (decrease)		1,450,000		$	19,224,165			(950,000	)	$	(14,760,639	)
MSCI China
Shares sold		22,400,000		$	1,460,706,908			12,600,000		$	1,029,902,450
Shares redeemed		—			—			(6,000,000	)		(515,258,867	)
Net increase		22,400,000		$	1,460,706,908			6,600,000		$	514,643,583
MSCI China Small-Cap
Shares sold		50,000		$	2,296,743			1,200,000		$	67,193,631
Shares redeemed		(150,000	)		(7,185,087	)		(700,000	)		(38,537,952	)
Net increase (decrease)		(100,000	)	$	(4,888,344	)		500,000		$	28,655,679
MSCI Indonesia
Shares sold		5,050,000		$	120,265,415			6,350,000		$	136,719,963
Shares redeemed		(3,000,000	)		(69,271,328	)		(6,100,000	)		(130,730,908	)
Net increase		2,050,000		$	50,994,087			250,000		$	5,989,055
MSCI Peru
Shares sold		5,050,000		$	150,964,981			4,650,000		$	150,213,900
Shares redeemed		(2,650,000	)		(80,071,631	)		(3,700,000	)		(111,130,055	)
Net increase		2,400,000		$	70,893,350			950,000		$	39,083,845
MSCI Philippines
Shares sold		2,200,000		$	70,428,839			1,150,000		$	36,356,001
Shares redeemed		(1,350,000	)		(42,245,161	)		(1,500,000	)		(42,770,726	)
Net increase (decrease)		850,000		$	28,183,678			(350,000	)	$	(6,414,725	)
MSCI Poland
Shares sold		4,200,000		$	94,194,809			5,200,000		$	94,082,451
Shares redeemed		(4,800,000	)		(100,558,867	)		(6,800,000	)		(129,445,783	)
Net decrease		(600,000	)	$	(6,364,058	)		(1,600,000	)	$	(35,363,332	)
MSCI Qatar
Shares sold		750,000		$	16,010,889			900,000		$	16,893,879
Shares redeemed		(650,000	)		(13,436,171	)		(1,450,000	)		(26,878,426	)
Net increase (decrease)		100,000		$	2,574,718			(550,000	)	$	(9,984,547	)
MSCI Saudi Arabia
Shares sold		5,750,000		$	253,229,563			5,350,000		$	178,705,972
Shares redeemed		(1,200,000	)		(53,377,123	)		(1,550,000	)		(47,760,938	)
Net increase		4,550,000		$	199,852,440			3,800,000		$	130,945,034
MSCI UAE
Shares sold		450,000		$	7,554,587			1,600,000		$	21,193,301
Shares redeemed		—			—			(3,500,000	)		(39,817,938	)
Net increase (decrease)		450,000		$	7,554,587			(1,900,000	)	$	(18,624,637	)

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

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Notes to Financial Statements  (unaudited) (continued)

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 Statements 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 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 87

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 9, 2021 (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, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each 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 the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each 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 also 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 material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 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, 2022

	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 Brazil Small-Cap(a)	$	0.343545	$	—	$	0.032206	$	0.375751		91	%		—	%		9	%		100	%
MSCI Indonesia(a)		0.140026		—		0.023132		0.163158		86			—			14			100
MSCI Peru(a)		0.468040		—		0.198096		0.666136		70			—			30			100
MSCI Philippines(a)		0.109634		—		0.008005		0.117639		93			—			7			100
MSCI Qatar(a)		0.028816		—		0.029837		0.058653		49			—			51			100
MSCI UAE(a)		0.278215		—		0.004648		0.282863		98			—			2			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 89

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

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 Trust’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
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 91

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.

©2022 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-806-0222

FEBRUARY 28, 2022

2022 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 BZX

· 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, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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.

Overall, 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, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(2.62	)%		16.39	%
U.S. small cap equities (Russell 2000® Index)		(9.46	)		(6.01	)
International equities (MSCI Europe, Australasia, Far East Index)		(6.78	)		2.83
Emerging market equities (MSCI Emerging Markets Index)		(9.81	)		(10.69	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02			0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(3.94	)		(1.67	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.07	)		(2.64	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.09	)		(0.66	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(3.07	)		0.64
Past performance is not an indication 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
Statement Regarding Liquidity Risk Management Program		56
Supplemental Information		57
General Information		58
Glossary of Terms Used in this Report		59

Fund Summary as of February 28, 2022 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			10 Years			1 Year			5 Years			10 Years
Fund NAV		(14.01	)%		4.76	%		14.73	%		14.37	%		4.76	%		98.80	%		282.98	%
Fund Market		(14.55	)		4.93			14.68			14.29			4.93			98.38			280.28
Index		(13.40	)		5.47			15.14			14.72			5.47			102.33			294.80

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	859.90	$	2.44		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	38.7	%
Industrials	28.1
Financials	10.3
Consumer Staples	6.3
Utilities	5.4
Materials	5.2
Consumer Discretionary	2.9
Information Technology	2.3
Energy	0.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Novo Nordisk A/S, Class B	22.8	%
DSV A/S	8.4
Vestas Wind Systems A/S	7.3
Orsted AS	5.4
Genmab A/S	4.5
Coloplast A/S, Class B	4.2
AP Moller - Maersk A/S, Class B	4.0
Carlsberg A/S, Class B	3.5
Novozymes A/S, Class B	3.2
Danske Bank A/S	2.9

^(a) Excludes money market funds.

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Fund Summary as of February 28, 2022 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			10 Years			1 Year			5 Years			10 Years
Fund NAV		(20.44	)%		(7.36	)%		7.91	%		7.53	%		(7.36	)%		46.30	%		106.59	%
Fund Market		(21.10	)		(7.73	)		7.82			7.45			(7.73	)		45.74			105.24
Index		(19.64	)		(7.01	)		7.54			7.12			(7.01	)		43.81			98.93

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	795.60	$	2.36		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	23.9	%
Materials	19.0
Information Technology	18.4
Financials	12.2
Communication Services	5.4
Energy	4.4
Consumer Staples	4.0
Utilities	3.9
Health Care	3.7
Consumer Discretionary	3.3
Real Estate	1.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Nokia Oyj	14.9	%
Sampo Oyj, Class A	11.6
Kone Oyj, Class B	9.9
UPM-Kymmene Oyj	9.0
Stora Enso Oyj, Class R	4.4
Neste Oyj	4.4
Elisa Oyj	4.0
Fortum Oyj	3.9
Kesko Oyj, Class B	3.9
Wartsila OYJ Abp	2.9

^(a) Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2022 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			10 Years			1 Year			5 Years			10 Years
Fund NAV		(14.52	)%		(6.81	)%		12.25	%		11.84	%		(6.81	)%		78.20	%		206.14	%
Fund Market		(15.17	)		(7.25	)		12.22			11.77			(7.25	)		77.93			204.37
Index		(13.78	)		(6.04	)		12.37			11.77			(6.04	)		79.13			204.27

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	854.80	$	2.71		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	27.3	%
Information Technology	14.2
Materials	11.6
Health Care	9.8
Communication Services	9.4
Consumer Discretionary	8.5
Real Estate	7.8
Financials	5.8
Consumer Staples	2.8
Energy	1.4
Utilities	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Rheinmetall AG	4.3	%
K+S AG	3.3
thyssenkrupp AG	2.9
Evotec SE	2.7
CTS Eventim AG & Co. KGaA	2.7
TAG Immobilien AG	2.5
Aurubis AG	2.4
Hugo Boss AG	2.4
Freenet AG	2.3
Befesa SA	1.9

^(a) Excludes money market funds.

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Fund Summary as of February 28, 2022 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		(14.54	)%		3.01	%		7.29	%		10.50	%		3.01	%		42.15	%		171.42	%
Fund Market		(16.19	)		1.85			7.04			10.40			1.85			40.53			168.85
Index		(14.18	)		3.82			7.72			11.01			3.82			45.05			184.17

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	854.60	$	2.25		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Materials	25.5	%
Consumer Discretionary	21.0
Consumer Staples	19.9
Industrials	13.5
Financials	8.8
Health Care	7.3
Real Estate	4.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
CRH PLC	20.9	%
Flutter Entertainment PLC, Class DI	13.9
Kerry Group PLC, Class A	10.0
ICON PLC	4.7
Glanbia PLC	4.7
Kingspan Group PLC	4.5
Grafton Group PLC	4.4
Smurfit Kappa Group PLC	4.4
Bank of Ireland Group PLC	4.3
Ryanair Holdings PLC	4.1

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 7

Fund Summary as of February 28, 2022 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

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		14.95	%		41.95	%		35.49	%		41.95	%		57.52	%
Fund Market		15.20			42.43			36.06			42.43			58.51
Index		14.80			42.40			35.94			42.40			58.36

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

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,149.50	$	3.94		$	1,000.00	$	1,021.10	$	3.71		0.74	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	66.3	%
Industrials	13.1
Real Estate	6.8
Communication Services	4.4
Materials	3.5
Consumer Discretionary	2.4
Utilities	1.2
Energy	1.2
Consumer Staples	1.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
National Bank of Kuwait SAKP	22.2	%
Kuwait Finance House KSCP	17.1
Ahli United Bank BSC	5.4
Agility Public Warehousing Co. KSC	4.4
Mobile Telecommunications Co. KSCP	4.4
Gulf Bank KSCP	3.5
Mabanee Co. KPSC	3.3
National Industries Group Holding SAK	2.5
Humansoft Holding Co. KSC	2.4
Warba Bank KSCP	2.3

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2022 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		(12.91	)%		(12.04	)%		7.89	%		10.15	%		(12.04	)%		46.20	%		162.89	%
Fund Market		(12.44	)		(10.70	)		8.00			10.31			(10.70	)		46.96			166.78
Index		(13.07	)		(12.12	)		8.28			10.54			(12.12	)		48.82			172.30

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	870.90	$	2.27		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	26.5	%
Utilities	22.6
Industrials	15.8
Communication Services	13.4
Real Estate	9.7
Consumer Staples	5.5
Consumer Discretionary	2.8
Energy	2.5
Information Technology	1.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Fisher & Paykel Healthcare Corp. Ltd.	17.6	%
Auckland International Airport Ltd.	9.9
Spark New Zealand Ltd.	9.4
Meridian Energy Ltd.	7.2
a2 Milk Co. Ltd. (The)	4.8
Ryman Healthcare Ltd.	4.6
Infratil Ltd.	4.6
Fletcher Building Ltd.	4.5
Contact Energy Ltd.	4.5
Mercury NZ Ltd.	4.4

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 9

Fund Summary as of February 28, 2022 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			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.67	%		14.33	%		8.17	%		2.78	%		14.33	%		48.11	%		31.50	%
Fund Market		1.96			14.19			8.17			2.75			14.19			48.12			31.17
Index		3.12			15.05			8.67			3.13			15.05			51.51			36.14

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,026.70	$	2.66		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Energy	21.8	%
Financials	20.1
Consumer Staples	16.3
Materials	12.9
Industrials	11.6
Communication Services	9.8
Information Technology	4.6
Utilities	1.1
Other (each representing less than 1%)	1.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Equinor ASA	16.0	%
DNB Bank ASA	10.9
Norsk Hydro ASA	6.6
Mowi ASA	5.9
Telenor ASA	5.4
Yara International ASA	4.4
Orkla ASA	3.7
Tomra Systems ASA	2.9
Gjensidige Forsikring ASA	2.6
Nordic Semiconductor ASA	2.4

^(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 each 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 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses 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, 2022 iShares^® MSCI Denmark ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 8.3%
DSV A/S		71,256	$	13,115,141
Banks — 6.6%
Danske Bank A/S		269,191		4,559,561
Jyske Bank A/S, Registered(a)		31,974		1,733,427
Ringkjoebing Landbobank A/S		14,507		1,803,361
Spar Nord Bank A/S		79,127		1,050,774
Sydbank AS		39,163		1,274,161
				10,421,284
Beverages — 4.9%
Carlsberg A/S, Class B		37,524		5,502,881
Royal Unibrew A/S		21,419		2,270,848
				7,773,729
Biotechnology — 5.4%
Bavarian Nordic A/S(a)(b)		35,984		904,095
Genmab A/S(a)		20,917		7,030,126
Zealand Pharma A/S(a)		35,617		546,261
				8,480,482
Building Products — 0.9%
Rockwool International A/S, Class B		4,000		1,371,242
Chemicals — 5.2%
Chr Hansen Holding A/S		42,417		3,092,381
Novozymes A/S, Class B		77,478		5,085,082
				8,177,463
Commercial Services & Supplies — 0.9%
ISS A/S(a)		81,430		1,486,402
Construction & Engineering — 0.5%
Per Aarsleff Holding A/S		19,791		781,983
Electric Utilities — 5.3%
Orsted AS(c)		65,461		8,471,576
Electrical Equipment — 8.0%
NKT A/S(a)		26,304		1,103,368
Vestas Wind Systems A/S		356,624		11,499,945
				12,603,313
Energy Equipment & Services — 0.6%
Drilling Co. of 1972 A/S (The)(a)		23,648		929,177
Food Products — 0.6%
Schouw & Co. A/S		10,668		930,146
Health Care Equipment & Supplies — 8.0%
Ambu A/S, Class B(b)		76,180		1,404,817
Coloplast A/S, Class B		43,690		6,572,639
Demant A/S(a)		47,524		2,008,394
GN Store Nord AS		50,992		2,695,595
				12,681,445
Health Care Technology — 0.1%
NNIT A/S(c)		16,915		242,354
Insurance — 3.7%
Alm Brand A/S		607,278		989,874
Topdanmark AS		26,439		1,510,194
Tryg A/S		145,601		3,294,340
				5,794,408

Security	Shares		Value
IT Services — 0.2%
Trifork Holding AG, NVS(a)		12,023	$	365,521
Life Sciences Tools & Services — 0.7%
Chemometec A/S		9,380		1,094,896
Machinery — 1.2%
FLSmidth & Co. A/S		38,377		1,101,763
Nilfisk Holding A/S(a)		25,302		849,409
				1,951,172
Marine — 7.3%
AP Moller - Maersk A/S, Class A		1,108		3,322,302
AP Moller - Maersk A/S, Class B, NVS		2,001		6,330,187
D/S Norden A/S		32,443		846,302
Dfds A/S(a)		22,739		1,056,916
				11,555,707
Oil, Gas & Consumable Fuels — 0.2%
TORM PLC, Class A(a)(b)		32,926		266,750
Pharmaceuticals — 24.2%
ALK-Abello A/S(a)		3,520		1,347,001
H Lundbeck A/S		44,253		1,073,848
Novo Nordisk A/S, Class B		346,390		35,845,616
				38,266,465
Road & Rail — 0.4%
NTG Nordic Transport Group A/S, Class A(a)		9,202		579,380
Software — 2.0%
cBrain A/S		11,984		367,806
Netcompany Group A/S(c)		18,398		1,212,271
SimCorp A/S		18,375		1,659,447
				3,239,524
Specialty Retail — 0.4%
Matas A/S		44,054		640,254
Textiles, Apparel & Luxury Goods — 2.5%
Pandora A/S		38,759		3,968,817
Tobacco — 0.7%
Scandinavian Tobacco Group A/S, Class A(c)		50,527		1,139,400
Trading Companies & Distributors — 0.5%
Solar A/S, Class B		6,605		768,534
Total Common Stocks — 99.3%     (Cost: $151,780,019)			157,096,565
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		2,366,467		2,366,940

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Denmark ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		60,000	$	60,000
				2,426,940
Total Short-Term Investments — 1.5% (Cost: $2,427,107)		2,426,940
Total Investments in Securities — 100.8% (Cost: $154,207,126)				159,523,505
Other Assets, Less Liabilities — (0.8)%				(1,216,819	)
Net Assets — 100.0%			$	158,306,686

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,386,728	$	—	$	(1,018,609	)(a)	$	(1,046	)	$	(133	)	$	2,366,940		2,366,467	$	26,552	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		—		(30,000	)(a)		—			—			60,000		60,000		4			—
								$	(1,046	)	$	(133	)	$	2,426,940			$	26,556		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
OMX Copenhagen 25 Index		45		03/18/22	$	1,173	$	12,395

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	12,395

^(a)  Net cumulative unrealized 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).

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, 2022 iShares^® MSCI Denmark ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(155,909	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	19,655

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,149,411

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	640,254	$	156,456,311	$	—	$	157,096,565
Money Market Funds		2,426,940		—		—		2,426,940
	$	3,067,194	$	156,456,311	$	—	$	159,523,505
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	12,395	$	—	$	12,395

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 2    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, 2022 iShares^® MSCI Finland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.4%
Finnair Oyj(a)(b)		246,891	$	123,707
Auto Components — 1.4%
Nokian Renkaat Oyj		26,046		490,906
Banks — 0.6%
Aktia Bank Oyj		18,483		210,581
Beverages — 0.1%
Anora Group Oyj		3,306		35,252
Building Products — 0.9%
Uponor Oyj		13,810		307,206
Chemicals — 1.0%
Kemira Oyj		26,030		344,219
Commercial Services & Supplies — 0.6%
Caverion Oyj		32,579		207,872
Communications Equipment — 14.9%
Nokia Oyj(a)		960,243		5,192,359
Construction & Engineering — 0.5%
YIT Oyj		42,339		183,966
Containers & Packaging — 2.0%
Huhtamaki Oyj		19,507		710,929
Diversified Telecommunication Services — 3.9%
Elisa Oyj		24,794		1,373,765
Electric Utilities — 3.9%
Fortum Oyj		64,460		1,349,006
Entertainment — 0.6%
Remedy Entertainment Oyj		921		34,286
Rovio Entertainment Oyj(c)		20,662		172,731
				207,017
Food & Staples Retailing — 3.9%
Kesko Oyj, Class B		45,767		1,346,909
Health Care Equipment & Supplies — 0.4%
Revenio Group Oyj		3,142		152,401
Health Care Providers & Services — 0.4%
Oriola Oyj, Class B		70,048		155,275
Insurance — 11.5%
Sampo Oyj, Class A		85,204		4,020,309
IT Services — 1.5%
TietoEVRY Oyj		19,286		538,049
Leisure Products — 0.2%
Harvia Oyj(b)		1,293		52,147
Machinery — 21.3%
Cargotec Oyj, Class B		8,857		348,517
Kone Oyj, Class B		58,847		3,433,934
Konecranes Oyj		12,990		451,934
Metso Outotec Oyj		119,306		1,005,101
Neles Oyj		22,650		294,767
Valmet Oyj		26,351		914,039

Security	Shares		Value
Machinery (continued)
Wartsila OYJ Abp		90,491	$	1,013,460
				7,461,752
Media — 0.8%
Sanoma Oyj		20,130		293,516
Metals & Mining — 1.3%
Outokumpu Oyj(a)		79,315		467,531
Multiline Retail — 0.8%
Puuilo Oyj(a)		5,340		44,173
Tokmanni Group Corp.		12,709		235,869
				280,042
Oil, Gas & Consumable Fuels — 4.4%
Neste Oyj		39,015		1,521,375
Paper & Forest Products — 14.5%
Metsa Board Oyj, Class B		40,822		397,623
Stora Enso Oyj, Class R		81,177		1,545,939
UPM-Kymmene Oyj		90,865		3,139,678
				5,083,240
Pharmaceuticals — 2.9%
Orion Oyj, Class B		21,249		997,829
Professional Services — 0.1%
Talenom Oyj		2,728		28,267
Real Estate Management & Development — 1.8%
Citycon Oyj		24,134		190,609
Kojamo Oyj		19,324		448,052
				638,661
Software — 1.9%
Admicom Oyj		432		29,547
BasWare Oyj(a)		4,311		109,065
F-Secure Oyj(a)		36,329		211,002
QT Group Oyj(a)		2,622		321,893
				671,507
Specialty Retail — 0.8%
Kamux Corp.		3,163		37,945
Musti Group Oyj		8,808		230,629
				268,574
Textiles, Apparel & Luxury Goods — 0.2%
Marimekko Oyj		414		34,494
Spinnova Oyj(a)		2,389		25,257
				59,751
Total Common Stocks — 99.5% (Cost: $40,256,295)				34,773,920
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		154,954		154,985

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, 2022 iShares^® MSCI Finland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		45,000	$	45,000
				199,985
Total Short-Term Investments — 0.6% (Cost: $199,995)				199,985
Total Investments in Securities — 100.1% (Cost: $40,456,290)				34,973,905
Other Assets, Less Liabilities — (0.1)%				(19,626	)
Net Assets — 100.0%			$	34,954,279

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	143,228	$	11,801	(a)	$	—		$	(34	)	$	(10	)	$	154,985		154,954	$	1,186	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		165,000		—			(120,000	)(a)		—			—			45,000		45,000		2			—
									$	(34	)	$	(10	)	$	199,985			$	1,188		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		4		03/18/22	$	175	$	(7,867	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	7,867

^(a)  Net cumulative unrealized 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).

16 2 0 2 2    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, 2022 iShares^® MSCI Finland ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	8,386
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(15,877	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	171,377

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	275,801	$	34,498,119		$	—	$	34,773,920
Money Market Funds		199,985		—			—		199,985
	$	475,786	$	34,498,119		$	—	$	34,973,905
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(7,867	)	$	—	$	(7,867	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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) February 28, 2022 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 5.1%
Hensoldt AG		10,129	$	237,174
OHB SE		1,243		48,403
Rheinmetall AG		10,473		1,558,834
				1,844,411
Auto Components — 1.2%
ElringKlinger AG(a)		6,922		73,504
SAF-Holland SE(a)		10,948		130,351
Vitesco Technologies Group AG(a)		5,309		223,132
				426,987
Biotechnology — 0.6%
MorphoSys AG(a)		8,256		226,667
Building Products — 0.4%
Steico SE		1,359		136,307
Capital Markets — 1.7%
AURELIUS Equity Opportunities SE & Co. KGaA		7,180		215,065
Deutsche Beteiligungs AG		3,175		124,180
flatexDEGIRO AG(a)(b)		7,937		164,350
MLP SE		15,821		128,610
				632,205
Chemicals — 4.9%
K+S AG, Registered(a)		46,018		1,180,462
Wacker Chemie AG		3,760		582,536
				1,762,998
Commercial Services & Supplies — 2.9%
Befesa SA(c)		9,617		669,752
Bilfinger SE		6,413		240,210
Cewe Stiftung & Co. KGaA		1,343		152,480
				1,062,442
Communications Equipment — 0.5%
ADVA Optical Networking Tend(a)		10,415		176,335
Construction & Engineering — 0.9%
HOCHTIEF AG		5,088		343,155
Diversified Financial Services — 1.5%
GRENKE AG(b)		6,728		193,043
Hypoport SE(a)		856		356,664
				549,707
Electrical Equipment — 3.3%
Energiekontor AG		1,535		117,993
Nordex SE(a)(b)		24,961		439,718
PNE AG		8,368		85,722
SGL Carbon SE(a)		14,753		95,026
Varta AG(b)		4,369		440,615
				1,179,074
Electronic Equipment, Instruments & Components — 1.8%
Basler AG		887		112,683
Jenoptik AG		12,371		440,820
LPKF Laser & Electronics AG(b)		5,912		102,549
				656,052
Entertainment — 3.2%
Borussia Dortmund GmbH & Co. KGaA(a)		18,716		84,108
CTS Eventim AG & Co. KGaA(a)		13,849		965,039
Media and Games Invest SE(a)(b)		21,777		96,700
				1,145,847

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 0.5%
Hamborner REIT AG		16,675	$	180,436
Food & Staples Retailing — 1.6%
METRO AG(a)		30,235		282,380
Shop Apotheke Europe NV(a)(b)(c)		3,254		310,383
				592,763
Food Products — 1.2%
KWS Saat SE & Co. KGaA		2,786		202,470
Suedzucker AG		17,236		234,820
				437,290
Health Care Equipment & Supplies — 1.5%
Draegerwerk AG & Co. KGaA		723		37,934
Eckert & Ziegler Strahlen- und Medizintechnik AG		3,574		262,910
Stratec SE		1,899		243,865
				544,709
Health Care Providers & Services — 1.2%
Medios AG(a)		3,039		108,181
Synlab AG(a)		16,028		327,358
				435,539
Health Care Technology — 1.0%
CompuGroup Medical SE & Co. KgaA		6,447		362,198
Hotels, Restaurants & Leisure — 0.4%
Zeal Network SE(b)		3,511		146,226
Independent Power and Renewable Electricity Producers — 1.4%
Encavis AG		28,936		491,496
Industrial Conglomerates — 0.6%
Indus Holding AG		4,541		161,952
MBB SE		493		63,324
				225,276
Insurance — 0.3%
Wuestenrot & Wuerttembergische AG		5,653		111,792
Interactive Media & Services — 0.3%
New Work SE		678		121,381
Internet & Direct Marketing Retail — 1.3%
ABOUT YOU Holding SE(a)(b)		8,979		130,075
Bike24 Holding AG(a)(b)		4,716		56,565
Global Fashion Group SA(a)(b)		18,337		53,538
Home24 SE(a)(b)		6,250		54,328
Takkt AG		7,912		135,871
Westwing Group AG(a)(b)		2,728		54,705
				485,082
IT Services — 4.3%
Adesso SE		704		159,368
CANCOM SE		9,265		526,630
Datagroup SE(a)		1,011		98,781
GFT Technologies SE		4,127		188,272
Nagarro SE(a)		1,987		282,825
S&T AG(b)		11,956		187,550
Secunet Security Networks AG		314		128,899
				1,572,325
Life Sciences Tools & Services — 4.2%
Evotec SE(a)		33,739		993,565
Gerresheimer AG(b)		7,549		542,739
				1,536,304

18 2 0 2 2    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, 2022 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery — 6.7%
Deutz AG(a)		29,149	$	166,579
Duerr AG		12,472		449,165
Heidelberger Druckmaschinen AG(a)		62,419		174,085
JOST Werke AG(c)		3,414		157,707
Koenig & Bauer AG(a)		3,400		87,596
Krones AG		3,410		312,309
Norma Group SE		7,684		267,036
Pfeiffer Vacuum Technology AG		952		189,571
Stabilus SA		5,929		348,198
Vossloh AG		2,122		94,195
Wacker Neuson SE		7,612		179,224
				2,425,665
Media — 2.9%
ProSiebenSat.1 Media SE		39,214		536,066
Stroeer SE & Co. KGaA		6,810		513,695
				1,049,761
Metals & Mining — 6.3%
Aurubis AG		7,566		885,272
Salzgitter AG(a)		8,650		377,846
thyssenkrupp AG(a)		97,288		1,031,422
				2,294,540
Oil, Gas & Consumable Fuels — 1.4%
CropEnergies AG		6,346		88,841
VERBIO Vereinigte BioEnergie AG		5,306		413,141
				501,982
Pharmaceuticals — 0.9%
Dermapharm Holding SE		4,520		329,434
Professional Services — 0.8%
Amadeus Fire AG		1,379		222,441
Bertrandt AG		1,355		73,281
				295,722
Real Estate Management & Development — 7.2%
ADLER Group SA(c)		18,422		259,227
Corestate Capital Holding SA(a)(b)		4,864		63,911
Deutsche EuroShop AG		11,921		224,166
DIC Asset AG		10,859		182,372
Grand City Properties SA		25,413		554,981
Instone Real Estate Group SE(c)		11,333		217,560
PATRIZIA AG		11,137		214,275
TAG Immobilien AG		35,222		907,846
				2,624,338
Road & Rail — 1.4%
Sixt SE(a)		3,285		491,057
Semiconductors & Semiconductor Equipment — 3.8%
AIXTRON SE		27,204		582,306
Elmos Semiconductor SE		1,915		123,340
PVA TePla AG(a)		4,721		129,205
Siltronic AG		3,964		450,492
SMA Solar Technology AG		2,524		99,216
				1,384,559
Software — 3.7%
Atoss Software AG		959		186,038
Northern Data AG(a)(b)		1,200		71,062
Software AG		12,444		469,484
TeamViewer AG(a)(c)		38,674		617,167
				1,343,751

Security	Shares		Value
Specialty Retail — 2.4%
Ceconomy AG		38,717	$	153,691
Fielmann AG		6,048		358,247
Hornbach Holding AG & Co. KGaA		2,302		301,528
Mister Spex SE(a)		3,710		41,598
				855,064
Textiles, Apparel & Luxury Goods — 2.4%
Hugo Boss AG		14,387		877,923
Thrifts & Mortgage Finance — 2.2%
Aareal Bank AG		14,379		439,427
Deutsche Pfandbriefbank AG(c)		32,289		350,133
				789,560
Trading Companies & Distributors — 1.1%
BayWa AG		3,297		135,622
Kloeckner & Co. SE(a)		18,043		244,092
				379,714
Transportation Infrastructure — 2.1%
Fraport AG Frankfurt Airport Services Worldwide(a)		8,893		602,269
Hamburger Hafen und Logistik AG		7,256		143,770
				746,039
Wireless Telecommunication Services — 3.0%
1&1 AG		10,658		254,739
Freenet AG		30,789		819,891
				1,074,630
Total Common Stocks — 96.1% (Cost: $35,557,729)				34,848,743
Preferred Stocks
Auto Components — 0.6%
Schaeffler AG, Preference Shares, NVS		30,027		199,779
Construction Materials — 0.4%
STO SE & Co. KGaA, Preference Shares, NVS		612		139,686
Health Care Equipment & Supplies — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		2,074		117,497
Household Durables — 0.2%
Einhell Germany AG, Preference Shares, NVS		408		86,233
Machinery — 1.1%
Jungheinrich AG, Preference Shares, NVS(b)		11,530		415,744
Road & Rail — 0.9%
Sixt SE, Preference Shares, NVS		3,977		324,305
Total Preferred Stocks — 3.5% (Cost: $1,383,173)				1,283,244
Short-Term Investments
Money Market Funds — 7.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		2,677,841		2,678,377

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, 2022 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		10,000	$	10,000
				2,688,377
Total Short-Term Investments — 7.4% (Cost: $2,687,974)				2,688,377
Total Investments in Securities — 107.0% (Cost: $39,628,876)				38,820,364
Other Assets, Less Liabilities — (7.0)%				(2,546,349	)
Net Assets — 100.0%			$	36,274,015

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,634,912	$	—		$	(955,605	)(a)	$	(523	)	$	(407	)	$	2,678,377		2,677,841	$	40,574	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		0	(a)		—			—			—			10,000		10,000		1			—
									$	(523	)	$	(407	)	$	2,688,377			$	40,575		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		3		03/18/22	$	131	$	(2,561	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,561

^(a) Net cumulative unrealized 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).

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Germany Small-Cap ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(19,261	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,827	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	90,945

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	476,618	$	34,372,125		$	—	$	34,848,743
Preferred Stocks		86,233		1,197,011			—		1,283,244
Money Market Funds		2,688,377		—			—		2,688,377
	$	3,251,228	$	35,569,136		$	—	$	38,820,364
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(2,561	)	$	—		$ (2,561)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.    

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, 2022 iShares^® MSCI Ireland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 4.1%
Ryanair Holdings PLC, ADR(a)		26,972	$	2,689,378
Banks — 8.6%
AIB Group PLC(a)		1,006,623		2,655,751
Bank of Ireland Group PLC(a)		426,179		2,827,803
Permanent TSB Group Holdings PLC(a)		55,570		107,297
				5,590,851
Beverages — 2.8%
C&C Group PLC(a)		637,820		1,803,680
Building Products — 4.5%
Kingspan Group PLC		30,250		2,954,282
Construction Materials — 20.8%
CRH PLC		298,841		13,584,782
Containers & Packaging — 4.4%
Smurfit Kappa Group PLC		57,042		2,848,805
Equity Real Estate Investment Trusts (REITs) — 4.0%
Hibernia REIT PLC		1,074,391		1,397,406
Irish Residential Properties REIT PLC		728,661		1,202,640
				2,600,046
Food Products — 17.0%
Dole PLC		45,341		695,077
Glanbia PLC		218,374		3,057,025
Kerry Group PLC, Class A		54,907		6,541,571
Origin Enterprises PLC		203,894		825,529
				11,119,202
Health Care Providers & Services — 2.2%
Uniphar PLC(a)		376,733		1,410,855
Hotels, Restaurants & Leisure — 16.2%
Dalata Hotel Group PLC(a)		325,622		1,538,912
Flutter Entertainment PLC, Class DI(a)		62,736		9,034,490
				10,573,402
Household Durables — 4.8%
Cairn Homes PLC(a)		1,156,576		1,641,762
Glenveagh Properties PLC(a)(b)		1,086,805		1,487,813
				3,129,575

Security	Shares		Value
Insurance — 0.2%
FBD Holdings PLC(a)		10,028	$	117,499
Life Sciences Tools & Services — 4.7%
ICON PLC(a)		12,981		3,089,608
Marine — 0.4%
Irish Continental Group PLC(a)		63,408		286,518
Metals & Mining — 0.3%
Kenmare Resources PLC		33,403		189,389
Pharmaceuticals — 0.4%
GH Research PLC(a)		16,890		278,685
Trading Companies & Distributors — 4.4%
Grafton Group PLC		199,776		2,868,810
Total Common Stocks — 99.8% (Cost: $59,066,145)				65,135,367
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		30,000		30,000
Total Short-Term Investments — 0.1% (Cost: $30,000)				30,000
Total Investments in Securities — 99.9% (Cost: $59,096,145)				65,165,367
Other Assets, Less Liabilities — 0.1%				92,192
Net Assets — 100.0%			$	65,257,559

^(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000	$	0	(a)	$	—	$	—	$	—	$	30,000		30,000	$	1	$	—

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

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Ireland ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		03/18/22	$	88	$	(6,851	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	6,851

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,191	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,851	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	105,982

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	16,152,020	$	48,983,347		$	—	$	65,135,367
Money Market Funds		30,000		—			—		30,000
	$	16,182,020	$	48,983,347		$	—	$	65,165,367
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(6,851	)	$	—	$	(6,851	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2022 iShares^® MSCI Kuwait ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 4.4%
Agility Public Warehousing Co. KSC		261,755	$	890,839
Airlines — 1.6%
Jazeera Airways Co. KSCP(a)		54,778		315,123
Banks — 58.5%
Ahli United Bank BSC		1,106,352		1,098,712
Ahli United Bank KSCP(a)		21,912		22,935
Al Ahli Bank of Kuwait KSCP(a)		392,906		388,338
Boubyan Bank KSCP(a)		8,170		22,242
Burgan Bank SAK		493,673		446,018
Gulf Bank KSCP		677,605		695,677
Kuwait Finance House KSCP		1,105,217		3,457,351
Kuwait International Bank KSCP(a)		420,489		321,142
Kuwait Projects Co. Holding KSCP		650,338		420,815
National Bank of Kuwait SAKP		1,275,838		4,472,402
Warba Bank KSCP(a)		509,571		467,658
				11,813,290
Capital Markets — 3.3%
Boursa Kuwait Securities Co. KPSC		53,211		421,137
Noor Financial Investment Co. KSC		216,371		239,615
				660,752
Chemicals — 3.5%
Boubyan Petrochemicals Co. KSCP		129,298		401,843
Qurain Petrochemical Industries Co.		228,960		297,724
				699,567
Construction & Engineering — 0.6%
Combined Group Contracting Co. SAK		83,724		116,120
Diversified Consumer Services — 2.4%
Humansoft Holding Co. KSC		39,887		485,509
Diversified Financial Services — 4.5%
A’ayan Leasing & Investment Co. KSCP(a)		510,516		272,635
Alimtiaz Investment Group KSC(a)		673,571		299,125
National Investments Co. KSCP		286,146		342,729
				914,489

Security	Shares		Value
Electrical Equipment — 2.1%
Gulf Cable & Electrical Industries Co. KSCP		87,196	$	426,970
Energy Equipment & Services — 1.2%
Heavy Engineering & Ship Building Co. KSCP		116,821		233,411
Food Products — 1.1%
Mezzan Holding Co. KSCC		112,987		221,017
Independent Power and Renewable Electricity Producers — 1.2%
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		341,482		249,232
Industrial Conglomerates — 2.5%
National Industries Group Holding SAK(a)		535,128		510,233
Real Estate Management & Development — 6.8%
Kuwait Real Estate Co. KSC(a)		578,634		324,860
Mabanee Co. KPSC(a)		240,877		674,583
National Real Estate Co. KPSC(a)		506,494		370,656
				1,370,099
Trading Companies & Distributors — 1.9%
ALAFCO Aviation Lease & Finance Co. KSCP(a)		250,663		186,094
Integrated Holding Co. KCSC(a)		161,918		207,531
				393,625
Wireless Telecommunication Services — 4.3%
Mobile Telecommunications Co. KSCP		428,479		878,480
Total Common Stocks — 99.9% (Cost: $14,028,926)				20,178,756
Total Investments in Securities — 99.9% (Cost: $14,028,926)				20,178,756
Other Assets, Less Liabilities — 0.1%				21,194
Net Assets — 100.0%			$	20,199,950

^(a) Non-income producing security.    

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost	Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22	Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$ 10,000	$	—	$(10,000)(b)	$	—	$	—	$	—	—	$	1	$	—

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

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

Fair Value Hierarchy as of Period End

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

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Kuwait ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,482,086	$	18,696,670	$	—	$	20,178,756

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 25

Schedule of Investments (unaudited) February 28, 2022 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)(b)		1,651,153	$	1,676,062
Building Products — 4.6%
Fletcher Building Ltd.		1,298,286		5,930,356
Diversified Telecommunication Services — 13.4%
Chorus Ltd.		1,050,870		5,211,230
Spark New Zealand Ltd.		4,009,046		12,308,975
				17,520,205
Electric Utilities — 15.4%
Contact Energy Ltd.		1,073,891		5,926,021
Genesis Energy Ltd.		1,325,458		2,470,698
Infratil Ltd.		1,108,091		5,975,474
Mercury NZ Ltd.		1,486,926		5,792,035
				20,164,228
Equity Real Estate Investment Trusts (REITs) — 9.7%
Argosy Property Ltd.		2,274,403		2,124,444
Goodman Property Trust		2,649,959		4,338,413
Kiwi Property Group Ltd.		3,905,814		2,859,471
Precinct Properties New Zealand Ltd.		3,081,780		3,348,264
				12,670,592
Food Products — 5.5%
a2 Milk Co. Ltd. (The)(a)(b)		1,536,840		6,223,003
Synlait Milk Ltd.(a)		425,117		969,327
				7,192,330
Health Care Equipment & Supplies — 17.6%
Fisher & Paykel Healthcare Corp. Ltd.		1,225,144		23,022,919
Health Care Providers & Services — 8.9%
Oceania Healthcare Ltd.		2,009,841		1,434,426
Ryman Healthcare Ltd.(b)		888,590		6,044,089
Summerset Group Holdings Ltd.		519,239		4,162,623
				11,641,138
Hotels, Restaurants & Leisure — 2.8%
SKYCITY Entertainment Group Ltd.		1,819,719		3,656,990

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 7.2%
Meridian Energy Ltd.		2,778,049	$	9,431,733
IT Services — 1.2%
Pushpay Holdings Ltd.(a)(b)		2,494,204		1,582,846
Oil, Gas & Consumable Fuels — 2.5%
Z Energy Ltd.		1,328,905		3,272,859
Transportation Infrastructure — 9.9%
Auckland International Airport Ltd.(a)		2,681,242		12,982,636
Total Common Stocks — 100.0% (Cost: $148,898,929)				130,744,894
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)		1,107,046		1,107,267
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		50,000		50,000
				1,157,267
Total Short-Term Investments — 0.9% (Cost: $1,157,299)				1,157,267
Total Investments in Securities — 100.9% (Cost: $150,056,228)				131,902,161
Other Assets, Less Liabilities — (0.9)%				(1,203,978	)
Net Assets — 100.0%			$	130,698,183

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,794,552	$	—		$	(5,686,694	)(a)	$	(559	)	$	(32	)	$	1,107,267		1,107,046	$	22,806	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		0	(a)		—			—			—			50,000		50,000		3			—
									$	(559	)	$	(32	)	$	1,157,267			$	22,809		$	—

^(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.

26 2 0 2 2    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, 2022 iShares^® MSCI New Zealand ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(11,818	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(447	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	133,354

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,712,884	$	124,032,010	$	—	$	130,744,894
Money Market Funds		1,157,267		—		—		1,157,267
	$	7,870,151	$	124,032,010	$	—	$	131,902,161

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 27

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Kongsberg Gruppen ASA		23,826	$	840,321
Airlines — 0.4%
Norwegian Air Shuttle ASA(a)(b)		160,600		197,178
Banks — 14.7%
DNB Bank ASA		246,912		5,527,930
Sbanken ASA(b)(c)		21,378		220,914
SpareBank 1 Nord Norge		25,412		311,316
Sparebank 1 Oestlandet		10,818		170,222
SpareBank 1 SMN		34,594		571,663
SpareBank 1 SR-Bank ASA		47,706		706,896
				7,508,941
Biotechnology — 0.4%
Nykode Therapeutics AS(a)		34,357		181,220
Chemicals — 6.1%
Borregaard ASA		25,312		559,703
Elkem ASA(c)		76,668		289,487
Yara International ASA		44,124		2,247,231
				3,096,421
Commercial Services & Supplies — 3.4%
Aker Carbon Capture ASA(a)		72,453		139,525
Aker Horizons Holding AS(a)		30,969		63,156
Quantafuel ASA(a)(b)		30,771		56,879
Tomra Systems ASA		31,590		1,486,670
				1,746,230
Construction & Engineering — 0.9%
Veidekke ASA		28,773		444,529
Containers & Packaging — 0.1%
Elopak ASA(a)		32,306		73,284
Diversified Telecommunication Services — 5.4%
Telenor ASA		185,552		2,745,355
Electric Utilities — 0.2%
Fjordkraft Holding ASA(c)		25,901		107,834
Electrical Equipment — 1.4%
NEL ASA(a)(b)		389,155		713,213
Energy Equipment & Services — 2.1%
Aker Solutions ASA(a)		65,608		208,246
BW Offshore Ltd		23,792		75,604
Subsea 7 SA		59,955		411,517
TGS ASA		31,273		353,520
				1,048,887
Entertainment — 0.4%
Kahoot! ASA(a)		69,267		216,862
Food Products — 16.2%
Atlantic Sapphire ASA(a)(b)		19,415		68,739
Austevoll Seafood ASA		24,306		343,197
Bakkafrost P/F		13,397		910,418
Grieg Seafood ASA(a)		13,615		171,473
Leroy Seafood Group ASA		79,370		692,930
Mowi ASA		116,480		2,999,221
Norway Royal Salmon ASA(b)		2,935		67,417
Orkla ASA		200,367		1,876,910

Security	Shares		Value
Food Products (continued)
Salmar ASA		15,696	$	1,153,253
				8,283,558
Independent Power and Renewable Electricity Producers — 0.9%
Scatec ASA(c)		31,745		457,437
Industrial Conglomerates — 1.5%
Aker ASA, Class A		6,931		574,628
Bonheur ASA		5,102		201,996
				776,624
Insurance — 5.4%
Gjensidige Forsikring ASA		53,394		1,320,681
Protector Forsikring ASA		15,389		194,462
Storebrand ASA		124,642		1,233,478
				2,748,621
Interactive Media & Services — 1.5%
Adevinta ASA(a)		73,948		792,191
IT Services — 0.7%
Atea ASA		22,407		351,331
Machinery — 0.3%
Hexagon Composites ASA(a)		29,566		94,901
Hexagon Purus ASA(a)		15,270		41,543
				136,444
Marine — 2.0%
Golden Ocean Group Ltd.		34,711		449,632
MPC Container Ships AS		70,987		223,826
Stolt-Nielsen Ltd		6,842		121,538
Wallenius Wilhelmsen ASA(a)		28,203		212,909
				1,007,905
Media — 2.4%
Schibsted ASA, Class A		19,485		559,959
Schibsted ASA, Class B		25,938		671,414
				1,231,373
Metals & Mining — 6.6%
Norsk Hydro ASA		356,381		3,384,224
Multiline Retail — 0.5%
Europris ASA(c)		42,264		269,429
Oil, Gas & Consumable Fuels — 19.7%
Aker BP ASA		33,594		1,052,184
BW Energy Ltd.(a)		20,637		54,628
BW LPG Ltd.(c)		20,816		124,047
DNO ASA		117,017		148,452
Equinor ASA		259,472		8,156,631
Flex LNG Ltd.		7,931		198,983
Frontline Ltd./Bermuda(a)		26,318		252,101
Hafnia Ltd.(a)		24,675		59,338
				10,046,364
Professional Services — 0.1%
Meltwater Holding BV(a)(b)		35,476		74,360
Real Estate Management & Development — 0.8%
Entra ASA(c)		16,993		359,490
Selvaag Bolig ASA		11,251		64,541
				424,031
Semiconductors & Semiconductor Equipment — 2.7%
Nordic Semiconductor ASA(a)		46,230		1,235,504

28 2 0 2 2    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, 2022 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
REC Silicon ASA(a)		72,914	$	129,265
				1,364,769
Software — 1.2%
Crayon Group Holding ASA(a)(c)		17,035		381,928
LINK Mobility Group Holding ASA(a)		46,764		87,627
Pexip Holding ASA(a)(b)		19,498		84,528
Volue ASA(a)		13,406		63,973
				618,056
Specialty Retail — 0.1%
XXL ASA(c)		37,016		50,067
Total Common Stocks — 99.7% (Cost: $50,170,144)				50,937,059
Short-Term Investments
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		1,132,833		1,133,060
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		70,000		70,000
				1,203,060
Total Short-Term Investments — 2.4% (Cost: $1,203,152)				1,203,060
Total Investments in Securities — 102.1% (Cost: $51,373,296)				52,140,119
Other Assets, Less Liabilities — (2.1)%			(1,071,409)
Net Assets — 100.0%			$	51,068,710

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	775,553	$	357,844	(a)	$	—	$	(245	)	$	(92	)	$	1,133,060		1,132,833	$	16,468	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		50,000	(a)		—		—			—			70,000		70,000		2			—
								$	(245	)	$	(92	)	$	1,203,060			$	16,470		$	—

^(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.

S C H E D U L E    O F    I N V E S T  M E N T S 29

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Norway ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		03/18/22	$	88	$	46

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	46

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	31,037
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	279

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	45,635

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,974,351	$	47,962,708	$	—	$	50,937,059
Money Market Funds		1,203,060		—		—		1,203,060
	$	4,177,411	$	47,962,708	$	—	$	52,140,119
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	46	$	—	$	46

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

30 2 0 2 2    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

Statements of Assets and Liabilities (unaudited)

February 28, 2022

	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)	$	157,096,565	$	34,773,920		$	36,131,987		$	65,135,367
Affiliated(c)		2,426,940		199,985			2,688,377			30,000
Cash		4,444		—			5,980			902
Foreign currency, at value(d)		113,494		5,819			142,788			87,553
Foreign currency collateral pledged:
Futures contracts(e)		96,186		7,849			23,546			7,848
Receivables:
Investments sold		1,535,017		1,698,961			238,865			5,093,668
Securities lending income — Affiliated		1,060		187			7,292			—
Variation margin on futures contracts		61,312		—			—			—
Dividends		—		821			—			6
Tax reclaims		896,194		236,778			1,155			23,043
Total assets		162,231,212		36,924,320			39,239,990			70,378,387
LIABILITIES
Bank overdraft		—		1,786			—			—
Collateral on securities loaned, at value		2,369,097		155,003			2,677,551			—
Payables:
Investments purchased		1,491,362		1,624,286			268,140			5,087,049
Variation margin on futures contracts		—		531			3,578			1,282
Capital shares redeemed		—		—			—			5,089
Investment advisory fees		64,067		12,583			16,706			27,408
Professional fees		—		50,000			—			—
IRS compliance fee for foreign withholding tax claims		—		125,852			—			—
Total liabilities		3,924,526		1,970,041			2,965,975			5,120,828
NET ASSETS	$	158,306,686	$	34,954,279		$	36,274,015		$	65,257,559
NET ASSETS CONSIST OF:
Paid-in capital	$	153,628,211	$	42,883,893		$	39,720,694		$	67,145,001
Accumulated earnings (loss)		4,678,475		(7,929,614	)		(3,446,679	)		(1,887,442	)
NET ASSETS	$	158,306,686	$	34,954,279		$	36,274,015		$	65,257,559
Shares outstanding		1,600,000		850,000			500,000			1,250,000
Net asset value	$	98.94	$	41.12		$	72.55		$	52.21
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Securities loaned, at value	$	2,396,206	$	120,240		$	2,533,640		$	—
(b) Investments, at cost — Unaffiliated	$	151,780,019	$	40,256,295		$	36,940,902		$	59,066,145
(c)  Investments, at cost — Affiliated	$	2,427,107	$	199,995		$	2,687,974		$	30,000
(d) Foreign currency, at cost	$	112,810	$	5,066		$	144,175		$	88,093
(e) Foreign currency collateral pledged, at cost	$	100,895	$	8,718		$	23,894		$	7,957

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, 2022

	iShares MSCI Kuwait ETF		iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	20,178,756	$	130,744,894		$	50,937,059
Affiliated(c)		—		1,157,267			1,203,060
Cash		—		3,235			—
Foreign currency, at value(d)		26,427		46,233			660,962
Foreign currency collateral pledged:
Futures contracts(e)		—		—			7,849
Receivables:
Investments sold		2,272,306		1,661,673			120,743
Securities lending income — Affiliated		—		188			4,862
Capital shares sold		—		—			118,754
Dividends		—		—			15,878
Tax reclaims		—		—			2,843
Total assets		22,477,489		133,613,490			53,072,010
LIABILITIES
Bank overdraft		11,379		—			52,784
Collateral on securities loaned, at value		—		1,108,298			1,133,391
Payables:
Investments purchased		435,154		1,758,124			797,133
Variation margin on futures contracts		—		2			1,311
Capital shares redeemed		1,818,947		—			—
Investment advisory fees		12,059		48,883			18,681
Total liabilities		2,277,539		2,915,307			2,003,300
NET ASSETS	$	20,199,950	$	130,698,183		$	51,068,710
NET ASSETS CONSIST OF:
Paid-in capital	$	14,378,929	$	176,734,360		$	56,468,401
Accumulated earnings (loss)		5,821,021		(46,036,177	)		(5,399,691	)
NET ASSETS	$	20,199,950	$	130,698,183		$	51,068,710
Shares outstanding		550,000		2,400,000			1,750,000
Net asset value	$	36.73	$	54.46		$	29.18
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a) Securities loaned, at value	$	—	$	1,033,271		$	1,122,980
(b) Investments, at cost — Unaffiliated	$	14,028,926	$	148,898,929		$	50,170,144
(c)  Investments, at cost — Affiliated	$	—	$	1,157,299		$	1,203,152
(d) Foreign currency, at cost	$	26,404	$	45,748		$	662,626
(e) Foreign currency collateral pledged, at cost	$	—	$	—		$	7,841

See notes to financial statements.

32 2 0 2 2    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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022

	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	278,292		$	117,166		$	70,956		$	295,431
Dividends — Affiliated		262			13			260			1
Securities lending income — Affiliated — net		26,294			1,175			40,315			—
Foreign taxes withheld		(41,898	)		(65	)		(9,333	)		(11,881	)
IRS Compliance fee for foreign withholding tax claims		—			(1,249	)		—			—
Total investment income		262,950			117,040			102,198			283,551
EXPENSES
Investment advisory fees		449,121			76,812			116,480			202,606
Professional fees		217			217			217			217
Total expenses		449,338			77,029			116,697			202,823
Net investment income (loss)		(186,388	)		40,011			(14,499	)		80,728
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(837,087	)		(812,114	)		(130,042	)		(2,032,171	)
Investments — Affiliated		(1,046	)		(34	)		(523	)		—
In-kind redemptions — Unaffiliated		2,693,149			746,224			—			4,811,414
Futures contracts		(155,909	)		8,386			(19,261	)		(2,191	)
Foreign currency transactions		(27,996	)		(1,235	)		(12,673	)		(12,988	)
Net realized gain (loss)		1,671,111			(58,773	)		(162,499	)		2,764,064
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(26,731,976	)		(7,093,032	)		(5,997,829	)		(15,323,961	)
Investments — Affiliated		(133	)		(10	)		(407	)		—
Futures contracts		19,655			(15,877	)		(3,827	)		(6,851	)
Foreign currency translations		(50,489	)		(12,081	)		(1,804	)		(2,764	)
Net change in unrealized appreciation (depreciation)		(26,762,943	)		(7,121,000	)		(6,003,867	)		(15,333,576	)
Net realized and unrealized loss		(25,091,832	)		(7,179,773	)		(6,166,366	)		(12,569,512	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,278,220	)	$	(7,139,762	)	$	(6,180,865	)	$	(12,488,784	)

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, 2022

		iShares MSCI Kuwait ETF			iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	23,430		$	1,711,237		$	815,051
Dividends — Affiliated		1			23			106
Securities lending income — Affiliated — net		—			22,786			16,364
Foreign taxes withheld		—			(233,973	)		(177,790	)
Total investment income		23,431			1,500,073			653,731
EXPENSES
Investment advisory fees		72,687			339,757			135,047
Commitment fees		93			—			—
Professional fees		—			217			217
Total expenses		72,780			339,974			135,264
Net investment income (loss)		(49,349	)		1,160,099			518,467
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		605,368			(695,990	)		(878,046	)
Investments — Affiliated		—			(559	)		(245	)
In-kind redemptions — Unaffiliated		—			523,991			3,923,077
Futures contracts		—			(11,818	)		31,037
Foreign currency transactions		(767	)		(10,246	)		(33,239	)
Net realized gain (loss)		604,601			(194,622	)		3,042,584
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		2,278,907			(19,798,592	)		(3,047,477	)
Investments — Affiliated		—			(32	)		(92	)
Futures contracts		—			(447	)		279
Foreign currency translations		(1,077	)		(3,951	)		2,419
Net change in unrealized appreciation (depreciation)		2,277,830			(19,803,022	)		(3,044,871	)
Net realized and unrealized gain (loss)		2,882,431			(19,997,644	)		(2,287	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,833,082		$	(18,837,545	)	$	516,180

See notes to financial statements.

34 2 0 2 2    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

Statements of Changes in Net Assets  

	iShares MSCI Denmark ETF						iShares MSCI Finland ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(186,388	)	$	1,236,501		$	40,011		$	796,078
Net realized gain (loss)		1,671,111			25,780,084			(58,773	)		5,459,015
Net change in unrealized appreciation (depreciation)		(26,762,943	)		23,679,075			(7,121,000	)		2,768,929
Net increase (decrease) in net assets resulting from operations		(25,278,220	)		50,695,660			(7,139,762	)		9,024,022
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(45,539	)		(1,262,684	)		(160,905	)		(1,012,192	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		16,762,636			7,535,488			11,056,514			(11,952,774	)
NET ASSETS
Total increase (decrease) in net assets		(8,561,123	)		56,968,464			3,755,847			(3,940,944	)
Beginning of period		166,867,809			109,899,345			31,198,432			35,139,376
End of period	$	158,306,686		$	166,867,809		$	34,954,279		$	31,198,432

^(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 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(14,499	)	$	515,265		$	80,728		$	382,349
Net realized gain (loss)		(162,499	)		2,938,871			2,764,064			897,808
Net change in unrealized appreciation (depreciation)		(6,003,867	)		8,182,752			(15,333,576	)		21,766,178
Net increase (decrease) in net assets resulting from operations		(6,180,865	)		11,636,888			(12,488,784	)		23,046,335
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(186,923	)		(638,366	)		(195,746	)		(400,086	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			(219,216	)		(4,687,449	)		6,863,827
NET ASSETS
Total increase (decrease) in net assets		(6,367,788	)		10,779,306			(17,371,979	)		29,510,076
Beginning of period		42,641,803			31,862,497			82,629,538			53,119,462
End of period	$	36,274,015		$	42,641,803		$	65,257,559		$	82,629,538

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

See notes to financial statements.

36 2 0 2 2    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

Statements of Changes in Net Assets (continued)

	iShares MSCI Kuwait ETF						iShares MSCI New Zealand ETF
		Six Months Ended 02/28/22 (unaudited)			Period From 09/01/20 to 08/31/21	(a)		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(49,349	)	$	304,140		$	1,160,099		$	2,806,128
Net realized gain (loss)		604,601			248,230			(194,622	)		23,039,126
Net change in unrealized appreciation (depreciation)		2,277,830			3,870,920			(19,803,022	)		(15,378,739	)
Net increase (decrease) in net assets resulting from operations		2,833,082			4,423,290			(18,837,545	)		10,466,515
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(1,120,625	)		(314,726	)		(2,132,042	)		(3,787,802	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(174,527	)		14,553,456			8,811,694			(31,025,621	)
NET ASSETS
Total increase (decrease) in net assets		1,537,930			18,662,020			(12,157,893	)		(24,346,908	)
Beginning of period		18,662,020			—			142,856,076			167,202,984
End of period	$	20,199,950		$	18,662,020		$	130,698,183		$	142,856,076

^(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 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	518,467		$	889,347
Net realized gain (loss)		3,042,584			(293,143	)
Net change in unrealized appreciation (depreciation)		(3,044,871	)		6,244,495
Net increase in net assets resulting from operations		516,180			6,840,699
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(475,398	)		(908,885	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		5,160,405			8,572,191
NET ASSETS
Total increase in net assets		5,201,187			14,504,005
Beginning of period		45,867,523			31,363,518
End of period	$	51,068,710		$	45,867,523

^(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 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	115.08		$	84.54		$	60.99		$	67.75		$	67.57		$	56.39
Net investment income (loss)(a)		(0.12	)		0.76			0.50			0.97			0.90			0.94
Net realized and unrealized gain (loss)(b)		(15.99	)		30.62			23.52			(5.99	)		0.77			11.07
Net increase (decrease) from investment operations		(16.11	)		31.38			24.02			(5.02	)		1.67			12.01
Distributions(c)
From net investment income		(0.03	)		(0.84	)		(0.47	)		(1.74	)		(1.49	)		(0.83	)
Total distributions		(0.03	)		(0.84	)		(0.47	)		(1.74	)		(1.49	)		(0.83	)
Net asset value, end of period	$	98.94		$	115.08		$	84.54		$	60.99		$	67.75		$	67.57
Total Return(d)
Based on net asset value		(14.01	)%(e)		37.21	%		39.52	%		(7.41	)%		2.58	%		21.43	%
Ratios to Average Net Assets(f)
Total expenses		0.53	%(g)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income (loss)		(0.22	)%(g)		0.77	%		0.71	%		1.59	%		1.34	%		1.66	%
Supplemental Data
Net assets, end of period (000)	$	158,307		$	166,868		$	109,899		$	33,544		$	40,649		$	67,567
Portfolio turnover rate(h)		5	%(e)		11	%		21	%		14	%		13	%		14	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	52.00		$	41.34		$	35.63		$	41.83		$	39.79		$	33.19
Net investment income(a)		0.06			1.10			0.85			1.30			1.39			1.02
Net realized and unrealized gain (loss)(b)		(10.65	)		10.93			6.25			(5.98	)		2.16			6.74
Net increase (decrease) from investment operations		(10.59	)		12.03			7.10			(4.68	)		3.55			7.76
Distributions(c)
From net investment income		(0.29	)		(1.37	)		(1.39	)		(1.52	)		(1.51	)		(1.16	)
Total distributions		(0.29	)		(1.37	)		(1.39	)		(1.52	)		(1.51	)		(1.16	)
Net asset value, end of period	$	41.12		$	52.00		$	41.34		$	35.63		$	41.83		$	39.79
Total Return(d)
Based on net asset value		(20.44	)%(e)		29.37	%		20.61	%		(11.24	)%		9.08	%		23.32	%
Ratios to Average Net Assets(f)
Total expenses		0.53	%(g)		0.55	%		0.53	%		0.53	%		0.53	%		0.55	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.53	%		0.53	%		0.53	%		N/A			0.53	%
Net investment income		0.28	%(g)		2.39	%		2.36	%		3.40	%		3.38	%		2.84	%
Supplemental Data
Net assets, end of period (000)	$	34,954		$	31,198		$	35,139		$	26,725		$	39,735		$	45,753
Portfolio turnover rate(h)		7	%(e)		12	%		22	%		16	%		11	%		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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	85.28		$	63.72		$	52.75		$	63.43		$	57.18		$	43.23
Net investment income (loss)(a)		(0.03	)		0.99			0.38			1.07			1.33			0.78
Net realized and unrealized gain (loss)(b)		(12.33	)		21.79			10.74			(10.06	)		6.19			13.87
Net increase (decrease) from investment operations		(12.36	)		22.78			11.12			(8.99	)		7.52			14.65
Distributions(c)
From net investment income		(0.37	)		(1.22	)		(0.15	)		(1.69	)		(1.27	)		(0.70	)
Total distributions		(0.37	)		(1.22	)		(0.15	)		(1.69	)		(1.27	)		(0.70	)
Net asset value, end of period	$	72.55		$	85.28		$	63.72		$	52.75		$	63.43		$	57.18
Total Return(d)
Based on net asset value		(14.52	)%(e)		35.96	%		21.12	%		(14.08	)%		13.22	%		34.12	%
Ratios to Average Net Assets(f)
Total expenses		0.59	%(g)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		(0.07	)%(g)		1.30	%		0.69	%		1.95	%		2.09	%		1.65	%
Supplemental Data
Net assets, end of period (000)	$	36,274		$	42,642		$	31,862		$	36,927		$	60,260		$	40,025
Portfolio turnover rate(h)		12	%(e)		24	%		25	%		13	%		14	%		14	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Ireland ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	61.21		$	42.50		$	39.39		$	46.25		$	43.80		$	38.94
Net investment income(a)		0.06			0.32			0.43			0.61			0.61			0.47
Net realized and unrealized gain (loss)(b)		(8.93	)		18.74			3.34			(6.80	)		2.62			4.94
Net increase (decrease) from investment operations		(8.87	)		19.06			3.77			(6.19	)		3.23			5.41
Distributions(c)
From net investment income		(0.13	)		(0.35	)		(0.66	)		(0.67	)		(0.78	)		(0.55	)
Total distributions		(0.13	)		(0.35	)		(0.66	)		(0.67	)		(0.78	)		(0.55	)
Net asset value, end of period	$	52.21		$	61.21		$	42.50		$	39.39		$	46.25		$	43.80
Total Return(d)
Based on net asset value		(14.54	)%(e)		44.90	%		9.59	%		(13.44	)%		7.38	%		13.99	%
Ratios to Average Net Assets(f)
Total expenses		0.49	%(g)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income		0.20	%(g)		0.62	%		1.06	%		1.49	%		1.31	%		1.19	%
Supplemental Data
Net assets, end of period (000)	$	65,258		$	82,630		$	53,119		$	55,151		$	69,381		$	67,883
Portfolio turnover rate(h)		13	%(e)		40	%		47	%		24	%		20	%		14	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

42 2 0 2 2    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 (continued)

(For a share outstanding throughout each period)

	iShares MSCI Kuwait ETF
		Six Months Ended 02/28/22 (unaudited)			Period From 09/01/20 to 08/31/21	(a)
Net asset value, beginning of period	$	33.93		$	25.22
Net investment income (loss)(b)		(0.09	)		0.66
Net realized and unrealized gain(c)		4.93			8.62
Net increase from investment operations		4.84			9.28
Distributions(d)
From net investment income		(2.04	)		(0.57	)
Total distributions		(2.04	)		(0.57	)
Net asset value, end of period	$	36.73		$	33.93
Total Return(e)
Based on net asset value		14.95	%(f)		37.03	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.74	%(h)		0.74	%(h)
Net investment income (loss)		(0.50	)%(h)		2.24	%(h)
Supplemental Data
Net assets, end of period (000)	$	20,200		$	18,662
Portfolio turnover rate(i)		9	%(f)		16	%(f)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  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 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	63.49		$	60.80		$	51.80		$	49.11		$	46.26		$	46.90
Net investment income(a)		0.50			1.04			1.06			1.58			1.71			1.96
Net realized and unrealized gain (loss)(b)		(8.64	)		2.97			9.49			2.70			2.86			(0.39	)
Net increase (decrease) from investment operations		(8.14	)		4.01			10.55			4.28			4.57			1.57
Distributions(c)
From net investment income		(0.89	)		(1.32	)		(1.55	)		(1.59	)		(1.72	)		(2.21	)
Total distributions		(0.89	)		(1.32	)		(1.55	)		(1.59	)		(1.72	)		(2.21	)
Net asset value, end of period	$	54.46		$	63.49		$	60.80		$	51.80		$	49.11		$	46.26
Total Return(d)
Based on net asset value		(12.91	)%(e)		6.58	%		20.71	%		9.00	%		10.02	%		3.95	%
Ratios to Average Net Assets(f)
Total expenses		0.49	%(g)		0.50	%		0.51	%		0.50	%		0.47	%		0.49	%
Net investment income		1.69	%(g)		1.64	%		1.96	%		3.16	%		3.58	%		4.45	%
Supplemental Data
Net assets, end of period (000)	$	130,698		$	142,856		$	167,203		$	165,751		$	142,406		$	175,790
Portfolio turnover rate(h)		4	%(e)		16	%		12	%		15	%		14	%		9	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

44 2 0 2 2    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 (continued)

(For a share outstanding throughout each period)

	iShares MSCI Norway ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	28.67		$	22.40		$	22.63		$	27.67		$	25.07		$	20.36
Net investment income(a)		0.30			0.69			0.34			0.67			0.72			0.69
Net realized and unrealized gain (loss)(b)		0.45			6.30			(0.15	)		(4.91	)		2.56			4.70
Net increase (decrease) from investment operations		0.75			6.99			0.19			(4.24	)		3.28			5.39
Distributions(c)
From net investment income		(0.24	)		(0.72	)		(0.42	)		(0.80	)		(0.68	)		(0.68	)
Total distributions		(0.24	)		(0.72	)		(0.42	)		(0.80	)		(0.68	)		(0.68	)
Net asset value, end of period	$	29.18		$	28.67		$	22.40		$	22.63		$	27.67		$	25.07
Total Return(d)
Based on net asset value		2.67	%(e)		31.42	%		1.04	%		(15.42	)%		13.21	%		27.10	%
Ratios to Average Net Assets(f)
Total expenses		0.53	%(g)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income		2.03	%(g)		2.61	%		1.58	%		2.66	%		2.67	%		3.11	%
Supplemental Data
Net assets, end of period (000)	$	51,069		$	45,868		$	31,364		$	22,632		$	30,434		$	32,589
Portfolio turnover rate(h)		13	%(e)		12	%		16	%		13	%		13	%		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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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	Non-diversified
MSCI New Zealand	Non-diversified
MSCI Norway	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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 Statements 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, 2022, if any, are disclosed in the Statements 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 Statements 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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.

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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 Schedule 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:

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	$	57,318	$	56,302		$	—	$	(1,016	)(b)
BNP Paribas SA		895,051		895,051			—		—
BofA Securities, Inc		881,486		848,355			—		(33,131	)(b)
Morgan Stanley		509,278		490,137			—		(19,141	)(b)
UBS AG		53,073		52,132			—		(941	)(b)
	$	2,396,206	$	2,341,977		$	—	$	(54,229	)
MSCI Finland
Barclays Capital, Inc	$	28,796	$	28,796		$	—	$	—
Morgan Stanley		91,444		91,444			—		—
	$	120,240	$	120,240		$	—	$	—
MSCI Germany Small-Cap
Barclays Capital, Inc	$	193,781	$	193,781		$	—	$	—
BNP Paribas SA		202		202			—		—
BofA Securities, Inc		397,955		397,955			—		—
Citigroup Global Markets, Inc.		40,102		40,102			—		—
Goldman Sachs & Co. LLC		834,543		834,543			—		—
Morgan Stanley		996,706		996,706			—		—
UBS AG		70,351		70,351			—		—
	$	2,533,640	$	2,533,640		$	—	$	—
MSCI New Zealand
Credit Suisse Securities (USA) LLC	$	641,406	$	641,406		$	—	$	—
Morgan Stanley		391,865		391,865			—		—
	$	1,033,271	$	1,033,271		$	—	$	—

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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 Norway
Barclays Capital, Inc	$	65,207	$	65,207		$	—	$	—
Goldman Sachs & Co. LLC		609,974		547,109			—		(62,865	)(b)
Morgan Stanley		204,187		204,187			—		—
SG Americas Securities LLC		243,612		243,612			—		—
	$	1,122,980	$	1,060,115		$	—	$	(62,865	)

^(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)  The market value of the loaned securities is determined as of February 28, 2022. 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the 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

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Notes to Financial Statements (unaudited) (continued)

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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. 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 Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI Denmark	$	6,651
MSCI Finland		285
MSCI Germany Small-Cap		9,519
MSCI New Zealand		5,765
MSCI Norway		3,791

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 Financial Statements (unaudited) (continued)

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, 2022, 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	$	1,128,815	$	923,980	$	23,536
MSCI Finland		1,482,495		79,447		(18,535	)
MSCI Germany Small-Cap		515,083		935,101		(236,099	)
MSCI Ireland		632,463		1,431,043		(338,098	)
MSCI New Zealand		1,009,372		338,527		(39,765	)
MSCI Norway		271,524		759,530		(154,032	)

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

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, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Denmark	$	7,980,111	$	9,730,397
MSCI Finland		2,025,439		2,060,255
MSCI Germany Small-Cap		5,218,560		4,600,423
MSCI Ireland		10,118,706		10,727,633
MSCI Kuwait		1,725,018		3,080,035
MSCI New Zealand		5,471,187		6,035,314
MSCI Norway		7,796,761		6,672,275

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
MSCI Denmark	$	27,228,406	$	10,602,513
MSCI Finland		18,244,717		7,232,675
MSCI Ireland		8,972,650		13,664,355
MSCI New Zealand		11,662,713		2,888,018
MSCI Norway		22,325,313		18,078,456

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, 2022, 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, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Denmark	$	1,855,801
MSCI Finland		2,246,283
MSCI Germany Small-Cap		1,629,412
MSCI Ireland		9,782,016
MSCI New Zealand		25,824,419
MSCI Norway		8,910,431

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Notes to Financial Statements (unaudited) (continued)

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, 2022, 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	$	154,455,117	$	18,991,457	$	(13,910,674	)	$	5,080,783
MSCI Finland		40,569,599		316,550		(5,920,111	)		(5,603,561	)
MSCI Germany Small-Cap		40,453,868		5,195,160		(6,831,225	)		(1,636,065	)
MSCI Ireland		59,989,735		9,046,848		(3,878,067	)		5,168,781
MSCI Kuwait		14,838,968		6,219,182		(879,394	)		5,339,788
MSCI New Zealand		152,330,285		4,851,848		(25,279,972	)		(20,428,124	)
MSCI Norway		51,646,978		5,030,656		(4,537,469	)		493,187

9. LINE OF CREDIT

The iShares Kuwait ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) 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 Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

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. Although vaccines have been developed and approved for use by various governments, 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.

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Notes to Financial Statements  (unaudited) (continued)

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 Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. 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 as well as acts of war in the region. 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. 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. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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.

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 53

Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Denmark
Shares sold		250,000		$	27,447,329			1,000,000		$	91,288,280
Shares redeemed		(100,000	)		(10,684,693	)		(850,000	)		(83,752,792	)
Net increase		150,000		$	16,762,636			150,000		$	7,535,488
MSCI Finland
Shares sold		400,000		$	18,329,774			350,000		$	15,197,344
Shares redeemed		(150,000	)		(7,273,260	)		(600,000	)		(27,150,118	)
Net increase (decrease)		250,000		$	11,056,514			(250,000	)	$	(11,952,774	)
MSCI Germany Small-Cap
Shares sold		—		$	—			100,000		$	7,312,000
Shares redeemed		—			—			(100,000	)		(7,531,216	)
Net decrease		—		$	—			—		$	(219,216	)
MSCI Ireland
Shares sold		150,000		$	9,005,152			200,000		$	11,938,016
Shares redeemed		(250,000	)		(13,692,601	)		(100,000	)		(5,074,189	)
Net increase (decrease)		(100,000	)	$	(4,687,449	)		100,000		$	6,863,827
	Six Months Ended 02/28/22						Period Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Kuwait
Shares sold		50,000		$	1,655,850			550,000		$	14,553,456
Shares redeemed		(50,000)			(1,830,377	)		—			—
Net increase (decrease)		—		$	(174,527	)		550,000		$	14,553,456
	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI New Zealand
Shares sold		200,000		$	11,701,014			1,100,000		$	70,195,179
Shares redeemed		(50,000	)		(2,889,320	)		(1,600,000	)		(101,220,800	)
Net increase (decrease)		150,000		$	8,811,694			(500,000	)	$	(31,025,621	)
MSCI Norway
Shares sold		850,000		$	25,549,393			700,000		$	19,084,489
Shares redeemed		(700,000	)		(20,388,988	)		(500,000	)		(10,512,298	)
Net increase		150,000		$	5,160,405			200,000		$	8,572,191

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 Statements of Assets and Liabilities.

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Finland 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

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Notes to Financial Statements  (unaudited) (continued)

has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. 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 55

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 9, 2021 (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, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each 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 the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each 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 also 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 material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 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, 2022

	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)	$	0.004070	$	—	$	0.024392	$	0.028462		14	%		—	%		86	%		100	%
MSCI Germany Small-Cap(a)		0.312507		—		0.061339		0.373846		84			—			16			100
MSCI Kuwait(a)		1.641295		—		0.396205		2.037500		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 57

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

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 Trust’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
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 59

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.

©2022 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-808-0222

FEBRUARY 28, 2022

2022 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, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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.

Overall, 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, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication 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	6
Shareholder Expenses	6
Consolidated Schedules of Investments	7
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities	17
Consolidated Statements of Operations	18
Consolidated Statements of Changes in Net Assets	19
Consolidated Financial Highlights	20
Notes to Consolidated Financial Statements	22
Statement Regarding Liquidity Risk Management Program	28
Supplemental Information	29
General Information	30
Glossary of Terms Used in this Report	31

Fund Summary as of February 28, 2022 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			10 Years	1 Year			5 Years			10 Years
Fund NAV		(4.56	)%		14.36	%		10.25	%	6.70%		14.36	%		62.90	%	91.30%
Fund Market		(4.13	)		13.67			10.23		6.80		13.67			62.73		93.05
Index		(4.95	)		16.29			11.58		7.66		16.29			72.92		109.24

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      (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning    Account Value    (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized     Expense     Ratio
	$       1,000.00	$          954.40	$        3.10			$      1,000.00	$      1,021.60	$        3.21		0.64%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Financials	24.4%
Information Technology	18.3
Energy	11.8
Materials	10.2
Consumer Discretionary	8.4
Consumer Staples	8.4
Utilities	5.3
Health Care	4.8
Industrials	4.7
Communication Services	3.1
Real Estate	0.6

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Reliance Industries Ltd.	9.7%
Infosys Ltd.	8.2
Housing Development Finance Corp. Ltd.	5.8
ICICI Bank Ltd.	5.5
Tata Consultancy Services Ltd.	4.7
Bajaj Finance Ltd.	2.7
Hindustan Unilever Ltd.	2.6
Bharti Airtel Ltd.	2.4
Axis Bank Ltd.	2.4
Larsen & Toubro Ltd.	1.8

^(a)  Excludes money market funds.

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

Fund Summary as of February 28, 2022 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			10 Years	1 Year			5 Years			10 Years
Fund NAV		(3.80	)%		17.93	%		8.87	%	9.01%		17.93	%		52.94	%	136.90%
Fund Market		(3.64	)		18.41			8.86		9.15		18.41			52.89		140.06
Index		(4.34	)		19.68			10.43		10.15		19.68			64.24		162.91

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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      (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning    Account Value    (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized     Expense     Ratio
	$       1,000.00	$          962.00	$        3.60			$      1,000.00	$      1,021.10	$        3.71		0.74%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Materials	18.7%
Industrials	17.8
Financials	15.3
Consumer Discretionary	13.8
Health Care	9.4
Information Technology	9.1
Communication Services	5.0
Real Estate	3.9
Consumer Staples	3.4
Utilities	2.9
Energy	0.7

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Voltas Ltd.	1.6%
Crompton Greaves Consumer Electricals Ltd.	1.4
Tata Elxsi Ltd.	1.3
Zee Entertainment Enterprises Ltd.	1.2
Persistent Systems Ltd.	1.2
Max Financial Services Ltd.	1.1
Aarti Industries Ltd.	1.1
Astral Ltd.	1.0
Ashok Leyland Ltd.	1.0
Laurus Labs Ltd.	1.0

^(a)  Excludes money market funds.

FUND   SUMMARY 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 each 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 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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

Consolidated Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
Bharat Electronics Ltd.		7,293,486	$	20,496,785
Airlines — 0.3%
InterGlobe Aviation Ltd.(a)(b)		576,449		14,430,791
Auto Components — 1.0%
Balkrishna Industries Ltd.		521,024		12,669,569
Bharat Forge Ltd.		1,394,702		12,634,221
Motherson Sumi Systems Ltd.		7,563,377		15,206,472
Motherson Sumi Wiring India Ltd.(b)		7,635,201		4,708,952
MRF Ltd.		11,421		9,993,431
				55,212,645
Automobiles — 5.0%
Bajaj Auto Ltd.		415,763		19,564,824
Eicher Motors Ltd.		818,119		28,258,199
Hero MotoCorp Ltd.		717,441		24,302,714
Mahindra & Mahindra Ltd.		5,211,252		55,013,416
Maruti Suzuki India Ltd.		814,032		90,222,064
Tata Motors Ltd.(b)		9,942,270		60,271,844
				277,633,061
Banks — 11.1%
Axis Bank Ltd.(b)		13,652,649		135,449,951
Bandhan Bank Ltd.(a)		3,883,628		15,885,313
ICICI Bank Ltd.		31,009,244		307,138,293
Kotak Mahindra Bank Ltd.		3,325,392		81,858,158
State Bank of India		10,685,432		69,030,070
Yes Bank Ltd.(b)		67,539,495		11,931,676
				621,293,461
Beverages — 0.4%
United Spirits Ltd.(b)		1,740,081		20,546,323
Biotechnology — 0.2%
Biocon Ltd.(b)		2,517,122		11,698,553
Capital Markets — 0.2%
HDFC Asset Management Co. Ltd.(a)		318,658		8,860,929
Chemicals — 3.8%
Asian Paints Ltd.		2,297,198		97,082,143
Berger Paints India Ltd.		1,454,570		13,359,284
PI Industries Ltd.		499,356		16,434,515
Pidilite Industries Ltd.		912,365		29,206,330
SRF Ltd.		886,430		28,210,058
UPL Ltd.		2,972,210		26,415,441
				210,707,771
Commercial Services & Supplies — 0.3%
Indian Railway Catering & Tourism Corp. Ltd.		1,437,260		15,595,599
Construction & Engineering — 1.8%
Larsen & Toubro Ltd.		4,122,197		99,933,131
Construction Materials — 2.5%
ACC Ltd.		450,011		12,534,192
Ambuja Cements Ltd.		4,160,388		17,436,618
Grasim Industries Ltd.		1,576,672		33,647,174
Shree Cement Ltd.		64,803		21,096,908
UltraTech Cement Ltd.		604,648		52,919,858
				137,634,750

Security	Shares		Value
Consumer Finance — 3.9%
Bajaj Finance Ltd.		1,625,572	$	152,194,512
Cholamandalam Investment and Finance Co. Ltd.		2,455,609		22,654,270
Muthoot Finance Ltd.		719,670		13,038,575
SBI Cards & Payment Services Ltd.(b)		1,409,052		14,773,875
Shriram Transport Finance Co. Ltd.		1,215,006		18,262,774
				220,924,006
Diversified Financial Services — 1.2%
Bajaj Finserv Ltd.		228,413		48,969,118
Piramal Enterprises Ltd.		714,938		19,764,818
				68,733,936
Diversified Telecommunication Services — 0.2%
Indus Towers Ltd.(b)		4,035,434		11,582,538
Electric Utilities — 2.2%
Adani Transmission Ltd.(b)		1,645,924		46,903,311
Power Grid Corp. of India Ltd.		18,785,806		52,309,376
Tata Power Co. Ltd. (The)		8,605,474		25,661,656
				124,874,343
Electrical Equipment — 0.4%
Havells India Ltd.		1,499,444		23,688,850
Food & Staples Retailing — 1.0%
Avenue Supermarts Ltd.(a)(b)		969,199		56,072,350
Food Products — 2.4%
Britannia Industries Ltd.		648,704		29,610,215
Marico Ltd.		3,090,342		21,156,725
Nestle India Ltd.		202,074		47,458,040
Tata Consumer Products Ltd.		3,581,074		34,290,209
				132,515,189
Gas Utilities — 1.1%
Adani Total Gas Ltd.		1,648,099		34,745,748
GAIL India Ltd.		9,305,446		17,993,075
Indraprastha Gas Ltd.		1,675,929		7,748,751
				60,487,574
Health Care Providers & Services — 0.7%
Apollo Hospitals Enterprise Ltd.		602,371		38,554,714
Hotels, Restaurants & Leisure — 0.3%
Jubilant Foodworks Ltd.		474,169		18,435,365
Independent Power and Renewable Electricity Producers — 2.0%
Adani Green Energy Ltd.(b)		2,341,460		57,616,453
NTPC Ltd.		29,015,978		51,652,280
				109,268,733
Industrial Conglomerates — 0.2%
Siemens Ltd.		426,709		13,349,481
Insurance — 2.0%
HDFC Life Insurance Co. Ltd.(a)		5,455,271		38,028,267
ICICI Lombard General Insurance Co. Ltd.(a)		1,343,096		22,605,946
ICICI Prudential Life Insurance Co. Ltd.(a)		2,165,120		13,831,854
SBI Life Insurance Co. Ltd.(a)		2,693,664		38,091,062
				112,557,129
Interactive Media & Services — 0.5%
Info Edge India Ltd.		461,653		27,442,433
Internet & Direct Marketing Retail — 0.2%
Zomato Ltd.(b)		9,404,715		10,047,317

CONSOLIDATED  SCHEDULE   OF   INVESTMENTS 7

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 18.2%
HCL Technologies Ltd.		6,497,329	$	97,701,814
Infosys Ltd.		20,146,101		459,126,956
Larsen & Toubro Infotech Ltd.(a)		314,525		24,582,308
Mindtree Ltd.		394,624		20,477,382
Mphasis Ltd.		504,627		20,964,873
Tata Consultancy Services Ltd.		5,537,780		262,334,180
Tech Mahindra Ltd.		3,776,462		71,102,478
Wipro Ltd.		8,197,984		60,622,007
				1,016,911,998
Life Sciences Tools & Services — 0.8%
Divi’s Laboratories Ltd.		796,105		45,243,839
Metals & Mining — 3.9%
Hindalco Industries Ltd.		9,434,474		72,505,104
JSW Steel Ltd.		5,047,453		42,346,770
Tata Steel Ltd.		4,324,969		70,815,853
Vedanta Ltd.		6,673,932		33,968,199
				219,635,926
Multiline Retail — 0.3%
Trent Ltd.		1,085,762		16,057,558
Oil, Gas & Consumable Fuels — 11.8%
Bharat Petroleum Corp. Ltd.		5,192,972		24,222,328
Coal India Ltd.		9,222,978		20,860,905
Hindustan Petroleum Corp. Ltd.		3,823,008		13,907,470
Indian Oil Corp. Ltd.		11,273,097		17,302,994
Oil & Natural Gas Corp. Ltd.		15,057,923		32,431,217
Petronet LNG Ltd.		4,484,399		12,868,021
Reliance Industries Ltd.		17,093,744		538,140,125
				659,733,060
Personal Products — 3.7%
Colgate-Palmolive India Ltd.		733,143		14,143,385
Dabur India Ltd.		3,703,053		27,763,387
Godrej Consumer Products Ltd.(b)		2,142,085		21,906,945
Hindustan Unilever Ltd.		4,924,543		142,409,474
				206,223,191
Pharmaceuticals — 3.0%
Aurobindo Pharma Ltd.		1,754,358		14,604,064
Cipla Ltd.		2,898,784		35,678,355
Dr. Reddy’s Laboratories Ltd.		697,494		37,659,849
Lupin Ltd.		1,359,755		13,508,482
Sun Pharmaceutical Industries Ltd.		5,028,674		56,489,240
Torrent Pharmaceuticals Ltd.		303,577		11,110,650
				169,050,640
Real Estate Management & Development — 0.6%
DLF Ltd.		3,717,294		17,442,561

Security	Shares		Value
Real Estate Management & Development (continued)
Godrej Properties Ltd.(b)		749,190	$	15,007,811
				32,450,372
Road & Rail — 0.2%
Container Corp. of India Ltd.		1,457,434		11,664,692
Textiles, Apparel & Luxury Goods — 1.6%
Page Industries Ltd.		33,393		18,796,709
Titan Co. Ltd.		2,126,545		72,231,278
				91,027,987
Thrifts & Mortgage Finance — 5.8%
Housing Development Finance Corp. Ltd.		10,297,280		325,453,770
Tobacco — 0.9%
ITC Ltd.		17,709,739		50,993,522
Trading Companies & Distributors — 0.6%
Adani Enterprises Ltd.		1,645,527		36,186,332
Transportation Infrastructure — 0.5%
Adani Ports & Special Economic Zone Ltd.		3,054,844		28,885,621
Wireless Telecommunication Services — 2.4%
Bharti Airtel Ltd.(b)		14,822,778		135,543,811
Total Common Stocks — 99.6% (Cost: $3,083,141,765)				5,567,640,076
Short-Term Investments
Money Market Funds — 3.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		198,120,000		198,120,000
Total Short-Term Investments — 3.5% (Cost: $198,120,000)				198,120,000
Total Investments in Securities — 103.1% (Cost: $3,281,261,765)				5,765,760,076
Other Assets, Less Liabilities — (3.1)%				(173,602,753	)
Net Assets — 100.0%			$	5,592,157,323

^(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.

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

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI India ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	138,250,000	$	59,870,000	(a)	$	—	$	—	$	—	$	198,120,000		198,120,000	$	10,731	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SGX Nifty 50 Index		632		03/31/22	$	21,325	$	21,508

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	21,508

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,254,896	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(45,926	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	14,141,036

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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.

CONSOLIDATED  SCHEDULE   OF  INVESTMENTS 9

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI India ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	34,745,748	$	5,532,894,328	$	—	$	5,567,640,076
Money Market Funds		198,120,000		—		—		198,120,000
	$	232,865,748	$	5,532,894,328	$	—	$	5,765,760,076
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	21,508	$	—	$	21,508

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to consolidated financial statements.

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

Consolidated Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.5%
Allcargo Logistics Ltd.		115,704	$	497,092
Blue Dart Express Ltd.		7,486		598,270
Mahindra Logistics Ltd.(a)		45,506		243,406
TCI Express Ltd.		21,229		500,184
				1,838,952
Airlines — 0.1%
SpiceJet Ltd.(b)		379,933		305,909
Auto Components — 3.4%
Apollo Tyres Ltd.		503,598		1,242,908
Asahi India Glass Ltd.		96,412		603,460
Ceat Ltd.		34,882		454,287
Endurance Technologies Ltd.(a)		55,285		970,771
Exide Industries Ltd.		601,927		1,196,423
Mahindra CIE Automotive Ltd.(b)		180,373		468,129
Minda Industries Ltd.		113,195		1,391,734
Sundaram Clayton Ltd.		8,026		416,050
Sundram Fasteners Ltd.		149,785		1,704,603
Suprajit Engineering Ltd.		108,981		456,204
Tube Investments of India Ltd.		168,301		3,408,877
				12,313,446
Automobiles — 0.7%
TVS Motor Co. Ltd.		300,817		2,475,214
Banks — 3.7%
AU Small Finance Bank Ltd.(a)(b)		123,943		1,991,151
Canara Bank(b)		571,864		1,680,177
City Union Bank Ltd.		574,408		958,438
Equitas Small Finance Bank Ltd.(a)(b)		363,092		250,763
Federal Bank Ltd.		2,454,004		3,181,369
IDFC First Bank Ltd.(b)		4,804,463		2,705,178
Karur Vysya Bank Ltd. (The)		620,855		393,295
RBL Bank Ltd.(a)(b)		707,035		1,262,013
Yes Bank Ltd., (Acquired 03/16/20, Cost: $3,554,476)(b)(c)		4,044,378		635,547
				13,057,931
Beverages — 1.2%
Radico Khaitan Ltd.		115,916		1,386,889
Varun Beverages Ltd.		239,260		3,010,058
				4,396,947
Building Products — 2.1%
Astral Ltd.		142,718		3,699,043
Blue Star Ltd.		91,521		1,304,828
Cera Sanitaryware Ltd.		8,163		470,340
Kajaria Ceramics Ltd.		125,984		1,816,493
Prince Pipes and Fittings Ltd.		43,599		374,587
				7,665,291
Capital Markets — 4.0%
Angel One Ltd.		32,893		587,152
BSE Ltd.		34,932		915,811
Central Depository Services India Ltd.		81,156		1,469,954
CRISIL Ltd.		23,101		886,826
Dhani Services Ltd.(b)		381,696		400,444
Edelweiss Financial Services Ltd., NVS		817,535		596,111
ICICI Securities Ltd.(a)		133,017		1,181,095
IDFC Ltd.(b)		1,759,231		1,359,234
IIFL Wealth Management Ltd.		56,072		1,146,091
Indian Energy Exchange Ltd., NVS(a)		694,760		1,913,140
JM Financial Ltd.		680,942		618,294

Security	Shares		Value
Capital Markets (continued)
Motilal Oswal Financial Services Ltd.		58,074	$	681,875
Multi Commodity Exchange of India Ltd.		40,899		695,440
Nippon Life India Asset Management Ltd.(a)		196,644		806,876
Tata Investment Corp. Ltd.		20,023		354,799
UTI Asset Management Co. Ltd.		70,470		784,309
				14,397,451
Chemicals — 12.6%
Aarti Industries Ltd.		314,788		3,889,215
Advanced Enzyme Technologies Ltd.		70,468		300,467
Akzo Nobel India Ltd.		14,432		361,926
Alkyl Amines Chemicals		20,278		812,742
Atul Ltd.		23,355		2,882,205
Balaji Amines Ltd., NVS		15,358		586,131
BASF India Ltd.		17,086		626,600
Bayer CropScience Ltd./India		21,245		1,245,809
Carborundum Universal Ltd.		165,230		1,773,082
Castrol India Ltd.		627,691		903,083
Chambal Fertilizers and Chemicals Ltd.		261,959		1,321,884
Chemplast Sanmar Ltd.(b)		63,177		397,878
Clean Science and Technology(b)		33,390		816,388
Coromandel International Ltd.		185,058		1,906,989
Deepak Fertilisers & Petrochemicals Corp. Ltd.		86,135		652,866
Deepak Nitrite Ltd.		107,952		2,884,581
EID Parry India Ltd.		111,853		616,779
Fine Organic Industries Ltd.		12,155		694,788
Finolex Industries Ltd.		392,094		800,922
Galaxy Surfactants Ltd.		16,757		620,184
Gujarat Fluorochemicals Ltd.(b)		34,844		1,197,121
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		122,605		905,857
Gujarat State Fertilizers & Chemicals Ltd.		284,120		476,908
Indigo Paints Ltd.(b)		15,078		359,452
Jubilant Ingrevia Ltd.		101,015		674,050
Kansai Nerolac Paints Ltd.		212,162		1,283,147
Laxmi Organic Industries Ltd.		84,118		460,302
Linde India Ltd.		33,556		1,230,857
Navin Fluorine International Ltd.		50,953		2,642,673
NOCIL Ltd.		156,265		436,890
Polyplex Corporation Ltd.		19,984		482,160
Rain Industries Ltd.		265,637		658,336
Rallis India Ltd.		123,292		384,270
Rossari Biotech Ltd.		21,798		285,190
Solar Industries India Ltd.		43,054		1,327,363
Sumitomo Chemical India Ltd.		158,181		794,396
Supreme Industries Ltd.		100,539		2,738,556
Supreme Petrochem Ltd.		52,181		460,597
Tata Chemicals Ltd.		261,258		2,935,177
Vinati Organics Ltd.		40,367		996,873
				44,824,694
Commercial Services & Supplies — 0.1%
SIS Ltd.(b)		58,004		351,222
Communications Equipment — 0.3%
Sterlite Technologies Ltd.		250,809		591,533
Tejas Networks Ltd.(a)(b)		90,941		495,744
				1,087,277
Construction & Engineering — 3.4%
Dilip Buildcon Ltd.(a)		57,940		208,218
Engineers India Ltd.		400,172		329,082
GMR Power and Urban Infrastructure Ltd., NVS(b)		300,381		133,551

CONSOLIDATED  SCHEDULE   OF   INVESTMENTS 11

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
IRB Infrastructure Developers Ltd.(b)		142,481	$	409,874
Kalpataru Power Transmission Ltd.		104,936		547,535
KEC International Ltd.		183,447		1,138,726
KNR Constructions Ltd.		200,074		827,237
NBCC India Ltd.		1,136,315		591,209
NCC Ltd./India		624,307		520,964
PNC Infratech Ltd.		140,828		497,682
Praj Industries Ltd.		175,065		796,392
Sterling and Wilson Renewable Energy Ltd.(b)		60,056		255,969
Voltas Ltd.		339,722		5,711,481
				11,967,920
Construction Materials — 2.8%
Birla Corp. Ltd.		42,831		625,843
Dalmia Bharat Ltd.		118,095		2,466,191
HeidelbergCement India Ltd.		107,091		265,132
India Cements Ltd. (The)		219,618		592,734
JK Cement Ltd.		55,058		2,086,426
JK Lakshmi Cement Ltd.		93,342		555,982
Nuvoco Vistas Corp. Ltd.(b)		170,107		785,247
Prism Johnson Ltd.(b)		198,642		312,542
Ramco Cements Ltd. (The)		205,467		2,154,575
				9,844,672
Consumer Finance — 2.7%
Cholamandalam Financial Holdings Ltd.		148,869		1,276,246
CreditAccess Grameen Ltd.(b)		74,335		743,035
Mahindra & Mahindra Financial Services Ltd.		973,268		1,890,816
Manappuram Finance Ltd.		804,935		1,223,248
MAS Financial Services Ltd.(a)		26,239		198,272
Paisalo Digital Ltd.		40,404		356,700
Poonawalla Fincorp Ltd.(b)		239,684		762,926
Shriram City Union Finance Ltd.		36,546		772,033
Spandana Sphoorty Financial Ltd.(b)		30,416		151,010
Sundaram Finance Ltd.		95,694		2,428,095
				9,802,381
Containers & Packaging — 0.1%
EPL Ltd.		197,604		416,892
Diversified Financial Services — 1.3%
Aditya Birla Capital Ltd.(b)		721,829		1,018,475
L&T Finance Holdings Ltd.(b)		1,173,910		1,034,207
REC Ltd.		1,563,076		2,546,189
				4,598,871
Diversified Telecommunication Services — 1.4%
HFCL Ltd.		909,217		887,017
Tata Communications Ltd.		179,933		2,839,613
Tata Teleservices Maharastra Ltd.(b)		774,194		1,210,209
				4,936,839
Electric Utilities — 0.7%
CESC Ltd.		946,215		986,925
Torrent Power Ltd.		265,133		1,678,601
				2,665,526
Electrical Equipment — 3.1%
Amara Raja Batteries Ltd.		149,070		1,115,068
Bharat Heavy Electricals Ltd.(b)		1,382,175		921,826
CG Power and Industrial Solutions Ltd.(b)		852,441		1,953,615
Finolex Cables Ltd.		108,697		598,764
Graphite India Ltd.		91,832		572,094
HEG Ltd.		18,363		278,637
Hitachi Energy India Ltd.		13,510		595,796

Security	Shares		Value
Electrical Equipment (continued)
KEI Industries Ltd.		85,769	$	1,133,109
Olectra Greentech Ltd.(b)		51,663		437,653
Polycab India Ltd.		58,835		1,863,828
Suzlon Energy Ltd.(b)		7,701,727		969,749
V-Guard Industries Ltd.		271,681		707,948
				11,148,087
Electronic Equipment, Instruments & Components — 0.5%
Redington India Ltd.		804,254		1,646,825
Entertainment — 0.8%
Chennai Super Kings Cricket Ltd.(d)		206,787		27
Inox Leisure Ltd.(b)		96,993		530,331
Nazara Technologies Ltd.(b)		12,931		299,910
PVR Ltd.(b)		72,235		1,582,720
Saregama India Ltd.		10,656		556,943
				2,969,931
Equity Real Estate Investment Trusts (REITs) — 1.4%
Brookfield India Real Estate Trust(a)		167,107		675,151
Embassy Office Parks REIT		673,205		3,350,617
Mindspace Business Parks REIT(a)		234,944		1,112,459
				5,138,227
Food Products — 1.1%
Avanti Feeds Ltd.		85,766		547,409
Balrampur Chini Mills Ltd.		193,181		1,024,912
Bombay Burmah Trading Co.		27,650		352,665
CCL Products India Ltd.		116,033		693,717
Kaveri Seed Co. Ltd.		37,068		240,367
Shree Renuka Sugars Ltd.(b)		840,323		371,057
Triveni Engineering & Industries Ltd.		114,421		379,888
Zydus Wellness Ltd.		19,905		419,290
				4,029,305
Gas Utilities — 1.3%
Gujarat Gas Ltd.		271,296		2,109,287
Gujarat State Petronet Ltd.		446,839		1,724,803
Mahanagar Gas Ltd.		86,231		835,964
				4,670,054
Health Care Equipment & Supplies — 0.1%
Poly Medicure Ltd.		38,360		406,472
Health Care Providers & Services — 2.8%
Aster DM Healthcare Ltd.(a)(b)		194,809		444,371
Dr Lal PathLabs Ltd.(a)		52,336		1,757,026
Fortis Healthcare Ltd.(b)		717,028		2,350,402
Krishna Institute Of Medical Sciences Ltd.(a)(b)		45,137		762,994
Max Healthcare Institute Ltd.(b)		458,708		2,287,764
Metropolis Healthcare Ltd.(a)		40,280		1,051,169
Narayana Hrudayalaya Ltd.(b)		113,110		1,032,573
Thyrocare Technologies Ltd.(a)		29,335		335,598
				10,021,897
Hotels, Restaurants & Leisure — 1.5%
Chalet Hotel Ltd.(b)		96,772		339,008
Delta Corp. Ltd.		101,256		357,438
Devyani International Ltd.(b)		381,829		790,723
EIH Ltd.(b)		248,151		429,925
Indian Hotels Co. Ltd. (The)		1,028,281		2,744,773
Restaurant Brands Asia Ltd.(b)		244,650		341,949
Westlife Development Ltd.(b)		85,967		529,994
				5,533,810

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

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables — 4.1%
Amber Enterprises India Ltd.(b)		26,538	$	1,230,204
Bajaj Electricals Ltd.(b)		72,771		1,112,037
Crompton Greaves Consumer Electricals Ltd.		842,832		4,820,488
Dixon Technologies India Ltd.		51,578		2,969,283
Johnson Controls-Hitachi Air Conditioning India Ltd.(b)		10,598		255,876
Orient Electric Ltd.		201,974		888,348
Sheela Foam Ltd.(b)		23,002		1,046,941
Symphony Ltd.		27,636		361,797
TTK Prestige Ltd.		66,052		697,272
Whirlpool of India Ltd.		50,342		1,122,279
				14,504,525
Household Products — 0.1%
Jyothy Labs Ltd.		232,809		424,348
Independent Power and Renewable Electricity Producers — 0.9%
Adani Power Ltd.(b)		1,221,052		2,032,824
NLC India Ltd.		438,038		365,199
Reliance Power Ltd.(b)		3,753,754		657,142
				3,055,165
Industrial Conglomerates — 0.5%
3M India Ltd.(b)		4,434		1,252,617
Godrej Industries Ltd.(b)		79,515		550,030
				1,802,647
Insurance — 1.1%
Max Financial Services Ltd.(b)		355,738		3,934,368
Interactive Media & Services — 0.3%
Brightcom Group Ltd.		574,060		912,736
Just Dial Ltd.(b)		26,510		263,960
				1,176,696
Internet & Direct Marketing Retail — 0.1%
CarTrade Tech Ltd.(b)		28,930		208,481
IT Services — 3.7%
Coforge Ltd.		33,609		2,034,420
Computer Age Management Services Ltd.		42,602		1,418,842
eClerx Services Ltd.		24,840		713,019
Firstsource Solutions Ltd.		438,020		743,636
Happiest Minds Technologies Ltd.		92,543		1,212,191
Infibeam Avenues Ltd.		527,915		275,888
Mastek Ltd.		21,164		793,122
NIIT Ltd.		116,079		654,422
Persistent Systems Ltd.		78,587		4,131,211
Sonata Software Ltd.		98,961		970,222
Vakrangee Ltd.		667,451		278,880
				13,225,853
Life Sciences Tools & Services — 0.4%
Syngene International Ltd.(a)(b)		188,280		1,359,274
Machinery — 5.7%
AIA Engineering Ltd.		67,244		1,452,742
Ashok Leyland Ltd., NVS		2,317,342		3,673,317
BEML Ltd.		29,707		619,122
Cochin Shipyard Ltd.(a)		51,094		197,075
Cummins India Ltd.		196,671		2,512,283
Escorts Ltd.		106,722		2,630,967
GMM Pfaudler Ltd.		10,364		604,531
Grindwell Norton Ltd.		70,203		1,505,654
ISGEC Heavy Engineering Ltd.		40,481		308,352
Lakshmi Machine Works Ltd.		5,045		695,768

Security	Shares		Value
Machinery (continued)
MTAR Technologies Ltd.		17,227	$	415,755
Schaeffler India Ltd.		61,612		1,497,398
SKF India Ltd.		35,248		1,685,931
Thermax Ltd.		66,071		1,597,537
Timken India Ltd.		29,748		803,546
				20,199,978
Marine — 0.1%
Shipping Corp. of India Ltd.		184,059		255,901
Media — 1.9%
Affle India Ltd.(b)		83,945		1,371,310
Sun TV Network Ltd.		125,018		746,345
TV18 Broadcast Ltd.(b)		705,770		578,190
Zee Entertainment Enterprises Ltd.		1,365,266		4,182,171
				6,878,016
Metals & Mining — 2.8%
APL Apollo Tubes Ltd.(b)		178,102		2,029,647
Jindal Stainless Hisar Ltd.(b)		148,635		700,073
Jindal Stainless Ltd.(b)		279,639		724,342
Jindal Steel & Power Ltd.(b)		644,000		3,672,591
National Aluminium Co. Ltd.		1,308,265		2,127,376
Ratnamani Metals & Tubes Ltd.		25,786		767,680
				10,021,709
Multiline Retail — 0.3%
Future Retail Ltd.(b)		335,925		218,459
V-Mart Retail Ltd.(b)		15,295		694,575
				913,034
Oil, Gas & Consumable Fuels — 0.7%
Aegis Logistics Ltd.		221,713		500,007
Great Eastern Shipping Co. Ltd. (The)		162,333		703,473
Oil India Ltd.		429,989		1,282,524
				2,486,004
Paper & Forest Products — 0.4%
Century Plyboards India Ltd.		87,778		697,843
Century Textiles & Industries Ltd.		70,842		724,977
				1,422,820
Personal Products — 0.9%
Bajaj Consumer Care Ltd.		151,701		327,806
Emami Ltd.		316,638		2,088,307
Gillette India Ltd.		10,308		710,530
				3,126,643
Pharmaceuticals — 6.0%
Aarti Drugs Ltd.		51,380		311,566
Ajanta Pharma Ltd.		40,845		936,291
Alembic Pharmaceuticals Ltd.		93,538		903,831
AstraZeneca Pharma India Ltd.		7,879		272,878
Caplin Point Laboratories Ltd.		29,765		264,729
Eris Lifesciences Ltd.(a)		54,210		487,895
FDC Ltd./India(b)		79,694		286,991
GlaxoSmithKline Pharmaceuticals Ltd.		53,741		1,086,225
Glenmark Pharmaceuticals Ltd.		223,730		1,335,726
Granules India Ltd.		216,264		838,867
Hikal Ltd.		58,625		287,425
IOL Chemicals and Pharmaceuticals Ltd.		36,221		170,059
Ipca Laboratories Ltd.		221,041		2,887,137
JB Chemicals & Pharmaceuticals Ltd.		55,163		1,185,367
Jubilant Pharmova Ltd.		101,123		533,421
Laurus Labs Ltd.(a)		508,223		3,672,739

CONSOLIDATED  SCHEDULE   OF   INVESTMENTS 13

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Natco Pharma Ltd., NVS		144,379	$	1,670,038
Procter & Gamble Health Ltd.		11,845		719,464
Sanofi India Ltd.		12,699		1,224,309
Shilpa Medicare Ltd.		51,653		279,694
Solara Active Pharma Sciences Ltd.		19,693		179,586
Strides Pharma Science Ltd.		91,793		391,312
Sun Pharma Advanced Research Co. Ltd.(b)		103,929		372,775
Suven Pharmaceuticals Ltd.		141,445		965,715
Wockhardt Ltd., NVS(b)		52,262		236,248
				21,500,288
Professional Services — 1.2%
L&T Technology Services Ltd.(a)		41,624		2,521,133
Quess Corp. Ltd.(a)		104,492		880,523
TeamLease Services Ltd.(b)		17,562		960,384
				4,362,040
Real Estate Management & Development — 2.4%
Brigade Enterprises Ltd.		163,644		1,084,046
Indiabulls Real Estate Ltd.(b)		284,785		411,668
NESCO Ltd.		33,514		248,929
Oberoi Realty Ltd.(b)		200,638		2,429,574
Phoenix Mills Ltd. (The)		149,891		1,914,555
Prestige Estates Projects Ltd.		221,057		1,341,183
Sobha Ltd.		60,154		620,719
Sunteck Realty Ltd.		81,775		531,483
				8,582,157
Semiconductors & Semiconductor Equipment — 0.2%
Borosil Renewables Ltd.(b)		71,684		561,664
Software — 4.4%
Birlasoft Ltd.		220,352		1,201,165
Cyient Ltd.		131,020		1,430,284
Intellect Design Arena Ltd.(b)		126,676		1,107,197
KPIT Technologies Ltd.		260,389		1,983,453
Oracle Financial Services Software Ltd.		33,964		1,535,383
Route Mobile Ltd.		34,739		690,591
Tanla Platforms Ltd.		105,094		2,203,659
Tata Elxsi Ltd.		54,103		4,643,241
Zensar Technologies Ltd.		177,451		823,567
				15,618,540
Textiles, Apparel & Luxury Goods — 3.7%
Aditya Birla Fashion and Retail Ltd.(b)		520,882		1,871,124
Alok Industries Ltd.(b)		1,954,986		630,444
Bata India Ltd.		81,381		1,967,655
Garware Technical Fibres Ltd.		14,622		575,492
Indo Count Industries Ltd.		125,152		291,770
KPR Mill Ltd.		135,432		1,142,884
Lux Industries Ltd.		11,925		393,406
Rajesh Exports Ltd.		93,651		873,646
Relaxo Footwears Ltd.		78,781		1,276,275
Trident Ltd.		1,577,974		1,067,759
Vaibhav Global Ltd.		77,077		422,141
Vardhman Textiles Ltd.		36,555		1,243,897

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
VIP Industries Ltd.(b)		89,629	$	768,640
Welspun India Ltd.		392,777		550,881
				13,076,014
Thrifts & Mortgage Finance — 2.4%
Aavas Financiers Ltd.(b)		75,716		2,823,308
Can Fin Homes Ltd.		94,970		736,656
Home First Finance Company India Ltd.(a)(b)		41,816		379,239
IIFL Finance Ltd.		179,883		714,746
Indiabulls Housing Finance Ltd.		509,921		1,022,826
LIC Housing Finance Ltd.		523,512		2,398,805
PNB Housing Finance Ltd.(a)(b)		93,109		507,593
				8,583,173
Tobacco — 0.1%
Godfrey Phillips India Ltd.		19,657		267,901
Trading Companies & Distributors — 0.3%
IndiaMART Intermesh Ltd.(a)		19,103		1,218,606
Transportation Infrastructure — 0.5%
GMR Infrastructure Ltd.(b)		2,854,878		1,446,498
Gujarat Pipavav Port Ltd.		417,666		467,766
				1,914,264
Wireless Telecommunication Services — 0.5%
Vodafone Idea Ltd.(b)		13,593,733		1,875,671
Total Common Stocks — 99.4% (Cost: $245,566,604)				355,067,823
Short-Term Investments
Money Market Funds — 2.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		7,200,000		7,200,000
Total Short-Term Investments — 2.0% (Cost: $7,200,000)				7,200,000
Total Investments in Securities — 101.4% (Cost: $252,766,604)				362,267,823
Other Assets, Less Liabilities — (1.4)%			(5,160,045)
Net Assets — 100.0%			$	357,107,778

^(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)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $635,547, representing 0.2% of its net assets as of period end, and an original cost of $3,554,476.

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

^(e)  Affiliate of the Fund.

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

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

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI India Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	7,290,000	$	—		$(90,000	)(a)	$	—	$	—	$	7,200,000		7,200,000	$	560	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SGX Nifty 50 Index		67		03/31/22	$	2,261	$	27,722

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	27,722

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(136,432	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	16,718

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,174,131

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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.

CONSOLIDATED  SCHEDULE   OF  INVESTMENTS 15

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI India Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	5,881,812	$	349,185,984	$	27	$	355,067,823
Money Market Funds		7,200,000		—		—		7,200,000
	$	13,081,812	$	349,185,984	$	27	$	362,267,823
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	27,722	$	—	$	27,722

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to consolidated financial statements.

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

Consolidated Statements of Assets and Liabilities (unaudited)

February 28, 2022

	iShares MSCI India ETF		iShares MSCI India Small-Cap ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	5,567,640,076	$	355,067,823
Affiliated(b)		198,120,000		7,200,000
Cash		7,326,525		—
Foreign currency, at value(c)		21,639,111		15,462,451
Cash pledged:
Futures contracts		1,054,000		180,000
Receivables:
Investments sold		47,281,847		1,153,369
Variation margin on futures contracts		265,506		39,190
Dividends		3,086,884		346,768
Total assets		5,846,413,949		379,449,601
LIABILITIES
Bank overdraft		—		12,416,425
Deferred foreign capital gain tax		177,314,876		6,426,566
Payables:
Investments purchased		26,533,787		2,632,297
Capital shares redeemed		47,581,562		645,915
Investment advisory fees		2,826,401		220,620
Total liabilities		254,256,626		22,341,823
NET ASSETS	$	5,592,157,323	$	357,107,778
NET ASSETS CONSIST OF:
Paid-in capital	$	4,448,854,574	$	322,635,320
Accumulated earnings		1,143,302,749		34,472,458
NET ASSETS	$	5,592,157,323	$	357,107,778
Shares outstanding		127,800,000		6,500,000
Net asset value	$	43.76	$	54.94
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — Unaffiliated	$	3,083,141,765	$	245,566,604
(b) Investments, at cost — Affiliated	$	198,120,000	$	7,200,000
(c)  Foreign currency, at cost	$	21,638,956	$	15,463,462

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL   STATEMENTS 17

Consolidated Statements of Operations (unaudited)

Six Months Ended February 28, 2022

	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	36,948,828		$	1,605,222
Dividends — Affiliated		10,731			560
Foreign taxes withheld		(8,039,834	)		(314,731	)
Total investment income		28,919,725			1,291,051
EXPENSES
Investment advisory fees		19,422,827			1,421,194
Commitment fees		19,090			1,873
Professional fees		217			217
Mauritius income taxes		295			295
Total expenses		19,442,429			1,423,579
Net investment income (loss)		9,477,296			(132,528	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		83,138,424			16,986,503
Futures contracts		(1,254,896	)		(136,432	)
Foreign currency transactions		(2,671,710	)		(352,941	)
Net realized gain		79,211,818			16,497,130
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(362,090,418	)		(35,178,935	)
Futures contracts		(45,926	)		16,718
Foreign currency translations		(96,408	)		(31,376	)
Net change in unrealized appreciation (depreciation)		(362,232,752	)		(35,193,593	)
Net realized and unrealized loss		(283,020,934	)		(18,696,463	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(273,543,638	)	$	(18,828,991	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(1,721,817	)	$	(1,688,647	)
(b) Net of reduction in deferred foreign capital gain tax of	$	399,010		$	2,329,003

See notes to consolidated financial statements.

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

Consolidated Statements of Changes in Net Assets

	iShares MSCI India ETF							iShares MSCI India Small-Cap ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	9,477,296		$	16,931,383			$	(132,528	)	$	(33,382	)
Net realized gain			79,211,818			6,980,789				16,497,130			20,967,516
Net change in unrealized appreciation (depreciation)			(362,232,752	)		1,743,084,666				(35,193,593	)		110,021,003
Net increase (decrease) in net assets resulting from operations			(273,543,638	)		1,766,996,838				(18,828,991	)		130,955,137
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income			(374,889,807	)		(8,540,172	)			(5,222,074	)		(268,669	)
Return of capital			—			—				—			(1,270	)
Decrease in net assets resulting from distributions to shareholders			(374,889,807	)		(8,540,172	)			(5,222,074	)		(269,939	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(110,000,980	)		1,498,302,314				51,693,085			5,010,592
NET ASSETS
Total increase (decrease) in net assets			(758,434,425	)		3,256,758,980				27,642,020			135,695,790
Beginning of period			6,350,591,748			3,093,832,768				329,465,758			193,769,968
End of period		$	5,592,157,323		$	6,350,591,748			$	357,107,778		$	329,465,758

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

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL   STATEMENTS 19

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI India ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	48.79		$	33.37		$	32.38		$	35.68		$	34.20		$	29.61
Net investment income(a)			0.07			0.14			0.14			0.29			0.25			0.26
Net realized and unrealized gain (loss)(b)			(2.19	)		15.35			0.96			(3.00	)		1.54			4.53
Net increase (decrease) from investment operations			(2.12	)		15.49			1.10			(2.71	)		1.79			4.79
Distributions(c)
From net investment income			(2.91	)		(0.07	)		(0.11	)		(0.49	)		(0.31	)		(0.20	)
Return of capital			—			—			—			(0.10	)		—			—
Total distributions			(2.91	)		(0.07	)		(0.11	)		(0.59	)		(0.31	)		(0.20	)
Net asset value, end of period		$	43.76		$	48.79		$	33.37		$	32.38		$	35.68		$	34.20
Total Return(d)
Based on net asset value			(4.56	)%(e)		46.54	%		3.40	%		(7.61	)%		5.26	%		16.27	%
Ratios to Average Net Assets(f)
Total expenses			0.64	%(g)		0.65	%		0.69	%		0.69	%		0.68	%		0.68	%
Net investment income			0.31	%(g)		0.35	%		0.43	%		0.86	%		0.72	%		0.87	%
Supplemental Data
Net assets, end of period (000)		$	5,592,157		$	6,350,592		$	3,093,833		$	4,899,749		$	5,082,120		$	5,263,819
Portfolio turnover rate(h)			6	%(e)(i)		25	%(i)		25	%(i)		9	%(i)		10	%(i)		13	%(i)
(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)   Where applicable, assumes the reinvestment of distributions. (e)   Not annualized. (f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g)   Annualized. (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:			6	%		17	%		19	%		6	%		5	%		5	%

See notes to consolidated financial statements.

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

Consolidated Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI India Small-Cap ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	57.80			$	34.60			$	33.39			$	44.10			$	46.27			$	36.01
Net investment income (loss)(a)			(0.02	)			(0.01	)			0.15				0.10				(0.00	)(b)			0.09
Net realized and unrealized gain (loss)(c)			(2.07	)			23.26				1.88				(10.60	)			(1.06	)			10.55
Net increase (decrease) from investment operations			(2.09	)			23.25				2.03				(10.50	)			(1.06	)			10.64
Distributions(d)
From net investment income			(0.77	)			(0.05	)			(0.82	)			(0.21	)			(0.63	)			(0.38	)
Return of capital			—				(0.00	)(b)			—				—				(0.48	)			—
Total distributions			(0.77	)			(0.05	)			(0.82	)			(0.21	)			(1.11	)			(0.38	)
Net asset value, end of period		$	54.94			$	57.80			$	34.60			$	33.39			$	44.10			$	46.27
Total Return(e)
Based on net asset value			(3.80	)%(f)			67.25	%			6.35	%			(23.88	)%			(2.36	)%			29.97	%
Ratios to Average Net Assets(g)
Total expenses			0.74	%(h)			0.74	%			0.81	%			0.76	%			0.77	%			0.75	%
Net investment income (loss)			(0.07	)%(h)			(0.01	)%			0.45	%			0.28	%			(0.00	)%(i)			0.21	%
Supplemental Data
Net assets, end of period (000)		$	357,108			$	329,466			$	193,770			$	270,433			$	282,264			$	205,914
Portfolio turnover rate(j)			28	%(f)(k)			55	%(k)			32	%(k)			24	%(k)			49	%(k)			38	%(k)
(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)   Where applicable, assumes the reinvestment of distributions. (f) Not annualized. (g)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (h)   Annualized. (i) Rounds to less than 0.01%. (j) 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”).
(k)   Portfolio turnover rate excluding cash  creations was as follows:			21	%			37	%			28	%			19	%			31	%			22	%

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL   HIGHLIGHTS 21

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 iShares MSCI India ETF and iShares MSCI India Small-Cap ETF as of period end were $5,443,582,894 and $350,549,119, which is 97.3% and 98.2% of each 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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 Statements 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, 2022, if any, are disclosed in the Consolidated Statements 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 Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Each Fund has conducted 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.

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

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 Financial Services Commission (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 Statements 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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.

NOTES  TO   CONSOLIDATED   FINANCIAL  STATEMENTS 23

Notes to Consolidated Financial Statements (unaudited) (continued)

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

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 Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements 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.

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

Notes to Consolidated Financial Statements (unaudited) (continued)

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 Consolidated Statements 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, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI India	$	389,080,310	$	926,284,886
MSCI India Small-Cap		146,405,355		102,857,184

There were no in-kind transactions for the six months ended February 28, 2022.

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, 2022, 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, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI India	$	655,989,828
MSCI India Small-Cap		62,205,401

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, 2022, 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	$	3,502,127,841	$	2,547,912,380	$	(284,258,637	)	$	2,263,653,743
MSCI India Small-Cap		269,406,521		126,195,671		(33,306,647	)		92,889,024

8. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) 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 Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

NOTES  TO   CONSOLIDATED   FINANCIAL  STATEMENTS 25

Notes to Consolidated Financial Statements (unaudited) (continued)

The Funds, along with certain other iShares funds (“Mauritius Participating Funds”), are parties to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of each Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete. During the six months ended February 28, 2022, the Funds did not borrow under the Uncommitted Liquidity Facility.

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.

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. Although vaccines have been developed and approved for use by various governments, 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 Consolidated Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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.

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

Notes to Consolidated Financial Statements (unaudited) (continued)

The 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. 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.

The 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.

The 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 Consolidated Schedule of Investments.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI India
Shares sold		2,900,000		$	130,200,916			44,850,000		$	1,805,890,047
Shares redeemed		(5,250,000	)		(240,201,896	)		(7,400,000	)		(307,587,733	)
Net increase (decrease)		(2,350,000	)	$	(110,000,980	)		37,450,000		$	1,498,302,314
MSCI India Small-Cap
Shares sold		1,100,000		$	67,571,866			1,000,000		$	49,353,215
Shares redeemed		(300,000	)		(15,878,781	)		(900,000	)		(44,342,623	)
Net increase		800,000		$	51,693,085			100,000		$	5,010,592

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.

11. 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.

NOTES   TO   CONSOLIDATED   FINANCIAL  STATEMENTS 27

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 9, 2021 (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, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each 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 the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each 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 also 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 material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.

28 2 0 2 2   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 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, 2022

	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(a)	$	0.062088	$	—	$	2.847406	$	2.909494		2	%		—	%		98	%		100	%
MSCI India Small-Cap(a)		—		—		0.767952		0.767952		—			—			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 29

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

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 Trust’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.

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

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 31

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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.

©2022 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-809-0222

        

FEBRUARY 28, 2022

2022 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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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.

Overall, 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, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication 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		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements		23
Statements of Assets and Liabilities		23
Statements of Operations		24
Statements of Changes in Net Assets		25
Financial Highlights		27
Notes to Financial Statements		31
Statement Regarding Liquidity Risk Management Program		37
Supplemental Information		38
General Information		39
Glossary of Terms Used in this Report		40

Fund Summary as of February 28, 2022  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		4.37	%		20.95	%		9.80	%		8.95	%		20.95	%		59.59	%		77.17	%
Fund Market		4.21			20.91			9.81			8.96			20.91			59.67			77.25
Index		4.28			20.37			9.77			8.96			20.37			59.39			77.26

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 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,043.70	$        0.15			$        1,000.00	$        1,024.60	$        0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies	100.0	%
Forward foreign currency exchange contracts, net cumulative depreciation	(0.3	)
Other assets less liabilities	0.3

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials	38.7	%
Energy	16.5
Materials	11.6
Industrials	11.2
Information Technology	7.6
Consumer Staples	3.9
Utilities	3.6
Consumer Discretionary	3.4
Communication Services	2.5
Other (each representing less than 1%)	1.0

^(a)  Excludes money market funds.

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

Fund Summary as of February 28, 2022 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		(7.16	)%		8.95	%		8.01	%		7.22	%		8.95	%		46.98	%		70.38	%
Fund Market		(7.15	)		8.96			8.01			7.22			8.96			47.00			70.33
Index		(6.02	)		10.31			8.33			7.62			10.31			49.19			75.28

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 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          928.40	$        0.14			$      1,000.00	$        1,024.60	$        0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies	99.8	%
Short-term Investments	0.0	(a)
Forward foreign currency exchange contracts, net cumulative appreciation	0.0	(a)
Other assets less liabilities	0.2

^(a)  Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Consumer Discretionary	16.6	%
Industrials	15.4
Financials	15.0
Information Technology	13.4
Consumer Staples	8.1
Health Care	7.7
Materials	7.1
Utilities	6.5
Communication Services	4.3
Energy	4.3
Real Estate	1.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of February 28, 2022 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		(11.09	)%		1.05	%		4.45	%		5.67	%		1.05	%		24.32	%		56.11	%
Fund Market		(11.03	)		1.37			4.45			5.67			1.37			24.33			56.11
Index		(9.71	)		2.81			5.11			6.17			2.81			28.32			62.24

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 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        889.10	$        0.19			$      1,000.00	$      1,024.60	$        0.20		0.04	%

(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies	99.8	%
Short-term Investments	0.0	(a)
Forward foreign currency exchange contracts, net cumulative depreciation	(0.1	)
Other assets less liabilities	0.3

^(a) Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Consumer Discretionary	18.5	%
Industrials	17.1
Financials	15.3
Information Technology	12.6
Health Care	11.6
Materials	8.1
Communication Services	5.1
Utilities	4.7
Real Estate	4.0
Consumer Staples	3.0

^(a) Excludes money market funds.

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

Fund Summary as of February 28, 2022 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		(2.46	)%		1.69	%		7.67	%		7.97	%		1.69	%		44.69	%		85.81	%
Fund Market		(2.40	)		1.78			7.67			7.97			1.78			44.72			85.78
Index		(2.77	)		2.87			8.14			8.15			2.87			47.90			88.33

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning   Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$	975.40	$	0.00		$	1,000.00	$	1,024.80	$	0.00		0.00	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies	100.1	%
Short-term Investments	0.1
Forward foreign currency exchange contracts, net cumulative depreciation	(0.2	)

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials	22.0	%
Consumer Discretionary	19.4
Information Technology	14.0
Financials	10.1
Health Care	9.4
Communication Services	8.1
Consumer Staples	6.9
Materials	5.0
Real Estate	3.4
Utilities	0.9
Energy	0.8

^(a)  Excludes money market funds.

FUND   SUMMARY 7

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 each 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 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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

Schedule of Investments (unaudited) February 28, 2022 iShares^® Currency Hedged MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.0%
iShares MSCI Canada ETF(a)		528,168	$	20,186,581
Total Investment Companies — 100.0% (Cost: $18,070,279)				20,186,581
Total Investments in Securities — 100.0% (Cost: $18,070,279)				20,186,581
Other Assets, Less Liabilities — (0.0)%				(3,632	)
Net Assets — 100.0%			$	20,182,949

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	420,000	$	—	$	(420,000	)(b)	$	—	$	—		$	—		—	$	1	$	—
iShares MSCI Canada ETF		16,587,362		6,527,545		(3,446,556	)		623,096		(104,866	)		20,186,581		528,168		232,839		—
								$	623,096	$	(104,866	)	$	20,186,581			$	232,840	$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty		Settlement Date	Unrealized Appreciation (Depreciation)
CAD	26,323,000	USD	20,751,696		MS	03/02/22	$	16,024
USD	1,676,601	CAD	2,124,000		MS	03/02/22		856
								16,880
USD	19,027,515	CAD	24,199,000		MS	03/02/22		(64,460	)
USD	20,241,720	CAD	25,670,000		MS	04/04/22		(13,732	)
							(78,192)
	Net unrealized depreciation						$	(61,312	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	16,880

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, 2022 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	$	78,192

For the period ended February 28, 2022, 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	$	220,101
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(204,288	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	17,728,202
Average amounts sold — in USD	$	35,750,713

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	$	16,880	$	78,192
Total derivative assets and liabilities in the Statement of Assets and Liabilities		16,880		78,192
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		16,880		78,192

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)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets
Morgan Stanley & Co. International PLC	$	16,880	$	(16,880	)	$	—	$	—	$	—
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(b)(c)
Morgan Stanley & Co. International PLC	$	78,192	$	(16,880	)	$	—	$	—	$	61,312

^(a)  The amount of derivatives available for offset is limited to the amount of derivative 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.

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Canada ETF

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	20,186,581	$	—		$	—	$	20,186,581
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	16,880		$	—	$	16,880
Liabilities
Forward Foreign Currency Exchange Contracts		—		(78,192	)		—		(78,192	)
	$	—	$	(61,312	)	$	—	$	(61,312	)

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

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 11

Schedule of Investments (unaudited) February 28, 2022 iShares^® Currency Hedged MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.8%
iShares MSCI Eurozone ETF(a)		11,132,204	$	488,481,112
Total Investment Companies — 99.8% (Cost: $538,979,455)				488,481,112
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(a)(b)		220,000		220,000
Total Short-Term Investments — 0.0% (Cost: $220,000)				220,000
Total Investments in Securities — 99.8% (Cost: $539,199,455)				488,701,112
Other Assets, Less Liabilities — 0.2%				882,449
Net Assets — 100.0%			$	489,583,561

^(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, 2022 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,160,000	$	—	$	(940,000	)(a)	$	—	$	—		$	220,000		220,000	$	16	$	—
iShares MSCI Eurozone ETF		744,520,226		196,456,630		(368,504,276	)		32,929,129		(116,920,597	)		488,481,112		11,132,204		8,509,478		—
								$	32,929,129	$	(116,920,597	)	$	488,701,112			$	8,509,494	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,848,021	EUR	1,639,000	BB	03/03/22	$	10,224
USD	82,685	EUR	73,000	BNP	03/03/22		831
USD	140,017	EUR	123,000	BOA	03/03/22		2,098
USD	1,788,748	EUR	1,579,000	DBS	03/03/22		18,228
USD	12,714,755	EUR	11,224,000	JPM	03/03/22		129,381
USD	54,286,676	EUR	48,335,734	MS	03/03/22		88,233
USD	479,823,581	EUR	427,793,611	SSB	03/03/22		142,282
USD	3,658,572	EUR	3,201,000	UBS	03/03/22		69,319
USD	50,668,334	EUR	45,051,734	MS	04/05/22		83,127
USD	475,261,181	EUR	422,521,611	SSB	04/05/22		843,419
							1,387,142
EUR	11,025,000	USD	12,525,035	BB	03/03/22		(162,797	)

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Eurozone ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	109,000	USD	123,653	BNP	03/03/22	$	(1,433	)
EUR	50,000	USD	57,219	BSCH	03/03/22		(1,155	)
EUR	9,239,000	USD	10,363,029	CITI	03/03/22		(3,417	)
EUR	59,000	USD	67,422	JPM	03/03/22		(1,266	)
EUR	45,051,734	USD	50,603,955	MS	03/03/22		(87,833	)
EUR	422,521,611	USD	474,576,274	SSB	03/03/22		(806,422	)
EUR	5,913,000	USD	6,714,731	UBS	03/03/22		(84,535	)
EUR	3,118,000	USD	3,501,940	JPM	04/05/22		(972	)
EUR	19,566,000	USD	22,006,956	MS	04/05/22		(37,765	)
USD	2,798,758	EUR	2,494,000	MS	04/05/22		(1,567	)
							(1,189,162	)
	Net unrealized appreciation					$	197,980

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,387,142
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	1,189,162

For the period ended February 28, 2022, 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	$	41,297,276
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(3,293,072	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	681,529,290
Average amounts sold — in USD	$	1,341,522,324

For more information about the Fund’s investment risks regarding derivative 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 13

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Eurozone 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	$	1,387,142	$	1,189,162
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,387,142		1,189,162
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		1,387,142		1,189,162

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)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
Bank of America N.A.	$	2,098	$	—		$	—	$	—	$	2,098
Barclays Bank PLC		10,224		(10,224	)		—		—		—
BNP Paribas SA		831		(831	)		—		—		—
Deutsche Bank Securities Inc.		18,228		—			—		—		18,228
JPMorgan Chase Bank N.A.		129,381		(2,238	)		—		—		127,143
Morgan Stanley & Co. International PLC		171,360		(127,165	)		—		—		44,195
State Street Bank and Trust Co.		985,701		(806,422	)		—		—		179,279
UBS AG		69,319		(69,319	)		—		—		—
	$	1,387,142	$	(1,016,199	)	$	—	$	—	$	370,943
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)(d)
Banco Santander Central Hispano	$	1,155	$	—		$	—	$	—	$	1,155
Barclays Bank PLC		162,797		(10,224	)		—		—		152,573
BNP Paribas SA		1,433		(831	)		—		—		602
Citibank N.A.		3,417		—			—		—		3,417
JPMorgan Chase Bank N.A.		2,238		(2,238	)		—		—		—
Morgan Stanley & Co. International PLC		127,165		(127,165	)		—		—		—
State Street Bank and Trust Co.		806,422		(806,422	)		—		—		—
UBS AG		84,535		(69,319	)		—		—		15,216
	$	1,189,162	$	(1,016,199	)	$	—	$	—	$	172,963

^(a)  The amount of derivatives available for offset is limited to the amount of derivative 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 may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Eurozone ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	488,481,112	$	—		$	—	$	488,481,112
Money Market Funds		220,000		—			—		220,000
	$	488,701,112	$	—		$	—	$	488,701,112
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,387,142		$	—	$	1,387,142
Liabilities
Forward Foreign Currency Exchange Contracts		—		(1,189,162	)		—		(1,189,162	)
	$	—	$	197,980		$	—	$	197,980

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

See notes to financial statements.

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) February 28, 2022 iShares^® Currency Hedged MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.8%
iShares MSCI Germany ETF(a)		1,715,876	$	49,897,674
Total Investment Companies — 99.8% (Cost: $60,394,563)				49,897,674
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(a)(b)		20,000		20,000
Total Short-Term Investments — 0.0% (Cost: $20,000)				20,000
Total Investments in Securities — 99.8% (Cost: $60,414,563)				49,917,674
Other Assets, Less Liabilities — 0.2%				89,777
Net Assets — 100.0%			$	50,007,451

^(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, 2022 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000	$	—	$	(10,000	)(a)	$	—		$	—		$	20,000		20,000	$	2	$	—
iShares MSCI Germany ETF		63,381,021		112,060,033		(115,259,432	)		(268,822	)		(10,015,126	)		49,897,674		1,715,876		556,163		—
								$	(268,822	)	$	(10,015,126	)	$	49,917,674			$	556,165	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,630,846	EUR	1,442,000	BNP	03/03/22	$	13,944
USD	114,172	EUR	100,000	CBA	03/03/22		2,043
USD	3,141,755	EUR	2,765,000	JPM	03/03/22		41,384
USD	9,121,824	EUR	8,107,400	MS	03/03/22		31,066
USD	50,544,666	EUR	45,062,600	SSB	03/03/22		16,359
USD	1,588,172	EUR	1,402,000	UBS	03/03/22		16,121
USD	5,942,111	EUR	5,283,400	MS	04/05/22		9,779
USD	48,621,063	EUR	43,225,600	SSB	04/05/22		86,286
							216,982
EUR	42,000	USD	47,876	BNP	03/03/22		(781	)
EUR	2,882,000	USD	3,296,430	CBA	03/03/22		(64,868	)
EUR	176,000	USD	197,412	CITI	03/03/22		(66	)

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Germany ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	1,376,000	USD	1,559,029	JPM	03/03/22	$	(16,132	)
EUR	5,283,400	USD	5,934,530	MS	03/03/22		(10,299	)
EUR	43,225,600	USD	48,550,994	SSB	03/03/22		(82,500	)
EUR	5,894,000	USD	6,719,796	UBS	03/03/22		(110,905	)
EUR	2,797,000	USD	3,145,940	MS	04/05/22		(5,399	)
USD	153,741	EUR	137,000	MS	04/05/22		(86	)
							(291,036	)
	Net unrealized depreciation					$	(74,054	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	216,982
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	291,036

For the period ended February 28, 2022, 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	$	3,824,055
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(348,252	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	73,441,134
Average amounts sold — in USD	$	133,393,160

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	$	216,982	$	291,036
Total derivative assets and liabilities in the Statement of Assets and Liabilities		216,982		291,036
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		216,982		291,036

SCHEDULE  OF  INVESTMENTS 17

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Germany 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)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
BNP Paribas SA	$	13,944	$	(781	)	$	—	$	—	$	13,163
Commonwealth Bank of Australia		2,043		(2,043	)		—		—		—
JPMorgan Chase Bank N.A.		41,384		(16,132	)		—		—		25,252
Morgan Stanley & Co. International PLC		40,845		(15,784	)		—		—		25,061
State Street Bank and Trust Co.		102,645		(82,500	)		—		—		20,145
UBS AG		16,121		(16,121	)		—		—		—
	$	216,982	$	(133,361	)	$	—	$	—	$	83,621
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)(d)
BNP Paribas SA	$	781	$	(781	)	$	—	$	—	$	—
Citibank N.A.		66		—			—		—		66
Commonwealth Bank of Australia		64,868		(2,043	)		—		—		62,825
JPMorgan Chase Bank N.A.		16,132		(16,132	)		—		—		—
Morgan Stanley & Co. International PLC		15,784		(15,784	)		—		—		—
State Street Bank and Trust Co.		82,500		(82,500	)		—		—		—
UBS AG		110,905		(16,121	)		—		—		94,784
	$	291,036	$	(133,361	)	$	—	$	—	$	157,675

^(a)  The amount of derivatives available for offset is limited to the amount of derivative 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 may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	49,897,674	$	—		$	—	$	49,897,674
Money Market Funds		20,000		—			—		20,000
	$	49,917,674	$	—		$	—	$	49,917,674
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	216,982		$	—	$	216,982
Liabilities
Forward Foreign Currency Exchange Contracts		—		(291,036	)		—		(291,036	)
	$	—	$	(74,054	)	$	—	$	(74,054	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited) February 28, 2022 iShares^® Currency Hedged MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.1%
iShares MSCI Japan ETF(a)		8,232,037	$	518,124,409
Total Investment Companies — 100.1% (Cost: $565,842,661)				518,124,409
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(a)(b)		290,000		290,000
Total Short-Term Investments — 0.1% (Cost: $290,000)				290,000
Total Investments in Securities — 100.2% (Cost: $566,132,661)				518,414,409
Other Assets, Less Liabilities — (0.2)%				(997,902	)
Net Assets — 100.0%			$	517,416,507

^(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, 2022 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	210,000	$	80,000	(a)	$	—		$	—		$	—		$	290,000		290,000	$	24	$	—
iShares MSCI Japan ETF		534,387,175		384,819,377			(336,345,935	)		(6,140,304	)		(58,595,904	)		518,124,409		8,232,037		9,920,083		—
									$	(6,140,304	)	$	(58,595,904	)	$	518,414,409			$	9,920,107	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
JPY	54,519,500,800	USD	473,385,014	BNP	03/03/22	$	849,887
JPY	216,292,000	USD	1,878,068	BNY	03/03/22		3,336
JPY	5,257,640,000	USD	45,639,723	BOA	03/03/22		93,571
JPY	449,223,000	USD	3,871,677	BSCH	03/03/22		35,864
JPY	281,195,000	USD	2,445,905	JPM	03/03/22		55
JPY	6,675,092,200	USD	57,957,218	MS	03/03/22		105,707
USD	3,790,465	JPY	433,766,000	ANZ	03/03/22		17,375
JPY	192,112,000	USD	1,669,334	RBS	04/05/22		3,013
USD	10,029,078	JPY	1,151,619,000	BOA	04/05/22		4,158
							1,112,966
JPY	4,384,000	USD	38,179	CBA	03/03/22		(45	)
JPY	657,098,000	USD	5,717,873	UBS	03/03/22		(2,142	)

SCHEDULE  OF  INVESTMENTS 19

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Japan ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	521,491,578	JPY	60,075,829,800	BOA	03/03/22	$	(1,074,747	)
USD	1,859,778	JPY	214,056,000	CITI	03/03/22		(2,176	)
USD	3,801,439	JPY	439,260,000	JPM	03/03/22		(19,440	)
USD	59,869,521	JPY	6,897,513,200	MS	03/03/22		(128,121	)
JPY	654,075,000	USD	5,695,798	HSBC	04/05/22		(2,031	)
USD	464,374,847	JPY	53,445,661,800	BNP	04/05/22		(873,221	)
USD	57,997,003	JPY	6,675,092,200	MS	04/05/22		(110,122	)
							(2,212,045	)
	Net unrealized depreciation					$	(1,099,079	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,112,966
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	2,212,045

For the period ended February 28, 2022, 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	$	31,043,874
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(2,517,472	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	595,649,675
Average amounts sold — in USD	$	1,141,269,536

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	$	1,112,966	$	2,212,045
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,112,966		2,212,045
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		1,112,966		2,212,045

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

Schedule of Investments (unaudited) (continued) February 28, 2022 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)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
Australia and New Zealand Bank Group	$	17,375	$	—		$	—	$	—	$	17,375
Banco Santander Central Hispano		35,864		—			—		—		35,864
Bank of America N.A.		97,729		(97,729	)		—		—		—
Bank of New York		3,336		—			—		—		3,336
BNP Paribas SA		849,887		(849,887	)		—		—		—
JPMorgan Chase Bank N.A.		55		(55	)		—		—		—
Morgan Stanley & Co. International PLC		105,707		(105,707	)		—		—		—
Royal Bank of Scotland PLC		3,013		—			—		—		3,013
	$	1,112,966	$	(1,053,378	)	$	—	$	—	$	59,588
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)(d)
Bank of America N.A.	$	1,074,747	$	(97,729	)	$	—	$	—	$	977,018
BNP Paribas SA		873,221		(849,887	)		—		—		23,334
Citibank N.A.		2,176		—			—		—		2,176
Commonwealth Bank of Australia		45		—			—		—		45
HSBC Bank PLC		2,031		—			—		—		2,031
JPMorgan Chase Bank N.A.		19,440		(55	)		—		—		19,385
Morgan Stanley & Co. International PLC		238,243		(105,707	)		—		—		132,536
UBS AG		2,142		—			—		—		2,142
	$	2,212,045	$	(1,053,378	)	$	—	$	—	$	1,158,667

^(a)  The amount of derivatives available for offset is limited to the amount of derivative 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 may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

SCHEDULE  OF  INVESTMENTS 21

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Japan ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	518,124,409	$	—		$	—	$	518,124,409
Money Market Funds		290,000		—			—		290,000
	$	518,414,409	$	—		$	—	$	518,414,409
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,112,966		$	—	$	1,112,966
Liabilities
Forward Foreign Currency Exchange Contracts		—		(2,212,045	)		—		(2,212,045	)
	$	—	$	(1,099,079	)	$	—	$	(1,099,079	)

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

February 28, 2022

	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)	$	20,186,581	$	488,701,112		$	49,917,674		$	518,414,409
Cash		10,226		7,684			7,304			427
Receivables:
Investments sold		47,917		691,771			157,686			94,083
Capital shares sold		—		—			—			8,392
Dividends		—		—			1			8
Unrealized appreciation on:
Forward foreign currency exchange contracts		16,880		1,387,142			216,982			1,112,966
Total assets		20,261,604		490,787,709			50,299,647			519,630,285
LIABILITIES
Payables:
Capital shares redeemed		—		3,009			—			—
Investment advisory fees		463		11,977			1,160			1,733
Unrealized depreciation on:
Forward foreign currency exchange contracts		78,192		1,189,162			291,036			2,212,045
Total liabilities		78,655		1,204,148			292,196			2,213,778
NET ASSETS	$	20,182,949	$	489,583,561		$	50,007,451		$	517,416,507
NET ASSETS CONSIST OF:
Paid-in capital	$	17,917,235	$	503,843,148		$	100,925,580		$	595,638,115
Accumulated earnings (loss)		2,265,714		(14,259,587	)		(50,918,129	)		(78,221,608	)
NET ASSETS	$	20,182,949	$	489,583,561		$	50,007,451		$	517,416,507
Shares outstanding		610,000		14,300,000			1,700,000			13,900,000
Net asset value	$	33.09	$	34.24		$	29.42		$	37.22
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a)   Investments, at cost — Affiliated	$	18,070,279	$	539,199,455		$	60,414,563		$	566,132,661

See notes to financial statements.

FINANCIAL  STATEMENTS 23

Statements of Operations (unaudited)

Six Months Ended February 28, 2022

	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	$	232,840		$	8,509,494		$	556,165		$	9,920,107
Total investment income		232,840			8,509,494			556,165			9,920,107
EXPENSES
Investment advisory fees		55,226			2,002,081			160,642			1,640,256
Commitment fees		—			2,983			305			3,286
Professional fees		217			217			217			217
Total expenses		55,443			2,005,281			161,164			1,643,759
Less:
Investment advisory fees waived		(52,773	)		(1,908,407	)		(149,971	)		(1,634,275	)
Total expenses after fees waived		2,670			96,874			11,193			9,484
Net investment income		230,170			8,412,620			544,972			9,910,623
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(980	)		(721,707	)		(160,265	)		(1,190,024	)
In-kind redemptions — Affiliated		624,076			33,650,836			(108,557	)		(4,950,280	)
Forward foreign currency exchange contracts		220,101			41,297,276			3,824,055			31,043,874
Net realized gain		843,197			74,226,405			3,555,233			24,903,570
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(104,866	)		(116,920,597	)		(10,015,126	)		(58,595,904	)
Forward foreign currency exchange contracts		(204,288	)		(3,293,072	)		(348,252	)		(2,517,472	)
Net change in unrealized appreciation (depreciation)		(309,154	)		(120,213,669	)		(10,363,378	)		(61,113,376	)
Net realized and unrealized gain (loss)		534,043			(45,987,264	)		(6,808,145	)		(36,209,806	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	764,213		$	(37,574,644	)	$	(6,263,173	)	$	(26,299,183	)

See notes to financial statements.

24 2 0 2 2  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   02/28/22   (unaudited)				Year Ended   08/31/21				Six Months   Ended   02/28/22   (unaudited)				Year Ended   08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	230,170			$	216,856			$	8,412,620			$	15,085,514
Net realized gain (loss)			843,197				(97,038	)			74,226,405				33,361,588
Net change in unrealized appreciation (depreciation)			(309,154	)			2,839,398				(120,213,669	)			125,904,966
Net increase (decrease) in net assets resulting from operations			764,213				2,959,216				(37,574,644	)			174,352,068
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(461,090	)			(217,525	)			(7,003,856	)			(15,122,753	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			3,310,143				2,272,139				(210,507,858	)			15,471,012
NET ASSETS
Total increase (decrease) in net assets			3,613,266				5,013,830				(255,086,358	)			174,700,327
Beginning of period			16,569,683				11,555,853				744,669,919				569,969,592
End of period		$	20,182,949			$	16,569,683			$	489,583,561			$	744,669,919

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

See notes to financial statements.

FINANCIAL  STATEMENTS 25

Statements of Changes in Net Assets (continued)

	iShares Currency Hedged MSCI Germany ETF								iShares Currency Hedged MSCI Japan ETF
	Six Months   Ended   02/28/22   (unaudited)				Year Ended   08/31/21				Six Months   Ended   02/28/22   (unaudited)				Year Ended   08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	544,972			$	1,850,036			$	9,910,623			$	5,002,260
Net realized gain			3,555,233				6,348,167				24,903,570				46,915,341
Net change in unrealized appreciation (depreciation)			(10,363,378	)			5,384,005				(61,113,376	)			20,601,765
Net increase (decrease) in net assets resulting from operations			(6,263,173	)			13,582,208				(26,299,183	)			72,519,366
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(546,227	)			(1,854,347	)			(9,917,510	)			(5,002,254	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(6,577,521	)			(24,290,125	)			18,234,792				220,624,947
NET ASSETS
Total increase (decrease) in net assets			(13,386,921	)			(12,562,264	)			(17,981,901	)			288,142,059
Beginning of period			63,394,372				75,956,636				535,398,408				247,256,349
End of period		$	50,007,451			$	63,394,372			$	517,416,507			$	535,398,408

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Canada ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	32.49		$	25.68		$	26.41		$	26.79		$	24.70		$	23.54
Net investment income(a)			0.42			0.53			0.71			0.59			0.56			0.24
Net realized and unrealized gain(b)			1.00			6.80			0.30			0.30			2.10			1.38
Net increase from investment operations			1.42			7.33			1.01			0.89			2.66			1.62
Distributions(c)
From net investment income			(0.82	)		(0.52	)		(1.37	)		(0.64	)		(0.57	)		(0.46	)
From net realized gain			—			—			(0.37	)		(0.63	)		—			—
Total distributions			(0.82	)		(0.52	)		(1.74	)		(1.27	)		(0.57	)		(0.46	)
Net asset value, end of period		$	33.09		$	32.49		$	25.68		$	26.41		$	26.79		$	24.70
Total Return(d)
Based on net asset value			4.37	%(e)		28.81	%		4.08	%		3.84	%		10.82	%		6.86	%
Ratios to Average Net Assets(f)
Total expenses			0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Total expenses after fees waived			0.03	%(g)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income			2.58	%(g)		1.84	%		2.75	%		2.31	%		2.12	%		0.98	%
Supplemental Data
Net assets, end of period (000)		$	20,183		$	16,570		$	11,556		$	38,290		$	5,357		$	2,470
Portfolio turnover rate(h)			5	%(e)		10	%		15	%		12	%		10	%		8	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 27

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Eurozone ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	37.33		$	28.36		$	29.86		$	29.76		$	28.83		$	24.73
Net investment income(a)			0.48			0.83			0.35			0.76			0.79			0.64
Net realized and unrealized gain (loss)(b)			(3.11	)		9.00			(0.64	)		0.24			1.03			4.07
Net increase (decrease) from investment operations			(2.63	)		9.83			(0.29	)		1.00			1.82			4.71
Distributions(c)
From net investment income			(0.46	)		(0.86	)		(0.38	)		(0.90	)		(0.89	)		(0.61	)
From net realized gain			—			—			(0.83	)		(0.00	)(d)		—			—
Return of capital			—			—			(0.00	)(d)		—			—			(0.00	)(d)
Total distributions			(0.46	)		(0.86	)		(1.21	)		(0.90	)		(0.89	)		(0.61	)
Net asset value, end of period		$	34.24		$	37.33		$	28.36		$	29.86		$	29.76		$	28.83
Total Return(e)
Based on net asset value			(7.16	)%(f)		35.04	%		(1.21	)%		3.41	%		6.36	%		19.13	%
Ratios to Average Net Assets(g)
Total expenses			0.62	%(h)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Total expenses after fees waived			0.03	%(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income			2.61	%(h)		2.52	%		1.18	%		2.63	%		2.61	%		2.32	%
Supplemental Data
Net assets, end of period (000)		$	489,584		$	744,670		$	569,970		$	868,987		$	1,660,448		$	1,791,673
Portfolio turnover rate(i)			2	%(f)		14	%		10	%		5	%		11	%		9	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)  Rounds to less than $0.01.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Germany ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	33.37		$	28.13		$	26.21		$	27.64		$	26.82		$	24.03
Net investment income(a)			0.29			0.85			0.21			0.55			0.53			0.74
Net realized and unrealized gain (loss)(b)			(3.96	)		5.31			2.06			(1.25	)		1.02			2.62
Net increase (decrease) from investment operations			(3.67	)		6.16			2.27			(0.70	)		1.55			3.36
Distributions(c)
From net investment income			(0.28	)		(0.92	)		(0.35	)		(0.73	)		(0.73	)		(0.57	)
Return of capital			—			—			(0.00	)(d)		(0.00	)(d)		—			—
Total distributions			(0.28	)		(0.92	)		(0.35	)		(0.73	)		(0.73	)		(0.57	)
Net asset value, end of period		$	29.42		$	33.37		$	28.13		$	26.21		$	27.64		$	26.82
Total Return(e)
Based on net asset value			(11.09	)%(f)		22.12	%		8.71	%		(2.65	)%		5.83	%		13.88	%
Ratios to Average Net Assets(g)
Total expenses			0.53	%(h)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Total expenses after fees waived			0.04	%(h)		0.03	%		0.02	%		0.04	%		0.06	%		0.05	%
Net investment income			1.80	%(h)		2.78	%		0.77	%		2.09	%		1.87	%		2.75	%
Supplemental Data
Net assets, end of period (000)		$	50,007		$	63,394		$	75,957		$	154,620		$	330,346		$	791,051
Portfolio turnover rate(i)			2	%(f)		16	%		12	%		5	%		11	%		9	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)  Rounds to less than $0.01.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 29

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Japan ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	38.66		$	31.50		$	29.13		$	32.36		$	29.56		$	24.73
Net investment income(a)			0.63			0.51			0.72			0.45			0.46			0.52
Net realized and unrealized gain (loss)(b)			(1.55	)		7.06			2.35			(3.04	)		2.81			4.78
Net increase (decrease) from investment operations			(0.92	)		7.57			3.07			(2.59	)		3.27			5.30
Distributions(c)
From net investment income			(0.52	)		(0.41	)		(0.70	)		(0.64	)		(0.47	)		(0.47	)
Total distributions			(0.52	)		(0.41	)		(0.70	)		(0.64	)		(0.47	)		(0.47	)
Net asset value, end of period		$	37.22		$	38.66		$	31.50		$	29.13		$	32.36		$	29.56
Total Return(d)
Based on net asset value			(2.46	)%(e)		24.08	%		10.52	%		(8.06	)%		11.07	%		21.50	%
Ratios to Average Net Assets(f)
Total expenses			0.53	%(g)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Total expenses after fees waived			0.00	%(g)(h)		0.00	%(h)		0.00	%(h)		0.00	%(h)		0.01	%		0.00	%(h)
Net investment income			3.20	%(g)		1.38	%		2.31	%		1.47	%		1.41	%		1.84	%
Supplemental Data
Net assets, end of period (000)		$	517,417		$	535,398		$	247,256		$	329,138		$	1,004,834		$	1,198,726
Portfolio turnover rate(i)			2	%(e)		7	%		9	%		9	%		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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Rounds to less than 0.01%.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

30 2 0 2 2  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

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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, each 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 31

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., 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign

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

Notes to Financial Statements (unaudited) (continued)

currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

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

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

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

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 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

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

NOTES  TO  FINANCIAL  STATEMENTS 33

Notes to Financial Statements (unaudited) (continued)

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 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%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Currency Hedged MSCI Canada	$	52,773
Currency Hedged MSCI Eurozone		1,908,407
Currency Hedged MSCI Germany		149,971
Currency Hedged MSCI Japan		1,634,275

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 Statements of Operations.

6. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Canada	$	889,716	$	1,063,332
Currency Hedged MSCI Eurozone		53,785,473		14,567,138
Currency Hedged MSCI Germany		4,640,560		1,237,800
Currency Hedged MSCI Japan		43,584,727		13,253,423

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Currency Hedged MSCI Canada	$	5,637,829	$	2,383,225
Currency Hedged MSCI Eurozone		142,671,156		353,937,138
Currency Hedged MSCI Germany		107,419,472		114,021,632
Currency Hedged MSCI Japan		341,234,648		323,092,511

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, 2022, 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, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Currency Hedged MSCI Canada	$	258,109
Currency Hedged MSCI Eurozone		35,252,249
Currency Hedged MSCI Germany		43,562,482
Currency Hedged MSCI Japan		52,181,274

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

Notes to Financial Statements (unaudited) (continued)

As of February 28, 2022, 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 Canada	$	18,070,747	$	2,133,182	$	(78,660	)	$	2,054,522
Currency Hedged MSCI Eurozone		540,050,547		1,387,142		(52,538,597	)		(51,151,455)
Currency Hedged MSCI Germany		60,479,047		216,982		(10,852,409	)		(10,635,427)
Currency Hedged MSCI Japan		566,833,960		1,112,966		(50,631,596	)		(49,518,630)

8. LINE OF CREDIT

The iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Germany ETF and iShares Currency Hedged MSCI Japan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) 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 Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

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.

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. Although vaccines have been developed and approved for use by various governments, 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 Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR

NOTES  TO  FINANCIAL  STATEMENTS 35

Notes to Financial Statements (unaudited) (continued)

rates will continue to be published through June 2023 in order to assist with the transition. 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 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI Canada
Shares sold		170,000		$	5,641,360			190,000		$	6,100,407
Shares redeemed		(70,000	)		(2,331,217	)		(130,000	)		(3,828,268	)
Net increase		100,000		$	3,310,143			60,000		$	2,272,139
Currency Hedged MSCI Eurozone
Shares sold		3,850,000		$	142,422,797			16,600,000		$	546,988,458
Shares redeemed		(9,500,000	)		(352,930,655	)		(16,750,000	)		(531,517,446	)
Net increase (decrease)		(5,650,000	)	$	(210,507,858	)		(150,000	)	$	15,471,012
Currency Hedged MSCI Germany
Shares sold		3,300,000		$	107,577,286			10,850,000		$	325,501,335
Shares redeemed		(3,500,000	)		(114,154,807	)		(11,650,000	)		(349,791,460	)
Net decrease		(200,000	)	$	(6,577,521	)		(800,000	)	$	(24,290,125	)
Currency Hedged MSCI Japan
Shares sold		8,550,000		$	341,872,623			16,600,000		$	599,727,410
Shares redeemed		(8,500,000	)		(323,637,831	)		(10,600,000	)		(379,102,463	)
Net increase		50,000		$	18,234,792			6,000,000		$	220,624,947

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 Statements 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.

36 2 0 2 2  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 and iShares Currency Hedged MSCI Japan 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 9, 2021 (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, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each 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 the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each 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 also 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 material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 37

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted 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, 2022

	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)	$	0.699218	$	—	$	0.124157	$	0.823375		85	%		—	%		15	%		100%
Currency Hedged MSCI Eurozone(a)		0.450168		—		0.010612		0.460780		98			—			2			100
Currency Hedged MSCI Germany(a)		0.275359		—		0.005627		0.280986		98			—			2			100
Currency Hedged MSCI Japan(a)		0.394374		—		0.122163		0.516537		76			—			24			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.

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

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

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 Trust’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 39

Glossary of Terms Used in this Report

Counterparty Abbreviations
ANZ	Australia and New Zealand Bank Group
BB	Barclays Bank PLC
BNP	BNP Paribas SA
BNY	Bank of New York
BOA	Bank of America N.A.
BSCH	Banco Santander Central Hispano
CBA	Commonwealth Bank of Australia
CITI	Citibank N.A.
Currency Abbreviations
CAD	Canadian Dollar
EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

Counterparty Abbreviations (continued)
DBS	Deutsche Bank Securities Inc.
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

40 2 0 2 2  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.

^©2022 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-801-0222

FEBRUARY 28, 2022

2022 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, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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.

Overall, 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, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication 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		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		24
Notes to Financial Statements		27
Statement Regarding Liquidity Risk Management Program		36
Supplemental Information		37
General Information		38
Glossary of Terms Used in this Report		39

Fund Summary  as of February 28, 2022 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	7.05	%		19.91	%	4.59	%	5.89	%		19.91	%	25.13	%	46.50	%
Fund Market	6.94			19.84		4.60		5.88			19.84		25.22		46.41
Index	8.21			21.88		5.56		6.58			21.88		31.05		52.95

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,070.50	$	0.00		$	1,000.00	$	1,024.80	$	0.00		0.00	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		99.9	%
Forward foreign currency exchange contracts, net cumulative appreciation		0.0	(a)
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 Staples		19.4	%
Financials		17.9
Health Care		12.7
Energy		12.1
Industrials		11.1
Materials		10.0
Consumer Discretionary		5.8
Communication Services		4.6
Utilities		4.0
Real Estate		1.4
Information Technology		1.0

^(a) Excludes money market funds

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Fund Summary  as of February 28, 2022 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	4.72	%		15.62	%	5.19	%	3.77	%		15.62	%	28.81	%	44.72	%
Fund Market	4.25			15.22		5.08		3.69			15.22		28.12		43.61
Index	5.23			16.60		5.82		4.34			16.60		32.71		52.95

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,047.20	$	2.49		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Staples	19.4	%
Financials	17.9
Health Care	12.7
Energy	12.1
Industrials	11.1
Materials	10.0
Consumer Discretionary	5.8
Communication Services	4.6
Utilities	4.0
Real Estate	1.4
Information Technology	1.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Shell PLC	8.2	%
AstraZeneca PLC	7.6
HSBC Holdings PLC	5.7
Unilever PLC	5.2
Diageo PLC	4.7
GlaxoSmithKline PLC	4.2
BP PLC	3.9
British American Tobacco PLC	3.9
Rio Tinto PLC	3.6
Anglo American PLC	2.6

F U N D   S U M M A R Y 5

Fund Summary  as of February 28, 2022 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		10 Years			1 Year		5 Years		10 Years
Fund NAV	(17.25	)%		(5.77	)%	5.36	%	6.61	%		(5.77	)%	29.82	%	89.73	%
Fund Market	(18.07	)		(7.03	)	5.20		6.48			(7.03	)	28.87		87.30
Index	(16.76	)		(4.87	)	6.08		7.31			(4.87	)	34.31		102.49

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 (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	827.50	$	2.67		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	21.8	%
Consumer Discretionary	15.5
Financials	15.0
Real Estate	12.4
Information Technology	7.6
Communication Services	6.8
Health Care	5.9
Materials	5.0
Consumer Staples	4.5
Utilities	3.1
Energy	2.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Meggitt PLC	1.6	%
Rightmove PLC	1.5
B&M European Value Retail SA	1.5
Howden Joinery Group PLC	1.3
Intermediate Capital Group PLC	1.3
DS Smith PLC	1.3
Electrocomponents PLC	1.2
Centrica PLC	1.2
Dechra Pharmaceuticals PLC	1.2
Tritax Big Box REIT PLC	1.2

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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 each 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 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses 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, 2022 iShares^® Currency Hedged MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI United Kingdom ETF(a)		292,793	$	9,805,638
Total Investment Companies — 99.9% (Cost: $9,904,737)				9,805,638
Total Investments in Securities — 99.9% (Cost: $9,904,737)				9,805,638
Other Assets, Less Liabilities — 0.1%			6,434
Net Assets — 100.0%			$  9,812,072

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
iShares MSCI United Kingdom ETF	$	8,253,193	$	6,575,735	$	(5,183,060	)	$	196,358	$	(36,588	)	$	9,805,638		292,793	$	361,069	$	—

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	481,435	GBP	354,000	MS	03/03/22	$	6,541
USD	9,875,268	GBP	7,358,000	MS	04/05/22		1,498
							8,039
GBP	7,398,000	USD	9,926,515	MS	03/03/22		(2,026	)
USD	9,448,437	GBP	7,044,000	MS	03/03/22		(1,158	)
GBP	14,000	USD	18,790	MS	04/05/22		(3	)
USD	166,239	GBP	124,000	MS	04/05/22		(158	)
							(3,345	)
	Net unrealized appreciation					$	4,694

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

		Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	8,039
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	3,345

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Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI United Kingdom ETF

For the period ended February 28, 2022, 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	$	438,057
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(86,868)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	10,358,131
Average amounts sold — in USD	$	21,070,466

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	$	8,039	$3,345
Total derivative assets and liabilities in the Statement of Assets and Liabilities		8,039	3,345
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—	—
Total derivative assets and liabilities subject to an MNA		8,039	3,345

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)	Non-Cash Collateral Received			Cash Collateral Received					Net Amount of Derivative Assets	(b)
Morgan Stanley & Co. International PLC		$	8,039	$(3,345)			$	—		$	—		$	4,694
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty			Derivatives Available for Offset	(a)	Non-Cash Collateral Pledged			Cash Collateral Pledged Pledged			Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC		$	3,345	$(3,345)			$	—		$	—		$	—

^(a)  The amount of derivatives available for offset is limited to the amount of derivative 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 Hierarchy as of Period End

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

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, 2022 iShares^® Currency Hedged MSCI United Kingdom ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

		Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	9,805,638	$	—		$	—	$	9,805,638
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	8,039		$	—	$	8,039
Liabilities
Forward Foreign Currency Exchange Contracts		—		(3,345	)		—		(3,345	)
	$	—	$	4,694		$	—	$	4,694

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

See notes to financial statements.

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Schedule of Investments  (unaudited)  February 28, 2022 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
BAE Systems PLC		4,403,686	$	42,279,743
Rolls-Royce Holdings PLC(a)		11,628,692		16,041,325
				58,321,068
Banks — 10.6%
Barclays PLC		23,258,952		56,834,623
HSBC Holdings PLC		28,235,442		196,018,399
Lloyds Banking Group PLC		98,514,026		63,492,790
NatWest Group PLC		7,852,252		24,060,556
Standard Chartered PLC		3,646,685		25,988,466
				366,394,834
Beverages — 4.8%
Coca-Cola HBC AG, Class DI		277,051		7,038,907
Diageo PLC		3,234,361		160,237,809
				167,276,716
Capital Markets — 2.9%
3i Group PLC		1,348,931		24,030,017
abrdn plc		3,009,820		8,342,401
Hargreaves Lansdown PLC		490,951		7,440,955
London Stock Exchange Group PLC		456,871		39,910,725
Schroders PLC		171,528		7,022,029
St. James’s Place PLC		749,910		14,059,267
				100,805,394
Chemicals — 0.8%
Croda International PLC		193,598		19,378,948
Johnson Matthey PLC		267,041		6,710,607
				26,089,555
Commercial Services & Supplies — 0.5%
Rentokil Initial PLC		2,584,393		17,538,623
Diversified Financial Services — 0.3%
M&G PLC		3,588,379		9,878,361
Diversified Telecommunication Services — 0.9%
BT Group PLC		12,359,574		30,838,284
Electric Utilities — 1.0%
SSE PLC		1,477,349		33,528,026
Electronic Equipment, Instruments & Components — 0.5%
Halma PLC		527,708		17,020,718
Equity Real Estate Investment Trusts (REITs) — 1.4%
British Land Co PLC/The		1,215,070		8,586,557
Land Securities Group PLC		972,182		10,301,936
Segro PLC		1,670,171		29,046,021
				47,934,514
Food & Staples Retailing — 1.8%
J Sainsbury PLC		2,413,595		8,901,628
Ocado Group PLC(a)		673,495		12,384,837
Tesco PLC		10,697,655		41,442,237
				62,728,702
Food Products — 0.4%
Associated British Foods PLC		495,712		12,683,230
Health Care Equipment & Supplies — 0.6%
Smith & Nephew PLC		1,219,777		21,816,798
Health Care Providers & Services — 0.0%
NMC Health PLC(b)		122,262		2

Security	Shares		Value
Hotels, Restaurants & Leisure — 3.0%
Compass Group PLC		2,475,085	$	55,944,473
Entain PLC(a)		812,903		18,276,017
InterContinental Hotels Group PLC(a)		254,341		17,710,497
Whitbread PLC(a)		278,765		10,881,677
				102,812,664
Household Durables — 1.3%
Barratt Developments PLC		1,422,128		11,583,538
Berkeley Group Holdings PLC		155,074		8,064,825
Persimmon PLC		443,705		14,279,993
Taylor Wimpey PLC		5,033,005		10,095,130
			44,023,486
Household Products — 2.4%
Reckitt Benckiser Group PLC		991,034		83,917,885
Industrial Conglomerates — 1.0%
DCC PLC		136,022		10,674,121
Melrose Industries PLC		6,083,458		12,035,916
Smiths Group PLC		547,058		11,160,297
			33,870,334
Insurance — 4.0%
Admiral Group PLC		270,016		10,756,245
Aviva PLC		5,265,260		29,503,232
Legal & General Group PLC		8,266,890		30,566,224
Phoenix Group Holdings PLC		965,644		8,003,544
Prudential PLC		3,803,412		57,501,752
			136,330,997
Interactive Media & Services — 0.3%
Auto Trader Group PLC(c)		1,323,263		11,703,035
Machinery — 0.5%
Spirax-Sarco Engineering PLC		102,524		16,337,659
Media — 1.4%
Informa PLC(a)		2,089,224		16,542,135
Pearson PLC		1,044,180		9,033,097
WPP PLC		1,621,464		22,805,710
			48,380,942
Metals & Mining — 8.8%
Anglo American PLC		1,775,605		90,132,778
Antofagasta PLC		544,228		11,019,443
Glencore PLC		13,762,349		80,922,687
Rio Tinto PLC		1,558,332		121,849,135
			303,924,043
Multi-Utilities — 2.2%
National Grid PLC		5,018,447		75,875,747
Multiline Retail — 0.5%
Next PLC		184,785		16,919,353
Oil, Gas & Consumable Fuels — 12.0%
BP PLC		27,415,542		133,626,429
Shell PLC		10,682,233		281,698,931
			415,325,360
Paper & Forest Products — 0.4%
Mondi PLC		674,884		14,160,048
Personal Products — 5.2%
Unilever PLC		3,564,592		179,056,482
Pharmaceuticals — 12.0%
AstraZeneca PLC		2,149,293		261,238,673

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, 2022 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
GlaxoSmithKline PLC		6,981,166	$	145,586,157
Hikma Pharmaceuticals PLC		239,627		6,671,204
				413,496,034
Professional Services — 4.3%
Experian PLC		1,280,254		50,012,414
Intertek Group PLC		224,354		16,104,540
RELX PLC		2,684,076		81,738,139
				147,855,093
Software — 0.5%
AVEVA Group PLC		166,249		5,505,139
Sage Group PLC/The		1,421,283		13,333,684
				18,838,823
Specialty Retail — 0.5%
JD Sports Fashion PLC		3,559,625		7,160,680
Kingfisher PLC		2,897,960		11,821,808
				18,982,488
Textiles, Apparel & Luxury Goods — 0.4%
Burberry Group PLC		562,759		14,590,194
Tobacco — 4.7%
British American Tobacco PLC		3,024,470		132,553,114
Imperial Brands PLC		1,310,550		28,656,830
				161,209,944
Trading Companies & Distributors — 3.1%
Ashtead Group PLC		619,089		40,229,561
Bunzl PLC		468,321		18,506,997
Ferguson PLC		307,485		46,853,931
				105,590,489
Water Utilities — 0.8%
Severn Trent PLC		345,324		13,285,644

Security	Shares		Value
Water Utilities (continued)
United Utilities Group PLC		948,507	$	13,613,594
				26,899,238
Wireless Telecommunication Services — 1.9%
Vodafone Group PLC		37,878,664		66,679,262
Total Common Stocks — 99.4% (Cost: $3,684,828,054)				3,429,634,425
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		1,600,000		1,600,000
Total Short-Term Investments — 0.1% (Cost: $1,600,000)				1,600,000
Total Investments in Securities — 99.5% (Cost: $3,686,428,054)				3,431,234,425
Other Assets, Less Liabilities — 0.5%				17,678,224
Net Assets — 100.0%			$	3,448,912,649

^(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,420,000	$	180,000	(a)	$	—	$	—	$	—	$	1,600,000		1,600,000	$	85	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 100 Index		181		03/18/22	$	18,003	$	377,572

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Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI United Kingdom ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	377,572

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	377,998
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	286,272

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$24,954,036

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	—	$	3,429,634,423	$	2	$	3,429,634,425
Money Market Funds		1,600,000		—		—		1,600,000
	$	1,600,000	$	3,429,634,423	$	2	$	3,431,234,425
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	377,572	$	—		$377,572

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2022 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.3%
Avon Protection PLC		5,473	$	91,629
Babcock International Group PLC(a)		43,434		191,317
Chemring Group PLC		48,609		198,753
Meggitt PLC(a)		135,189		1,361,619
QinetiQ Group PLC		99,419		386,703
Senior PLC(a)		71,461		133,887
Ultra Electronics Holdings PLC		12,372		528,420
				2,892,328
Air Freight & Logistics — 0.8%
Royal Mail PLC		138,160		726,107
Airlines — 1.0%
easyJet PLC(a)		52,103		418,066
JET2 PLC(a)		27,899		475,969
				894,035
Auto Components — 0.2%
AB Dynamics PLC		2,778		40,255
TI Fluid Systems PLC(b)		39,947		116,366
				156,621
Automobiles — 0.2%
Aston Martin Lagonda Global Holdings PLC(a)(b)		11,981		162,545
Banks — 1.4%
Bank of Georgia Group PLC		6,736		119,099
Close Brothers Group PLC		25,897		404,603
TBC Bank Group PLC		7,089		114,086
Virgin Money UK PLC		224,447		555,470
				1,193,258
Beverages — 1.5%
AG Barr PLC		15,821		109,728
Britvic PLC		46,295		530,997
C&C Group PLC(a)		67,505		190,896
Fevertree Drinks PLC		18,017		452,821
				1,284,442
Biotechnology — 1.4%
Abcam PLC(a)		37,259		623,212
Avacta Group PLC(a)(c)		42,637		28,885
Genus PLC		11,372		500,853
Oxford Biomedica PLC(a)		9,934		98,465
				1,251,415
Building Products — 0.8%
Genuit Group PLC		42,554		291,938
Tyman PLC		33,717		155,053
Volution Group PLC		34,008		226,850
				673,841
Capital Markets — 8.3%
AJ Bell PLC		52,896		217,800
Alpha FX Group PLC		4,902		110,806
Ashmore Group PLC		79,601		266,483
Brewin Dolphin Holdings PLC		52,147		205,607
Bridgepoint Group PLC(a)(b)		49,716		225,759
CMC Markets PLC(b)		23,010		72,077
IG Group Holdings PLC		67,187		702,135
Impax Asset Management Group PLC		14,809		192,611
IntegraFin Holdings PLC		48,387		277,975
Intermediate Capital Group PLC		50,080		1,147,800
Investec PLC		120,428		659,626

Security	Shares		Value
Capital Markets (continued)
IP Group PLC		173,470	$	215,561
JTC PLC(b)		22,539		234,583
Jupiter Fund Management PLC		76,020		216,779
Liontrust Asset Management PLC		10,734		217,047
Man Group PLC/Jersey		241,484		621,876
Ninety One PLC		58,837		196,535
Numis Corp. PLC		12,713		43,825
Polar Capital Holdings PLC(c)		12,826		97,304
Quilter PLC(b)		288,509		501,761
Rathbones Group PLC		10,737		236,561
Sanne Group PLC		28,228		345,734
TP ICAP Group PLC		135,504		217,953
			7,224,198
Chemicals — 1.2%
Elementis PLC(a)		99,949		172,183
Essentra PLC		51,834		211,141
Synthomer PLC		64,506		248,557
Victrex PLC		15,091		390,789
			1,022,670
Commercial Services & Supplies — 2.4%
Biffa PLC(b)		52,507		229,214
Clipper Logistics PLC		13,366		159,761
HomeServe PLC		52,425		473,430
Johnson Service Group PLC(a)		78,346		165,932
Mitie Group PLC		244,930		183,071
Renewi PLC(a)		13,678		113,030
Restore PLC		20,999		126,766
Serco Group PLC		211,870		377,310
Smart Metering Systems PLC		21,682		208,720
			2,037,234
Communications Equipment — 0.4%
Spirent Communications PLC		105,131		343,983
Construction & Engineering — 0.9%
Balfour Beatty PLC		110,321		350,397
Keller Group PLC		12,409		131,312
Kier Group PLC(a)		75,736		94,322
Morgan Sindall Group PLC		6,772		209,442
			785,473
Construction Materials — 1.2%
Breedon Group PLC		261,226		289,108
Forterra PLC(b)		39,024		125,380
Ibstock PLC(b)		70,372		167,487
Marshalls PLC		34,372		292,708
RHI Magnesita NV		4,843		180,026
			1,054,709
Consumer Finance — 0.2%
Funding Circle Holdings PLC(a)(b)		29,494		29,239
Provident Financial PLC(a)		43,575		168,187
			197,426
Containers & Packaging — 1.3%
DS Smith PLC		236,917		1,091,680
Distributors — 0.8%
Inchcape PLC		66,407		664,223
Diversified Financial Services — 0.7%
Burford Capital Ltd.		32,011		311,086

14 2 0 2 2  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, 2022 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services (continued)
Plus500 Ltd.		15,658	$	292,179
			603,265
Diversified Telecommunication Services — 0.6%
Gamma Communications PLC		14,269		280,437
Helios Towers PLC(a)		126,042		246,188
			526,625
Electrical Equipment — 0.7%
Ceres Power Holdings PLC(a)		16,358		153,401
ITM Power PLC(a)		73,746		323,287
Luceco PLC(b)		14,223		46,941
Volex PLC		21,057		81,832
			605,461
Electronic Equipment, Instruments & Components — 1.4%
Renishaw PLC		6,322		397,106
Spectris PLC		19,116		718,235
Strix Group PLC		35,310		115,816
			1,231,157
Energy Equipment & Services — 0.5%
Hunting PLC		24,952		77,763
John Wood Group PLC(a)		118,276		286,885
Petrofac Ltd.(a)		77,628		111,448
			476,096
Entertainment — 0.3%
Cineworld Group PLC(a)(c)		162,835		86,796
Frontier Developments PLC(a)(c)		3,828		66,245
Team17 Group PLC(a)		18,071		134,544
			287,585
Equity Real Estate Investment Trusts (REITs) — 10.0%
Assura PLC		508,135		418,268
Big Yellow Group PLC		30,226		574,714
BMO Commercial Property Trust Ltd.		131,182		190,477
Capital & Counties Properties PLC		126,291		280,016
Civitas Social Housing PLC		106,394		126,028
Custodian REIT PLC		70,676		97,087
Derwent London PLC		17,450		711,394
Empiric Student Property PLC		106,172		125,338
Great Portland Estates PLC		39,263		354,929
Hammerson PLC(c)		550,536		272,748
Home Reit PLC		96,383		146,753
LondonMetric Property PLC		160,254		557,936
LXI REIT Plc		157,612		293,051
Picton Property Income Ltd. (The)		93,289		123,306
Primary Health Properties PLC		231,121		418,686
Regional REIT Ltd.(b)		72,507		86,082
Safestore Holdings PLC		36,489		623,134
Secure Income REIT Plc		47,323		262,982
Shaftesbury PLC		33,008		260,406
Target Healthcare REIT PLC		106,565		155,694
Tritax Big Box REIT PLC		322,262		1,015,405
UK Commercial Property REIT Ltd.		133,265		135,479
UNITE Group PLC (The)		58,605		838,287
Urban Logistics REIT PLC		80,726		199,261
Warehouse REIT PLC		69,308		148,391
Workspace Group PLC		23,340		242,642
			8,658,494
Food & Staples Retailing — 1.0%
Marks & Spencer Group PLC(a)		337,753		787,218

Security	Shares		Value
Food & Staples Retailing (continued)
Naked Wines PLC(a)(c)		10,394	$	58,949
			846,167
Food Products — 1.9%
Bakkavor Group PLC(b)		24,025		40,738
Cranswick PLC		9,156		429,806
Greencore Group PLC(a)		90,465		162,135
Hotel Chocolat Group PLC(a)		9,203		56,174
Premier Foods PLC		105,446		155,233
Tate & Lyle PLC		81,041		813,529
			1,657,615
Health Care Equipment & Supplies — 0.9%
Advanced Medical Solutions Group PLC		33,260		128,622
ConvaTec Group PLC(b)		278,710		673,823
			802,445
Health Care Providers & Services — 0.8%
CVS Group PLC		11,737		264,519
Mediclinic International PLC(a)		69,667		307,091
Spire Healthcare Group PLC(a)(b)		48,212		149,994
			721,604
Health Care Technology — 0.4%
Craneware PLC		4,884		118,917
EMIS Group PLC		9,791		161,518
Renalytix PLC(a)		7,843		37,766
			318,201
Hotels, Restaurants & Leisure — 5.1%
888 Holdings PLC		63,951		207,784
Carnival PLC(a)		25,952		487,087
Domino’s Pizza Group PLC		69,742		340,355
Greggs PLC		17,620		605,854
Gym Group PLC (The)(a)(b)		28,357		80,647
J D Wetherspoon PLC(a)		16,592		193,328
Marston’s PLC(a)		113,203		117,397
Mitchells & Butlers PLC(a)		47,324		149,804
On the Beach Group PLC(a)(b)		28,208		107,847
Patisserie Holdings PLC(d)		6,053		—
Playtech Plc(a)		52,684		471,406
Rank Group PLC(a)		45,572		96,711
Restaurant Group PLC (The)(a)		131,149		170,944
SSP Group Plc(a)		129,878		482,887
Trainline PLC(a)(b)		82,588		225,572
TUI AG(a)		196,602		629,093
Young & Co‘s Brewery PLC, Series A		3,957		77,384
			4,444,100
Household Durables — 2.7%
Bellway PLC		21,312		819,757
Countryside Properties PLC(a)(b)		84,439		342,455
Crest Nicholson Holdings PLC		44,143		181,174
IG Design Group Plc		12,838		15,672
Redrow PLC		48,404		369,008
Victoria PLC(a)		11,044		106,968
Vistry Group PLC		38,525		518,194
			2,353,228
Independent Power and Renewable Electricity Producers — 0.9%
ContourGlobal PLC(b)		34,819		87,901
Drax Group PLC		69,094		651,885
			739,786
Insurance — 3.4%
Beazley PLC		105,433		637,696

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, 2022 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Direct Line Insurance Group PLC		229,598	$	910,917
Hiscox Ltd.		59,902		737,087
Just Group PLC(a)		178,392		200,286
Lancashire Holdings Ltd.		41,710		262,625
Sabre Insurance Group PLC(b)		44,109		122,175
Saga PLC(a)		18,586		69,615
			2,940,401
Interactive Media & Services — 1.9%
Moneysupermarket.com Group PLC		92,240		258,683
Rightmove PLC		146,422		1,311,567
Trustpilot Group PLC(a)(b)		31,702		63,013
			1,633,263
Internet & Direct Marketing Retail — 1.3%
AO World PLC(a)(c)		54,540		69,837
ASOS PLC(a)(c)		12,158		318,816
Auction Technology Group PLC(a)		14,433		187,109
boohoo Group PLC(a)(c)		173,813		208,944
Deliveroo PLC(a)(b)		119,416		203,812
Moonpig Group PLC(a)		26,276		93,250
Victorian Plumbing Group PLC(a)		20,125		21,166
			1,102,934
IT Services — 2.4%
Capita PLC(a)		289,380		108,366
Computacenter PLC		12,801		468,566
Finablr PLC(a)(b)(d)		61,710		1
Kainos Group PLC		13,951		285,546
Keywords Studios PLC		12,475		403,988
NCC Group PLC		53,086		133,647
Network International Holdings PLC(a)(b)		80,324		241,817
Softcat PLC		20,730		433,269
			2,075,200
Leisure Products — 0.7%
Games Workshop Group PLC		5,671		568,881
Life Sciences Tools & Services — 0.4%
Clinigen Group Plc		21,715		266,823
Ergomed PLC(a)		6,244		97,530
			364,353
Machinery — 3.8%
Bodycote PLC		33,328		332,940
IMI PLC		44,976		881,088
Judges Scientific PLC		853		83,841
Morgan Advanced Materials PLC		49,031		199,956
Rotork PLC		148,341		607,893
Vesuvius PLC		37,280		198,074
Weir Group PLC (The)		44,793		944,263
			3,248,055
Marine — 0.3%
Clarkson PLC		4,969		221,207
Media — 3.6%
Ascential PLC(a)		76,343		332,099
Euromoney Institutional Investor PLC		18,779		225,859
Future PLC		19,791		700,304
ITV PLC(a)		625,682		921,847
Reach PLC		51,047		155,791
S4 Capital PLC(a)		48,117		300,257
Tremor International Ltd.(a)(c)		18,168		142,591

Security	Shares		Value
Media (continued)
YouGov PLC		18,205	$	323,592
			3,102,340
Metals & Mining — 1.3%
Atalaya Mining PLC		13,448		78,476
Centamin PLC		198,694		263,735
Central Asia Metals PLC		31,180		87,421
Eurasia Mining PLC(a)		322,142		44,944
Ferrexpo PLC		50,568		114,700
Greatland Gold PLC(a)		672,870		122,220
Hill & Smith Holdings PLC		13,905		263,223
Hochschild Mining PLC		56,444		87,509
Petropavlovsk PLC(a)		403,142		43,265
SolGold PLC(a)(c)		155,188		62,208
			1,167,701
Multi-Utilities — 1.4%
Centrica PLC(a)		1,015,193		1,045,636
Telecom Plus PLC		10,830		210,663
			1,256,299
Multiline Retail — 1.5%
B&M European Value Retail SA		155,371		1,260,184
Oil, Gas & Consumable Fuels — 1.8%
Capricorn Energy PLC(a)		85,782		253,971
Diversified Energy Co. PLC		138,675		219,518
Energean PLC(a)		19,783		275,474
Harbour Energy PLC(a)		72,481		383,829
Pantheon Resources PLC(a)		89,787		170,874
Serica Energy PLC		28,465		105,836
Tullow Oil PLC(a)		213,044		153,344
			1,562,846
Personal Products — 0.1%
PZ Cussons PLC		37,918		106,737
Pharmaceuticals — 1.9%
Alliance Pharma PLC		80,259		110,682
Dechra Pharmaceuticals PLC		18,674		1,029,862
Indivior PLC(a)		123,928		466,829
			1,607,373
Professional Services — 1.6%
Hays PLC		290,361		528,399
Pagegroup PLC		57,023		433,322
RWS Holdings PLC		50,176		309,631
SThree PLC		21,774		129,331
			1,400,683
Real Estate Management & Development — 2.3%
CLS Holdings PLC		32,426		88,520
Grainger PLC		127,897		477,474
Helical PLC		19,457		110,018
IWG PLC(a)		129,812		486,774
Savills PLC		24,586		419,626
Sirius Real Estate Ltd.		191,688		321,310
Watkin Jones PLC		34,844		112,184
			2,015,906
Road & Rail — 1.0%
Firstgroup PLC(a)		128,616		172,085
Go-Ahead Group PLC (The)(a)		7,993		71,305
National Express Group PLC(a)		94,933		301,687
Redde Northgate PLC		40,168		203,860

16 2 0 2 2  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, 2022 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Stagecoach Group PLC(a)		73,079	$	84,311
			833,248
Semiconductors & Semiconductor Equipment — 0.2%
Alphawave IP Group PLC(a)		46,693		117,134
IQE PLC(a)		134,768		76,565
			193,699
Software — 3.2%
Argo Blockchain PLC(a)		77,307		73,111
Avast PLC(b)(c)		116,050		978,611
Blue Prism Group Plc(a)		14,136		241,215
Bytes Technology Group PLC		37,066		228,930
dotdigital group Plc		45,570		91,698
FD Technologies PLC(a)		3,765		76,616
GB Group PLC		39,345		296,627
Ideagen PLC		45,279		136,669
Kape Technologies PLC(a)(c)		18,487		81,345
Learning Technologies Group PLC		101,365		239,871
Micro Focus International PLC		58,406		303,561
			2,748,254
Specialty Retail — 2.5%
Currys PLC		190,393		239,017
Dunelm Group PLC		20,901		336,707
Frasers Group PLC(a)		34,739		293,774
Halfords Group PLC		34,212		127,589
Pets at Home Group Plc		86,673		419,010
Vivo Energy PLC(b)		75,737		137,162
WH Smith PLC(a)		22,718		491,544
Wickes Group PLC		44,610		108,707
			2,153,510
Textiles, Apparel & Luxury Goods — 0.6%
Coats Group PLC		249,571		203,387
Dr. Martens Plc		77,344		290,759
			494,146
Thrifts & Mortgage Finance — 0.9%
OSB Group PLC		77,644		521,318
Paragon Banking Group PLC		43,204		290,894
			812,212
Trading Companies & Distributors — 5.2%
Diploma PLC		21,517		763,534
Electrocomponents PLC		81,445		1,074,361

Security	Shares		Value
Trading Companies & Distributors (continued)
Grafton Group PLC		39,356	$	565,158
Howden Joinery Group PLC		102,143		1,161,877
SIG PLC(a)		125,173		65,589
Travis Perkins PLC		38,264		742,802
Yellow Cake PLC(a)(b)		30,106		141,578
			4,514,899
Water Utilities — 0.8%
Penno Group PLC		47,125		654,970
Wireless Telecommunication Services — 0.4%
Airtel Africa PLC(b)		161,424		307,718
Total Common Stocks — 99.7% (Cost: $95,758,299)				86,275,036
Short-Term Investments
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		1,907,993		1,908,375
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		30,000		30,000
			1,938,375
Total Short-Term Investments — 2.2% (Cost: $1,937,972)				1,938,375
Total Investments in Securities — 101.9% (Cost: $97,696,271)				88,213,411
Other Assets, Less Liabilities — (1.9)%				(1,656,376	)
Net Assets — 100.0%			$	86,557,035

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

^(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 the cash collateral from loaned securities.

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, 2022 iShares^® MSCI United Kingdom Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,279,475	$	—	$	(370,662	)(a)	$	(290	)	$	(148	)	$	1,908,375		1,907,993	$	42,187	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		—		(20,000	)(a)		—			—			30,000		30,000		3			—
								$	(290	)	$	(148	)	$	1,938,375			$	42,190		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 250 Index		5		03/18/22	$	281	$	(14,704	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	14,704

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(35,606	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(49,204	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	654,684

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

Fair Value Hierarchy as of Period End

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

18 2 0 2 2  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, 2022 iShares^® MSCI United Kingdom Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	15,237,083	$	71,037,952		$	1	$	86,275,036
Money Market Funds		1,938,375		—			—		1,938,375
	$	17,175,458	$	71,037,952		$	1	$	88,213,411
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(14,704	)	$	—	$	(14,704	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

Statement of Assets and Liabilities  (unaudited)

February 28, 2022

	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)	$	—		$	3,429,634,425		$	86,275,036
Affiliated(c)		9,805,638			1,600,000			1,938,375
Cash		4,990			8,270			9,440
Foreign currency, at value(d)		—			3,157,135			125,330
Foreign currency collateral pledged:
Futures contracts(e)		—			1,311,021			30,854
Receivables:
Investments sold		—			8,573,787			334,443
Securities lending income — Affiliated		—			—			986
Variation margin on futures contracts		—			—			1,581
Capital shares sold		—			988,368			—
Dividends		—			14,519,283			100,439
Tax reclaims		—			85,390			28,901
Unrealized appreciation on:
Forward foreign currency exchange contracts		8,039			—			—
Total assets		9,818,667			3,459,877,679			88,845,385
LIABILITIES
Collateral on securities loaned, at value		—			—			1,909,134
Payables:
Investments purchased		3,250			9,602,147			338,637
Variation margin on futures contracts		—			92,370			—
Investment advisory fees		—			1,270,513			40,579
Unrealized depreciation on:
Forward foreign currency exchange contracts		3,345			—			—
Total liabilities		6,595			10,965,030			2,288,350
NET ASSETS	$	9,812,072		$	3,448,912,649		$	86,557,035
NET ASSETS CONSIST OF:
Paid-in capital	$	16,298,037		$	4,038,960,009		$	105,996,604
Accumulated loss		(6,485,965	)		(590,047,360	)		(19,439,569	)
NET ASSETS	$	9,812,072		$	3,448,912,649		$	86,557,035
Shares outstanding		410,000			102,400,000			2,150,000
Net asset value	$	23.93		$	33.68		$	40.26
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	—		$	—		$	1,742,129
(b) Investments, at cost — Unaffiliated	$	—		$	3,684,828,054		$	95,758,299
(c)  Investments, at cost — Affiliated	$	9,904,737		$	1,600,000		$	1,937,972
(d) Foreign currency, at cost	$	—		$	3,121,753		$	125,928
(e) Foreign currency collateral pledged, at cost	$	—		$	1,373,317		$	31,408

See notes to financial statements.

20 2 0 2 2  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 

Statements of Operations (unaudited)

Six Months Ended February 28, 2022

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	43,858,848		$	1,121,545
Dividends — Affiliated		361,069			85			126
Securities lending income — Affiliated — net		—			—			42,064
Foreign taxes withheld		—			(209,869	)		(29,206	)
Total investment income		361,069			43,649,064			1,134,529
EXPENSES
Investment advisory fees		38,429			7,706,702			318,016
Professional fees		217			217			217
Total expenses		38,646			7,706,919			318,233
Less:
Investment advisory fees waived		(38,645	)		—			—
Total expenses after fees waived		1			7,706,919			318,233
Net investment income		361,068			35,942,145			816,296
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(21,969,892	)		(1,924,359	)
Investments — Affiliated		(36,090	)		—			(290	)
In-kind redemptions — Unaffiliated		—			192,600,841			3,272,811
In-kind redemptions — Affiliated		232,448			—			—
Futures contracts		—			377,998			(35,606	)
Forward foreign currency exchange contracts		438,057			—			—
Foreign currency transactions		—			(704,030	)		10,413
Net realized gain		634,415			170,304,917			1,322,969
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		—			(76,645,219	)		(22,808,978	)
Investments — Affiliated		(36,588	)		—			(148	)
Futures contracts		—			286,272			(49,204	)
Forward foreign currency exchange contracts		(86,868	)		—			—
Foreign currency translations		—			193,355			(1,907	)
Net change in unrealized appreciation (depreciation)		(123,456	)		(76,165,592	)		(22,860,237	)
Net realized and unrealized gain (loss)		510,959			94,139,325			(21,537,268	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	872,027		$	130,081,470		$	(20,720,972	)

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

	iShares Currency Hedged MSCI United Kingdom ETF							iShares MSCI United Kingdom ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	361,068		$	243,737		$	35,942,145		$	121,383,125
Net realized gain (loss)			634,415			(1,213,157	)		170,304,917			37,132,219
Net change in unrealized appreciation (depreciation)			(123,456	)		3,026,264			(76,165,592	)		562,344,983
Net increase in net assets resulting from operations			872,027			2,056,844			130,081,470			720,860,327
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(361,072	)		(243,738	)		(74,784,609	)		(95,207,591	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			1,034,934			(3,967,299	)		(185,565,674	)		762,464,858
NET ASSETS
Total increase (decrease) in net assets			1,545,889			(2,154,193	)		(130,268,813	)		1,388,117,594
Beginning of period			8,266,183			10,420,376			3,579,181,462			2,191,063,868
End of period		$	9,812,072		$	8,266,183		$	3,448,912,649		$	3,579,181,462

^(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 United Kingdom Small-Cap ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	816,296		$	1,778,892
Net realized gain		1,322,969			340,262
Net change in unrealized appreciation (depreciation)		(22,860,237	)		26,611,588
Net increase (decrease) in net assets resulting from operations		(20,720,972	)		28,730,742
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,131,766	)		(1,264,047	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(20,149,897	)		42,435,550
NET ASSETS
Total increase (decrease) in net assets		(44,002,635	)		69,902,245
Beginning of period		130,559,670			60,657,425
End of period	$	86,557,035		$	130,559,670

^(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 23

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI United Kingdom ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	22.96			$	18.95			$	23.43			$	23.83			$	23.84			$	24.87
Net investment income(a)			0.68				0.59				0.74				0.92				1.11				0.48
Net realized and unrealized gain (loss)(b)			0.92				4.04				(4.46	)			(0.26	)			(0.05	)			2.39
Net increase (decrease) from investment operations			1.60				4.63				(3.72	)			0.66				1.06				2.87
Distributions(c)
From net investment income			(0.63	)			(0.62	)			(0.76	)			(1.06	)			(1.07	)			(0.84	)
From net realized gain			—				—				—				—				—				(3.06	)
Total distributions			(0.63	)			(0.62	)			(0.76	)			(1.06	)			(1.07	)			(3.90	)
Net asset value, end of period		$	23.93			$	22.96			$	18.95			$	23.43			$	23.83			$	23.84
Total Return(d)
Based on net asset value			7.05	%(e)			24.59	%			(16.34	)%			2.92	%			4.42	%			13.48	%
Ratios to Average Net Assets(f)
Total expenses			0.62	%(g)			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived			0.00	%(g)(h)			0.00	%(h)			0.00	%(h)			0.00	%			0.00	%			0.00	%
Net investment income			5.83	%(g)			2.82	%			3.31	%			3.96	%			4.62	%			1.99	%
Supplemental Data
Net assets, end of period (000)		$	9,812			$	8,266			$	10,420			$	35,146			$	22,643			$	19,073
Portfolio turnover rate(i)			8	%(e)			15	%			15	%			11	%			17	%			20	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) Annualized.

^(h)  Rounds to less than 0.01%.

⁽ⁱ⁾ 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 ETF
			Six Months Ended 02/28/22 (unaudited	)		Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	(a)
Net asset value, beginning of period		$	33.05		$	26.88		$	30.27		$	33.62		$	33.76		$	31.36
Net investment income(b)			0.38			1.20			0.90			1.49			1.29			1.13
Net realized and unrealized gain (loss)(c)			1.13			5.87			(3.30	)		(3.39	)		0.06			2.43
Net increase (decrease) from investment operations			1.51			7.07			(2.40	)		(1.90	)		1.35			3.56
Distributions(d)
From net investment income			(0.88	)		(0.90	)		(0.99	)		(1.45	)		(1.49	)		(1.16	)
Total distributions			(0.88	)		(0.90	)		(0.99	)		(1.45	)		(1.49	)		(1.16	)
Net asset value, end of period		$	33.68		$	33.05		$	26.88		$	30.27		$	33.62		$	33.76
Total Return(e)
Based on net asset value			4.72	%(f)		26.46	%		(8.25	)%		(5.64	)%		3.90	%		11.60	%
Ratios to Average Net Assets(g)
Total expenses			0.49	%(h)		0.50	%		0.51	%		0.50	%		0.47	%		0.49	%
Net investment income			2.30	%(h)		3.91	%		3.12	%		4.64	%		3.66	%		4.07	%
Supplemental Data
Net assets, end of period (000)		$	3,448,913		$	3,579,181		$	2,191,064		$	2,000,722		$	1,986,971		$	2,764,746
Portfolio turnover rate(i)			5	%(f)		9	%		4	%		11	%		5	%		4	%

^(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) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾ 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

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom Small-Cap ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	50.22			$	35.68			$	35.95			$	42.65			$	39.92			$	35.91
Net investment income(a)			0.34				0.86				0.72				1.05				1.15				0.92
Net realized and unrealized gain (loss)(b)			(8.91	)			14.32				0.03				(6.69	)			2.93				4.12
Net increase (decrease) from investment operations			(8.57	)			15.18				0.75				(5.64	)			4.08				5.04
Distributions(c)
From net investment income			(1.39	)			(0.64	)			(1.02	)			(1.06	)			(1.35	)			(1.03	)
Total distributions			(1.39	)			(0.64	)			(1.02	)			(1.06	)			(1.35	)			(1.03	)
Net asset value, end of period		$	40.26			$	50.22			$	35.68			$	35.95			$	42.65			$	39.92
Total Return(d)
Based on net asset value			(17.25	)%(e)			42.88	%			1.90	%			(13.17	)%			10.22	%			14.40	%
Ratios to Average Net Assets(f)
Total expenses			0.59	%(g)			0.59	%			0.59	%			0.59	%			0.59	%			0.59	%
Net investment income			1.51	%(g)			1.94	%			1.99	%			2.76	%			2.68	%			2.50	%
Supplemental Data
Net assets, end of period (000)		$	86,557			$	130,560			$	60,657			$	61,109			$	57,571			$	31,935
Portfolio turnover rate(h)			9	%(e)			15	%			25	%			20	%			20	%			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)  Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) Annualized.

^(h) 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
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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, 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 Statements 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, 2022, if any, are disclosed in the Statements 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 Statements 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.

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)

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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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

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Notes to Financial Statements  (unaudited) (continued)

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 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 Schedule 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:

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.	$	129,267	$	129,267		$	—	$	—
Citigroup Global Markets, Inc.		56,000		56,000			—		—
J.P. Morgan Securities LLC		110,045		110,045			—		—
Jefferies LLC		929,677		929,677			—		—
Macquarie Bank Ltd.		299,123		299,123			—		—
Morgan Stanley		135,561		135,561			—		—
Scotia Capital (USA), Inc.		82,456		82,456			—		—
	$	1,742,129	$	1,742,129		$	—	$	—

^(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

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Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

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

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).

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Notes to Financial Statements  (unaudited) (continued)

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:

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, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and 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, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Currency Hedged MSCI United Kingdom	$	38,645

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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. 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.

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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 Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
MSCI United Kingdom Small-Cap	$	9,485

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, 2022, 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 United Kingdom	$	12,471,850	$	3,113,704	$	(1,073,498	)
MSCI United Kingdom Small-Cap		931,120		1,209,824		(168,825	)

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

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, 2022, 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	$	1,212,992	$	907,931
MSCI United Kingdom		179,107,042		163,386,415
MSCI United Kingdom Small-Cap		9,997,523		10,143,238

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI United Kingdom	$	5,362,743	$	4,275,128
MSCI United Kingdom		642,846,233		843,097,763
MSCI United Kingdom Small-Cap		—		19,952,013

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, 2022, 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, 2021, 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	$	6,862,396
MSCI United Kingdom		494,263,919
MSCI United Kingdom Small-Cap		8,929,580

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, 2022, 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	$	9,976,753	$	8,039	$	(174,460	)	$	(166,421	)
MSCI United Kingdom		3,710,448,497		227,014,166		(505,850,666)			(278,836,500	)
MSCI United Kingdom Small-Cap		100,023,666		6,806,161		(18,631,120	)		(11,824,959	)

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. Although vaccines have been developed and approved for use by various governments, 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 Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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.

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Notes to Financial Statements  (unaudited) (continued)

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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. 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 as well as acts of war in the region. 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. 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. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI United Kingdom
Shares sold		230,000		$	5,327,329			60,000		$	1,246,734
Shares redeemed		(180,000	)		(4,292,395	)		(250,000	)		(5,214,033	)
Net increase (decrease)		50,000		$	1,034,934			(190,000	)	$	(3,967,299	)
MSCI United Kingdom
Shares sold		19,700,000		$	664,818,518			40,300,000		$	1,197,285,969
Shares redeemed		(25,600,000	)		(850,384,192	)		(13,500,000	)		(434,821,111	)
Net increase (decrease)		(5,900,000	)	$	(185,565,674	)		26,800,000		$	762,464,858
MSCI United Kingdom Small-Cap
Shares sold		—		$	—			1,300,000		$	58,198,236
Shares redeemed		(450,000	)		(20,149,897	)		(400,000	)		(15,762,686	)
Net increase (decrease)		(450,000	)	$	(20,149,897	)		900,000		$	42,435,550

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

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Notes to Financial Statements  (unaudited) (continued)

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 Statements 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 35

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 9, 2021 (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, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each 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 the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each 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 also 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 material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 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, 2022

	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)	$	0.619703	$	—	$	0.013757	$	0.633460		98	%		—	%		2	%		100	%
MSCI United Kingdom(a)		0.856680		—		0.019018		0.875698		98			—			2			100
MSCI United Kingdom Small-Cap(a)		1.362637		—		0.029259		1.391896		98			—			2			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 37

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

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 Trust’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
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 39

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.

©2022 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-813-0222

FEBRUARY 28, 2022

2022 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 Sustainable Development Goals ETF | SDG | NASDAQ

· iShares Paris-Aligned Climate MSCI USA ETF | PABU | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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.

Overall, 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, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication 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		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		57
Statements of Operations		59
Statements of Changes in Net Assets		61
Financial Highlights		65
Notes to Financial Statements		72
Board Review and Approval of Investment Advisory Contract		83
Statement Regarding Liquidity Risk Management Program		85
Supplemental Information		86
General Information		87
Glossary of Terms Used in this Report		88

Fund Summary as of February 28, 2022 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(7.39	)%		2.47	%		7.54	%		9.19	%		2.47	%		43.83	%		64.65	%
Fund Market		(7.65	)		2.31			7.47			9.14			2.31			43.38			64.27
Index		(7.17	)		2.77			7.66			9.33			2.77			44.62			65.88

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 11 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$          926.10	$        0.96			$       1,000.00	$       1,023.80	$        1.00		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	17.6	%
Industrials	15.6
Health Care	12.6
Consumer Discretionary	11.7
Consumer Staples	10.4
Information Technology	8.9
Materials	8.0
Communication Services	4.7
Energy	4.4
Utilities	3.1
Real Estate	3.0

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	22.7	%
United Kingdom	14.3
France	10.8
Switzerland	10.6
Australia	8.2
Germany	8.1
Netherlands	5.3
Sweden	3.2
Denmark	2.8
Hong Kong	2.6

^(a)  Excludes money market funds.

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

Fund Summary as of February 28, 2022 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(4.69	)%		13.25	%		15.46	%		16.44	%		13.25	%		105.18	%		122.27	%
Fund Market		(4.79	)		13.20			15.44			16.43			13.20			104.99			122.11
Index		(4.63	)		13.43			15.66			16.65			13.43			106.96			124.41

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.

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 (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          953.10	$         0.73			$       1,000.00	$      1,024.10	$         0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	29.6	%
Health Care	12.8
Consumer Discretionary	11.8
Financials	11.0
Communication Services	8.8
Industrials	8.4
Consumer Staples	6.2
Energy	3.6
Real Estate	2.9
Materials	2.6
Utilities	2.3

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Apple Inc.	6.8	%
Microsoft Corp.	5.7
Amazon.com Inc.	3.5
Alphabet Inc., Class A	2.0
Alphabet Inc., Class C	2.0
Tesla Inc.	1.9
NVIDIA Corp.	1.7
JPMorgan Chase & Co.	1.2
Meta Platforms Inc, Class A	1.1
Home Depot Inc. (The)	1.0

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of February 28, 2022 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		(6.02	)%		0.60	%		11.81	%		0.60	%		54.37	%
Fund Market		(5.95	)		0.72			11.84			0.72			54.56
Index		(5.96	)		0.71			11.97			0.71			55.24

The inception date of the Fund was 4/10/18. The first day of secondary market trading was 4/12/18.

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 (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        939.80	$        0.82			$      1,000.00	$      1,024.00	$        0.85		0.17	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Industrials	17.7%
Financials	15.1
Information Technology	14.2
Consumer Discretionary	13.9
Health Care	12.7
Real Estate	8.5
Materials	5.0
Energy	4.9
Consumer Staples	3.3
Utilities	2.4
Communication Services	2.3

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Comerica Inc.	0.5%
Quanta Services Inc.	0.4
Marathon Oil Corp.	0.4
LPL Financial Holdings Inc.	0.4
Builders FirstSource Inc.	0.3
Reliance Steel & Aluminum Co.	0.3
Ingredion Inc.	0.3
Ovintiv Inc.	0.3
Jones Lang LaSalle Inc.	0.3
Alcoa Corp.	0.3

^(a)  Excludes money market funds.

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

Fund Summary as of February 28, 2022 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 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(a)		(12.30	)%		(10.08	)%		5.19	%		(10.08	)%		11.03	%
Fund Market		(10.89	)		(8.89	)		5.99			(8.89	)		12.77
Index		(11.43	)		(8.74	)		6.24			(8.74	)		13.34

^(a)  Includes payments received from an affiliate, which impacted the Fund’s total returns. Excluding the payments, the Average Annual Total Returns for the 6 Months, 1 Year, and Since Inception would have been -13.12%, -10.92% and 4.72%, respectively.

The inception date of the Fund was 2/5/20. The first day of secondary market trading was 2/7/20.

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.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        877.00	$        0.74			$      1,000.00	$      1,024.00	$        0.80		0.16	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Financials	23.4%
Consumer Discretionary	16.8
Information Technology	15.5
Communication Services	10.7
Materials	8.4
Consumer Staples	6.4
Industrials	5.4
Energy	4.7
Health Care	4.1
Real Estate	2.6
Utilities	2.0

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
China	31.5%
Taiwan	17.3
India	14.5
South Korea	7.6
South Africa	6.5
Brazil	4.2
Thailand	2.9
Malaysia	2.4
United Arab Emirates	2.4
Mexico	1.9

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary as of February 28, 2022 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		(3.38	)%		16.65	%		18.65	%		16.65	%		61.86	%
Fund Market		(3.48	)		16.66			18.59			16.66			61.62
Index		(3.34	)		16.78			18.77			16.78			62.28

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 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        966.20	$        0.49			$      1,000.00	$      1,024.30	$        0.50		0.10	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Information Technology	28.7%
Health Care	13.3
Consumer Discretionary	12.5
Financials	11.6
Communication Services	11.6
Industrials	7.8
Consumer Staples	6.5
Materials	2.8
Real Estate	2.7
Energy	1.5
Utilities	1.0

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Microsoft Corp.	11.0%
Alphabet Inc., Class A	4.2
Alphabet Inc., Class C	4.0
Tesla Inc.	3.8
NVIDIA Corp.	3.1
Johnson & Johnson	2.2
Procter & Gamble Co. (The)	1.9
Visa Inc., Class A	1.9
Home Depot Inc. (The)	1.7
Mastercard Inc., Class A	1.6

^(a)  Excludes money market funds.

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

Fund Summary as of February 28, 2022 iShares^® MSCI Global Sustainable Development Goals ETF

Investment Objective

The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) (formerly the iShares MSCI Global Impact ETF) seeks to track the investment results of an index composed of 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(11.98	)%		(5.28	)%		13.91	%		12.44	%		(5.28	)%		91.75	%		98.82	%
Fund Market		(12.39	)		(5.95	)		13.79			12.39			(5.95	)		90.80			98.30
Index		(11.94	)		(5.11	)		14.11			12.67			(5.11	)		93.49			101.20

The inception date of the Fund was 4/20/16. The first day of secondary market trading was 4/22/16.

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 (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        880.20	$        2.28			$      1,000.00	$      1,022.40	$        2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Health Care	20.2%
Consumer Staples	19.8
Real Estate	16.7
Industrials	16.1
Materials	14.8
Consumer Discretionary	3.7
Information Technology	3.5
Utilities	3.5
Communication Services	1.7

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
United States	24.5%
Japan	14.4
China	13.0
Denmark	8.0
United Kingdom	6.9
Canada	5.6
Belgium	4.8
Hong Kong	4.7
Switzerland	4.6
Sweden	2.5

^(a) Excludes money market funds.

FUND   SUMMARY 9

Fund Summary as of February 28, 2022 iShares^® Paris-Aligned Climate MSCI USA ETF

Investment Objective

The iShares Paris-Aligned Climate MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy, as represented by the MSCI USA Climate Paris Aligned Benchmark Extended Select 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	(3.16)%
Fund Market	(3.19)
Index	(3.17)

The inception date of the Fund was 2/8/22. The first day of secondary market trading was 2/10/22.

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 (02/08/22)	(a)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(b)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$      1,000.00		$        968.40	$        0.05			$      1,000.00	$      1,024.30	$        0.50		0.10	%

^(a)  Commencement of operations.

^(b)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 20/365 for actual expenses and 181/365 for hypothetical expenses (to reflect the six month period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Information Technology	37.1%
Health Care	12.6
Consumer Discretionary	12.4
Financials	11.2
Communication Services	8.2
Real Estate	7.1
Industrials	6.1
Materials	3.5
Consumer Staples	1.4
Utilities	0.4

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Apple Inc.	7.8%
Microsoft Corp.	6.3
Amazon.com Inc.	3.6
Tesla Inc.	2.7
Alphabet Inc., Class C	2.4
NVIDIA Corp.	2.0
Sherwin-Williams Co. (The)	1.8
Corning Inc.	1.7
Ecolab Inc.	1.7
Meta Platforms Inc, Class A	1.4

^(a)  Excludes money market funds.

10 2 0 2 2   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 each 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 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses 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, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.1%
APA Group		1,659,653	$	12,132,848
Aristocrat Leisure Ltd.		343,152		9,412,658
ASX Ltd.		226,115		13,580,796
Australia & New Zealand Banking Group Ltd.		1,437,026		27,205,549
BlueScope Steel Ltd.		758,787		11,236,007
Brambles Ltd.		2,118,825		15,261,304
Cochlear Ltd.		83,519		13,633,977
Coles Group Ltd.		635,571		8,022,870
Commonwealth Bank of Australia		776,057		52,650,388
Computershare Ltd.		456,685		7,215,777
CSL Ltd.		207,100		39,374,685
Dexus		1,782,355		14,109,088
Fortescue Metals Group Ltd.		1,127,342		15,018,830
Glencore PLC		4,334,607		25,487,513
Goodman Group		773,131		12,508,986
Insurance Australia Group Ltd.		2,405,034		8,029,108
Lendlease Corp. Ltd.		1,053,125		8,124,616
Macquarie Group Ltd.		177,394		23,345,626
Mineral Resources Ltd.		214,133		7,037,495
Mirvac Group		5,827,282		10,867,380
National Australia Bank Ltd.		1,193,528		25,067,710
Newcrest Mining Ltd.		446,572		8,284,268
Northern Star Resources Ltd.		1,168,495		8,708,777
Orica Ltd.		715,959		7,633,365
QBE Insurance Group Ltd.		833,789		6,957,983
Ramsay Health Care Ltd.		166,698		7,776,079
Rio Tinto Ltd.		243,330		20,984,051
Rio Tinto PLC		584,698		45,718,720
Santos Ltd.		1,750,354		9,322,095
SEEK Ltd.		364,123		7,108,708
South32 Ltd.		2,584,918		9,030,416
Stockland		2,686,148		8,127,997
Transurban Group		2,108,218		19,472,350
Wesfarmers Ltd.		476,106		16,696,971
Westpac Banking Corp.		1,501,159		24,808,517
Woodside Petroleum Ltd.		946,529		19,778,924
Woolworths Group Ltd.		484,826		12,536,474
				592,268,906
Austria — 0.4%
Erste Group Bank AG		159,006		5,652,157
OMV AG		325,372		15,488,839
Verbund AG		79,032		9,532,565
				30,673,561
Belgium — 0.8%
Anheuser-Busch InBev SA/NV		428,515		26,442,721
KBC Group NV		190,706		13,739,782
UCB SA		76,756		8,376,898
Umicore SA		187,718		7,679,482
				56,238,883
Denmark — 2.8%
AP Moller - Maersk A/S, Class A		5,011		15,025,322
Carlsberg A/S, Class B		85,724		12,571,392
Coloplast A/S, Class B		53,083		7,985,703
DSV A/S		75,196		13,840,325
Genmab A/S(a)		30,086		10,111,792
GN Store Nord AS		129,463		6,843,815
Novo Nordisk A/S, Class B		835,788		86,490,187
Novozymes A/S, Class B		129,193		8,479,272

Security	Shares		Value
Denmark (continued)
Orsted AS(b)		119,485	$	15,463,043
Pandora A/S		68,322		6,995,988
Vestas Wind Systems A/S		532,323		17,165,657
				200,972,496
Finland — 1.2%
Kesko Oyj, Class B		291,891		8,590,264
Neste Oyj		301,939		11,773,997
Nokia Oyj(a)		2,760,320		14,925,986
Nordea Bank Abp		941,878		10,420,489
Orion Oyj, Class B		182,972		8,592,157
Sampo Oyj, Class A		149,886		7,119,006
Stora Enso Oyj, Class R		360,802		6,871,133
UPM-Kymmene Oyj		355,403		12,280,315
Wartsila OYJ Abp		632,256		7,080,997
				87,654,344
France — 10.7%
Air Liquide SA		150,425		24,986,359
Airbus SE(a)		197,471		25,212,912
Alstom SA		253,480		6,448,507
AXA SA		1,170,108		31,660,328
BNP Paribas SA		514,198		29,836,092
Bureau Veritas SA		271,224		7,755,061
Capgemini SE		69,434		14,534,586
Cie. de Saint-Gobain		177,169		10,985,377
Cie. Generale des Etablissements Michelin SCA		138,823		19,110,033
CNP Assurances		305,400		7,443,593
Covivio		94,694		7,746,955
Danone SA		442,102		26,897,145
Dassault Systemes SE		366,851		17,695,521
Edenred		169,913		7,731,868
Eiffage SA		67,902		6,916,767
Engie SA		584,414		9,311,145
EssilorLuxottica SA		147,188		25,694,641
Gecina SA		83,847		10,655,371
Hermes International		12,771		17,611,677
Kering SA		40,927		28,388,339
Klepierre SA		267,088		7,634,588
Legrand SA		76,084		7,177,768
L’Oreal SA		133,909		52,937,470
LVMH Moet Hennessy Louis Vuitton SE		118,378		86,996,578
Orange SA		706,508		8,542,877
Pernod Ricard SA		105,552		23,042,024
Publicis Groupe SA		118,029		7,833,079
Safran SA		128,951		16,395,750
Sanofi		468,445		48,967,728
Schneider Electric SE		297,737		46,130,208
Societe Generale SA		568,349		16,071,508
Teleperformance		20,613		7,648,703
TotalEnergies SE		1,302,059		66,333,656
Unibail-Rodamco-Westfield(a)(c)		92,553		7,054,928
Valeo		250,336		5,520,931
Veolia Environnement SA		206,571		7,228,788
Vinci SA		164,939		17,294,086
Vivendi SE		575,212		7,261,345
Worldline SA/France(a)(b)		144,901		7,388,968
				784,083,260
Germany — 7.8%
adidas AG		102,797		24,305,494
Allianz SE, Registered		248,786		56,080,671

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
BASF SE		384,465	$	25,600,080
Bayerische Motoren Werke AG		202,186		19,471,962
Beiersdorf AG		74,372		7,538,940
Brenntag SE		89,886		7,535,367
Carl Zeiss Meditec AG, Bearer		47,566		7,464,754
Commerzbank AG(a)		776,852		6,492,241
Continental AG(a)		76,282		6,500,229
Delivery Hero SE(a)(b)		134,165		7,191,327
Deutsche Bank AG, Registered(a)		901,113		11,124,049
Deutsche Boerse AG		125,110		21,296,554
Deutsche Post AG, Registered		360,306		18,109,772
Deutsche Telekom AG, Registered		843,254		15,115,051
E.ON SE		1,277,740		17,379,235
Evonik Industries AG		225,286		6,781,474
Fresenius SE & Co. KGaA		175,923		6,167,134
GEA Group AG		161,629		7,067,837
HeidelbergCement AG		119,861		7,777,410
HelloFresh SE(a)		129,700		7,074,612
Henkel AG & Co. KGaA		94,194		7,242,305
Infineon Technologies AG		687,773		23,271,420
LEG Immobilien SE		57,522		7,396,768
Mercedes-Benz Group AG		433,138		33,836,514
Merck KGaA		101,796		20,190,979
MTU Aero Engines AG		45,579		10,910,983
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		75,201		20,630,425
Puma SE		106,475		9,764,226
SAP SE		567,650		64,033,185
Siemens AG, Registered		358,686		50,532,523
Volkswagen AG		26,256		6,790,832
Vonovia SE		316,782		16,815,745
Zalando SE(a)(b)		136,328		9,023,094
				566,513,192
Hong Kong — 2.6%
AIA Group Ltd.		6,269,000		65,096,323
BOC Hong Kong Holdings Ltd.		4,487,000		16,131,052
Galaxy Entertainment Group Ltd.(a)		1,309,000		7,300,595
Hang Seng Bank Ltd.		568,000		10,474,538
Hong Kong Exchanges & Clearing Ltd.		576,300		27,925,569
MTR Corp. Ltd.(c)		3,153,500		16,346,173
Sands China Ltd.(a)		2,508,400		6,615,857
Sun Hung Kai Properties Ltd.		763,500		8,876,283
Swire Pacific Ltd., Class A		1,474,000		8,145,637
Swire Properties Ltd.		5,200,800		13,524,772
Techtronic Industries Co. Ltd.		511,000		8,562,345
				188,999,144
Ireland — 0.9%
CRH PLC		460,941		20,953,560
Flutter Entertainment PLC, Class DI(a)		63,212		9,103,038
James Hardie Industries PLC		224,797		7,338,958
Kerry Group PLC, Class A		132,364		15,769,730
Kingspan Group PLC		73,376		7,166,062
Smurfit Kappa Group PLC		138,369		6,910,456
				67,241,804
Israel — 0.6%
Bank Hapoalim BM		1,203,553		12,755,842
Bank Leumi Le-Israel BM		791,554		8,574,841
CyberArk Software Ltd.(a)(c)		48,809		8,304,363
Isracard Ltd.		1		6

Security	Shares		Value
Israel (continued)
Nice Ltd.(a)		32,400	$	7,329,142
Wix.com Ltd(a)		85,036		7,787,597
				44,751,791
Italy — 2.0%
Amplifon SpA		186,823		8,017,410
Assicurazioni Generali SpA		626,166		12,383,584
Enel SpA		4,816,544		35,492,815
Eni SpA		1,630,627		25,363,925
Ferrari NV		34,061		7,361,293
Intesa Sanpaolo SpA		11,912,237		30,451,561
Nexi SpA(a)(b)		512,811		7,003,953
Prysmian SpA		228,375		7,517,960
UniCredit SpA		818,359		10,339,568
				143,932,069
Japan — 22.5%
Advantest Corp.		90,600		7,281,057
Aeon Co. Ltd.		386,500		8,755,649
Ajinomoto Co. Inc.		344,000		10,024,506
Asahi Group Holdings Ltd.		303,700		12,251,064
Asahi Kasei Corp.		1,269,400		11,913,099
Astellas Pharma Inc.		1,166,500		19,462,139
Azbil Corp.		205,200		7,789,163
Bridgestone Corp.		318,100		13,099,652
Canon Inc.		351,100		8,262,416
Central Japan Railway Co.		54,000		7,275,780
Chugai Pharmaceutical Co. Ltd.		412,200		13,674,167
Dai Nippon Printing Co. Ltd.		289,500		7,557,307
Dai-ichi Life Holdings Inc.		539,400		11,202,334
Daiichi Sankyo Co. Ltd.		897,900		21,904,637
Daikin Industries Ltd.		138,100		25,521,506
Daiwa House Industry Co. Ltd.		262,000		7,430,391
Denso Corp.		241,700		16,996,376
East Japan Railway Co.		195,400		11,608,468
Eisai Co. Ltd.		157,300		7,804,404
ENEOS Holdings Inc.		4,090,800		16,198,706
FANUC Corp.		103,400		18,994,797
Fast Retailing Co. Ltd.		30,200		16,290,164
FUJIFILM Holdings Corp.		203,400		12,928,942
Fujitsu Ltd.		125,300		18,204,082
Hankyu Hanshin Holdings Inc.		410,400		12,277,958
Hitachi Construction Machinery Co. Ltd.		292,300		7,153,061
Hitachi Ltd.		498,500		24,652,170
Honda Motor Co. Ltd.		878,300		26,683,537
Hoya Corp.		172,100		22,419,235
Hulic Co. Ltd.		803,000		7,315,364
Ibiden Co. Ltd.		154,900		7,565,083
Idemitsu Kosan Co. Ltd.		369,100		9,894,295
Inpex Corp.		1,070,800		11,037,288
ITOCHU Corp.		1,042,600		33,976,874
Japan Post Holdings Co. Ltd.		1,032,100		8,531,031
JFE Holdings Inc.		525,300		7,820,433
Kao Corp.		271,900		12,710,475
KDDI Corp.		1,091,300		35,512,256
Keio Corp.		167,800		6,865,880
Keyence Corp.		76,800		36,326,449
Kikkoman Corp.		97,400		7,260,961
Kirin Holdings Co. Ltd.		773,000		12,851,477
Komatsu Ltd.		606,600		13,954,178
Kubota Corp.		559,900		10,045,540

SCHEDULE   OF  INVESTMENTS 13

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kurita Water Industries Ltd.		178,000	$	7,355,815
Kyocera Corp.		196,500		11,309,162
Kyowa Kirin Co. Ltd.		283,400		7,252,466
Lawson Inc.		176,800		7,371,804
M3 Inc.		211,700		7,964,894
Marubeni Corp.		1,162,400		12,201,291
Mazda Motor Corp.(a)		947,100		7,005,089
Mitsubishi Chemical Holdings Corp.		1,033,800		7,343,942
Mitsubishi Corp.		600,300		20,184,292
Mitsubishi Heavy Industries Ltd.		264,500		7,813,178
Mitsubishi UFJ Financial Group Inc.		5,128,400		31,483,163
Mitsui Fudosan Co. Ltd.		361,100		8,036,661
Miura Co. Ltd.		260,200		7,131,468
Mizuho Financial Group Inc.		949,100		12,508,305
MS&AD Insurance Group Holdings Inc.		412,200		13,947,487
Murata Manufacturing Co. Ltd.		239,100		16,250,473
NEC Corp.		167,800		7,259,971
Nidec Corp.		151,900		13,205,215
Nintendo Co. Ltd.		55,808		28,264,062
Nippon Express Holdings Inc.		118,600		7,189,506
Nippon Paint Holdings Co. Ltd.		866,400		7,754,361
Nippon Steel Corp.		583,100		10,675,958
Nippon Telegraph & Telephone Corp.		407,600		11,714,786
Nippon Yusen KK		102,500		9,603,326
Nitto Denko Corp.		104,400		7,618,946
Nomura Holdings Inc.		2,489,500		11,359,783
Nomura Research Institute Ltd.		308,500		10,829,207
NTT Data Corp.		407,400		7,738,203
Obayashi Corp.		893,800		7,483,780
Odakyu Electric Railway Co. Ltd.		390,800		6,447,607
Omron Corp.		199,300		13,562,069
Ono Pharmaceutical Co. Ltd.		304,600		7,499,249
Oriental Land Co. Ltd./Japan		89,000		16,452,963
ORIX Corp.		713,200		14,137,855
Panasonic Corp.		1,264,900		13,209,739
Recruit Holdings Co. Ltd.		624,700		26,368,705
Renesas Electronics Corp.(a)		591,200		6,964,746
Resona Holdings Inc.		2,488,900		11,131,092
Santen Pharmaceutical Co. Ltd.		667,300		7,568,905
Secom Co. Ltd.		102,000		7,491,530
Sekisui Chemical Co. Ltd.		478,200		7,830,979
Sekisui House Ltd.		691,700		14,102,442
Seven & i Holdings Co. Ltd.		273,900		13,327,351
SG Holdings Co. Ltd.		341,200		7,231,794
Shimadzu Corp.		209,100		7,531,137
Shin-Etsu Chemical Co. Ltd.		123,000		19,211,137
Shionogi & Co. Ltd.		187,200		12,447,368
Shiseido Co. Ltd.		134,000		7,689,736
SMC Corp.		12,600		7,458,183
SoftBank Corp.		1,879,000		23,740,006
SoftBank Group Corp.		536,400		24,071,482
Sohgo Security Services Co. Ltd.		205,000		7,401,352
Sompo Holdings Inc.		286,000		12,417,564
Sony Group Corp.		652,400		66,657,138
Stanley Electric Co. Ltd.		307,300		7,302,299
Sumitomo Chemical Co. Ltd.		2,505,200		11,960,398
Sumitomo Metal Mining Co. Ltd.		250,400		12,490,570
Sumitomo Mitsui Financial Group Inc.		367,400		13,028,831
Sumitomo Mitsui Trust Holdings Inc.		326,700		11,608,307
Sysmex Corp.		144,400		11,559,291

Security	Shares		Value
Japan (continued)
Takeda Pharmaceutical Co. Ltd.		783,094	$	23,876,767
TDK Corp.		223,300		9,037,665
Terumo Corp.		392,200		12,738,018
Tokio Marine Holdings Inc.		226,300		12,876,708
Tokyo Electron Ltd.		80,400		39,458,507
Tokyo Gas Co. Ltd.		370,400		7,544,426
Tokyu Corp.		608,100		8,109,850
Toray Industries Inc.		1,919,100		10,944,034
TOTO Ltd.		174,800		7,358,517
Toyota Motor Corp.		4,874,300		89,181,058
West Japan Railway Co.		173,700		7,494,093
Yamaha Corp.		158,100		7,417,840
Yamaha Motor Co. Ltd.		458,800		10,313,649
Yaskawa Electric Corp.		182,400		7,302,713
Yokogawa Electric Corp.		459,400		7,412,105
				1,644,108,720
Liechtenstein — 0.1%
ArcelorMittal SA		239,927		7,453,146
Netherlands — 5.2%
Adyen NV(a)(b)		8,367		17,439,106
Akzo Nobel NV		148,740		14,151,437
Argenx SE(a)		26,537		7,683,607
ASM International NV		23,276		7,517,389
ASML Holding NV		203,514		136,155,705
CNH Industrial NV		712,055		10,128,631
Heineken NV		142,123		14,416,739
ING Groep NV		1,780,269		20,790,853
Just Eat Takeaway.com NV(a)(b)		169,222		6,848,780
Koninklijke Ahold Delhaize NV		528,564		16,259,813
Koninklijke DSM NV		115,969		21,774,807
Koninklijke KPN NV		2,669,466		9,135,267
Koninklijke Philips NV		223,774		7,612,504
NN Group NV		131,698		6,320,830
Prosus NV		433,028		26,883,079
Randstad NV		102,805		7,006,025
Stellantis NV		642,867		11,682,100
STMicroelectronics NV		359,143		15,076,105
Universal Music Group NV		323,494		7,374,048
Wolters Kluwer NV		178,132		18,149,823
				382,406,648
New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		392,297		7,372,049
Spark New Zealand Ltd.		2,531,856		7,717,308
Xero Ltd.(a)		96,874		6,660,862
				21,750,219
Norway — 1.0%
Equinor ASA		952,987		29,957,618
Mowi ASA		275,832		7,102,345
Norsk Hydro ASA		1,198,364		11,379,767
Orkla ASA		1,199,576		11,236,860
Telenor ASA		1,075,825		15,917,486
				75,594,076
Portugal — 0.2%
Galp Energia SGPS SA		1,361,106		15,066,500
Singapore — 1.5%
Capitaland Investment Ltd/Singapore(a)		3,313,700		9,080,398
City Developments Ltd.		1,701,500		9,003,503
DBS Group Holdings Ltd.		935,700		23,523,621

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Keppel Corp. Ltd.		2,816,400	$	12,538,479
Oversea-Chinese Banking Corp. Ltd.		2,371,200		20,547,444
Sea Ltd., ADR(a)		124,363		18,107,253
United Overseas Bank Ltd.		759,500		16,880,175
				109,680,873
Spain — 2.4%
Amadeus IT Group SA(a)		204,379		13,484,231
Banco Bilbao Vizcaya Argentaria SA		3,582,341		21,256,623
Banco Santander SA		6,624,969		22,061,247
CaixaBank SA		2,031,037		6,671,110
Cellnex Telecom SA(b)		216,903		9,811,002
Endesa SA		427,811		9,403,893
Iberdrola SA		3,376,563		38,309,082
Industria de Diseno Textil SA		719,185		18,760,491
Naturgy Energy Group SA		319,765		8,579,177
Red Electrica Corp. SA		174,858		3,464,017
Repsol SA		1,136,258		14,744,126
Telefonica SA		1,665,310		7,984,268
				174,529,267
Sweden — 3.2%
Alfa Laval AB		239,150		7,755,853
Assa Abloy AB, Class B		386,164		10,135,913
Atlas Copco AB, Class A		299,260		15,347,281
Atlas Copco AB, Class B		156,436		7,068,590
Boliden AB		430,404		19,144,556
Epiroc AB, Class A		538,115		10,111,532
EQT AB		205,164		6,866,845
Essity AB, Class B		479,332		12,336,052
Evolution AB(b)		76,714		8,795,957
H & M Hennes & Mauritz AB, Class B		530,896		8,860,177
Husqvarna AB, Class B		577,488		6,955,331
Investor AB		326,836		7,227,156
Investor AB, Class B		501,972		10,221,391
Nibe Industrier AB, Class B		787,905		7,013,745
Sandvik AB		475,870		10,256,195
Skandinaviska Enskilda Banken AB, Class A		578,248		6,661,629
SKF AB, Class B		366,945		6,775,340
Svenska Cellulosa AB SCA, Class B		512,649		8,364,143
Svenska Handelsbanken AB, Class A		703,937		6,692,193
Swedbank AB, Class A		414,627		6,699,160
Tele2 AB, Class B		855,111		11,331,214
Telefonaktiebolaget LM Ericsson, Class B		1,492,658		13,735,282
Telia Co. AB		3,515,877		13,072,636
Volvo AB, Class A		375,247		7,332,903
Volvo AB, Class B		334,229		6,428,516
				235,189,590
Switzerland — 10.5%
ABB Ltd., Registered		1,017,122		34,371,511
Adecco Group AG, Registered		153,592		7,253,939
Alcon Inc.		203,536		15,724,693
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		801		8,496,762
Coca-Cola HBC AG, Class DI		295,489		7,507,352
Credit Suisse Group AG, Registered		1,114,061		9,332,606
Geberit AG, Registered		23,647		15,469,326
Givaudan SA, Registered		6,787		28,338,481
Holcim Ltd.		136,925		6,881,336
Kuehne + Nagel International AG, Registered		53,676		14,638,258
Logitech International SA, Registered		109,584		8,200,049

Security	Shares		Value
Switzerland (continued)
Lonza Group AG, Registered		49,516	$	34,260,211
Nestle SA, Registered		1,291,453		168,270,797
Novartis AG, Registered		910,571		80,031,359
Partners Group Holding AG		7,342		9,924,832
Roche Holding AG, Bearer		32,381		13,516,124
Roche Holding AG, NVS		309,166		117,091,465
SGS SA, Registered		5,957		17,045,060
Sika AG, Registered		51,013		16,927,882
Sonova Holding AG, Registered		32,990		12,773,535
Straumann Holding AG, Registered		5,202		8,263,185
Swiss Life Holding AG, Registered		19,290		11,770,320
Swiss Re AG		205,437		19,630,666
Swisscom AG, Registered		21,970		13,160,296
Temenos AG, Registered		69,095		6,945,047
UBS Group AG, Registered		1,692,562		31,137,672
VAT Group AG(b)		19,799		7,481,941
Vifor Pharma AG		44,753		7,855,461
Zurich Insurance Group AG		73,409		33,694,439
				765,994,605
United Kingdom — 14.3%
3i Group PLC		529,180		9,426,875
Antofagasta PLC		565,958		11,459,428
Ashtead Group PLC		216,851		14,091,384
Associated British Foods PLC		300,567		7,690,272
AstraZeneca PLC		730,499		88,789,472
Aviva PLC		1,469,353		8,233,337
BAE Systems PLC		2,157,635		20,715,431
Barclays PLC		8,537,973		20,863,041
Barratt Developments PLC		1,188,280		9,678,796
Berkeley Group Holdings PLC		137,647		7,158,511
BP PLC		14,967,978		72,955,605
British Land Co PLC/The		1,064,250		7,520,755
BT Group PLC		4,822,550		12,032,710
Bunzl PLC		206,029		8,205,959
Burberry Group PLC		339,571		8,803,781
Coca-Cola Europacific Partners PLC		159,621		8,174,191
Compass Group PLC		658,443		14,882,821
Croda International PLC		135,873		13,600,738
DCC PLC		88,751		6,964,600
Diageo PLC		1,360,312		67,393,038
Entain PLC(a)		327,304		7,358,582
Experian PLC		271,521		10,606,818
Ferguson PLC		147,611		22,492,660
GlaxoSmithKline PLC		2,316,819		48,315,249
HSBC Holdings PLC		9,578,775		66,498,557
Informa PLC(a)		977,479		7,739,519
InterContinental Hotels Group PLC(a)		115,815		8,064,532
Intertek Group PLC		125,006		8,973,159
J Sainsbury PLC		2,434,263		8,977,854
Johnson Matthey PLC		306,355		7,698,549
Kingfisher PLC		2,143,173		8,742,764
Land Securities Group PLC		690,745		7,319,628
Legal & General Group PLC		3,686,005		13,628,735
Lloyds Banking Group PLC		36,814,684		23,727,251
London Stock Exchange Group PLC		144,461		12,619,631
Melrose Industries PLC		3,474,409		6,874,001
Mondi PLC		520,290		10,916,441
National Grid PLC		2,390,113		36,136,998
NatWest Group PLC		3,241,159		9,931,430
Next PLC		79,926		7,318,214

SCHEDULE   OF  INVESTMENTS 15

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Ocado Group PLC(a)		415,434	$	7,639,377
Pearson PLC		925,052		8,002,532
Prudential PLC		894,675		13,526,113
Reckitt Benckiser Group PLC		333,331		28,225,502
RELX PLC		1,121,636		34,157,170
Rentokil Initial PLC		1,114,103		7,560,705
Rolls-Royce Holdings PLC(a)		4,581,993		6,320,680
Schroders PLC		193,231		7,910,508
Segro PLC		1,177,179		20,472,374
Smiths Group PLC		361,678		7,378,439
SSE PLC		721,657		16,377,806
St. James’s Place PLC		371,820		6,970,859
Standard Chartered PLC		1,268,205		9,037,990
Taylor Wimpey PLC		3,651,196		7,359,366
Tesco PLC		2,861,623		11,085,800
Unilever PLC		1,164,533		58,496,788
Vodafone Group PLC		12,236,196		21,539,844
Whitbread PLC(a)		174,720		6,820,249
WPP PLC		643,558		9,051,571
				1,040,514,990
Total Common Stocks — 99.1% (Cost: $6,596,375,885)				7,235,618,084
Preferred Stocks
Germany — 0.3%
Henkel AG & Co. KGaA, Preference Shares, NVS		91,063		7,233,073
Sartorius AG, Preference Shares, NVS		15,848		6,997,100
Volkswagen AG, Preference Shares, NVS		41,065		8,197,695
				22,427,868
Total Preferred Stocks — 0.3% (Cost: $20,377,356)				22,427,868

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		7,493,310	$	7,494,808
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		1,610,000		1,610,000
				9,104,808
Total Short-Term Investments — 0.1% (Cost: $9,105,127)				9,104,808
Total Investments in Securities — 99.5% (Cost: $6,625,858,368)				7,267,150,760
Other Assets, Less Liabilities — 0.5%				33,433,305
Net Assets — 100.0%			$	7,300,584,065

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,009,959	$	—		$	(3,508,968	)(a)	$	(5,864	)	$	(319	)	$	7,494,808		7,493,310	$	109,844	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,190,000		420,000	(a)		—			—			—			1,610,000		1,610,000		97			—
									$	(5,864	)	$	(319	)	$	9,104,808			$	109,941		$	—

^(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.

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EAFE ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		78		03/10/22	$	12,850	$	(315,773	)
ASX SPI 200 Index		43		03/17/22		5,501		(107,885	)
Euro STOXX 50 Index		385		03/18/22		16,848		(977,689	)
FTSE 100 Index		91		03/18/22		9,051		96,026
							$	(1,305,321	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	96,026
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,401,347

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,286,813
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,767,449	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	42,567,855

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

Fair Value Hierarchy as of Period End

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

SCHEDULE   OF  INVESTMENTS 17

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EAFE ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	42,373,404	$	7,193,244,680		$	—	$	7,235,618,084
Preferred Stocks		—		22,427,868			—		22,427,868
Money Market Funds		9,104,808		—			—		9,104,808
	$	51,478,212	$	7,215,672,548		$	—	$	7,267,150,760
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	96,026		$	—	$	96,026
Liabilities
Futures Contracts		—		(1,401,347	)		—		(1,401,347	)
	$	—	$	(1,305,321	)	$	—	$	(1,305,321	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments (unaudited) February 28, 2022 iShares^® ESG Aware MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
HEICO Corp., Class A		203,385	$	25,000,084
Howmet Aerospace Inc.		675,104		24,249,736
Huntington Ingalls Industries Inc.		290,183		59,313,405
L3Harris Technologies Inc.		310,125		78,247,639
Raytheon Technologies Corp.		1,276,364		131,082,583
				317,893,447
Air Freight & Logistics — 1.0%
CH Robinson Worldwide Inc.		475,888		46,008,852
Expeditors International of Washington Inc.		770,237		79,611,696
FedEx Corp.		105,330		23,411,699
United Parcel Service Inc., Class B		449,181		94,516,666
				243,548,913
Auto Components — 0.3%
Aptiv PLC(a)		362,067		46,865,953
BorgWarner Inc.		533,426		21,875,800
				68,741,753
Automobiles — 2.3%
Ford Motor Co.		1,339,339		23,518,793
General Motors Co.(a)		475,736		22,226,386
Lucid Group Inc.(a)		831,774		24,104,810
Rivian Automotive Inc., Class A(a)		364,096		24,598,326
Tesla Inc.(a)		518,486		451,305,769
				545,754,084
Banks — 4.0%
Bank of America Corp.		4,511,505		199,408,521
Citigroup Inc.		1,829,710		108,373,723
Fifth Third Bancorp		487,519		23,322,909
Huntington Bancshares Inc./OH		3,679,977		57,113,243
JPMorgan Chase & Co.		2,061,121		292,266,958
PNC Financial Services Group Inc. (The)		202,856		40,419,058
Regions Financial Corp.		2,668,420		64,549,080
SVB Financial Group(a)		50,346		30,509,676
Truist Financial Corp.		1,140,430		70,957,555
U.S. Bancorp		619,580		35,031,053
Webster Financial Corp.		389,183		23,432,708
				945,384,484
Beverages — 2.1%
Brown-Forman Corp., Class B, NVS		362,184		23,625,262
Coca-Cola Co. (The)		3,185,765		198,282,014
Keurig Dr Pepper Inc.		1,148,111		44,397,452
Molson Coors Beverage Co., Class B		591,597		30,869,532
PepsiCo Inc.		1,244,761		203,817,166
				500,991,426
Biotechnology — 2.0%
AbbVie Inc.		902,675		133,388,285
Amgen Inc.		441,763		100,050,484
Biogen Inc.(a)		151,222		31,909,354
Exact Sciences Corp.(a)		307,751		24,023,043
Gilead Sciences Inc.		1,225,860		74,041,944
Moderna Inc.(a)		180,743		27,762,125
Regeneron Pharmaceuticals Inc.(a)		55,054		34,043,192
Vertex Pharmaceuticals Inc.(a)		200,663		46,156,503
				471,374,930
Building Products — 1.2%
Allegion PLC		209,316		23,970,868
Carrier Global Corp.		859,130		38,557,755
Fortune Brands Home & Security Inc.		321,270		27,918,363

Security	Shares		Value
Building Products (continued)
Johnson Controls International PLC		1,613,973	$	104,843,686
Owens Corning		239,341		22,304,188
Trane Technologies PLC		443,743		68,305,360
				285,900,220
Capital Markets — 3.7%
Ameriprise Financial Inc.		77,285		23,169,270
Bank of New York Mellon Corp. (The)		975,666		51,856,648
BlackRock Inc.(b)		156,942		116,747,584
Charles Schwab Corp. (The)		636,337		53,745,023
CME Group Inc.		223,136		52,778,358
FactSet Research Systems Inc.		58,501		23,756,671
Goldman Sachs Group Inc. (The)		253,421		86,490,053
Intercontinental Exchange Inc.		414,381		53,090,494
Moody’s Corp.		225,616		72,655,121
Morgan Stanley		1,240,095		112,526,220
Northern Trust Corp.		381,104		43,407,746
S&P Global Inc.		302,655		113,707,375
State Street Corp.		281,612		24,029,952
T Rowe Price Group Inc.		257,686		37,251,088
				865,211,603
Chemicals — 1.8%
Corteva Inc.		468,742		24,388,646
Dow Inc.		791,260		46,652,690
DuPont de Nemours Inc.		418,721		32,396,444
Ecolab Inc.		484,991		85,484,514
International Flavors & Fragrances Inc.		243,773		32,421,809
Linde PLC(a)		383,998		112,603,573
Mosaic Co. (The)		526,055		27,581,064
PPG Industries Inc.		263,790		35,202,775
Sherwin-Williams Co. (The)		88,476		23,280,690
				420,012,205
Commercial Services & Supplies — 0.1%
Copart Inc.(a)		190,126		23,362,683
Communications Equipment — 0.9%
Cisco Systems Inc.		3,437,613		191,715,677
Motorola Solutions Inc.		148,967		32,836,796
				224,552,473
Construction Materials — 0.1%
Martin Marietta Materials Inc.		61,683		23,402,530
Consumer Finance — 0.9%
Ally Financial Inc.		478,221		23,863,228
American Express Co.		532,720		103,635,349
Discover Financial Services		357,762		44,162,141
Synchrony Financial		838,868		35,886,773
				207,547,491
Containers & Packaging — 0.4%
Amcor PLC		3,833,787		44,586,943
Ball Corp.		481,004		43,165,299
				87,752,242
Distributors — 0.2%
LKQ Corp.		591,457		27,768,906
Pool Corp.		52,418		24,037,847
				51,806,753
Diversified Financial Services — 0.6%
Berkshire Hathaway Inc., Class B(a)		438,761		141,039,723

SCHEDULE   OF  INVESTMENTS 19

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services — 1.1%
AT&T Inc.		3,059,987	$	72,491,092
Lumen Technologies Inc.		2,446,397		25,344,673
Verizon Communications Inc.		3,121,420		167,526,611
				265,362,376
Electric Utilities — 1.2%
Entergy Corp.		313,288		32,961,030
Eversource Energy		955,749		78,180,268
Exelon Corp.		1,047,916		44,599,305
NextEra Energy Inc.		1,558,236		121,963,132
				277,703,735
Electrical Equipment — 0.3%
Generac Holdings Inc.(a)(c)		76,228		24,047,647
Plug Power Inc.(a)(c)		1,009,266		25,524,337
Rockwell Automation Inc.		88,353		23,553,143
				73,125,127
Electronic Equipment, Instruments & Components — 0.6%
Cognex Corp.		376,193		25,415,599
Keysight Technologies Inc.(a)		188,022		29,589,022
Teledyne Technologies Inc.(a)		56,562		24,286,592
Trimble Inc.(a)		582,410		40,623,097
Zebra Technologies Corp., Class A(a)		55,971		23,135,053
				143,049,363
Energy Equipment & Services — 0.4%
Baker Hughes Co.		923,972		27,146,297
Halliburton Co.		718,543		24,092,747
Schlumberger NV		1,327,814		52,103,421
				103,342,465
Entertainment — 1.5%
Activision Blizzard Inc.		309,920		25,258,480
Electronic Arts Inc.		293,646		38,200,408
Netflix Inc.(a)		231,727		91,420,936
Walt Disney Co. (The)(a)		1,290,867		191,642,115
				346,521,939
Equity Real Estate Investment Trusts (REITs) — 2.7%
Alexandria Real Estate Equities Inc.		128,931		24,419,531
American Tower Corp.		422,698		95,897,495
Boston Properties Inc.		309,586		37,865,464
Crown Castle International Corp.		357,837		59,612,066
Digital Realty Trust Inc.		188,710		25,460,753
Equinix Inc.		86,143		61,138,271
Healthpeak Properties Inc.		1,805,803		56,088,241
Iron Mountain Inc.		543,687		26,738,527
Prologis Inc.		550,196		80,246,087
SBA Communications Corp.		79,390		24,086,132
Simon Property Group Inc.		167,674		23,065,235
Ventas Inc.		669,911		36,175,194
Welltower Inc.		560,443		46,679,298
Weyerhaeuser Co.		905,139		35,191,804
				632,664,098
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		178,325		92,595,256
Kroger Co. (The)		970,058		45,398,715
Sysco Corp.		281,901		24,553,577
Walgreens Boots Alliance Inc.		503,789		23,219,635
				185,767,183
Food Products — 1.5%
Archer-Daniels-Midland Co.		722,897		56,711,270
Bunge Ltd.		489,687		51,196,776

Security	Shares		Value
Food Products (continued)
General Mills Inc.		1,304,328	$	87,950,837
Hormel Foods Corp.		599,938		28,581,046
Kellogg Co.		1,306,469		83,535,628
McCormick & Co. Inc./MD, NVS		500,094		47,593,946
				355,569,503
Gas Utilities — 0.2%
UGI Corp.		1,067,245		41,024,898
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		695,934		83,943,559
ABIOMED Inc.(a)		74,124		23,033,292
Align Technology Inc.(a)		45,825		23,437,655
Baxter International Inc.		351,104		29,833,307
Becton Dickinson and Co.		88,965		24,134,425
Dexcom Inc.(a)(c)		89,506		37,047,428
Edwards Lifesciences Corp.(a)		679,261		76,328,559
Hologic Inc.(a)		439,350		31,268,539
IDEXX Laboratories Inc.(a)		106,921		56,919,394
Insulet Corp.(a)		130,225		34,469,255
Intuitive Surgical Inc.(a)		188,051		54,596,847
ResMed Inc.		152,872		37,721,166
STERIS PLC		244,995		58,798,800
				571,532,226
Health Care Providers & Services — 2.7%
Anthem Inc.		166,153		75,076,233
Cardinal Health Inc.		442,306		23,888,947
Centene Corp.(a)		286,409		23,663,112
Cigna Corp.		260,756		62,002,562
CVS Health Corp.		774,851		80,313,306
DaVita Inc.(a)		201,013		22,668,236
HCA Healthcare Inc.		175,830		44,012,007
Humana Inc.		87,130		37,842,302
Laboratory Corp. of America Holdings(a)		97,175		26,359,690
McKesson Corp.		87,453		24,046,077
Quest Diagnostics Inc.		220,324		28,921,931
UnitedHealth Group Inc.		423,339		201,454,330
				650,248,733
Health Care Technology — 0.3%
Cerner Corp.		468,631		43,699,841
Teladoc Health Inc.(a)(c)		326,983		24,821,279
				68,521,120
Hotels, Restaurants & Leisure — 1.8%
Airbnb Inc., Class A(a)		129,241		19,578,719
Booking Holdings Inc.(a)		22,823		49,577,262
Caesars Entertainment Inc.(a)		282,388		23,774,246
Chipotle Mexican Grill Inc.(a)		15,311		23,324,012
Hilton Worldwide Holdings Inc.(a)		395,605		58,889,760
Las Vegas Sands Corp.(a)		506,647		21,714,890
Marriott International Inc./MD, Class A(a)		131,627		22,395,018
McDonald’s Corp.		346,339		84,773,397
MGM Resorts International		534,046		23,652,897
Royal Caribbean Cruises Ltd.(a)		277,066		22,364,768
Starbucks Corp.		475,406		43,637,517
Vail Resorts Inc.		105,919		27,597,195
				421,279,681
Household Products — 1.7%
Clorox Co. (The)		170,734		24,891,310
Colgate-Palmolive Co.		1,117,631		86,001,705
Kimberly-Clark Corp.		543,661		70,757,479

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Procter & Gamble Co. (The)		1,362,132	$	212,342,758
				393,993,252
Industrial Conglomerates — 1.3%
3M Co.		720,181		107,054,906
General Electric Co.		442,363		42,250,090
Honeywell International Inc.		583,338		110,688,385
Roper Technologies Inc.		89,457		40,096,417
				300,089,798
Insurance — 1.8%
American International Group Inc.		767,115		46,978,123
Chubb Ltd.		364,632		74,253,660
Hartford Financial Services Group Inc. (The)		338,689		23,532,112
Marsh & McLennan Companies Inc.		475,357		73,875,231
MetLife Inc.		1,203,361		81,287,036
Progressive Corp. (The)		240,201		25,444,492
Prudential Financial Inc.		423,673		47,307,327
Travelers Companies Inc. (The)		290,748		49,959,229
				422,637,210
Interactive Media & Services — 5.2%
Alphabet Inc., Class A(a)		172,674		466,416,648
Alphabet Inc., Class C, NVS(a)		170,745		460,639,276
Meta Platforms Inc, Class A(a)		1,209,428		255,225,591
Snap Inc., Class A, NVS(a)		638,588		25,505,205
ZoomInfo Technologies Inc.(a)		429,055		23,465,018
				1,231,251,738
Internet & Direct Marketing Retail — 3.8%
Amazon.com Inc.(a)		271,514		833,890,087
eBay Inc.		418,434		22,842,312
MercadoLibre Inc.(a)(c)		31,201		35,152,607
				891,885,006
IT Services — 5.0%
Accenture PLC, Class A		435,987		137,780,612
Akamai Technologies Inc.(a)(c)		230,036		24,903,697
Automatic Data Processing Inc.		552,298		112,911,803
Block Inc.(a)		349,018		44,499,795
Cloudflare Inc., Class A(a)		215,391		25,075,820
Fidelity National Information Services Inc.		496,577		47,289,028
Fiserv Inc.(a)(c)		304,945		29,783,978
Gartner Inc.(a)		80,883		22,681,211
International Business Machines Corp.		707,842		86,717,723
Mastercard Inc., Class A		542,203		195,637,687
MongoDB Inc.(a)		55,307		21,126,721
Okta Inc.(a)		171,774		31,407,158
PayPal Holdings Inc.(a)		722,731		80,895,281
Snowflake Inc., Class A(a)		137,741		36,592,274
Twilio Inc., Class A(a)		179,701		31,411,735
VeriSign Inc.(a)		113,648		24,288,851
Visa Inc., Class A		1,041,561		225,102,163
				1,178,105,537
Leisure Products — 0.2%
Hasbro Inc.		524,946		50,946,009
Life Sciences Tools & Services — 2.0%
Agilent Technologies Inc.		533,480		69,544,453
Danaher Corp.		302,797		83,090,525
Illumina Inc.(a)		129,063		42,151,976
IQVIA Holdings Inc.(a)		103,893		23,907,857
Mettler-Toledo International Inc.(a)		32,311		45,517,798
Thermo Fisher Scientific Inc.		196,058		106,655,552

Security	Shares		Value
Life Sciences Tools & Services (continued)
Waters Corp.(a)		153,799	$	48,712,757
West Pharmaceutical Services Inc.		153,627		59,465,939
				479,046,857
Machinery — 1.5%
Caterpillar Inc.		368,095		69,047,260
Cummins Inc.		179,853		36,711,594
Deere & Co.		169,192		60,912,504
Dover Corp.		148,031		23,220,143
IDEX Corp.		175,682		33,713,376
Illinois Tool Works Inc.		176,216		38,122,569
Pentair PLC		409,839		23,733,777
Xylem Inc./NY		689,895		61,366,160
				346,827,383
Media — 0.9%
Cable One Inc.		16,010		22,939,929
Comcast Corp., Class A		2,076,912		97,116,405
Discovery Inc., Class C, NVS(a)		823,822		23,042,301
Fox Corp., Class A, NVS		560,833		23,459,644
Interpublic Group of Companies Inc. (The)		846,422		31,148,330
Paramount Global, Class B, NVS		815,466		24,961,414
				222,668,023
Metals & Mining — 0.3%
Newmont Corp.		739,331		48,943,712
Nucor Corp.		196,654		25,883,600
				74,827,312
Multi-Utilities — 0.8%
Consolidated Edison Inc.		630,261		54,057,486
Public Service Enterprise Group Inc.		1,102,779		71,493,163
Sempra Energy		376,569		54,308,781
				179,859,430
Multiline Retail — 0.3%
Target Corp.		399,231		79,754,377
Oil, Gas & Consumable Fuels — 3.2%
Cheniere Energy Inc.		281,517		37,413,609
Chevron Corp.		946,058		136,232,352
ConocoPhillips		952,244		90,329,866
EOG Resources Inc.		317,065		36,437,110
Exxon Mobil Corp.		2,157,759		169,211,461
Hess Corp.		706,332		71,381,912
Kinder Morgan Inc.		1,847,164		32,140,654
Marathon Petroleum Corp.		442,862		34,485,664
Occidental Petroleum Corp.		608,360		26,603,583
ONEOK Inc.		552,163		36,056,244
Phillips 66		273,177		23,012,430
Pioneer Natural Resources Co.		126,642		30,343,423
Valero Energy Corp.		374,318		31,259,296
				754,907,604
Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		100,895		29,898,215
Pharmaceuticals — 3.3%
Bristol-Myers Squibb Co.		1,434,605		98,514,325
Catalent Inc.(a)		241,384		24,630,824
Eli Lilly & Co.		480,644		120,136,968
Johnson & Johnson		1,267,176		208,539,154
Merck & Co. Inc.		1,674,454		128,229,687
Pfizer Inc.		2,281,683		107,102,200

SCHEDULE   OF  INVESTMENTS 21

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Zoetis Inc.		500,862	$	96,991,926
				784,145,084
Professional Services — 0.3%
Leidos Holdings Inc.		348,659		35,507,433
Robert Half International Inc.		279,559		33,628,152
				69,135,585
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		559,196		54,158,133
Road & Rail — 0.9%
CSX Corp.		967,896		32,821,353
Norfolk Southern Corp.		153,520		39,380,951
Old Dominion Freight Line Inc.		81,144		25,481,650
Uber Technologies Inc.(a)(c)		1,191,312		42,922,972
Union Pacific Corp.		302,458		74,389,545
				214,996,471
Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices Inc.(a)		980,793		120,971,009
Analog Devices Inc.		167,350		26,824,531
Applied Materials Inc.		822,063		110,320,855
Broadcom Inc.		134,859		79,221,571
Intel Corp.		3,042,355		145,120,333
Lam Research Corp.		139,766		78,457,644
Marvell Technology Inc.		577,670		39,472,191
Micron Technology Inc.		599,953		53,311,824
NVIDIA Corp.		1,612,470		393,200,809
NXP Semiconductors NV		323,163		61,439,750
ON Semiconductor Corp.(a)		407,141		25,491,098
QUALCOMM Inc.		448,166		77,080,070
Skyworks Solutions Inc.		172,051		23,772,287
Texas Instruments Inc.		965,251		164,083,017
				1,398,766,989
Software — 9.8%
Adobe Inc.(a)		397,049		185,691,876
ANSYS Inc.(a)		120,864		39,182,900
Autodesk Inc.(a)		183,820		40,482,679
Bill.com Holdings Inc.(a)(c)		93,893		22,335,267
Cadence Design Systems Inc.(a)		209,409		31,710,805
Crowdstrike Holdings Inc., Class A(a)		131,609		25,691,393
Datadog Inc., Class A(a)		138,694		22,344,990
DocuSign Inc.(a)		200,779		23,778,257
HubSpot Inc.(a)		44,442		23,332,050
Intuit Inc.		213,801		101,420,780
Microsoft Corp.		4,490,181		1,341,621,181
Oracle Corp.		852,277		64,747,484
Paycom Software Inc.(a)		70,024		23,752,841
RingCentral Inc., Class A(a)		146,243		19,134,434
salesforce.com Inc.(a)		689,567		145,174,541
ServiceNow Inc.(a)		161,509		93,662,299
Splunk Inc.(a)		195,243		23,058,198
Synopsys Inc.(a)		104,004		32,489,810
VMware Inc., Class A		249,942		29,323,195
Workday Inc., Class A(a)		133,102		30,487,013
				2,319,421,993

Security	Shares		Value
Specialty Retail — 2.2%
Best Buy Co. Inc.		471,222	$	45,538,894
CarMax Inc.(a)(c)		220,128		24,066,594
Home Depot Inc. (The)		747,437		236,063,028
Lowe’s Companies Inc.		553,080		122,263,865
TJX Companies Inc. (The)		603,350		39,881,435
Tractor Supply Co.		125,778		25,632,299
Ulta Beauty Inc.(a)		63,613		23,823,068
				517,269,183
Technology Hardware, Storage & Peripherals — 7.2%
Apple Inc.		9,782,346		1,615,260,971
Dell Technologies Inc., Class C(a)		400,091		20,388,637
Hewlett Packard Enterprise Co.		1,891,938		30,119,653
HP Inc.		861,975		29,617,461
Seagate Technology Holdings PLC		215,660		22,247,486
				1,717,634,208
Textiles, Apparel & Luxury Goods — 0.7%
Lululemon Athletica Inc.(a)		75,371		24,114,198
Nike Inc., Class B		754,609		103,041,859
VF Corp.		656,711		38,102,372
				165,258,429
Trading Companies & Distributors — 0.4%
Fastenal Co.		512,741		26,385,652
WW Grainger Inc.		155,705		74,280,627
				100,666,279
Water Utilities — 0.2%
American Water Works Co. Inc.		174,469		26,360,521
Essential Utilities Inc.		533,780		25,146,376
				51,506,897
Total Common Stocks — 99.6% (Cost: $20,991,997,701)				23,589,646,409
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(b)(d)(e)		96,789,508		96,808,866
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(d)		115,038,000		115,038,000
				211,846,866
Total Short-Term Investments — 0.9% (Cost: $211,846,054)				211,846,866
Total Investments in Securities — 100.5% (Cost: $21,203,843,755)				23,801,493,275
Other Assets, Less Liabilities — (0.5)%				(108,835,141	)
Net Assets — 100.0%			$	23,692,658,134

^(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 the cash collateral from loaned securities.

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	47,556,080	$	49,287,651	(a)	$	—		$	(34,663	)	$	(202	)	$	96,808,866		96,789,508	$	122,025	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		84,248,000		30,790,000	(a)		—			—			—			115,038,000		115,038,000		5,241			—
BlackRock Inc.		124,336,941		29,840,454			(6,984,757	)		2,991,663			(33,436,717	)		116,747,584		156,942		1,171,772			—
									$	2,957,000		$	(33,436,919	)	$	328,594,450			$	1,299,038		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		447		03/18/22	$	97,625	$	(5,198,812	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	5,198,812

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,588,992
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,106,665	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	97,010,396

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

SCHEDULE   OF  INVESTMENTS 23

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA ETF

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	23,589,646,409		$	—	$	—	$	23,589,646,409
Money Market Funds		211,846,866			—		—		211,846,866
	$	23,801,493,275		$	—	$	—	$	23,801,493,275
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(5,198,812	)	$	—	$	—	$	(5,198,812	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments (unaudited)  February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
AAR Corp.(a)		18,176	$	816,829
Aerovironment Inc.(a)		12,948		919,955
Axon Enterprise Inc.(a)		25,110		3,521,678
BWX Technologies Inc.		68,293		3,648,212
Curtiss-Wright Corp.		20,952		3,090,839
Ducommun Inc.(a)		18,333		926,000
Hexcel Corp.		34,561		2,001,082
Kaman Corp.		28,200		1,224,162
Kratos Defense & Security Solutions Inc.(a)		62,258		1,302,437
Maxar Technologies Inc.		37,011		1,200,637
Mercury Systems Inc.(a)		42,541		2,561,819
Moog Inc., Class A		20,120		1,672,173
Spirit AeroSystems Holdings Inc., Class A		15,906		795,300
Triumph Group Inc.(a)		32,613		816,630
Vectrus Inc.(a)		22,190		1,017,190
Virgin Galactic Holdings Inc.(a)		77,846		753,549
Woodward Inc.		16,848		2,099,766
				28,368,258
Air Freight & Logistics — 0.3%
GXO Logistics Inc.(a)		39,589		3,322,705
Hub Group Inc., Class A(a)		16,905		1,426,782
				4,749,487
Airlines — 0.2%
Alaska Air Group Inc.(a)		45,705		2,565,878
JetBlue Airways Corp.(a)		60,336		921,331
				3,487,209
Auto Components — 1.2%
Adient PLC(a)		18,801		841,345
American Axle & Manufacturing Holdings Inc.(a)(b)		93,045		861,597
Autoliv Inc.		19,388		1,706,338
Dana Inc.		64,222		1,195,813
Dorman Products Inc.(a)		8,339		779,029
Fox Factory Holding Corp.(a)		10,334		1,219,619
Gentex Corp.		24,499		741,585
Gentherm Inc.(a)		22,730		1,928,413
Goodyear Tire & Rubber Co. (The)(a)		67,385		1,043,794
LCI Industries		13,340		1,661,097
Luminar Technologies Inc.(a)(b)		53,754		754,168
Modine Manufacturing Co.(a)		72,387		731,109
Veoneer Inc.(a)		35,816		1,269,677
Visteon Corp.(a)		18,717		2,249,222
XPEL Inc.(a)		11,315		821,469
				17,804,275
Automobiles — 0.4%
Canoo Inc.(a)(b)		124,782		716,249
Fisker Inc.(a)(b)		60,526		738,417
Harley-Davidson Inc.		64,175		2,650,427
Thor Industries Inc.		21,816		1,974,348
Winnebago Industries Inc.		11,610		743,853
				6,823,294
Banks — 8.2%
Amalgamated Financial Corp.		50,428		865,849
Amerant Bancorp Inc.		24,149		783,635
Ameris Bancorp		30,226		1,496,187
Associated Banc-Corp.		43,324		1,056,672
Atlantic Union Bankshares Corp.		63,231		2,569,075
Bancorp. Inc. (The)(a)		21,386		626,610

Security	Shares		Value
Banks (continued)
Bank of Hawaii Corp.		37,803	$	3,257,863
Bank OZK		80,025		3,762,775
Banner Corp.		21,858		1,346,671
Berkshire Hills Bancorp. Inc.		21,445		666,939
BOK Financial Corp.		18,539		1,903,955
Byline Bancorp Inc.		32,074		874,658
Cadence Bank		57,935		1,831,905
Camden National Corp.		29,504		1,402,915
Cathay General Bancorp		28,165		1,324,600
Columbia Banking System Inc.		17,293		633,443
Comerica Inc.		78,294		7,476,294
Commerce Bancshares Inc.		49,333		3,541,123
Community Bank System Inc.		20,512		1,496,145
Community Trust Bancorp. Inc.		27,393		1,158,176
Cullen/Frost Bankers Inc.		17,659		2,485,151
Customers Bancorp. Inc.(a)		12,049		741,616
East West Bancorp. Inc.		43,874		3,841,607
Eastern Bankshares Inc.		88,372		1,931,812
First Busey Corp.		46,920		1,287,954
First Financial Bancorp		32,888		808,387
First Hawaiian Inc.		75,853		2,205,047
First Horizon Corp.		196,637		4,617,037
First Interstate BancSystem Inc., Class A		52,682		2,138,889
First of Long Island Corp. (The)		40,001		870,822
FNB Corp.		132,549		1,780,133
Fulton Financial Corp.		115,129		2,074,625
Glacier Bancorp. Inc.		36,931		2,045,977
Hancock Whitney Corp.		47,595		2,650,090
Heritage Financial Corp./WA	��	26,325		690,241
HomeStreet Inc.		23,669		1,218,007
Independent Bank Corp.		14,148		1,216,869
Independent Bank Corp./MI		40,255		958,069
International Bancshares Corp.		44,932		1,932,525
Live Oak Bancshares Inc.		12,087		772,964
National Bank Holdings Corp., Class A		15,973		708,882
OceanFirst Financial Corp.		42,049		941,057
PacWest Bancorp		20,388		1,007,575
Park National Corp.		7,635		1,023,548
People’s United Financial Inc.		201,782		4,253,565
Pinnacle Financial Partners Inc.		34,208		3,457,745
Popular Inc.		24,248		2,227,179
Premier Financial Corp.		29,445		903,078
Prosperity Bancshares Inc.		13,788		1,026,654
QCR Holdings Inc.		16,050		896,553
Sandy Spring Bancorp. Inc.		38,280		1,802,605
Seacoast Banking Corp. of Florida		26,299		963,858
ServisFirst Bancshares Inc.		20,802		1,817,679
Silvergate Capital Corp., Class A(a)(b)		9,484		1,214,711
South State Corp.		22,521		2,026,890
Southside Bancshares Inc.		16,956		706,896
Synovus Financial Corp.		91,182		4,800,732
Texas Capital Bancshares Inc.(a)(b)		13,108		872,993
TriState Capital Holdings Inc.(a)		24,014		797,265
Triumph Bancorp. Inc.(a)		8,187		821,320
Trustmark Corp.		23,223		731,292
Umpqua Holdings Corp.		125,047		2,669,753
United Community Banks Inc./GA		29,831		1,153,266
Valley National Bancorp		229,276		3,202,986
Western Alliance Bancorp		40,165		3,765,067
Wintrust Financial Corp.		29,083		2,889,687

SCHEDULE   OF  INVESTMENTS 25

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Zions Bancorp. NA		62,094	$	4,401,844
				125,427,992
Beverages — 0.1%
Celsius Holdings Inc.(a)		12,926		825,842
MGP Ingredients Inc.		10,087		803,026
				1,628,868
Biotechnology — 4.3%
ACADIA Pharmaceuticals Inc.(a)		44,083		1,120,149
Agios Pharmaceuticals Inc.(a)(b)		25,283		787,060
Alder Biopharmaceuticals Inc.(b)(c)		3,497		3,077
Alector Inc.(a)		46,063		729,638
Alkermes PLC(a)		60,852		1,512,781
Allogene Therapeutics Inc.(a)		77,040		704,916
AnaptysBio Inc.(a)		25,390		776,172
Anavex Life Sciences Corp.(a)		61,671		675,914
Apellis Pharmaceuticals Inc.(a)(b)		24,212		1,029,736
Arena Pharmaceuticals Inc.(a)		26,090		2,477,767
Arrowhead Pharmaceuticals Inc.(a)		36,261		1,595,484
Atara Biotherapeutics Inc.(a)		56,003		719,639
Aurinia Pharmaceuticals Inc.(a)		40,664		500,167
Avid Bioservices Inc.(a)		36,517		747,868
Beam Therapeutics Inc.(a)		13,253		1,038,373
BioCryst Pharmaceuticals Inc.(a)		65,214		1,083,205
Biohaven Pharmaceutical Holding Co. Ltd.(a)		16,824		1,997,177
Bluebird Bio Inc.(a)(b)		120,570		728,243
Blueprint Medicines Corp.(a)		10,489		635,109
Bridgebio Pharma Inc.(a)		89,090		694,902
Caribou Biosciences Inc.(a)		68,243		681,065
Cerevel Therapeutics Holdings Inc.(a)		26,401		698,835
ChemoCentryx Inc.(a)		24,659		748,154
Chimerix Inc.(a)		134,045		756,014
CRISPR Therapeutics AG(a)(b)		19,524		1,198,188
Cytokinetics Inc.(a)		24,910		879,821
Denali Therapeutics Inc.(a)		31,062		1,011,379
Dynavax Technologies Corp.(a)		59,581		730,463
Editas Medicine Inc.(a)		46,945		803,698
Emergent BioSolutions Inc.(a)		17,803		736,688
Exelixis Inc.(a)		61,963		1,272,100
Fate Therapeutics Inc.(a)		25,244		872,180
Global Blood Therapeutics Inc.(a)		22,718		686,084
Halozyme Therapeutics Inc.(a)(b)		38,133		1,352,578
Homology Medicines Inc.(a)		192,836		672,998
Humacyte Inc.(a)		130,680		788,000
Immunovant Inc.(a)		139,109		776,228
Inovio Pharmaceuticals Inc.(a)(b)		228,185		739,319
Insmed Inc.(a)		36,181		864,726
Intellia Therapeutics Inc.(a)		23,683		2,341,065
Ionis Pharmaceuticals Inc.(a)		37,794		1,261,564
Iovance Biotherapeutics Inc.(a)		44,724		700,825
Karuna Therapeutics Inc.(a)		6,889		723,345
Krystal Biotech Inc.(a)		12,448		791,070
Kura Oncology Inc.(a)		55,761		884,927
Kymera Therapeutics Inc.(a)(b)		18,770		746,295
Ligand Pharmaceuticals Inc.(a)		6,516		659,550
Merus NV(a)(b)		28,200		792,138
Mirati Therapeutics Inc.(a)		13,558		1,197,036
Myriad Genetics Inc.(a)		29,105		709,580
Natera Inc.(a)		22,516		1,480,427
OPKO Health Inc.(a)		236,535		740,355

Security	Shares		Value
Biotechnology (continued)
Prothena Corp. PLC(a)		20,893	$	722,898
Rocket Pharmaceuticals Inc.(a)		38,589		687,270
Sarepta Therapeutics Inc.(a)		27,463		2,103,940
SpringWorks Therapeutics Inc.(a)		13,307		753,043
Sutro Biopharma Inc.(a)		86,736		773,685
Taysha Gene Therapies Inc.(a)		102,890		655,409
TG Therapeutics Inc.(a)		69,543		686,389
Twist Bioscience Corp.(a)		13,252		741,317
Ultragenyx Pharmaceutical Inc.(a)		28,154		1,895,327
uniQure NV(a)		45,643		775,475
United Therapeutics Corp.(a)		12,713		2,112,901
Veracyte Inc.(a)		26,213		728,721
Vericel Corp.(a)		21,058		867,800
Vir Biotechnology Inc.(a)		29,411		740,863
Xencor Inc.(a)		24,439		765,185
Xenon Pharmaceuticals Inc.(a)		26,620		843,854
Zymeworks Inc.(a)		106,139		768,446
				65,476,595
Building Products — 1.7%
AAON Inc.		25,483		1,492,285
Advanced Drainage Systems Inc.		24,710		2,884,151
Armstrong World Industries Inc.		21,002		1,856,577
AZEK Co. Inc. (The)(a)		34,016		1,003,132
Builders FirstSource Inc.(a)		70,300		5,231,726
Carlisle Companies Inc.		18,547		4,403,058
Cornerstone Building Brands Inc.(a)		34,713		766,463
JELD-WEN Holding Inc.(a)		33,141		764,894
Masonite International Corp.(a)		8,174		771,053
Resideo Technologies Inc.(a)		53,496		1,376,987
Trex Co. Inc.(a)		41,651		3,825,228
Zurn Water Solutions Corp.		46,991		1,528,147
				25,903,701
Capital Markets — 2.1%
Affiliated Managers Group Inc.		20,119		2,783,665
Ares Management Corp., Class A		33,163		2,689,188
Artisan Partners Asset Management Inc., Class A		28,417		1,082,972
Cohen & Steers Inc.		11,848		962,768
Cowen Inc., Class A		25,306		750,323
Diamond Hill Investment Group Inc.		4,543		880,797
Donnelley Financial Solutions Inc.(a)		24,345		781,475
Evercore Inc., Class A		8,066		1,024,463
Focus Financial Partners Inc., Class A(a)		15,106		755,904
Houlihan Lokey Inc.		6,947		714,568
Interactive Brokers Group Inc., Class A		23,171		1,533,457
Janus Henderson Group PLC		123,545		4,147,406
Jefferies Financial Group Inc.		49,060		1,743,592
LPL Financial Holdings Inc.		33,447		6,052,235
Morningstar Inc.		9,752		2,736,899
Open Lending Corp., Class A(a)		42,470		884,650
StoneX Group Inc.(a)		10,544		795,545
Victory Capital Holdings Inc., Class A		24,454		811,139
Virtu Financial Inc., Class A		21,967		770,602
Virtus Investment Partners Inc.		3,562		857,088
				32,758,736
Chemicals — 1.9%
AdvanSix Inc.		19,278		772,277
Avient Corp.		29,729		1,557,502
Axalta Coating Systems Ltd.(a)(b)		152,378		4,120,301
Balchem Corp.		13,467		1,863,025

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Chemours Co. (The)		55,933	$	1,543,751
Hawkins Inc.		18,329		829,571
HB Fuller Co.		17,145		1,172,204
Ingevity Corp.(a)		13,123		895,382
Innospec Inc.		23,328		2,227,824
Koppers Holdings Inc.(a)		27,475		786,609
Livent Corp.(a)(b)		54,490		1,283,240
Minerals Technologies Inc.		27,554		1,928,504
Orion Engineered Carbons SA		82,704		1,285,220
Scotts Miracle-Gro Co. (The)		10,339		1,448,080
Sensient Technologies Corp.		13,847		1,137,254
Stepan Co.		14,800		1,533,576
Trinseo PLC		28,084		1,459,245
Tronox Holdings PLC, Class A		46,654		947,076
Valvoline Inc.		74,869		2,420,515
				29,211,156
Commercial Services & Supplies — 1.3%
ABM Industries Inc.		39,508		1,771,144
ACCO Brands Corp.		97,605		839,403
ADT Inc.		98,520		720,181
Clean Harbors Inc.(a)		10,393		991,804
Deluxe Corp.		23,762		739,236
Healthcare Services Group Inc.		47,349		749,061
IAA Inc.(a)		70,864		2,603,543
KAR Auction Services Inc.(a)		81,951		1,512,815
Matthews International Corp., Class A		48,805		1,619,350
MillerKnoll Inc.		44,952		1,747,734
Montrose Environmental Group Inc.(a)		16,555		730,241
MSA Safety Inc.		15,420		2,144,922
Pitney Bowes Inc.		26,949		134,206
Steelcase Inc., Class A		69,636		847,470
Tetra Tech Inc.		16,796		2,666,701
				19,817,811
Communications Equipment — 0.9%
ADTRAN Inc.		37,110		764,095
Calix Inc.(a)		17,281		939,050
Ciena Corp.(a)		50,808		3,476,283
CommScope Holding Co. Inc.(a)		110,587		1,055,000
Harmonic Inc.(a)		88,507		824,000
Infinera Corp.(a)		95,586		882,259
Lumentum Holdings Inc.(a)		24,189		2,391,324
Plantronics Inc.(a)		26,445		744,956
Ribbon Communications Inc.(a)		173,490		527,410
Viasat Inc.(a)		17,241		786,879
Viavi Solutions Inc.(a)		53,398		875,727
				13,266,983
Construction & Engineering — 2.4%
AECOM		55,186		4,009,815
API Group Corp.(a)		52,267		1,127,399
Arcosa Inc.		18,805		990,459
Comfort Systems USA Inc.		25,525		2,194,640
Dycom Industries Inc.(a)		8,603		748,977
EMCOR Group Inc.		32,929		3,804,617
Fluor Corp.(a)		36,087		781,644
Granite Construction Inc.		24,621		745,278
Great Lakes Dredge & Dock Corp.(a)		69,126		975,368
IES Holdings Inc.(a)		17,554		737,970
MasTec Inc.(a)		19,499		1,535,741
MDU Resources Group Inc.		175,072		4,686,678

Security	Shares		Value
Construction & Engineering (continued)
MYR Group Inc.(a)		20,831	$	1,869,582
Primoris Services Corp.		36,773		969,704
Quanta Services Inc.		61,446		6,693,927
Sterling Construction Co. Inc.(a)		24,953		736,862
Valmont Industries Inc.		7,863		1,701,946
WillScot Mobile Mini Holdings Corp.(a)		70,265		2,496,516
				36,807,123
Construction Materials — 0.1%
Summit Materials Inc., Class A(a)		67,711		2,113,937
Consumer Finance — 0.7%
Credit Acceptance Corp.(a)		1,538		846,085
Encore Capital Group Inc.(a)		12,427		820,058
Green Dot Corp., Class A(a)		13,074		374,570
LendingClub Corp.(a)		41,495		770,977
OneMain Holdings Inc.		19,731		1,005,886
Oportun Financial Corp.(a)		44,548		727,914
PRA Group Inc.(a)		32,730		1,460,740
PROG Holdings Inc.(a)		26,964		826,177
SLM Corp.		164,999		3,250,480
				10,082,887
Containers & Packaging — 0.9%
AptarGroup Inc.		32,195		3,923,927
Berry Global Group Inc.(a)		32,463		1,968,881
Graphic Packaging Holding Co.		162,496		3,344,168
Greif Inc., Class A, NVS		16,211		931,970
Myers Industries Inc.		47,584		790,846
Ranpak Holdings Corp.(a)(b)		28,829		697,662
Sonoco Products Co.		25,559		1,500,824
				13,158,278
Diversified Consumer Services — 1.5%
2U Inc.(a)		76,072		798,756
American Public Education Inc.(a)		43,794		874,128
Beachbody Co. Inc. (The)(a)		316,363		632,726
Bright Horizons Family Solutions Inc.(a)		27,017		3,529,501
Carriage Services Inc.		15,598		767,578
Chegg Inc.(a)(b)		39,750		1,242,982
Coursera Inc.(a)		36,593		743,936
European Wax Center Inc., Class A(a)		29,589		735,878
frontdoor Inc.(a)		22,751		683,668
Graham Holdings Co., Class B		1,744		1,048,371
Grand Canyon Education Inc.(a)		13,960		1,212,147
H&R Block Inc.		68,572		1,701,271
Houghton Mifflin Harcourt Co.(a)		48,923		1,024,937
Rover Group Inc.(a)		146,548		836,789
Service Corp. International		55,365		3,368,960
Terminix Global Holdings Inc.(a)		71,744		3,053,425
WW International Inc.(a)(b)		70,760		721,044
				22,976,097
Diversified Financial Services — 0.2%
Voya Financial Inc.		54,650		3,680,678
Diversified Telecommunication Services — 0.5%
Bandwidth Inc., Class A(a)		16,157		493,596
Cogent Communications Holdings Inc.		23,392		1,483,053
Frontier Communications Parent Inc.(a)(b)		53,221		1,466,239
Iridium Communications Inc.(a)		51,105		2,023,247
Liberty Latin America Ltd., Class C, NVS(a)		68,058		686,705

SCHEDULE   OF  INVESTMENTS 27

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
Radius Global Infrastructure Inc., Class A(a)		60,292	$	775,355
				6,928,195
Electric Utilities — 0.2%
Hawaiian Electric Industries Inc.		63,217		2,590,633
Electrical Equipment — 1.2%
Acuity Brands Inc.(b)		16,242		2,962,054
Atkore Inc.(a)		16,244		1,652,177
Blink Charging Co.(a)(b)		30,776		756,474
Bloom Energy Corp., Class A(a)		49,027		1,088,399
ChargePoint Holdings Inc.(a)		55,475		805,497
FREYR Battery SA(a)		78,518		747,491
FuelCell Energy Inc.(a)		141,756		850,536
Hubbell Inc.		19,412		3,460,189
Regal Rexnord Corp.		24,479		3,925,208
Shoals Technologies Group Inc., Class A(a)		54,603		863,273
Vertiv Holdings Co.		93,888		1,222,422
				18,333,720
Electronic Equipment, Instruments & Components — 3.2%
Advanced Energy Industries Inc.		9,612		825,190
Avnet Inc.		56,426		2,373,842
Badger Meter Inc.		38,128		3,790,304
Belden Inc.		13,800		777,630
Benchmark Electronics Inc.		34,922		912,861
Coherent Inc.(a)		10,454		2,763,201
CTS Corp.		24,567		932,072
ePlus Inc.(a)		32,524		1,525,376
Fabrinet(a)		7,530		753,979
Flex Ltd.(a)		220,431		3,634,907
II-VI Inc.(a)(b)		25,522		1,772,758
Insight Enterprises Inc.(a)		18,910		1,966,640
Itron Inc.(a)		30,679		1,462,468
Jabil Inc.		32,785		1,895,301
Kimball Electronics Inc.(a)		44,177		761,611
Knowles Corp.(a)		49,703		1,082,531
Littelfuse Inc.		7,031		1,815,475
Methode Electronics Inc.		47,887		2,185,563
National Instruments Corp.		87,143		3,498,791
Novanta Inc.(a)		17,175		2,346,620
OSI Systems Inc.(a)(b)		36,507		2,945,020
PAR Technology Corp.(a)		17,672		741,164
Plexus Corp.(a)		21,856		1,780,608
Rogers Corp.(a)		9,478		2,587,494
TD SYNNEX Corp.		11,082		1,128,480
Vishay Precision Group Inc.(a)		24,722		776,518
Vontier Corp.		64,485		1,566,986
				48,603,390
Energy Equipment & Services — 1.0%
Archrock Inc.		110,845		925,556
Cactus Inc., Class A		28,940		1,466,100
ChampionX Corp.(a)		83,121		1,779,621
Core Laboratories NV		36,075		994,227
DMC Global Inc.(a)		20,562		604,523
Dril-Quip Inc.(a)		32,445		935,714
NOV Inc.		168,533		2,890,341
Oceaneering International Inc.(a)		63,961		936,389
Patterson-UTI Energy Inc.		55,104		795,151
TechnipFMC PLC(a)		306,896		2,102,237
Transocean Ltd.(a)		209,891		743,014

Security	Shares		Value
Energy Equipment & Services (continued)
Weatherford International PLC(a)		32,409	$	920,415
				15,093,288
Entertainment — 0.4%
Cinemark Holdings Inc.(a)		44,683		783,740
IMAX Corp.(a)		42,318		875,136
Lions Gate Entertainment Corp., Class A(a)(b)		68,405		1,050,701
World Wrestling Entertainment Inc., Class A		18,542		1,098,799
Zynga Inc., Class A(a)		298,909		2,714,094
				6,522,470
Equity Real Estate Investment Trusts (REITs) — 7.6%
Acadia Realty Trust		42,712		915,745
Agree Realty Corp.		12,005		770,121
Alexander & Baldwin Inc.		72,644		1,629,405
American Assets Trust Inc.		23,461		857,734
American Campus Communities Inc.		73,848		3,973,761
American Homes 4 Rent, Class A		71,490		2,717,335
Americold Realty Trust		66,455		1,775,678
Apartment Income REIT Corp.		52,843		2,727,227
Apple Hospitality REIT Inc.		42,189		746,323
Brandywine Realty Trust		111,151		1,481,643
Brixmor Property Group Inc.		148,023		3,718,338
City Office REIT Inc.		43,048		741,287
Corporate Office Properties Trust		122,196		3,202,757
Cousins Properties Inc.		55,431		2,141,300
CubeSmart		69,217		3,336,952
CyrusOne Inc.		52,636		4,755,663
DiamondRock Hospitality Co.(a)		99,950		954,523
DigitalBridge Group Inc.(a)		184,766		1,339,553
Douglas Emmett Inc.		107,953		3,422,110
Easterly Government Properties Inc.		52,393		1,090,822
Empire State Realty Trust Inc., Class A		130,316		1,232,789
EPR Properties		17,990		895,902
Essential Properties Realty Trust Inc.		43,130		1,090,326
Federal Realty Investment Trust		36,088		4,243,227
First Industrial Realty Trust Inc.		17,918		1,031,718
Four Corners Property Trust Inc.		30,350		800,633
Gaming and Leisure Properties Inc.		55,277		2,510,129
Healthcare Realty Trust Inc.		41,688		1,087,223
Healthcare Trust of America Inc., Class A		44,205		1,299,185
Highwoods Properties Inc.		30,535		1,331,326
Hudson Pacific Properties Inc.		87,408		2,307,571
Independence Realty Trust Inc.		43,327		1,094,873
Innovative Industrial Properties Inc.		4,278		806,232
iStar Inc.		63,190		1,587,333
JBG SMITH Properties		96,445		2,573,153
Kilroy Realty Corp.		57,252		4,100,388
Kite Realty Group Trust		70,818		1,553,039
Lamar Advertising Co., Class A		15,054		1,641,789
Life Storage Inc.		27,438		3,473,376
LXP Industrial Trust		79,788		1,233,522
Macerich Co. (The)		84,190		1,288,107
National Retail Properties Inc.		49,052		2,090,106
National Storage Affiliates Trust		14,090		821,024
Omega Healthcare Investors Inc.		45,185		1,272,861
Outfront Media Inc.		69,837		1,864,648
Paramount Group Inc.		82,975		928,490
Park Hotels & Resorts Inc.(a)		85,285		1,606,769
Pebblebrook Hotel Trust(b)		31,708		713,747
Physicians Realty Trust		148,406		2,413,082

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

Schedule of Investments (unaudited) (continued) February 28, 2022 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)
Piedmont Office Realty Trust Inc., Class A		105,004	$	1,789,268
PotlatchDeltic Corp.		33,461		1,837,009
Rayonier Inc.		33,559		1,332,292
Rexford Industrial Realty Inc.		47,895		3,358,876
Ryman Hospitality Properties Inc.(a)		18,199		1,603,514
Sabra Health Care REIT Inc.		87,926		1,180,846
SITE Centers Corp.		66,371		1,032,069
SL Green Realty Corp.		27,226		2,165,012
Spirit Realty Capital Inc.		19,452		901,989
STAG Industrial Inc.		33,781		1,316,108
STORE Capital Corp.		84,912		2,608,497
Sunstone Hotel Investors Inc.(a)		68,675		726,582
Tanger Factory Outlet Centers Inc.		45,512		759,140
Uniti Group Inc.		188,011		2,438,503
Washington REIT		73,742		1,722,613
Xenia Hotels & Resorts Inc.(a)		60,581		1,123,172
				117,086,335
Food & Staples Retailing — 1.0%
Andersons Inc. (The)		19,952		909,811
BJ’s Wholesale Club Holdings Inc.(a)(b)		45,861		2,883,281
Casey’s General Stores Inc.		12,089		2,273,699
Chefs’ Warehouse Inc. (The)(a)		24,641		809,457
Grocery Outlet Holding Corp.(a)		29,134		810,217
PriceSmart Inc.		17,414		1,266,346
Sprouts Farmers Market Inc.(a)		100,557		2,863,863
U.S. Foods Holding Corp.(a)		76,217		2,979,323
United Natural Foods Inc.(a)		25,391		1,021,480
				15,817,477
Food Products — 1.7%
B&G Foods Inc.		25,330		749,768
Beyond Meat Inc.(a)(b)		17,335		810,931
Darling Ingredients Inc.(a)		60,249		4,366,848
Flowers Foods Inc.		100,441		2,753,088
Fresh Del Monte Produce Inc.		28,181		729,324
Freshpet Inc.(a)(b)		20,775		1,978,403
Hain Celestial Group Inc. (The)(a)		44,920		1,633,291
Ingredion Inc.		58,313		5,174,696
Lamb Weston Holdings Inc.		61,702		4,098,864
Post Holdings Inc.(a)		15,255		1,603,911
Simply Good Foods Co. (The)(a)		28,986		1,148,715
TreeHouse Foods Inc.(a)		25,481		1,000,129
Vital Farms Inc.(a)		50,738		723,016
				26,770,984
Gas Utilities — 1.2%
Chesapeake Utilities Corp.		5,003		665,149
National Fuel Gas Co.		33,637		2,093,567
New Jersey Resources Corp.		69,838		3,046,334
Northwest Natural Holding Co.		37,915		1,971,959
ONE Gas Inc.		46,857		3,893,348
South Jersey Industries Inc.		83,131		2,820,635
Southwest Gas Holdings Inc.		32,398		2,298,314
Spire Inc.		27,584		1,851,162
				18,640,468
Health Care Equipment & Supplies — 2.8%
Alphatec Holdings Inc.(a)		72,170		795,313
AtriCure Inc.(a)		23,317		1,619,366
Cardiovascular Systems Inc.(a)		42,254		889,869
Cerus Corp.(a)		139,880		821,096
CONMED Corp.		10,564		1,544,034

Security	Shares		Value
Health Care Equipment & Supplies (continued)
CryoPort Inc.(a)		21,045	$	722,475
Envista Holdings Corp.(a)		47,780		2,293,440
Establishment Labs Holdings Inc.(a)(b)		14,017		847,047
Glaukos Corp.(a)		17,181		950,281
Globus Medical Inc., Class A(a)		18,638		1,310,624
Haemonetics Corp.(a)		21,209		1,223,971
Heska Corp.(a)		5,937		843,054
Inari Medical Inc.(a)		11,811		1,039,132
Inogen Inc.(a)		25,010		872,599
Integer Holdings Corp.(a)		9,310		780,830
Integra LifeSciences Holdings Corp.(a)		13,660		916,039
Intersect ENT Inc.(a)		29,103		791,602
iRhythm Technologies Inc.(a)		10,115		1,307,566
LivaNova PLC(a)		13,100		1,032,542
Merit Medical Systems Inc.(a)		25,058		1,629,522
Natus Medical Inc.(a)		41,783		1,162,403
Nevro Corp.(a)		11,011		789,489
Orthofix Medical Inc.(a)		45,611		1,549,862
Outset Medical Inc.(a)		22,804		1,002,692
Penumbra Inc.(a)		11,702		2,594,801
Pulmonx Corp.(a)		27,864		731,709
Quidel Corp.(a)		13,084		1,384,156
Shockwave Medical Inc.(a)		13,585		2,407,669
SI-BONE Inc.(a)		37,311		823,081
Silk Road Medical Inc.(a)		23,268		863,941
STAAR Surgical Co.(a)		14,788		1,172,984
Surmodics Inc.(a)		18,459		828,440
Tactile Systems Technology Inc.(a)		50,099		1,020,016
Tandem Diabetes Care Inc.(a)		26,359		2,968,814
Vapotherm Inc.(a)		52,796		801,971
Varex Imaging Corp.(a)(b)		33,942		802,389
				43,134,819
Health Care Providers & Services — 3.1%
1Life Healthcare Inc.(a)		69,389		750,095
Acadia Healthcare Co. Inc.(a)		20,753		1,176,903
Accolade Inc.(a)		36,915		663,732
AdaptHealth Corp.(a)(b)		41,070		715,850
Addus HomeCare Corp.(a)		14,131		1,201,700
Agiliti Inc.(a)		39,915		718,869
Amedisys Inc.(a)		13,442		2,153,946
AMN Healthcare Services Inc.(a)		20,394		2,164,619
Apollo Medical Holdings Inc.(a)		13,279		638,985
Brookdale Senior Living Inc.(a)		118,605		816,002
Chemed Corp.		3,980		1,903,594
CorVel Corp.(a)		7,732		1,229,852
Covetrus Inc.(a)		42,496		753,029
Cross Country Healthcare Inc.(a)		37,544		838,358
Encompass Health Corp.		45,071		2,975,587
Ensign Group Inc. (The)		18,401		1,546,420
Fulgent Genetics Inc.(a)		11,832		737,134
Guardant Health Inc.(a)		21,933		1,453,500
Hanger Inc.(a)		44,686		809,710
HealthEquity Inc.(a)		15,783		847,705
Invitae Corp.(a)		73,126		789,030
Joint Corp. (The)(a)		13,998		573,918
LHC Group Inc.(a)		14,944		2,034,924
MEDNAX Inc.(a)		33,093		776,693
ModivCare Inc.(a)		8,356		986,008
National Research Corp.		27,570		1,096,735
Option Care Health Inc.(a)		38,700		994,590

SCHEDULE   OF  INVESTMENTS 29

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Owens & Minor Inc.(b)		29,540	$	1,304,191
Patterson Companies Inc.		43,040		1,286,896
PetIQ Inc.(a)		41,421		821,793
Premier Inc., Class A		52,069		1,871,360
Privia Health Group Inc.(a)		33,149		853,255
Progyny Inc.(a)		18,821		740,795
R1 RCM Inc.(a)		71,971		1,956,891
RadNet Inc.(a)		30,694		757,221
Select Medical Holdings Corp.		34,496		798,582
Signify Health Inc., Class A(a)		56,833		798,504
Surgery Partners Inc.(a)		14,932		780,496
Tenet Healthcare Corp.(a)		23,732		2,040,715
Tivity Health Inc.(a)(b)		30,364		828,330
U.S. Physical Therapy Inc.		7,825		719,665
				46,906,182
Health Care Technology — 0.4%
Allscripts Healthcare Solutions Inc.(a)		41,404		805,722
Certara Inc.(a)		30,112		763,038
Health Catalyst Inc.(a)		27,006		732,403
Inspire Medical Systems Inc.(a)		7,678		1,873,893
NextGen Healthcare Inc.(a)		42,134		822,877
Omnicell Inc.(a)		9,348		1,208,509
				6,206,442
Hotels, Restaurants & Leisure — 2.7%
Accel Entertainment Inc.(a)		82,049		1,074,021
Boyd Gaming Corp.(a)		18,366		1,302,884
Brinker International Inc.(a)		18,101		770,017
Choice Hotels International Inc.		5,749		829,868
Churchill Downs Inc.		10,106		2,434,232
Dave & Buster’s Entertainment Inc.(a)(b)		17,793		771,149
Everi Holdings Inc.(a)(b)		49,325		1,154,205
Hilton Grand Vacations Inc.(a)		61,768		3,203,288
Hyatt Hotels Corp., Class A(a)		13,159		1,277,870
Jack in the Box Inc.		8,490		732,432
Marriott Vacations Worldwide Corp.		17,239		2,769,790
Norwegian Cruise Line Holdings Ltd.(a)		118,446		2,308,513
Papa John’s International Inc.		6,909		738,019
Penn National Gaming Inc.(a)(b)		54,329		2,789,794
Planet Fitness Inc., Class A(a)(b)		36,966		3,128,433
Red Rock Resorts Inc., Class A		14,501		729,110
Scientific Games Corp./DE, Class A(a)		26,784		1,685,249
SeaWorld Entertainment Inc.(a)		23,548		1,633,996
Shake Shack Inc., Class A(a)		11,732		876,615
Six Flags Entertainment Corp.(a)		32,847		1,434,100
Texas Roadhouse Inc.		8,397		796,959
Travel + Leisure Co.		38,596		2,163,306
Wendy’s Co. (The)		83,986		1,909,842
Wingstop Inc.		10,550		1,533,443
Wyndham Hotels & Resorts Inc.		41,126		3,553,698
				41,600,833
Household Durables — 1.5%
Cavco Industries Inc.(a)		2,660		725,196
Century Communities Inc.		15,456		984,856
Ethan Allen Interiors Inc.		33,200		865,192
Green Brick Partners Inc.(a)		34,166		792,310
Helen of Troy Ltd.(a)		13,941		2,867,245
iRobot Corp.(a)		13,625		846,930
KB Home		35,241		1,360,655
Leggett & Platt Inc.		48,524		1,799,270

Security	Shares		Value
Household Durables (continued)
LGI Homes Inc.(a)		9,087	$	1,146,143
MDC Holdings Inc.		17,232		764,067
Meritage Homes Corp.(a)		14,684		1,447,549
Skyline Champion Corp.(a)		14,470		972,963
Sonos Inc.(a)(b)		39,891		1,092,614
Taylor Morrison Home Corp.(a)		43,648		1,287,616
Tempur Sealy International Inc.		50,156		1,655,650
Toll Brothers Inc.		20,976		1,138,158
TopBuild Corp.(a)		9,068		1,946,718
Tri Pointe Homes Inc.(a)		43,293		968,464
				22,661,596
Household Products — 0.1%
Spectrum Brands Holdings Inc.		12,539		1,163,368
Independent Power and Renewable Electricity Producers — 0.5%
Clearway Energy Inc., Class C		69,681		2,327,346
NextEra Energy Partners LP		41,530		3,239,755
Ormat Technologies Inc.		19,566		1,396,034
Sunnova Energy International Inc.(a)		51,889		1,045,563
				8,008,698
Insurance — 2.1%
American Equity Investment Life Holding Co.		23,876		899,886
Argo Group International Holdings Ltd.		20,548		866,509
Assured Guaranty Ltd.		20,725		1,284,328
Axis Capital Holdings Ltd.		20,595		1,124,899
Brighthouse Financial Inc.(a)		15,846		828,112
CNO Financial Group Inc.		48,596		1,174,565
First American Financial Corp.		56,300		3,774,352
Genworth Financial Inc., Class A(a)		107,185		435,171
Goosehead Insurance Inc., Class A		8,274		719,673
Hanover Insurance Group Inc. (The)		21,032		2,934,174
Horace Mann Educators Corp.		18,447		767,211
Kemper Corp.		19,228		1,027,544
Kinsale Capital Group Inc.		4,396		922,105
Primerica Inc.		17,562		2,281,128
ProAssurance Corp.		24,358		587,028
Reinsurance Group of America Inc.		26,018		2,884,356
RenaissanceRe Holdings Ltd.		12,941		1,951,244
Ryan Specialty Group Holdings Inc., Class A(a)		21,397		857,164
Selective Insurance Group Inc.		33,390		2,777,714
State Auto Financial Corp.		15,375		799,654
Stewart Information Services Corp.		8,093		549,353
Trupanion Inc.(a)		11,378		1,019,810
Unum Group		64,616		1,804,079
				32,270,059
Interactive Media & Services — 0.2%
Cargurus Inc.(a)		25,012		1,211,831
TripAdvisor Inc.(a)		26,724		679,859
Vimeo Inc.(a)		61,059		793,156
Yelp Inc.(a)		21,740		736,769
				3,421,615
Internet & Direct Marketing Retail — 0.2%
Overstock.com Inc.(a)(b)		17,201		978,737
RealReal Inc. (The)(a)		85,273		759,782
Revolve Group Inc.(a)		13,902		659,372
				2,397,891
IT Services — 1.6%
Alliance Data Systems Corp.		16,916		1,140,984
BigCommerce Holdings Inc., Series 1(a)(b)		27,140		702,926

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Brightcove Inc.(a)		87,604	$	655,278
Concentrix Corp.		15,155		3,029,333
CSG Systems International Inc.		21,933		1,353,705
DigitalOcean Holdings Inc.(a)		12,523		742,864
DXC Technology Co.(a)		82,295		2,800,499
Euronet Worldwide Inc.(a)		9,460		1,213,056
EVERTEC Inc.		19,698		795,011
ExlService Holdings Inc.(a)		13,881		1,676,686
Fastly Inc., Class A(a)(b)		33,315		619,659
Kyndryl Holdings Inc.(a)		49,425		783,880
LiveRamp Holdings Inc.(a)		18,805		811,624
Maximus Inc.		10,380		818,567
Perficient Inc.(a)		10,772		1,097,667
Rackspace Technology Inc.(a)(b)		61,779		687,600
Sabre Corp.(a)		80,887		884,095
TTEC Holdings Inc.		9,512		756,204
Verra Mobility Corp.(a)		46,739		785,215
WEX Inc.(a)		19,845		3,344,081
				24,698,934
Leisure Products — 0.8%
Brunswick Corp./DE		21,133		2,018,624
Callaway Golf Co.(a)		43,739		1,082,103
Johnson Outdoors Inc., Class A		9,813		809,278
Latham Group Inc.(a)		44,155		772,271
Malibu Boats Inc., Class A(a)		12,503		871,084
Mattel Inc.(a)		117,877		2,944,568
Polaris Inc.		13,581		1,650,227
YETI Holdings Inc.(a)		34,005		2,093,348
				12,241,503
Life Sciences Tools & Services — 0.8%
Adaptive Biotechnologies Corp.(a)		50,776		732,698
Bruker Corp.		12,736		896,232
Maravai LifeSciences Holdings Inc., Class A(a)		24,183		944,830
Medpace Holdings Inc.(a)		6,939		1,061,459
NanoString Technologies Inc.(a)		21,748		771,184
NeoGenomics Inc.(a)		54,747		1,172,133
Pacific Biosciences of California Inc.(a)		65,441		780,057
Repligen Corp.(a)		17,892		3,519,356
Syneos Health Inc.(a)		22,151		1,754,359
				11,632,308
Machinery — 4.2%
AGCO Corp.		14,250		1,712,280
Alamo Group Inc.		8,176		1,137,363
Allison Transmission Holdings Inc.		45,729		1,826,416
Altra Industrial Motion Corp.		18,735		795,676
Astec Industries Inc.		14,909		742,468
Chart Industries Inc.(a)		12,668		1,829,259
Columbus McKinnon Corp./NY		19,667		897,602
Donaldson Co. Inc.		38,158		2,070,835
Douglas Dynamics Inc.		21,432		787,412
Energy Recovery Inc.(a)		41,480		788,120
Enerpac Tool Group Corp.		45,766		789,464
EnPro Industries Inc.		10,818		1,194,740
ESCO Technologies Inc.		11,560		804,229
Evoqua Water Technologies Corp.(a)		48,919		2,086,885
Federal Signal Corp.		34,991		1,263,525
Flowserve Corp.		60,383		1,833,832
Franklin Electric Co. Inc.		14,399		1,217,579
Graco Inc.		58,219		4,197,008

Security	Shares		Value
Machinery (continued)
Hillenbrand Inc.		24,695	$	1,178,199
ITT Inc.		41,642		3,659,083
John Bean Technologies Corp.		12,870		1,459,072
Lincoln Electric Holdings Inc.		5,940		757,112
Lindsay Corp.		5,997		786,866
Luxfer Holdings PLC		49,303		858,858
Manitowoc Co. Inc. (The)(a)		43,125		712,856
Meritor Inc.(a)		30,315		1,079,517
Middleby Corp. (The)(a)		14,720		2,614,566
Mueller Water Products Inc., Class A		139,606		1,771,600
Nikola Corp.(a)(b)		91,887		725,907
Oshkosh Corp.		37,154		4,125,580
Proterra Inc.(a)		85,858		776,156
Proto Labs Inc.(a)		13,271		746,228
Shyft Group Inc. (The)		16,768		677,595
SPX Corp.(a)		14,869		753,858
SPX FLOW Inc.		14,166		1,216,718
Tennant Co.		30,760		2,423,273
Terex Corp.		19,764		815,858
Timken Co. (The)		21,680		1,421,341
Toro Co. (The)		51,931		4,871,647
Trinity Industries Inc.		24,766		714,747
Wabash National Corp.		48,620		828,485
Watts Water Technologies Inc., Class A		19,300		2,778,235
Welbilt Inc.(a)		47,925		1,132,947
				64,860,997
Media — 1.0%
Altice USA Inc., Class A(a)		54,392		628,771
Cardlytics Inc.(a)		14,087		817,046
Clear Channel Outdoor Holdings Inc.(a)		214,259		801,329
EW Scripps Co. (The), Class A(a)		49,282		1,097,017
Gray Television Inc.		58,462		1,369,765
iHeartMedia Inc., Class A(a)		57,020		1,223,079
John Wiley & Sons Inc., Class A		26,643		1,340,409
Magnite Inc.(a)		59,780		871,592
New York Times Co. (The), Class A		57,718		2,539,015
Nexstar Media Group Inc., Class A		12,476		2,308,684
TEGNA Inc.		95,615		2,191,496
WideOpenWest Inc.(a)		41,241		700,685
				15,888,888
Metals & Mining — 1.9%
Alcoa Corp.		65,005		4,897,477
Allegheny Technologies Inc.(a)		41,550		1,069,497
Arconic Corp.(a)		41,732		1,281,172
Cleveland-Cliffs Inc.(a)		147,215		3,291,727
Coeur Mining Inc.(a)		148,901		640,274
Commercial Metals Co.		55,450		2,137,598
Compass Minerals International Inc.		23,782		1,394,101
Hecla Mining Co.		138,367		796,994
Materion Corp.		9,182		767,156
MP Materials Corp.(a)(b)		17,663		805,786
Reliance Steel & Aluminum Co.		27,321		5,214,759
Royal Gold Inc.		30,379		3,683,758
Schnitzer Steel Industries Inc., Class A		25,173		1,224,666
United States Steel Corp.		64,680		1,759,943
				28,964,908
Mortgage Real Estate Investment — 0.6%
Apollo Commercial Real Estate Finance Inc.		62,875		820,519
Blackstone Mortgage Trust Inc., Class A		27,590		876,810

SCHEDULE   OF  INVESTMENTS 31

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Chimera Investment Corp.		57,424	$	698,850
Hannon Armstrong Sustainable Infrastructure Capital Inc.		37,735		1,786,375
KKR Real Estate Finance Trust Inc.		38,345		823,267
New Residential Investment Corp.		79,368		823,840
Starwood Property Trust Inc.		110,059		2,623,807
				8,453,468
Multi-Utilities — 0.3%
Avista Corp.		76,142		3,398,218
Unitil Corp.		17,127		864,742
				4,262,960
Multiline Retail — 0.5%
Big Lots Inc.		21,392		743,586
Franchise Group Inc.		17,573		740,702
Kohl’s Corp.		52,298		2,908,815
Macy’s Inc.		104,307		2,703,637
Nordstrom Inc.(a)		45,634		946,449
				8,043,189
Oil, Gas & Consumable Fuels — 3.9%
Antero Midstream Corp.		131,522		1,320,481
Antero Resources Corp.(a)		103,804		2,380,226
APA Corp.		134,909		4,806,808
California Resources Corp.		19,342		797,471
Callon Petroleum Co.(a)(b)		14,833		835,988
Centennial Resource Development Inc./DE, Class A(a)		98,756		867,078
Chesapeake Energy Corp.		11,803		911,782
Civitas Resources Inc.		16,769		846,331
Clean Energy Fuels Corp.(a)		118,123		858,754
CNX Resources Corp.(a)		80,557		1,316,301
Delek U.S. Holdings Inc.(a)		45,677		787,015
Denbury Inc.(a)		13,835		1,005,251
DTE Midstream LLC(a)		25,941		1,377,467
EnLink Midstream LLC(a)		116,092		1,033,219
EQT Corp.		118,374		2,739,174
Equitrans Midstream Corp.		176,647		1,132,307
Green Plains Inc.(a)		13,938		456,330
HollyFrontier Corp.		67,007		2,040,363
Kosmos Energy Ltd.(a)		253,441		1,231,723
Marathon Oil Corp.		288,524		6,509,102
Matador Resources Co.		31,480		1,561,408
Murphy Oil Corp.		51,517		1,786,094
Oasis Petroleum Inc.		8,066		1,068,826
Ovintiv Inc.		109,146		5,004,344
PBF Energy Inc., Class A(a)		42,421		705,037
PDC Energy Inc.		24,980		1,611,710
Range Resources Corp.(a)		88,969		2,041,839
Renewable Energy Group Inc.(a)		21,902		1,346,973
SM Energy Co.		38,781		1,377,113
Southwestern Energy Co.(a)(b)		242,456		1,209,855
Targa Resources Corp.		68,951		4,507,327
Texas Pacific Land Corp.		1,581		1,879,382
Whiting Petroleum Corp.		11,807		871,947
World Fuel Services Corp.		43,341		1,228,284
				59,453,310
Paper & Forest Products — 0.2%
Glatfelter Corp.		56,661		778,522
Louisiana-Pacific Corp.		35,946		2,586,315
				3,364,837

Security	Shares		Value
Personal Products — 0.3%
Beauty Health Co. (The)(a)		54,182	$	1,050,047
Coty Inc., Class A(a)		82,558		757,057
Edgewell Personal Care Co.		35,924		1,281,768
Herbalife Nutrition Ltd.(a)		35,275		1,255,085
Medifast Inc.		5,336		992,496
				5,336,453
Pharmaceuticals — 1.4%
Aclaris Therapeutics Inc.(a)		62,918		937,478
Antares Pharma Inc.(a)		265,326		928,641
Arvinas Inc.(a)		16,098		1,043,311
Axsome Therapeutics Inc.(a)		23,852		670,480
Cassava Sciences Inc.(a)(b)		15,994		679,905
Collegium Pharmaceutical Inc.(a)		34,910		679,698
Corcept Therapeutics Inc.(a)		39,303		876,064
Intra-Cellular Therapies Inc.(a)		30,967		1,718,049
Nektar Therapeutics(a)		69,748		714,219
NGM Biopharmaceuticals Inc.(a)		48,159		715,643
Nuvation Bio Inc.(a)		147,280		745,237
Organon & Co.		75,635		2,823,454
Pacira BioSciences Inc.(a)		12,317		821,421
Perrigo Co. PLC		56,915		2,021,621
Phathom Pharmaceuticals Inc.(a)		40,661		737,184
Provention Bio Inc.(a)(b)		118,068		740,286
Relmada Therapeutics Inc.(a)		41,884		859,041
Revance Therapeutics Inc.(a)(b)		58,046		787,684
Theravance Biopharma Inc.(a)(b)		77,026		775,652
Tilray Inc., Class 2 (a)(b)		152,826		932,239
Zogenix Inc.(a)		29,785		782,154
				20,989,461
Professional Services — 1.9%
ASGN Inc.(a)		24,201		2,681,229
CACI International Inc., Class A(a)		6,052		1,693,289
Exponent Inc.		10,536		998,391
First Advantage Corp.(a)		43,734		706,304
FTI Consulting Inc.(a)		15,651		2,285,046
Heidrick & Struggles International Inc.		18,556		793,269
ICF International Inc.		14,752		1,307,322
Insperity Inc.		11,919		1,072,114
KBR Inc.		27,731		1,376,567
Kelly Services Inc., Class A, NVS		70,272		1,491,172
Kforce Inc.		11,108		835,100
Korn Ferry		23,817		1,578,114
ManpowerGroup Inc.		28,330		3,010,912
Nielsen Holdings PLC		136,773		2,382,586
Science Applications International Corp.		11,686		1,024,745
Skillsoft Corp.(a)		125,284		811,840
TriNet Group Inc.(a)		26,634		2,325,415
TrueBlue Inc.(a)		40,502		1,101,654
Upwork Inc.(a)		45,323		1,145,766
				28,620,835
Real Estate Management & Development — 0.9%
Cushman & Wakefield PLC(a)		91,695		2,009,954
eXp World Holdings Inc.(b)		26,398		705,882
Howard Hughes Corp. (The)(a)		20,446		1,954,229
Jones Lang LaSalle Inc.(a)		20,053		4,937,450
Kennedy-Wilson Holdings Inc.		38,494		852,257
Newmark Group Inc., Class A		50,695		896,288
Realogy Holdings Corp.(a)		47,427		862,223

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
St Joe Co. (The)		16,296	$	880,473
				13,098,756
Road & Rail — 1.1%
ArcBest Corp.		13,429		1,244,600
Avis Budget Group Inc.(a)		15,794		2,897,251
Landstar System Inc.		20,907		3,228,250
Ryder System Inc.		31,395		2,475,182
Saia Inc.(a)		9,457		2,716,334
Schneider National Inc., Class B		36,169		944,734
Werner Enterprises Inc.		48,227		2,095,946
XPO Logistics Inc.(a)		27,096		1,969,337
				17,571,634
Semiconductors & Semiconductor Equipment — 2.8%
Ambarella Inc.(a)		9,267		1,294,692
Amkor Technology Inc.		37,506		850,261
Axcelis Technologies Inc.(a)		13,679		946,860
Azenta Inc.		20,581		1,801,249
Cirrus Logic Inc.(a)		29,172		2,534,172
CMC Materials Inc.		6,381		1,183,229
First Solar Inc.(a)		40,671		3,062,120
Ichor Holdings Ltd.(a)		24,028		846,506
Kulicke & Soffa Industries Inc.		32,461		1,695,763
Lattice Semiconductor Corp.(a)		46,113		2,887,596
MaxLinear Inc.(a)		16,810		1,031,293
MKS Instruments Inc.		7,865		1,184,469
Onto Innovation Inc.(a)		26,666		2,298,876
Power Integrations Inc.		17,486		1,573,740
Rambus Inc.(a)		55,755		1,505,385
Semtech Corp.(a)		16,455		1,141,648
Silicon Laboratories Inc.(a)		13,381		2,056,793
SiTime Corp.(a)		3,564		720,427
SunPower Corp.(a)		46,202		828,402
Synaptics Inc.(a)		13,774		3,146,395
Ultra Clean Holdings Inc.(a)(b)		17,770		814,044
Universal Display Corp.		20,490		3,174,106
Veeco Instruments Inc.(a)		45,365		1,296,078
Wolfspeed Inc.(a)		47,307		4,859,375
				42,733,479
Software — 5.4%
8x8 Inc.(a)		54,711		709,055
ACI Worldwide Inc.(a)		64,545		2,163,548
Alarm.com Holdings Inc.(a)		11,150		734,004
Altair Engineering Inc., Class A(a)(b)		20,880		1,386,850
Alteryx Inc., Class A(a)		13,445		837,623
Anaplan Inc.(a)		39,351		1,864,057
Appian Corp.(a)(b)		14,221		866,912
Aspen Technology Inc.(a)		25,163		3,835,093
Avaya Holdings Corp.(a)		54,405		749,157
Benefitfocus Inc.(a)		74,422		750,174
Blackbaud Inc.(a)		13,231		826,805
Blackline Inc.(a)		26,612		2,004,150
Bottomline Technologies DE Inc.(a)		19,725		1,117,224
Box Inc., Class A(a)		75,901		1,943,825
BTRS Holdings Inc.(a)		126,859		773,840
CDK Global Inc.		18,354		832,170
Cerence Inc.(a)		18,915		683,021
CommVault Systems Inc.(a)		12,659		796,378
Digital Turbine Inc.(a)		22,742		1,102,532
Dolby Laboratories Inc., Class A		24,587		1,846,484

Security	Shares		Value
Software (continued)
Domo Inc., Class B(a)		16,137	$	718,097
Duck Creek Technologies Inc.(a)		33,283		781,485
E2open Parent Holdings Inc.(a)(b)		84,532		759,097
Elastic NV(a)		23,570		2,042,340
Envestnet Inc.(a)		10,438		780,971
Everbridge Inc.(a)		15,851		626,432
Five9 Inc.(a)		25,849		2,843,390
InterDigital Inc.		13,172		848,540
Jamf Holding Corp.(a)(b)		27,586		943,717
LivePerson Inc.(a)(b)		28,082		569,503
Mandiant Inc.(a)		78,039		1,545,172
Manhattan Associates Inc.(a)		19,609		2,621,331
Marathon Digital Holdings Inc.(a)(b)		30,007		760,677
MicroStrategy Inc., Class A(a)(b)		2,366		1,048,138
Mimecast Ltd.(a)		21,994		1,749,183
Model N Inc.(a)(b)		31,739		780,462
Momentive Global Inc.(a)		63,090		991,775
N-able Inc.(a)		67,277		778,395
Ncino Inc.(a)		16,814		772,267
NCR Corp.(a)		40,549		1,643,045
New Relic Inc.(a)		23,579		1,561,873
Nutanix Inc., Class A(a)		73,382		1,959,299
OneSpan Inc.(a)		48,779		672,175
PagerDuty Inc.(a)		30,937		1,046,289
Paylocity Holding Corp.(a)		13,574		2,883,661
Pegasystems Inc.		8,224		716,475
Progress Software Corp.		50,321		2,218,150
PROS Holdings Inc.(a)(b)		24,412		775,813
Q2 Holdings Inc.(a)		11,993		780,145
Qualys Inc.(a)		7,707		965,764
Rapid7 Inc.(a)		25,492		2,637,402
Riot Blockchain Inc.(a)(b)		39,683		683,738
SailPoint Technologies Holdings Inc.(a)		19,424		803,571
Smartsheet Inc., Class A(a)		44,129		2,346,339
Sprinklr Inc.(a)		62,050		744,600
Sprout Social Inc., Class A(a)		15,642		1,018,451
SPS Commerce Inc.(a)		16,108		2,091,624
Tenable Holdings Inc.(a)		20,794		1,151,156
Teradata Corp.(a)		45,102		2,254,649
Varonis Systems Inc.(a)		27,139		1,183,260
Vonage Holdings Corp.(a)		40,816		829,381
Workiva Inc.(a)		24,600		2,590,380
Xperi Holding Corp.		44,071		763,310
Zuora Inc., Class A(a)		59,147		897,851
				83,002,275
Specialty Retail — 3.1%
Aaron’s Co. Inc. (The)		37,506		787,251
Abercrombie & Fitch Co., Class A(a)		19,368		737,533
American Eagle Outfitters Inc.		48,218		1,016,435
Asbury Automotive Group Inc.(a)		6,317		1,226,193
AutoNation Inc.(a)(b)		11,998		1,375,691
Bed Bath & Beyond Inc.(a)		48,393		817,358
Boot Barn Holdings Inc.(a)		10,686		929,896
Caleres Inc.		34,508		716,386
Children’s Place Inc. (The)(a)		11,326		713,085
Five Below Inc.(a)		19,080		3,121,679
Floor & Decor Holdings Inc., Class A(a)		30,371		2,904,075
Foot Locker Inc.		39,243		1,240,864
GameStop Corp., Class A(a)(b)		21,185		2,612,958
Gap Inc. (The)		123,642		1,798,991

SCHEDULE   OF  INVESTMENTS 33

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Genesco Inc.(a)		11,513	$	738,559
Group 1 Automotive Inc.		8,207		1,493,099
Hibbett Inc.		14,530		655,012
Leslie’s Inc.(a)		54,150		1,153,936
Lithia Motors Inc.		10,629		3,622,576
MarineMax Inc.(a)		16,452		752,844
Monro Inc.		21,214		990,270
Murphy USA Inc.		13,141		2,375,104
National Vision Holdings Inc.(a)		30,810		1,129,803
ODP Corp. (The)(a)		18,328		806,432
Petco Health & Wellness Co. Inc.(a)		38,190		669,089
Rent-A-Center Inc./TX		29,310		832,697
RH(a)		4,060		1,631,592
Sally Beauty Holdings Inc.(a)		40,948		707,581
Signet Jewelers Ltd.		21,344		1,504,752
Sleep Number Corp.(a)		11,579		760,740
TravelCenters of America Inc.(a)		19,225		811,872
Urban Outfitters Inc.(a)		29,196		803,182
Victoria’s Secret & Co.(a)		30,706		1,646,763
Williams-Sonoma Inc.		29,614		4,289,884
Zumiez Inc.(a)		17,287		769,099
				48,143,281
Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.(a)		40,819		727,395
Pure Storage Inc., Class A(a)		78,271		2,030,350
Xerox Holdings Corp.		121,789		2,400,461
				5,158,206
Textiles, Apparel & Luxury Goods — 1.9%
Capri Holdings Ltd.(a)		41,798		2,831,396
Carter’s Inc.		18,089		1,748,845
Columbia Sportswear Co.		21,246		1,969,929
Crocs Inc.(a)		21,493		1,799,609
Deckers Outdoor Corp.(a)		11,501		3,319,649
Hanesbrands Inc.		171,886		2,655,639
Kontoor Brands Inc.		19,793		980,545
Levi Strauss & Co., Class A		33,528		759,409
Movado Group Inc.		19,837		781,975
PVH Corp.		30,811		3,016,089
Ralph Lauren Corp.		16,839		2,223,422
Steven Madden Ltd.		30,509		1,301,514
Tapestry Inc.		91,848		3,756,583
Under Armour Inc., Class A(a)(b)		45,305		810,506
Under Armour Inc., Class C, NVS(a)		51,038		797,724
Wolverine World Wide Inc.		38,077		876,913
				29,629,747
Thrifts & Mortgage Finance — 1.2%
Capitol Federal Financial Inc.		60,248		657,908
Essent Group Ltd.		27,933		1,234,080
Federal Agricultural Mortgage Corp., Class C, NVS		14,104		1,744,665
Flagstar Bancorp. Inc.		21,108		962,103
MGIC Investment Corp.		188,107		2,855,464
Mr Cooper Group Inc.(a)		29,557		1,502,382
New York Community Bancorp. Inc.		103,137		1,190,201
PennyMac Financial Services Inc.		21,738		1,255,370
Radian Group Inc.		87,327		2,087,115
Rocket Companies Inc., Class A		60,073		775,543
TFS Financial Corp.		56,720		973,882

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Walker & Dunlop Inc		9,084	$	1,256,771
Washington Federal Inc.		28,846		1,026,341
WSFS Financial Corp.		10,892		553,640
				18,075,465
Trading Companies & Distributors — 1.5%
Air Lease Corp.		28,561		1,192,707
Beacon Roofing Supply Inc.(a)		19,438		1,160,254
Boise Cascade Co.		25,905		2,070,846
GATX Corp.		18,154		1,935,761
GMS Inc.(a)		21,150		1,147,387
Herc Holdings Inc.		7,087		1,127,683
McGrath RentCorp.		19,652		1,597,315
Rush Enterprises Inc., Class A		15,203		789,644
SiteOne Landscape Supply Inc.(a)		21,105		3,639,135
Triton International Ltd		33,970		2,231,150
Univar Solutions Inc.(a)		33,873		1,040,240
Veritiv Corp.(a)(b)		7,613		815,885
Watsco Inc.		4,395		1,200,099
WESCO International Inc.(a)		20,419		2,485,605
				22,433,711
Water Utilities — 0.2%
American States Water Co.		25,795		2,170,907
Middlesex Water Co.		7,796		779,522
				2,950,429
Wireless Telecommunication Services — 0.1%
Shenandoah Telecommunications Co.		35,603		795,727
Telephone and Data Systems Inc.		47,633		826,433
				1,622,160
Total Common Stocks — 99.8% (Cost: $1,431,029,945)				1,528,933,022
Short-Term Investments
Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		36,814,813		36,822,176
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		3,780,000		3,780,000
				40,602,176
Total Short-Term Investments — 2.7% (Cost: $40,601,891)				40,602,176
Total Investments in Securities — 102.5% (Cost: $1,471,631,836)				1,569,535,198
Other Assets, Less Liabilities — (2.5)%				(37,966,499	)
Net Assets — 100.0%			$	1,531,568,699

^(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)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	43,548,786	$	—		$	(6,714,211	)(a)	$	(8,355	)	$	(4,044	)	$	36,822,176		36,814,813	$	130,736	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,390,000		2,390,000	(a)		—			—			—			3,780,000		3,780,000		113			—
									$	(8,355	)	$	(4,044	)	$	40,602,176			$	130,849		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		18		03/18/22	$	1,840	$	(26,257	)
S&P MidCap 400 E-Mini Index		5		03/18/22		1,329		(11,601	)
							$	(37,858	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	37,858

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(167,459	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(74,684	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,601,745

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

SCHEDULE   OF  INVESTMENTS 35

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI USA Small-Cap ETF

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,528,929,945		$	—	$	3,077	$	1,528,933,022
Money Market Funds		40,602,176			—		—		40,602,176
	$	1,569,532,121		$	—	$	3,077	$	1,569,535,198
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(37,858	)	$	—	$	—	$	(37,858	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments (unaudited) February 28, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.3%
Americanas SA		12,952	$	75,901
Atacadao SA		9,263		34,145
B3 SA - Brasil, Bolsa, Balcao		125,128		352,033
Banco Bradesco SA		28,911		94,824
Banco do Brasil SA		17,415		117,744
Banco Santander Brasil SA		8,651		51,276
CCR SA		25,388		57,759
Cosan SA		21,514		88,203
Energisa SA		4,043		34,498
Equatorial Energia SA		20,181		99,801
Hapvida Participacoes e Investimentos SA(a)		65,600		153,556
Hypera SA		7,561		49,048
Klabin SA		14,321		64,325
Localiza Rent a Car SA		12,717		141,570
Lojas Renner SA		19,844		98,086
Natura & Co. Holding SA(b)		18,691		83,408
Petro Rio SA(b)		14,337		72,862
Raia Drogasil SA		21,831		98,832
Rede D’Or Sao Luiz SA(a)		8,531		84,039
Rumo SA(b)		27,055		81,053
Telefonica Brasil SA		10,331		101,312
TIM SA		17,433		46,241
TOTVS SA		10,377		66,477
Ultrapar Participacoes SA		14,927		41,980
WEG SA		34,773		197,016
				2,385,989
Chile — 0.3%
Empresas CMPC SA		23,507		38,837
Empresas COPEC SA		8,100		62,838
Enel Americas SA		458,463		53,682
Falabella SA		15,717		51,721
				207,078
China — 31.4%
360 Security Technology Inc., Class A(b)		7,800		12,983
3SBio Inc.(a)(b)		26,000		20,664
51job Inc., ADR(b)		664		34,395
AAC Technologies Holdings Inc.		14,500		39,646
Air China Ltd., Class A(b)		8,000		12,529
Air China Ltd., Class H(b)		42,000		32,301
Alibaba Group Holding Ltd.(b)		244,116		3,213,512
Alibaba Health Information Technology Ltd.(b)		86,000		60,220
A-Living Smart City Services Co. Ltd., Class A(a)		11,250		20,166
Angel Yeast Co. Ltd., Class A		900		7,138
Anjoy Foods Group Co Ltd., Class A		300		5,885
BBMG Corp., Class A		10,800		4,939
Beijing Capital International Airport Co. Ltd., Class H(b)		36,000		23,058
Beijing Enterprises Water Group Ltd.		88,000		34,767
BOC Aviation Ltd.(a)		4,100		35,641
BYD Co. Ltd., Class A		2,200		88,466
BYD Co. Ltd., Class H		17,000		526,785
By-Health Co Ltd, Class A		1,900		7,481
CanSino Biologics Inc., Class A(b)		169		6,758
CanSino Biologics Inc., Class H(a)(b)		1,800		32,532
CECEP Wind Power Corp, Class A		6,400		5,724
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		365		8,956
China Communications Services Corp. Ltd., Class H		54,000		29,626
China Conch Venture Holdings Ltd.		34,000		163,616

Security	Shares		Value
China (continued)
China Construction Bank Corp., Class A		9,300	$	8,897
China Construction Bank Corp., Class H		1,976,000		1,481,930
China Eastern Airlines Corp. Ltd., Class A(b)		9,800		8,392
China Education Group Holdings Ltd.		15,000		12,851
China Everbright Environment Group Ltd.		73,000		52,412
China Feihe Ltd.(a)		75,000		89,494
China Gas Holdings Ltd.		64,200		101,460
China Jinmao Holdings Group Ltd.		116,000		38,575
China Jushi Co. Ltd., Class A		4,678		12,700
China Lesso Group Holdings Ltd.		20,000		30,792
China Medical System Holdings Ltd.		27,000		48,078
China Mengniu Dairy Co. Ltd.		65,000		422,657
China Merchants Bank Co. Ltd., Class H		80,000		674,345
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		9,500		20,378
China Molybdenum Co. Ltd., Class A		27,200		26,093
China Molybdenum Co. Ltd., Class H		63,000		37,920
China National Medicines Corp. Ltd., Class A		800		3,531
China Overseas Land & Investment Ltd.		78,500		239,674
China Resources Gas Group Ltd.		20,000		91,860
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,100		6,236
China Ruyi Holdings Ltd.(b)		52,000		15,476
China Southern Airlines Co. Ltd., Class A(b)		14,500		15,921
China Southern Airlines Co. Ltd., Class H(b)		32,000		20,245
China Three Gorges Renewables Group Co. Ltd.		35,300		39,844
China Tourism Group Duty Free Corp. Ltd., Class A		2,400		77,517
China Vanke Co. Ltd., Class A		11,700		35,611
China Vanke Co. Ltd., Class H		34,600		82,181
CIFI Ever Sunshine Services Group Ltd.		16,000		29,097
CIFI Holdings Group Co. Ltd.		66,500		46,331
CITIC Ltd.		122,000		142,365
Contemporary Amperex Technology Co. Ltd., Class A		2,900		248,412
Country Garden Services Holdings Co. Ltd.		41,000		245,260
CSPC Pharmaceutical Group Ltd.		185,360		219,719
Dali Foods Group Co. Ltd.(a)		41,500		21,857
Dongfeng Motor Group Co. Ltd., Class H		54,000		46,479
ENN Energy Holdings Ltd.		16,300		236,063
ENN Natural Gas Co. Ltd., Class A		2,900		8,237
Eve Energy Co. Ltd., Class A		2,432		34,901
Fosun International Ltd.		54,500		59,133
Fuyao Glass Industry Group Co. Ltd., Class A		2,900		20,354
Fuyao Glass Industry Group Co. Ltd., Class H(a)		12,000		58,873
Ganfeng Lithium Co. Ltd., Class A		1,300		31,610
Ganfeng Lithium Co. Ltd., Class H(a)		5,600		95,044
Geely Automobile Holdings Ltd.		123,000		229,105
GEM Co. Ltd., Class A		5,800		8,861
Genscript Biotech Corp.(b)		24,000		95,160
GoerTek Inc., Class A		4,000		28,006
Gotion High-tech Co. Ltd., Class A(b)		1,900		13,038
Great Wall Motor Co. Ltd., Class A		2,800		16,353
Great Wall Motor Co. Ltd., Class H		63,500		133,687
Greenland Holdings Corp. Ltd., Class A		10,745		7,366
Greentown Service Group Co. Ltd.		28,000		28,127
Guangzhou Automobile Group Co. Ltd., Class H		58,000		57,423
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,600		7,546
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		6,665
Guangzhou R&F Properties Co. Ltd., Class H(c)		34,000		14,474
Hangzhou Robam Appliances Co. Ltd., Class A		1,100		5,818

SCHEDULE   OF  INVESTMENTS 37

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Hansoh Pharmaceutical Group Co. Ltd.(a)		26,000	$	55,502
Hopson Development Holdings Ltd.		14,490		29,828
Huaxia Bank Co. Ltd., Class A		16,900		15,086
Hutchmed China Ltd, ADR(b)(c)		1,747		47,606
Industrial Bank Co. Ltd., Class A		25,100		87,935
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		51,434
Jafron Biomedical Co. Ltd., Class A		900		6,551
JDcom Inc, Class A(b)		2,933		104,765
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,600		10,700
Jinke Properties Group Co. Ltd., Class A		6,400		4,559
Jinmao Property Services Co. Ltd.		1,752		445
Jinxin Fertility Group Ltd.(a)(b)		24,500		28,647
Kingdee International Software Group Co. Ltd.(b)		53,000		130,997
Kuang-Chi Technologies Co. Ltd., Class A(b)		2,200		7,090
Kunlun Energy Co. Ltd.		82,000		80,662
KWG Group Holdings Ltd.		27,500		12,876
Lee & Man Paper Manufacturing Ltd.		26,000		16,714
Lenovo Group Ltd.		148,000		164,808
Li Auto Inc., ADR(b)(c)		11,417		347,648
Li Ning Co. Ltd.		48,000		479,431
Logan Group Co. Ltd.		28,000		9,316
Longfor Group Holdings Ltd.(a)		37,000		197,858
Meituan, Class B(a)(b)		84,000		1,866,073
Microport Scientific Corp.		13,800		38,386
Ming Yang Smart Energy Group Ltd., Class A		2,200		9,046
Minth Group Ltd.		16,000		57,853
NIO Inc., ADR(b)		26,908		614,579
Offshore Oil Engineering Co. Ltd., Class A		5,400		4,228
Ovctek China Inc., Class A		960		6,266
Pharmaron Beijing Co. Ltd., Class A		1,000		19,192
Pharmaron Beijing Co. Ltd., Class H(a)		2,700		32,735
Ping An Insurance Group Co. of China Ltd., Class A		13,100		105,601
Ping An Insurance Group Co. of China Ltd., Class H		130,500		1,011,853
Poly Developments and Holdings Group Co. Ltd., Class A		14,500		36,315
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		49,600		68,487
Shanghai Electric Group Co. Ltd., Class A		17,000		11,898
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,000		20,228
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		9,500		38,090
Shanghai M&G Stationery Inc., Class A		1,000		8,620
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,200		6,534
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		14,600		26,354
Shenzhen Inovance Technology Co. Ltd., Class A		3,750		38,167
Shenzhen International Holdings Ltd.		26,500		27,305
Shenzhen Overseas Chinese Town Co. Ltd., Class A		9,800		10,721
Shenzhou International Group Holdings Ltd.		16,900		283,863
Shimao Group Holdings Ltd.(c)		26,000		15,603
Sino Biopharmaceutical Ltd.		209,500		133,737
Sinotrans Ltd., Class A		3,100		2,115
Sinotruk Hong Kong Ltd.		14,000		20,897
Skshu Paint Co. Ltd., Class A		400		5,632
Sungrow Power Supply Co. Ltd., Class A		1,900		36,792
Suningcom Co Ltd, Class A(b)		11,000		6,275
TCL Technology Group Corp., Class A		20,000		17,676
Tencent Holdings Ltd.		61,000		3,291,640
Tongcheng Travel Holdings Ltd.(b)		21,600		40,229
Topchoice Medical Corp., Class A(b)		400		10,263
Topsports International Holdings Ltd.(a)		31,000		32,225
Transfar Zhilian Co. Ltd., Class A		3,600		4,407
Uni-President China Holdings Ltd.		26,000		27,037
Unisplendour Corp. Ltd., Class A		3,900		13,595

Security	Shares		Value
China (continued)
Vinda International Holdings Ltd.		7,000	$	19,931
Vipshop Holdings Ltd., ADR(b)		9,337		80,952
Want Want China Holdings Ltd.		96,000		102,194
Wuchan Zhongda Group Co. Ltd., Class A		4,300		3,860
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,700		8,967
WuXi AppTec Co. Ltd., Class A		3,092		51,180
WuXi AppTec Co. Ltd., Class H(a)		7,260		103,342
Wuxi Biologics Cayman Inc., New(a)(b)		73,000		603,813
Xiamen Intretech Inc., Class A		875		4,122
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		4,100		9,787
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		15,600		25,524
Xinyi Solar Holdings Ltd.		100,000		181,637
XPeng Inc., ADR(b)		8,039		292,378
Yadea Group Holdings Ltd.(a)		26,000		38,572
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		7,881
Yum China Holdings Inc.		8,717		453,458
Yunnan Baiyao Group Co. Ltd., Class A		1,400		20,002
Zhejiang Chint Electrics Co. Ltd., Class A		2,600		20,723
Zhejiang Expressway Co. Ltd., Class H		32,000		28,867
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,700		33,621
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		900		6,854
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,800		6,630
Zhongsheng Group Holdings Ltd.		12,000		83,795
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		8,600		9,634
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		27,000		17,961
				22,424,882
Czech Republic — 0.1%
Komercni Banka AS(b)		1,617		63,614
Moneta Money Bank AS(a)		7,349		29,098
				92,712
Egypt — 0.2%
Commercial International Bank Egypt SAE(b)		33,484		101,986
Greece — 0.3%
Eurobank Ergasias Services and Holdings SA, Class A(b)		52,838		57,881
Hellenic Telecommunications Organization SA		4,517		90,349
Public Power Corp. SA(b)		4,204		39,925
				188,155
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		8,627		67,293
OTP Bank Nyrt(b)		4,537		173,129
				240,422
India — 14.5%
Adani Green Energy Ltd.(b)		7,990		196,610
Adani Total Gas Ltd.		5,531		116,606
Asian Paints Ltd.		7,830		330,904
Axis Bank Ltd.(b)		46,300		459,349
Bajaj Auto Ltd.		1,380		64,940
Bandhan Bank Ltd.(a)		13,275		54,299
Berger Paints India Ltd.		5,098		46,822
Bharat Petroleum Corp. Ltd.		17,460		81,441
Biocon Ltd.(b)		9,041		42,019
Britannia Industries Ltd.		2,262		103,249
Colgate-Palmolive India Ltd.		2,613		50,409
Dabur India Ltd.		12,884		96,597
DLF Ltd.		12,830		60,202

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Eicher Motors Ltd.		2,872	$	99,200
Grasim Industries Ltd.		5,384		114,898
Havells India Ltd.		5,214		82,373
HCL Technologies Ltd.		22,471		337,901
Hero MotoCorp Ltd.		2,519		85,329
Hindalco Industries Ltd.		32,204		247,492
Hindustan Unilever Ltd.		16,786		485,423
Housing Development Finance Corp. Ltd.		35,220		1,113,156
Indraprastha Gas Ltd.		4,973		22,892
Info Edge India Ltd.		1,562		92,851
Infosys Ltd.		69,015		1,572,843
Lupin Ltd.		4,515		44,854
Mahindra & Mahindra Ltd.		17,803		187,940
Marico Ltd.		10,797		73,917
Motherson Sumi Systems Ltd.		26,172		52,620
Motherson Sumi Wiring India Ltd.(b)		26,172		16,141
Nestle India Ltd.		704		165,338
PI Industries Ltd.		1,698		55,884
Piramal Enterprises Ltd.		2,297		63,502
Reliance Industries Ltd.		58,516		1,842,183
Shree Cement Ltd.		218		70,971
Siemens Ltd.		1,562		48,867
State Bank of India		37,015		239,124
Tata Consultancy Services Ltd.		18,954		897,884
Titan Co. Ltd.		7,353		249,756
Trent Ltd.		3,579		52,931
UPL Ltd.		10,392		92,359
Wipro Ltd.		27,708		204,894
				10,316,970
Indonesia — 1.3%
Aneka Tambang Tbk		160,600		25,021
Bank Central Asia Tbk PT		1,132,700		639,483
Barito Pacific Tbk PT		596,000		37,164
Indah Kiat Pulp & Paper Tbk PT		59,800		33,794
Kalbe Farma Tbk PT		416,300		47,666
Merdeka Copper Gold Tbk PT(b)		234,700		63,551
Tower Bersama Infrastructure Tbk PT		152,900		31,444
Unilever Indonesia Tbk PT		166,800		42,922
				921,045
Kuwait — 0.4%
Kuwait Finance House KSCP		96,163		300,818
Malaysia — 2.4%
AMMB Holdings Bhd(b)		37,500		30,075
Axiata Group Bhd		55,600		52,044
CIMB Group Holdings Bhd		134,600		183,351
Dialog Group Bhd		84,400		56,861
DiGi.Com Bhd		63,500		61,389
Fraser & Neave Holdings Bhd		2,600		13,995
HAP Seng Consolidated Bhd		12,300		22,206
Hartalega Holdings Bhd		34,600		38,074
IHH Healthcare Bhd		35,400		55,538
Kuala Lumpur Kepong Bhd		8,700		53,876
Malayan Banking Bhd		97,200		203,095
Malaysia Airports Holdings Bhd(b)		23,663		34,662
Maxis Bhd		47,400		45,444
MISC Bhd		27,000		47,357
Nestle Malaysia Bhd		1,500		47,935
Petronas Dagangan Bhd		6,000		30,754
Petronas Gas Bhd		16,200		67,253

Security	Shares		Value
Malaysia (continued)
PPB Group Bhd		13,100	$	55,976
Press Metal Aluminium Holdings Bhd		65,700		106,879
Public Bank Bhd		301,300		319,994
QL Resources Bhd		22,000		25,938
RHB Bank Bhd		37,000		52,144
Sime Darby Bhd		55,000		29,785
Telekom Malaysia Bhd		22,700		27,358
Top Glove Corp. Bhd		112,100		54,735
Westports Holdings Bhd		20,500		19,091
				1,735,809
Mexico — 1.9%
Arca Continental SAB de CV		8,800		58,057
Cemex SAB de CV, NVS(b)		314,076		161,324
Coca-Cola Femsa SAB de CV		10,400		57,116
Fomento Economico Mexicano SAB de CV		39,600		319,085
Gruma SAB de CV, Class B		4,325		58,657
Grupo Bimbo SAB de CV, Series A		31,600		97,310
Grupo Financiero Banorte SAB de CV, Class O		53,600		362,568
Grupo Televisa SAB de CV, CPO		49,000		105,029
Industrias Penoles SAB de CV		3,030		37,817
Kimberly-Clark de Mexico SAB de CV, Class A		31,900		44,764
Telesites SAB de CV		28,100		31,158
				1,332,885
Philippines — 0.9%
Ayala Land Inc.		163,900		124,947
Bank of the Philippine Islands		35,950		70,261
Globe Telecom Inc.		540		27,133
GT Capital Holdings Inc.		1,950		22,083
JG Summit Holdings Inc.		59,778		70,607
SM Investments Corp.		5,070		88,209
SM Prime Holdings Inc.		211,900		165,386
Universal Robina Corp.		17,630		41,264
				609,890
Poland — 1.1%
Bank Polska Kasa Opieki SA		3,706		101,670
CD Projekt SA		1,470		58,388
Cyfrowy Polsat SA		5,359		34,748
KGHM Polska Miedz SA		2,820		110,733
Orange Polska SA(b)		13,716		25,452
Polski Koncern Naftowy ORLEN SA		6,095		102,956
Powszechna Kasa Oszczednosci Bank Polski SA(b)		18,195		174,864
Powszechny Zaklad Ubezpieczen SA		12,616		94,653
Santander Bank Polska SA		711		53,300
				756,764
Qatar — 1.0%
Commercial Bank PSQC (The)		41,438		78,593
Ooredoo QPSC		16,286		34,248
Qatar Fuel QSC		9,092		46,336
Qatar National Bank QPSC		92,863		555,924
				715,101
Russia — 0.8%
Gazprom PJSC(d)		244,340		196,971
LUKOIL PJSC(d)		8,544		149,140
Mobile TeleSystems PJSC, ADR		9,473		52,101
Moscow Exchange MICEX-RTS PJSC(d)		30,360		10,218
Novatek PJSC, GDR		1,863		71,767
Novolipetsk Steel PJSC(d)		31,136		19,774
PhosAgro PJSC, GDR		2,748		16,812
Polymetal International PLC(d)		7,120		21,594

SCHEDULE   OF  INVESTMENTS 39

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
Polyus PJSC(d)		698	$	26,299
				564,676
Saudi Arabia — 1.6%
Almarai Co. JSC		4,942		66,259
Bank AlBilad(b)		7,334		115,420
Dr Sulaiman Al Habib Medical Services Group Co.		1,098		50,211
Saudi Arabian Mining Co.(b)		8,976		256,234
Saudi Basic Industries Corp.		18,373		612,507
Savola Group (The)		5,502		49,846
				1,150,477
South Africa — 6.4%
Absa Group Ltd.		14,889		171,043
Anglo American Platinum Ltd.		1,072		167,323
Aspen Pharmacare Holdings Ltd.		7,978		104,289
Bid Corp. Ltd.		6,779		137,729
Bidvest Group Ltd (The)		5,885		80,632
Capitec Bank Holdings Ltd.		1,670		225,471
Clicks Group Ltd.		4,894		95,151
Discovery Ltd.(b)		8,996		92,128
FirstRand Ltd.		103,550		445,851
Gold Fields Ltd.		18,010		250,767
Growthpoint Properties Ltd.		70,928		61,812
Impala Platinum Holdings Ltd.		16,782		320,106
Kumba Iron Ore Ltd.		1,328		52,494
MTN Group Ltd.(b)		34,791		434,280
MultiChoice Group		7,832		64,189
Naspers Ltd., Class N		4,477		563,791
Nedbank Group Ltd.		9,552		135,792
NEPI Rockcastle PLC		8,994		57,482
Northam Platinum Holdings Ltd.(b)		7,026		113,444
Old Mutual Ltd.		97,713		80,070
Remgro Ltd.		10,998		99,943
Sanlam Ltd.		38,711		163,133
Shoprite Holdings Ltd.		10,455		155,950
SPAR Group Ltd. (The)		4,064		43,367
Standard Bank Group Ltd.		27,155		287,735
Vodacom Group Ltd.		13,342		128,429
Woolworths Holdings Ltd.		20,738		68,284
				4,600,685
South Korea — 7.5%
Amorepacific Corp.		665		102,650
AMOREPACIFIC Group		542		22,144
BGF retail Co. Ltd.		157		22,242
Celltrion Healthcare Co. Ltd.		1,799		95,685
CJ CheilJedang Corp.		167		52,898
CJ Corp.		323		22,754
CJ Logistics Corp.(b)		184		19,077
Coway Co. Ltd.		1,154		69,308
Doosan Bobcat Inc.		1,027		32,961
GS Engineering & Construction Corp.		1,296		46,577
GS Holdings Corp.		980		32,770
Hankook Tire & Technology Co. Ltd.		1,567		46,169
Hanon Systems		3,966		38,408
Hanwha Solutions Corp.(b)		2,459		69,908
Hyundai Engineering & Construction Co. Ltd.		1,658		60,405
Hyundai Glovis Co. Ltd.		391		57,679
Hyundai Heavy Industries Holdings Co. Ltd.		957		41,208
Kakao Corp.		6,424		508,760
KB Financial Group Inc.		8,111		400,152

Security	Shares		Value
South Korea (continued)
Korean Air Lines Co. Ltd.(b)		3,516	$	86,623
LG Chem Ltd.		947		449,393
LG Corp.		1,809		113,696
LG Display Co. Ltd.		4,836		76,053
LG Electronics Inc.		2,202		229,881
LG Household & Health Care Ltd.		195		154,722
Lotte Chemical Corp.		366		67,454
NAVER Corp.		2,537		676,002
POSCO Chemical Co. Ltd.		626		59,964
Samsung Electro-Mechanics Co. Ltd.		1,164		162,737
Samsung Engineering Co. Ltd.(b)		3,133		61,203
Samsung Fire & Marine Insurance Co. Ltd.		635		100,978
Samsung SDI Co. Ltd.		1,123		517,523
Samsung SDS Co. Ltd.		704		82,648
Shinhan Financial Group Co. Ltd.		8,895		289,405
SK Biopharmaceuticals Co. Ltd.(b)		554		39,323
SK Inc.		846		161,594
SK Innovation Co. Ltd.(b)		1,033		174,387
SK Telecom Co. Ltd.		552		25,189
SKC Co. Ltd.		421		48,960
Yuhan Corp.		1,039		50,483
				5,369,973
Taiwan — 17.2%
Acer Inc.		58,000		60,194
ASE Technology Holding Co. Ltd.		67,000		242,159
AU Optronics Corp.		165,000		123,532
Cathay Financial Holding Co. Ltd.		163,000		366,528
Chailease Holding Co. Ltd.		26,502		240,519
Cheng Shin Rubber Industry Co. Ltd.		35,000		44,775
China Steel Corp.		244,000		317,286
Chunghwa Telecom Co. Ltd.		79,000		351,125
Compal Electronics Inc.		84,000		76,525
CTBC Financial Holding Co. Ltd.		382,000		373,396
Delta Electronics Inc.		40,000		356,484
E.Sun Financial Holding Co Ltd.		248,140		262,297
Eclat Textile Co. Ltd.		4,000		82,913
Evergreen Marine Corp. Taiwan Ltd.		52,000		273,169
Far Eastern New Century Corp.		59,000		62,543
Far EasTone Telecommunications Co. Ltd.		32,000		79,147
Feng TAY Enterprise Co. Ltd.		9,000		67,089
First Financial Holding Co. Ltd.		209,324		192,732
Fubon Financial Holding Co. Ltd.		154,800		417,970
Hiwin Technologies Corp.		5,449		52,025
Hotai Motor Co. Ltd.		6,000		135,849
Hua Nan Financial Holdings Co. Ltd.		178,579		141,601
Innolux Corp.		198,000		120,486
Inventec Corp.		54,000		49,869
Lite-On Technology Corp.		44,000		108,191
MediaTek Inc.		31,000		1,224,991
Mega Financial Holding Co. Ltd.		224,000		301,863
Nan Ya Plastics Corp.		107,000		337,478
Nien Made Enterprise Co. Ltd.		3,000		38,891
Oneness Biotech Co. Ltd.(b)		5,000		44,141
President Chain Store Corp.		12,000		112,134
Ruentex Development Co. Ltd.		24,600		63,518
Shanghai Commercial & Savings Bank Ltd/The		74,000		121,896
SinoPac Financial Holdings Co. Ltd.		203,000		124,654
Taishin Financial Holding Co. Ltd.		215,151		150,783
Taiwan Cement Corp.		108,000		183,343
Taiwan High Speed Rail Corp.		39,000		41,276

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Taiwan Mobile Co. Ltd.		35,000	$	129,426
Taiwan Semiconductor Manufacturing Co. Ltd.		166,000		3,568,926
Uni-President Enterprises Corp.		99,000		238,183
United Microelectronics Corp.		244,000		459,782
Wan Hai Lines Ltd.		12,400		84,462
Yageo Corp.		9,000		147,661
Yang Ming Marine Transport Corp.(b)		35,000		147,927
Yuanta Financial Holding Co. Ltd.		200,720		179,302
				12,299,041
Thailand — 2.8%
Advanced Info Service PCL, NVDR		24,800		174,575
Airports of Thailand PCL, NVDR(b)		86,900		171,691
Asset World Corp. PCL, NVDR(b)		179,600		26,459
B Grimm Power PCL, NVDR(c)		15,800		16,763
Bangkok Dusit Medical Services PCL, NVDR		192,700		140,105
Berli Jucker PCL, NVDR		24,000		24,678
BTS Group Holdings PCL, NVDR		159,600		46,523
Bumrungrad Hospital PCL, NVDR		9,500		44,767
Central Pattana PCL, NVDR		41,200		70,062
Charoen Pokphand Foods PCL, NVDR		83,400		64,620
CP ALL PCL, NVDR		118,600		247,781
Energy Absolute PCL, NVDR		30,000		87,679
Home Product Center PCL, NVDR		122,800		57,505
Indorama Ventures PCL, NVDR		34,000		47,105
Intouch Holdings PCL, NVDR		22,500		52,320
Land & Houses PCL, NVDR		176,300		51,921
Minor International PCL, NVDR(b)		63,000		59,664
Muangthai Capital PCL, NVDR		14,800		23,441
Osotspa PCL, NVDR		24,200		26,196
PTT Exploration & Production PCL, NVDR		28,800		121,255
PTT Global Chemical PCL, NVDR		45,500		74,150
Siam Cement PCL (The), NVDR		15,800		190,147
Siam Commercial Bank PCL (The), NVDR		18,300		70,716
Sri Trang Gloves Thailand PCL, NVDR		21,000		16,549
Thai Oil PCL, NVDR		22,500		37,404
Thai Union Group PCL, NVDR		64,300		40,144
True Corp. PCL, NVDR		250,900		38,568
				2,022,788
Turkey — 0.2%
KOC Holding AS		16,159		36,941
Turkcell Iletisim Hizmetleri AS		24,976		37,030
Turkiye Garanti Bankasi AS		43,128		34,527
Turkiye Is Bankasi AS, Class C		31,890		18,465
Turkiye Sise ve Cam Fabrikalari AS		27,573		24,664
				151,627
United Arab Emirates — 2.4%
Abu Dhabi Commercial Bank PJSC		57,776		169,453
Abu Dhabi Islamic Bank PJSC		30,515		73,618
Aldar Properties PJSC		80,168		91,621
Emirates NBD Bank PJSC		52,551		205,003
Emirates Telecommunications Group Co. PJSC		71,323		681,165
First Abu Dhabi Bank PJSC		89,565		504,269
				1,725,129
Total Common Stocks — 98.3% (Cost: $62,402,998)				70,214,902

Security	Shares		Value
Preferred Stocks
Brazil — 0.8%
Banco Bradesco SA, Preference Shares, NVS		100,239	$	392,668
Cia. Energetica de Minas Gerais, Preference Shares, NVS		22,751		55,905
Gerdau SA, Preference Shares, NVS		23,800		118,044
				566,617
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		2,761		183,363
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		9,480		83,796
South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		143		32,411
LG Household & Health Care Ltd., Preference Shares, NVS		41		17,970
				50,381
Total Preferred Stocks — 1.2% (Cost: $730,120)				884,157
Rights
Brazil — 0.0%
Americanas SA (Expires 03/03/22)(b)		288		379
Total Rights — 0.0% (Cost: $0)				379
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		30,119		30,125
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		620,000		620,000
				650,125
Total Short-Term Investments — 0.9% (Cost: $650,125)				650,125
Total Investments in Securities — 100.4% (Cost: $63,783,243)				71,749,563
Other Assets, Less Liabilities — (0.4)%				(314,281	)
Net Assets — 100.0%			$	71,435,282

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

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

^(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 the cash collateral from loaned securities.

SCHEDULE   OF  INVESTMENTS 41

Schedule of Investments (unaudited) (continued) February 28, 2022 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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,399,372	$	—	$	(1,367,263	)(a)	$	(1,984	)	$	—	$	30,125		30,119	$	13,373	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,330,000		—		(1,710,000	)(a)		—			—		620,000		620,000		125			—
								$	(1,984	)	$	—	$	650,125			$	13,498		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		4		03/18/22	$	235	$	(9,061	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	9,061

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(94,192	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(28,921	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$631,143

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

Fair Value Hierarchy as of Period End

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

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG MSCI EM Leaders ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,855,625		$	62,935,281	$	423,996	$	70,214,902
Preferred Stocks		83,796			800,361		—		884,157
Rights		—			379		—		379
Money Market Funds		650,125			—		—		650,125
	$	7,589,546		$	63,736,021	$	423,996	$	71,749,563
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(9,061	)	$	—	$	—	$	(9,061	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULE   OF  INVESTMENTS 43

Schedule of Investments (unaudited)  February 28, 2022 iShares^® ESG MSCI USA Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
Howmet Aerospace Inc.		73,952	$	2,656,356
Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		24,788		2,396,504
Expeditors International of Washington Inc.		32,304		3,338,941
United Parcel Service Inc., Class B		139,045		29,257,849
				34,993,294
Airlines — 0.0%
Delta Air Lines Inc.(a)		30,231		1,206,822
Auto Components — 0.2%
Aptiv PLC(a)		51,585		6,677,162
BorgWarner Inc.		45,364		1,860,378
				8,537,540
Automobiles — 3.8%
Tesla Inc.(a)		162,780		141,688,595
Banks — 2.2%
Citizens Financial Group Inc.		81,273		4,260,331
First Republic Bank/CA		33,703		5,839,382
Huntington Bancshares Inc./OH		275,830		4,280,882
KeyCorp.		177,546		4,451,078
M&T Bank Corp.		24,539		4,471,742
PNC Financial Services Group Inc. (The)		80,595		16,058,554
Regions Financial Corp.		181,775		4,397,137
SVB Financial Group(a)		11,169		6,768,414
Truist Financial Corp.		254,555		15,838,412
U.S. Bancorp.		268,621		15,187,831
				81,553,763
Beverages — 2.6%
Coca-Cola Co. (The)		782,499		48,702,738
Keurig Dr Pepper Inc.		135,198		5,228,106
PepsiCo Inc.		263,662		43,172,016
				97,102,860
Biotechnology — 1.7%
Amgen Inc.		107,411		24,326,443
Biogen Inc.(a)		28,011		5,910,601
BioMarin Pharmaceutical Inc.(a)		35,010		2,734,981
Gilead Sciences Inc.		239,202		14,447,801
Horizon Therapeutics PLC(a)		41,091		3,746,267
Vertex Pharmaceuticals Inc.(a)		48,484		11,152,290
				62,318,383
Building Products — 0.7%
Allegion PLC		17,261		1,976,730
Fortune Brands Home & Security Inc.		26,268		2,282,689
Johnson Controls International PLC		134,311		8,724,843
Lennox International Inc.		6,281		1,676,587
Masco Corp.		46,546		2,608,438
Owens Corning		19,162		1,785,707
Trane Technologies PLC		45,297		6,972,567
				26,027,561
Capital Markets — 5.0%
Ameriprise Financial Inc.		21,337		6,396,619
Bank of New York Mellon Corp. (The)		149,604		7,951,453
BlackRock Inc.(b)		28,969		21,549,749
Carlyle Group Inc. (The)		30,594		1,433,941
Cboe Global Markets Inc.		20,418		2,394,827
Charles Schwab Corp. (The)		276,323		23,338,241

Security	Shares		Value
Capital Markets (continued)
CME Group Inc.		68,534	$	16,210,347
FactSet Research Systems Inc.		7,189		2,919,381
Franklin Resources Inc.		57,463		1,708,375
Intercontinental Exchange Inc.		107,437		13,764,828
Invesco Ltd.		65,558		1,392,452
MarketAxess Holdings Inc.		7,251		2,765,749
Moody’s Corp.		31,930		10,282,418
Morgan Stanley		256,636		23,287,151
Nasdaq Inc.		22,322		3,820,410
Northern Trust Corp.		37,517		4,273,186
Raymond James Financial Inc.		35,318		3,872,619
S&P Global Inc.		67,534		25,372,463
State Street Corp.		69,723		5,949,464
T Rowe Price Group Inc.		42,862		6,196,131
				184,879,804
Chemicals — 2.1%
DuPont de Nemours Inc.		98,799		7,644,079
Ecolab Inc.		49,182		8,668,819
International Flavors & Fragrances Inc.		48,540		6,455,820
Linde PLC(a)		97,741		28,661,571
LyondellBasell Industries NV, Class A		50,584		4,918,282
Mosaic Co. (The)		70,635		3,703,393
PPG Industries Inc.		45,271		6,041,415
Sherwin-Williams Co. (The)		47,499		12,498,412
				78,591,791
Commercial Services & Supplies — 0.4%
Copart Inc.(a)		40,707		5,002,076
Waste Management Inc.		79,751		11,516,045
				16,518,121
Communications Equipment — 1.4%
Cisco Systems Inc.		804,268		44,854,026
Motorola Solutions Inc.		32,208		7,099,610
				51,953,636
Consumer Finance — 0.9%
Ally Financial Inc.		69,497		3,467,900
American Express Co.		125,547		24,423,914
Discover Financial Services		55,887		6,898,691
				34,790,505
Containers & Packaging — 0.3%
Amcor PLC		291,321		3,388,063
Ball Corp.		62,141		5,576,533
International Paper Co.		70,811		3,082,403
				12,046,999
Distributors — 0.2%
Genuine Parts Co.		27,297		3,334,602
LKQ Corp.		52,806		2,479,242
Pool Corp.		7,668		3,516,391
				9,330,235
Diversified Financial Services — 0.1%
Equitable Holdings Inc.		69,468		2,268,825
Diversified Telecommunication Services — 1.1%
Verizon Communications Inc.		789,500		42,372,465
Electric Utilities — 0.3%
Edison International		72,446		4,594,525
Eversource Energy		65,561		5,362,890
				9,957,415

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG MSCI USA Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment — 0.6%
Eaton Corp. PLC		76,010	$	11,727,583
Generac Holdings Inc.(a)		12,031		3,795,420
Rockwell Automation Inc.		22,047		5,877,289
				21,400,292
Electronic Equipment, Instruments & Components — 0.5%
Cognex Corp.		33,351		2,253,194
Keysight Technologies Inc.(a)		35,125		5,527,621
Teledyne Technologies Inc.(a)		8,897		3,820,194
Trimble Inc.(a)		47,866		3,338,653
Zebra Technologies Corp., Class A(a)		10,191		4,212,348
				19,152,010
Energy Equipment & Services — 0.4%
Baker Hughes Co.		157,368		4,623,472
Schlumberger NV		267,472		10,495,601
				15,119,073
Entertainment — 2.0%
Activision Blizzard Inc.		148,529		12,105,114
Electronic Arts Inc.		53,930		7,015,754
Take-Two Interactive Software Inc.(a)		21,987		3,561,894
Walt Disney Co. (The)(a)		346,614		51,458,314
				74,141,076
Equity Real Estate Investment Trusts (REITs) — 2.5%
American Tower Corp.		86,844		19,702,298
Boston Properties Inc.		28,298		3,461,128
Crown Castle International Corp.		82,418		13,730,015
Equinix Inc.		17,170		12,186,064
Equity Residential		67,937		5,795,026
Healthpeak Properties Inc.		102,797		3,192,875
Host Hotels & Resorts Inc.(a)		136,162		2,487,680
Prologis Inc.		140,984		20,562,516
Welltower Inc.		83,004		6,913,403
Weyerhaeuser Co.		142,838		5,553,542
				93,584,547
Food & Staples Retailing — 0.2%
Kroger Co. (The)		134,716		6,304,709
Food Products — 0.8%
Bunge Ltd.		26,555		2,776,325
Campbell Soup Co.		37,243		1,674,818
Conagra Brands Inc.		91,473		3,198,811
General Mills Inc.		115,707		7,802,123
Hormel Foods Corp.		56,904		2,710,907
JM Smucker Co. (The)		20,759		2,797,275
Kellogg Co.		48,763		3,117,906
McCormick & Co. Inc./MD, NVS		47,550		4,525,333
				28,603,498
Gas Utilities — 0.1%
Atmos Energy Corp.		25,253		2,773,032
UGI Corp.		39,589		1,521,801
				4,294,833
Health Care Equipment & Supplies — 2.0%
ABIOMED Inc.(a)		8,636		2,683,551
Align Technology Inc.(a)(c)		14,285		7,306,206
Baxter International Inc.		95,479		8,112,851
DENTSPLY SIRONA Inc.		41,407		2,241,775
Dexcom Inc.(a)(c)		18,482		7,649,885
Edwards Lifesciences Corp.(a)		119,056		13,378,323
Hologic Inc.(a)		47,944		3,412,174

Security	Shares		Value
Health Care Equipment & Supplies (continued)
IDEXX Laboratories Inc.(a)		16,169	$	8,607,567
Insulet Corp.(a)		13,107		3,469,292
Novocure Ltd.(a)(c)		17,818		1,458,581
ResMed Inc.		27,788		6,856,689
STERIS PLC		19,074		4,577,760
Teleflex Inc.		8,933		3,004,257
				72,758,911
Health Care Providers & Services — 1.7%
AmerisourceBergen Corp.		29,767		4,242,690
Cardinal Health Inc.		53,735		2,902,227
Centene Corp.(a)		111,270		9,193,127
Cigna Corp.		63,201		15,027,934
DaVita Inc.(a)		12,631		1,424,398
HCA Healthcare Inc.		47,448		11,876,709
Humana Inc.		24,511		10,645,618
Laboratory Corp. of America Holdings(a)		18,249		4,950,224
Quest Diagnostics Inc.		23,393		3,070,799
				63,333,726
Health Care Technology — 0.2%
Cerner Corp.		56,106		5,231,885
Teladoc Health Inc.(a)(c)		27,228		2,066,877
				7,298,762
Hotels, Restaurants & Leisure — 2.4%
Booking Holdings Inc.(a)		7,831		17,010,890
Darden Restaurants Inc.		24,633		3,577,204
Domino’s Pizza Inc.		6,939		2,999,105
Hilton Worldwide Holdings Inc.(a)		53,150		7,911,909
McDonald’s Corp.		142,494		34,878,256
Starbucks Corp.		223,908		20,552,515
Vail Resorts Inc.		7,672		1,998,940
				88,928,819
Household Durables — 0.3%
Garmin Ltd.		29,340		3,240,309
Mohawk Industries Inc.(a)		10,979		1,545,624
Newell Brands Inc.		72,488		1,721,590
NVR Inc.(a)		631		3,128,776
				9,636,299
Household Products — 2.6%
Clorox Co. (The)		23,505		3,426,794
Colgate-Palmolive Co.		152,689		11,749,419
Kimberly-Clark Corp.		64,210		8,356,931
Procter & Gamble Co. (The)		461,467		71,938,091
				95,471,235
Industrial Conglomerates — 0.7%
3M Co.		109,653		16,299,919
Roper Technologies Inc.		20,115		9,015,945
				25,315,864
Insurance — 3.4%
Aflac Inc.		119,841		7,321,087
Allstate Corp. (The)		54,667		6,689,054
American International Group Inc.		158,332		9,696,252
Aon PLC, Class A		42,016		12,274,554
Arch Capital Group Ltd.(a)		73,633		3,468,851
Arthur J Gallagher & Co.		39,526		6,252,618
Assurant Inc.		10,866		1,844,069
Chubb Ltd.		82,139		16,726,786
Erie Indemnity Co., Class A, NVS		4,877		853,963
Hartford Financial Services Group Inc. (The)		64,903		4,509,460

SCHEDULE   OF  INVESTMENTS 45

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG MSCI USA Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Lincoln National Corp.		32,737	$	2,207,128
Loews Corp.		41,119		2,522,239
Marsh & McLennan Companies Inc.		96,244		14,957,280
Principal Financial Group Inc.		50,547		3,570,640
Progressive Corp. (The)		111,557		11,817,233
Prudential Financial Inc.		72,082		8,048,676
Travelers Companies Inc. (The)		46,912		8,060,889
Willis Towers Watson PLC		23,762		5,282,293
				126,103,072
Interactive Media & Services — 8.1%
Alphabet Inc., Class A(a)		57,362		154,942,793
Alphabet Inc., Class C, NVS(a)		54,531		147,114,822
				302,057,615
Internet & Direct Marketing Retail — 0.4%
eBay Inc.		119,375		6,516,681
MercadoLibre Inc.(a)(c)		8,660		9,756,789
				16,273,470
IT Services — 5.7%
Accenture PLC, Class A		120,467		38,069,982
Automatic Data Processing Inc.		80,355		16,427,776
International Business Machines Corp.		171,014		20,950,925
Mastercard Inc., Class A		167,332		60,376,732
Okta Inc.(a)		28,149		5,146,763
Visa Inc., Class A		318,406		68,813,905
Western Union Co. (The)		77,868		1,415,640
				211,201,723
Leisure Products — 0.1%
Hasbro Inc.		24,990		2,425,279
Life Sciences Tools & Services — 2.0%
Agilent Technologies Inc.		57,713		7,523,467
Bio-Techne Corp.		7,493		3,142,639
Illumina Inc.(a)		28,315		9,247,679
Mettler-Toledo International Inc.(a)		4,383		6,174,507
Thermo Fisher Scientific Inc.		75,142		40,877,248
Waters Corp.(a)		11,639		3,686,421
West Pharmaceutical Services Inc.		14,126		5,467,892
				76,119,853
Machinery — 2.4%
Caterpillar Inc.		103,154		19,349,627
Cummins Inc.		27,275		5,567,373
Deere & Co.		56,170		20,222,324
Dover Corp.		27,457		4,306,905
Fortive Corp.		64,683		4,188,224
IDEX Corp.		14,410		2,765,279
Illinois Tool Works Inc.		59,855		12,949,031
PACCAR Inc.		66,204		6,078,189
Pentair PLC		31,462		1,821,965
Snap-on Inc.		10,313		2,167,586
Stanley Black & Decker Inc.		31,089		5,058,180
Xylem Inc./NY		34,387		3,058,724
				87,533,407
Media — 0.3%
Cable One Inc.		1,027		1,471,537
Discovery Inc., Class A(a)(c)		31,969		896,730
Discovery Inc., Class C, NVS(a)		59,323		1,659,264
Interpublic Group of Companies Inc. (The)		75,086		2,763,165
Omnicom Group Inc.		40,710		3,415,162

Security	Shares		Value
Media (continued)
Sirius XM Holdings Inc.(c)		196,200	$	1,208,592
				11,414,450
Metals & Mining — 0.3%
Newmont Corp.		152,065		10,066,703
Steel Dynamics Inc.		37,843		2,670,959
				12,737,662
Mortgage Real Estate Investment — 0.1%
Annaly Capital Management Inc.		276,528		1,924,635
Multi-Utilities — 0.4%
Consolidated Edison Inc.		67,457		5,785,787
Sempra Energy		60,895		8,782,277
				14,568,064
Multiline Retail — 0.5%
Target Corp.		91,366		18,252,186
Oil, Gas & Consumable Fuels — 1.1%
Cheniere Energy Inc.		45,940		6,105,426
Marathon Petroleum Corp.		117,388		9,141,004
ONEOK Inc.		85,037		5,552,916
Phillips 66		83,556		7,038,757
Valero Energy Corp.		77,962		6,510,607
Williams Companies Inc. (The)		231,698		7,247,513
				41,596,223
Personal Products — 0.4%
Estee Lauder Companies Inc. (The), Class A		44,286		13,123,270
Pharmaceuticals — 5.6%
Bristol-Myers Squibb Co.		423,271		29,066,020
Catalent Inc.(a)		32,644		3,330,994
Eli Lilly & Co.		155,053		38,755,497
Jazz Pharmaceuticals PLC(a)		11,722		1,610,837
Johnson & Johnson		502,018		82,617,102
Merck & Co. Inc.		481,680		36,887,055
Zoetis Inc.		90,222		17,471,490
				209,738,995
Professional Services — 0.1%
Robert Half International Inc.		21,436		2,578,536
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		63,818		6,180,773
Road & Rail — 1.5%
AMERCO		1,870		1,080,131
CSX Corp.		422,954		14,342,370
Norfolk Southern Corp.		46,404		11,903,554
Union Pacific Corp.		122,592		30,151,502
				57,477,557
Semiconductors & Semiconductor Equipment — 6.0%
Applied Materials Inc.		172,182		23,106,824
Intel Corp.		775,548		36,993,640
Lam Research Corp.		26,849		15,071,686
NVIDIA Corp.		476,732		116,251,098
Texas Instruments Inc.		176,110		29,936,939
				221,360,187
Software — 14.8%
Adobe Inc.(a)		90,732		42,433,542
ANSYS Inc.(a)		16,638		5,393,873
Autodesk Inc.(a)		41,924		9,232,923
Cadence Design Systems Inc.(a)		52,789		7,993,838

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG MSCI USA Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Citrix Systems Inc.		23,784	$	2,437,860
Intuit Inc.		51,298		24,334,232
Microsoft Corp.		1,360,133		406,394,139
salesforce.com Inc.(a)		186,688		39,303,425
VMware Inc., Class A		40,013		4,694,325
Workday Inc., Class A(a)		36,804		8,429,956
				550,648,113
Specialty Retail — 3.3%
Advance Auto Parts Inc.		11,891		2,431,472
Best Buy Co. Inc.		42,213		4,079,464
Burlington Stores Inc.(a)(c)		12,636		2,854,346
CarMax Inc.(a)(c)		30,825		3,370,097
Home Depot Inc. (The)		199,129		62,890,912
Lowe’s Companies Inc.		128,479		28,401,568
TJX Companies Inc. (The)		229,316		15,157,788
Tractor Supply Co.		21,793		4,441,195
				123,626,842
Technology Hardware, Storage & Peripherals — 0.3%
Hewlett Packard Enterprise Co.		249,436		3,971,021
HP Inc.		219,777		7,551,538
				11,522,559
Textiles, Apparel & Luxury Goods — 1.2%
Lululemon Athletica Inc.(a)		22,574		7,222,326
Nike Inc., Class B		243,669		33,273,002
VF Corp.		63,666		3,693,901
				44,189,229
Trading Companies & Distributors — 0.4%
Fastenal Co.		109,680		5,644,133
United Rentals Inc.(a)		13,805		4,439,964
WW Grainger Inc.		8,351		3,983,928
				14,068,025

Security	Shares		Value
Water Utilities — 0.2%
American Water Works Co. Inc.		34,618	$	5,230,434
Essential Utilities Inc.		45,786		2,156,978
				7,387,412
Total Common Stocks — 99.8% (Cost: $2,891,568,572)				3,708,247,761
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(b)(d)(e)		20,129,436		20,133,461
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(d)		6,306,000		6,306,000
				26,439,461
Total Short-Term Investments — 0.7% (Cost: $26,438,904)				26,439,461
Total Investments in Securities — 100.5% (Cost: $2,918,007,476)				3,734,687,222
Other Assets, Less Liabilities — (0.5)%				(18,143,384	)
Net Assets — 100.0%			$	3,716,543,838

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,691,739	$	9,444,664	(a)	$	—		$	(2,790	)	$	(152	)	$	20,133,461		20,129,436	$	14,005	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,176,000		130,000	(a)		—			—			—			6,306,000		6,306,000		284			—
BlackRock Inc.		28,721,294		2,703,579			(4,103,634	)		1,929,928			(7,701,418	)		21,549,749		28,969		254,185			—
									$	1,927,138		$	(7,701,570	)	$	47,989,210			$	268,474		$	—

^(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 47

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG MSCI USA Leaders ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		35		03/18/22	$	7,644	$	(208,479	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	208,479

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	284,190
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(428,853	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$7,925,471

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,708,247,761		$	—	$	—	$	3,708,247,761
Money Market Funds		26,439,461			—		—		26,439,461
	$	3,734,687,222		$	—	$	—	$	3,734,687,222
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(208,479	)	$	—	$	—	$	(208,479	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments (unaudited)  February 28, 2022 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Common Stocks
Australia — 1.0%
CSL Ltd.		20,111		$	3,823,584
IDP Education Ltd.		10,330			199,778
Vicinity Centres		627,967			817,701
					4,841,063
Austria — 0.2%
Verbund AG		6,291			758,799
Belgium — 4.8%			��
Elia Group SA/NV		10,501			1,511,756
Etablissements Franz Colruyt NV		58,093			2,323,538
Umicore SA		482,543			19,740,676
					23,575,970
Canada — 5.6%
Ballard Power Systems Inc.(a)		9,632			110,189
Northland Power Inc.		66,576			2,116,775
Saputo Inc.		209,706			5,138,831
West Fraser Timber Co. Ltd.		199,679			19,931,666
					27,297,461
Chile — 1.6%
Empresas CMPC SA		4,616,628			7,627,372
China — 13.0%
3SBio Inc.(a)(b)		357,000			283,733
Anjoy Foods Group Co Ltd., Class A		400			7,847
Beijing Easpring Material Technology Co. Ltd., Class A		19,700			266,365
Beijing Enterprises Water Group Ltd.		5,548,000			2,191,925
BYD Co. Ltd., Class A		17,889			719,349
BYD Co. Ltd., Class H		62,000			1,921,215
CECEP Solar Energy Co. Ltd., Class A		68,400			108,608
China Conch Venture Holdings Ltd.		411,500			1,980,236
China Education Group Holdings Ltd.		247,000			211,611
China Everbright Environment Group Ltd.		8,984,000			6,450,290
China Longyuan Power Group Corp. Ltd., Class H		1,296,000			2,674,412
China Medical System Holdings Ltd.		207,000			368,595
China Mengniu Dairy Co. Ltd.		919,000			5,975,722
China Railway Signal & Communication Corp. Ltd., Class A		341,336			262,634
China Three Gorges Renewables Group Co. Ltd.		171,000			193,014
Chindata Group Holdings Ltd., ADR(a)		13,894			76,278
Contemporary Amperex Technology Co. Ltd., Class A		21,200			1,815,977
CSPC Pharmaceutical Group Ltd.		781,520			926,385
Gotion High-tech Co. Ltd., Class A(a)		19,800			135,867
Guangzhou R&F Properties Co. Ltd., Class H(c)		16,725,200			7,119,919
Hansoh Pharmaceutical Group Co. Ltd.(b)		86,000			183,584
Henan Shuanghui Investment & Development Co. Ltd., Class A		121,400			555,575
Kingsoft Cloud Holdings Ltd., ADR(a)(c)		112,758			759,989
Li Auto Inc., ADR(a)		103,636			3,155,716
LONGi Green Energy Technology Co. Ltd., Class A		106,900			1,330,638
Ming Yang Smart Energy Group Ltd., Class A		98,900			406,679
NIO Inc., ADR(a)		260,358			5,946,577
Riyue Heavy Industry Co. Ltd., Class A		5,500			24,053
Shimao Group Holdings Ltd.(c)		11,999,000			7,200,575
Sungrow Power Supply Co. Ltd., Class A		23,100			447,308
Tingyi Cayman Islands Holding Corp.		944,000			2,087,416
Titan Wind Energy Suzhou Co. Ltd., Class A		28,900			94,613
Venus MedTech Hangzhou Inc., Class H(a)(b)		5,500			15,291
Vinda International Holdings Ltd.		279,000			794,379

Security	Shares		Value
China (continued)
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		100	$	1,078
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		303,400		724,200
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		287,504		470,408
Xinyi Solar Holdings Ltd.		1,076,000		1,954,410
XPeng Inc., ADR(a)		46,391		1,687,241
Yadea Group Holdings Ltd.(b)		1,114,000		1,652,657
				63,182,369
Denmark — 8.0%
Genmab A/S(a)		1,144		384,494
Novo Nordisk A/S, Class B		84,557		8,750,246
Orsted AS(b)		31,701		4,102,556
Rockwool International A/S, Class B		5,422		1,858,719
Vestas Wind Systems A/S		739,603		23,849,753
				38,945,768
France — 1.4%
Covivio		12,804		1,047,501
Gecina SA		4,211		535,139
Ipsen SA		4,183		486,732
Klepierre SA		61,579		1,760,207
Unibail-Rodamco-Westfield(a)		37,293		2,842,689
				6,672,268
Germany — 2.1%
LEG Immobilien SE		14,386		1,849,899
Vonovia SE		154,045		8,177,174
				10,027,073
Hong Kong — 4.7%
Henderson Land Development Co. Ltd.		225,000		935,446
Link REIT		156,700		1,266,261
MTR Corp. Ltd.		413,500		2,143,378
Sun Hung Kai Properties Ltd.		457,500		5,318,795
Swire Properties Ltd.		251,800		654,810
WH Group Ltd.(b)		17,968,000		12,548,413
				22,867,103
India — 0.5%
Adani Green Energy Ltd.(a)		7,711		189,745
Colgate-Palmolive India Ltd.		17,343		334,571
Godrej Consumer Products Ltd.(a)		20,607		210,746
Hindustan Unilever Ltd.		45,709		1,321,827
Marico Ltd.		45,214		309,539
Nestle India Ltd.		1,365		320,577
				2,687,005
Indonesia — 0.1%
Unilever Indonesia Tbk PT		1,223,600		314,864
Japan — 14.4%
Asahi Intecc Co. Ltd.		10,000		215,933
Central Japan Railway Co.		49,600		6,701,764
Chugai Pharmaceutical Co. Ltd.		34,000		1,127,903
Daiichi Sankyo Co. Ltd.		131,400		3,205,557
Daiwa House Industry Co. Ltd.		666,100		18,890,776
East Japan Railway Co.		241,400		14,341,270
Eisai Co. Ltd.		34,800		1,726,594
Japan Metropolitan Fund Invest		1,043		844,145
Japan Real Estate Investment Corp.		110		587,593
Kyowa Kirin Co. Ltd.		17,100		437,605
Nippon Building Fund Inc.		120		687,638
Nippon Prologis REIT Inc.		194		570,370

SCHEDULE   OF  INVESTMENTS 49

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nisshin Seifun Group Inc.		170,500	$	2,420,083
Nissin Foods Holdings Co. Ltd.		26,700		2,133,254
Nomura Real Estate Master Fund Inc.		479		631,686
Ono Pharmaceutical Co. Ltd.		37,100		913,402
Orix JREIT Inc.		343		479,863
Shionogi & Co. Ltd.		15,700		1,043,930
Sysmex Corp.		9,700		776,490
Terumo Corp.		51,000		1,656,397
TOTO Ltd.		113,100		4,761,146
Toyo Suisan Kaisha Ltd.		61,500		2,585,268
Unicharm Corp.		95,500		3,599,792
				70,338,459
Malaysia — 0.1%
PPB Group Bhd		56,900		243,131
QL Resources Bhd		392,000		462,165
				705,296
Mexico — 0.5%
Gruma SAB de CV, Class B		91,640		1,242,851
Kimberly-Clark de Mexico SAB de CV, Class A		794,900		1,115,445
				2,358,296
Netherlands — 0.3%
JDE Peet’s NV		51,078		1,676,852
Norway — 0.5%
Mowi ASA		95,523		2,459,603
Saudi Arabia — 0.1%
Almarai Co. JSC		37,656		504,869
Singapore — 0.5%
CapitaLand Integrated Commercial Trust		703,140		1,100,425
City Developments Ltd.		173,000		915,431
Mapletree Commercial Trust		235,800		316,214
				2,332,070
Spain — 0.2%
EDP Renovaveis SA		37,802		918,860
Sweden — 2.5%
Essity AB, Class B		299,483		7,707,472
Svenska Cellulosa AB SCA, Class B		275,645		4,497,296
				12,204,768
Switzerland — 4.6%
Geberit AG, Registered		5,093		3,331,724
Novartis AG, Registered		220,148		19,285,454
				22,617,178
Taiwan — 1.7%
Taiwan High Speed Rail Corp.		731,000		773,670
Uni-President Enterprises Corp.		3,212,000		7,727,726
				8,501,396
Thailand — 0.2%
BTS Group Holdings PCL, NVDR		2,964,700		864,211
United Kingdom — 6.9%
Berkeley Group Holdings PLC		47,207		2,455,062
Johnson Matthey PLC		788,219		19,807,551
Land Securities Group PLC		76,305		808,582
Pearson PLC		937,834		8,113,108
United Utilities Group PLC		153,485		2,202,917
				33,387,220

Security	Shares		Value
United States — 24.5%
ABIOMED Inc.(a)		2,099	$	652,243
Alexandria Real Estate Equities Inc.		10,875		2,059,725
Alnylam Pharmaceuticals Inc.(a)		2,688		424,301
Amgen Inc.		50,794		11,503,825
Baxter International Inc.		51,347		4,362,955
BioMarin Pharmaceutical Inc.(a)		12,201		953,142
Boston Properties Inc.		21,005		2,569,122
Citrix Systems Inc.		37,519		3,845,697
Colgate-Palmolive Co.		92,821		7,142,576
Dexcom Inc.(a)		3,643		1,507,874
Digital Realty Trust Inc.		60,410		8,150,517
Edwards Lifesciences Corp.(a)		23,626		2,654,854
Eli Lilly & Co.		45,635		11,406,468
Enphase Energy Inc.(a)		12,357		2,059,912
Healthpeak Properties Inc.		37,160		1,154,190
Horizon Therapeutics PLC(a)		15,707		1,432,007
Hormel Foods Corp.		113,043		5,385,369
Incyte Corp.(a)		23,534		1,607,372
Insulet Corp.(a)		2,857		756,219
Jazz Pharmaceuticals PLC(a)		13,468		1,850,773
Kimberly-Clark Corp.		138,362		18,007,814
Regeneron Pharmaceuticals Inc.(a)		13,525		8,363,319
Seagen Inc.(a)		6,850		882,759
SolarEdge Technologies Inc.(a)		8,250		2,635,215
Sun Communities Inc.		12,485		2,259,785
Sunrun Inc.(a)		94,025		2,565,002
Vertex Pharmaceuticals Inc.(a)		19,647		4,519,203
VMware Inc., Class A		35,146		4,123,329
Xylem Inc./NY		51,361		4,568,561
				119,404,128
Total Common Stocks — 100.0% (Cost: $492,235,630)				487,070,321
Short-Term Investments
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		9,520,241		9,522,145
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		740,000		740,000
				10,262,145
Total Short-Term Investments — 2.1% (Cost: $10,262,617)				10,262,145
Total Investments in Securities — 102.1% (Cost: $502,498,247)				497,332,466
Other Assets, Less Liabilities — (2.1)%				(10,146,054	)
Net Assets — 100.0%			$	487,186,412

^(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 the cash collateral from loaned securities.

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Global Sustainable Development Goals ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,422,442	$	—	$	(12,898,727	)(a)	$	(1,098	)	$	(472	)	$	9,522,145		9,520,241	$	744,477	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,070,000		—		(330,000	)(a)		—			—			740,000		740,000		48			—
								$	(1,098	)	$	(472	)	$	10,262,145			$	744,525		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		9		03/18/22	$	972	$	(41,873	)
MSCI Emerging Markets Index		5		03/18/22		294		(2,234	)
S&P 500 E-Mini Index		2		03/18/22		437		(15,781	)
							$	(59,888	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	59,888

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(31,695	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(76,525	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,434,318

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

SCHEDULE   OF  INVESTMENTS 51

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Global Sustainable Development Goals ETF

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	170,005,747		$	317,064,574	$	—	$	487,070,321
Money Market Funds		10,262,145			—		—		10,262,145
	$	180,267,892		$	317,064,574	$	—	$	497,332,466
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(59,888	)	$	—	$	—	$	(59,888	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments (unaudited)  February 28, 2022 iShares^® Paris-Aligned Climate MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
United States — 99.9%
A O Smith Corp.		3,880	$	266,090
AbbVie Inc.		27,720		4,096,184
ABIOMED Inc.(a)		1,183		367,605
Accenture PLC, Class A		13,923		4,399,946
Activision Blizzard Inc.		2,772		225,918
Adobe Inc.(a)		15,969		7,468,382
Advanced Micro Devices Inc.(a)		26,081		3,216,831
Aflac Inc.		42,521		2,597,608
AGNC Investment Corp.		44,604		575,838
Albemarle Corp.		1,825		357,499
Align Technology Inc.(a)		1,008		515,552
Alleghany Corp.(a)		1,677		1,110,040
Allstate Corp. (The)		6,660		814,918
Alnylam Pharmaceuticals Inc.(a)		3,168		500,069
Alphabet Inc., Class A(a)		2,128		5,748,026
Alphabet Inc., Class C, NVS(a)		5,453		14,711,212
Amazon.com Inc.(a)		7,190		22,082,359
AMERCO		1,722		994,644
American Express Co.		11,394		2,216,589
American Financial Group Inc./OH		11,660		1,578,647
American Tower Corp.		8,972		2,035,478
Ameriprise Financial Inc.		712		213,450
Amgen Inc.		5,618		1,272,365
Amphenol Corp., Class A		8,693		660,755
Analog Devices Inc.		23,305		3,735,558
Annaly Capital Management Inc.		62,748		436,726
ANSYS Inc.(a)		1,313		425,661
Anthem Inc.		4,444		2,008,021
Aon PLC, Class A		4,175		1,219,684
Apple Inc.		291,911		48,200,344
Applied Materials Inc.		6,743		904,911
Arch Capital Group Ltd.(a)		20,916		985,353
Arthur J Gallagher & Co.		1,582		250,257
Assurant Inc.		3,780		641,504
Autodesk Inc.(a)		3,528		776,971
Automatic Data Processing Inc.		9,481		1,938,296
AvalonBay Communities Inc.		17,267		4,119,734
Avantor Inc.(a)		2,772		96,161
Bank of America Corp.		26,208		1,158,394
Bank of New York Mellon Corp. (The)		23,568		1,252,639
Baxter International Inc.		1,008		85,650
Becton Dickinson and Co.		3,651		990,443
Biogen Inc.(a)		2,801		591,039
BioMarin Pharmaceutical Inc.(a)		6,426		501,999
Bio-Rad Laboratories Inc., Class A(a)		871		545,211
Bio-Techne Corp.		436		182,863
BlackRock Inc.(b)		4,035		3,001,596
Blackstone Inc., NVS		11,950		1,523,266
Block Inc.(a)		4,143		528,233
Booking Holdings Inc.(a)		440		955,790
Booz Allen Hamilton Holding Corp.		2,772		223,673
Boston Properties Inc.		35,083		4,291,002
Boston Scientific Corp.(a)		28,980		1,280,047
Bristol-Myers Squibb Co.		41,227		2,831,058
Broadcom Inc.		1,655		972,213
Broadridge Financial Solutions Inc.		3,211		469,480
Brown & Brown Inc.		15,624		1,056,339
Brown-Forman Corp., Class B, NVS		10,080		657,518

Security	Shares		Value
United States (continued)
Burlington Stores Inc.(a)		1,913	$	432,128
Cable One Inc.		112		160,479
Caesars Entertainment Inc.(a)		3,024		254,591
Carvana Co.(a)		549		82,608
Catalent Inc.(a)		5,356		546,526
Cboe Global Markets Inc.		4,284		502,470
CBRE Group Inc., Class A(a)		16,632		1,610,809
CDW Corp./DE		7,871		1,357,433
Cerner Corp.		9,081		846,803
Charles Schwab Corp. (The)		41,456		3,501,374
Charter Communications Inc., Class A(a)		2,665		1,603,744
Chipotle Mexican Grill Inc.(a)		347		528,602
Chubb Ltd.		11,124		2,265,291
Church & Dwight Co. Inc.		4,788		468,506
Cincinnati Financial Corp.		7,657		940,203
Cintas Corp.		1,807		678,203
Cisco Systems Inc.		92,520		5,159,840
Citrix Systems Inc.		28,980		2,970,450
Clorox Co. (The)		1,008		146,956
CME Group Inc.		8,091		1,913,764
Coca-Cola Co. (The)		66,528		4,140,703
Cognex Corp.		4,032		272,402
Cognizant Technology Solutions Corp., Class A		13,011		1,120,637
Colgate-Palmolive Co.		16,712		1,285,988
Comcast Corp., Class A		43,562		2,036,959
Cooper Companies Inc. (The)		2,016		824,584
Copart Inc.(a)		5,167		634,921
Corning Inc.		264,294		10,677,478
CoStar Group Inc.(a)		8,820		538,108
Crown Castle International Corp.		11,698		1,948,770
Deere & Co.		380		136,808
Dexcom Inc.(a)		1,858		769,045
Digital Realty Trust Inc.		21,531		2,904,963
Discover Financial Services		5,544		684,351
DocuSign Inc.(a)		756		89,533
Dollar General Corp.		5,496		1,090,077
DR Horton Inc.		3,102		264,911
Duke Realty Corp.		44,856		2,377,368
Eaton Corp. PLC		17,978		2,773,826
eBay Inc.		22,093		1,206,057
Ecolab Inc.		58,970		10,394,052
Edwards Lifesciences Corp.(a)		51,832		5,824,362
Elanco Animal Health Inc.(a)		20,412		579,905
Eli Lilly & Co.		19,492		4,872,025
Enphase Energy Inc.(a)		29,736		4,956,991
Equifax Inc.		3,024		660,260
Equinix Inc.		5,094		3,615,365
Equitable Holdings Inc.		10,332		337,443
Equity Residential		11,996		1,023,259
Erie Indemnity Co., Class A, NVS		1,764		308,876
Estee Lauder Companies Inc. (The), Class A		1,826		541,099
Etsy Inc.(a)		5,796		897,742
Exact Sciences Corp.(a)		3,276		255,725
Extra Space Storage Inc.		4,689		882,235
FactSet Research Systems Inc.		1,655		672,079
Fastenal Co.		24,192		1,244,920
Fidelity National Information Services Inc.		4,655		443,296
First Republic Bank/CA		9,661		1,673,865
Fiserv Inc.(a)		12,440		1,215,015
FleetCor Technologies Inc.(a)		2,165		507,043

SCHEDULE   OF  INVESTMENTS 53

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Paris-Aligned Climate MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Ford Motor Co.		85,680	$	1,504,541
Fortinet Inc.(a)		2,312		796,530
Fortive Corp.		14,004		906,759
Fortune Brands Home & Security Inc.		3,528		306,583
Fox Corp., Class A, NVS		5,040		210,823
Fox Corp., Class B		8,064		308,529
Garmin Ltd.		9,712		1,072,593
Gartner Inc.(a)		364		102,073
Generac Holdings Inc.(a)		2,369		747,348
General Electric Co.		58,159		5,554,766
Global Payments Inc.		4,788		638,623
Globe Life Inc.		3,690		372,542
GoDaddy Inc., Class A(a)		4,634		386,522
Hartford Financial Services Group Inc. (The)		12,852		892,957
Hasbro Inc.		4,400		427,020
Healthpeak Properties Inc.		24,641		765,349
HEICO Corp.		3,123		460,674
HEICO Corp., Class A		1,846		226,910
Hershey Co. (The)		2,268		458,726
Hilton Worldwide Holdings Inc.(a)		1,809		269,288
Hologic Inc.(a)		8,478		603,379
Home Depot Inc. (The)		18,247		5,762,950
Horizon Therapeutics PLC(a)		1,075		98,008
Humana Inc.		2,583		1,121,849
IAC/InterActiveCorp.(a)		1,512		173,517
IDEX Corp.		4,414		847,047
IDEXX Laboratories Inc.(a)		2,252		1,198,852
Illinois Tool Works Inc.		9,420		2,037,923
Illumina Inc.(a)		4,133		1,349,838
Ingersoll Rand Inc.		10,332		521,973
Insulet Corp.(a)		1,359		359,714
Intel Corp.		93,892		4,478,648
Intercontinental Exchange Inc.		14,163		1,814,564
International Business Machines Corp.		16,128		1,975,841
International Flavors & Fragrances Inc.		756		100,548
Intuit Inc.		15,583		7,392,108
Intuitive Surgical Inc.(a)		5,588		1,622,364
Invesco Ltd.		37,044		786,815
Jack Henry & Associates Inc.		547		96,710
Jazz Pharmaceuticals PLC(a)		4,134		568,094
Johnson & Johnson		38,477		6,332,160
JPMorgan Chase & Co.		48,828		6,923,810
Juniper Networks Inc.		71,586		2,418,891
Keurig Dr Pepper Inc.		18,648		721,118
KeyCorp.		33,768		846,564
Keysight Technologies Inc.(a)		7,266		1,143,450
KKR & Co. Inc.		8,820		530,258
KLA Corp.		2,405		838,143
L3Harris Technologies Inc.		4,032		1,017,314
Laboratory Corp. of America Holdings(a)		630		170,894
Liberty Broadband Corp., Class C, NVS(a)		15,248		2,236,882
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		6,552		397,903
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		15,502		780,061
Live Nation Entertainment Inc.(a)		4,721		570,391
Lowe’s Companies Inc.		12,822		2,834,431
Lululemon Athletica Inc.(a)		5,869		1,877,728
Lyft Inc., Class A(a)		2,520		98,129
M&T Bank Corp.		3,683		671,153
Markel Corp.(a)		783		973,199
MarketAxess Holdings Inc.		1,295		493,952

Security	Shares		Value
United States (continued)
Marriott International Inc./MD, Class A(a)		1,376	$	234,113
Marsh & McLennan Companies Inc.		11,885		1,847,048
Marvell Technology Inc.		32,385		2,212,867
Masco Corp.		5,292		296,564
Masimo Corp.(a)		897		141,233
Mastercard Inc., Class A		13,007		4,693,186
Match Group Inc.(a)		4,969		553,994
McDonald’s Corp.		29,560		7,235,401
Medical Properties Trust Inc.		54,432		1,107,147
Medtronic PLC		28,224		2,963,238
MercadoLibre Inc.(a)		1,000		1,126,650
Merck & Co. Inc.		54,267		4,155,767
Meta Platforms Inc., Class A(a)		40,526		8,552,202
MetLife Inc.		15,624		1,055,401
Mettler-Toledo International Inc.(a)		295		415,578
Microsoft Corp.		130,385		38,957,734
Moderna Inc.(a)		4,731		726,682
Molina Healthcare Inc.(a)		332		101,881
MongoDB Inc.(a)		267		101,991
Monster Beverage Corp.(a)		6,188		522,267
Moody’s Corp.		8,105		2,610,053
Motorola Solutions Inc.		8,490		1,871,451
Nasdaq Inc.		4,195		717,974
Netflix Inc.(a)		7,733		3,050,823
Neurocrine Biosciences Inc.(a)		2,520		226,472
NextEra Energy Inc.		28,728		2,248,541
Nike Inc., Class B		7,560		1,032,318
Northern Trust Corp.		7,243		824,978
Novavax Inc.(a)		399		33,265
Novocure Ltd.(a)		1,376		112,639
NVIDIA Corp.		49,304		12,022,780
NVR Inc.(a)		149		738,808
Okta Inc.(a)		1,330		243,177
Old Dominion Freight Line Inc.		3,757		1,179,811
Oracle Corp.		32,004		2,431,344
Palo Alto Networks Inc.(a)		1,780		1,057,765
Paramount Global, Class B, NVS		8,568		262,266
Paychex Inc.		13,860		1,650,172
Paycom Software Inc.(a)		252		85,481
PayPal Holdings Inc.(a)		18,508		2,071,600
Peloton Interactive Inc., Class A(a)		1,573		45,711
Pentair PLC		18,033		1,044,291
PerkinElmer Inc.		9,359		1,680,970
Pfizer Inc.		28,633		1,344,033
Pinterest Inc., Class A(a)		5,544		148,302
Plug Power Inc.(a)		51,156		1,293,735
PNC Financial Services Group Inc. (The)		4,745		945,441
Pool Corp.		326		149,497
PPG Industries Inc.		430		57,384
Progressive Corp. (The)		11,750		1,244,677
Prologis Inc.		36,160		5,273,936
Public Storage		6,255		2,220,650
QUALCOMM Inc.		22,748		3,912,429
Quest Diagnostics Inc.		1,512		198,480
Raymond James Financial Inc.		1,064		116,668
Realty Income Corp.		35,661		2,356,835
Regency Centers Corp.		11,844		780,401
Regeneron Pharmaceuticals Inc.(a)		2,016		1,246,614
ResMed Inc.		4,739		1,169,348
RingCentral Inc., Class A(a)		2,943		385,062

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

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Paris-Aligned Climate MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Robert Half International Inc.		2,904	$	349,322
Rockwell Automation Inc.		4,536		1,209,207
Roku Inc.(a)		692		96,555
Rollins Inc.		12,096		394,692
Roper Technologies Inc.		2,283		1,023,286
Ross Stores Inc.		8,316		759,999
S&P Global Inc.		12,445		4,675,611
salesforce.com Inc.(a)		17,079		3,595,642
SBA Communications Corp.		2,268		688,089
Seagen Inc.(a)		1,512		194,851
SEI Investments Co.		11,088		649,535
ServiceNow Inc.(a)		9,576		5,553,314
Sherwin-Williams Co. (The)		41,328		10,874,637
Simon Property Group Inc.		7,056		970,623
Sirius XM Holdings Inc.(c)		83,412		513,818
Skyworks Solutions Inc.		2,361		326,219
Snap Inc., Class A, NVS(a)		12,852		513,309
Snowflake Inc., Class A(a)		252		66,946
SolarEdge Technologies Inc.(a)		17,027		5,438,764
Splunk Inc.(a)		3,465		409,217
SS&C Technologies Holdings Inc.		870		65,224
Stanley Black & Decker Inc.		2,720		442,544
Starbucks Corp.		24,123		2,214,250
Stryker Corp.		7,150		1,882,952
Sun Communities Inc.		651		117,831
Sunrun Inc.(a)		56,952		1,553,651
SVB Financial Group(a)		3,110		1,884,660
Synopsys Inc.(a)		1,390		434,222
T Rowe Price Group Inc.		7,105		1,027,099
Take-Two Interactive Software Inc.(a)		1,092		176,904
TE Connectivity Ltd.		2,520		358,924
Teladoc Health Inc.(a)		1,512		114,776
Teledyne Technologies Inc.(a)		3,335		1,431,982
Teleflex Inc.		1,512		508,501
Tesla Inc.(a)		19,198		16,710,515
Texas Instruments Inc.		25,649		4,360,074
Thermo Fisher Scientific Inc.		7,994		4,348,736
TJX Companies Inc. (The)		27,468		1,815,635
T-Mobile U.S. Inc.(a)		3,830		471,894
Trade Desk Inc. (The), Class A(a)		5,126		437,350
Tradeweb Markets Inc., Class A		1,158		97,828
TransDigm Group Inc.(a)		1,502		1,001,218
Trimble Inc.(a)		15,372		1,072,197
Truist Financial Corp.		15,624		972,125
Twilio Inc., Class A(a)		2,176		380,365
Twitter Inc.(a)		17,136		609,185
Tyler Technologies Inc.(a)		591		253,102
U.S. Bancorp.		27,596		1,560,278
Uber Technologies Inc.(a)		22,428		808,081
Ulta Beauty Inc.(a)		1,512		566,244
UnitedHealth Group Inc.		14,749		7,018,607
Vail Resorts Inc.		231		60,187
Veeva Systems Inc., Class A(a)		2,668		611,105

Security	Shares		Value
United States (continued)
Ventas Inc.		10,332	$	557,928
VeriSign Inc.(a)		3,780		807,862
Verisk Analytics Inc.		4,222		748,729
Verizon Communications Inc.		23,688		1,271,335
Vertex Pharmaceuticals Inc.(a)		4,639		1,067,063
VF Corp.		7,411		429,986
Visa Inc., Class A		32,461		7,015,471
Vornado Realty Trust		51,553		2,231,214
Walt Disney Co. (The)(a)		31,861		4,730,084
Wayfair Inc., Class A(a)		1,260		177,496
Welltower Inc.		12,852		1,070,443
West Pharmaceutical Services Inc.		252		97,544
Westinghouse Air Brake Technologies Corp.		1,260		116,953
Willis Towers Watson PLC		3,596		799,391
Workday Inc., Class A(a)		2,304		527,731
WP Carey Inc.		3,528		273,067
WW Grainger Inc.		542		258,567
Wynn Resorts Ltd.(a)		1,764		152,621
Xylem Inc./NY		58,689		5,220,387
Yum! Brands Inc.		10,332		1,266,497
Zebra Technologies Corp., Class A(a)		797		329,432
Zillow Group Inc., Class A(a)		1,292		73,993
Zillow Group Inc., Class C, NVS(a)		1,512		86,970
Zimmer Biomet Holdings Inc.		5,292		673,089
Zoetis Inc.		12,497		2,420,044
Zoom Video Communications Inc., Class A(a)		4,032		534,643
				614,411,342
Total Common Stocks — 99.9% (Cost: $628,416,304)				614,411,342
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(b)(d)(e)		2,963		2,964
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(d)		640,000		640,000
				642,964
Total Short-Term Investments — 0.1% (Cost: $642,964)				642,964
Total Investments in Securities — 100.0% (Cost: $629,059,268)				615,054,306
Other Assets, Less Liabilities — 0.0%				288,749
Net Assets — 100.0%			$	615,343,055

^(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 the cash collateral from loaned securities.

SCHEDULE   OF  INVESTMENTS 55

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Paris-Aligned Climate MSCI USA ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 02/08/22	(a)		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22	Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	2,964	(b)	$	—	$	—	$	—		$	2,964	2,963	$	—	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			640,000	(b)		—		—		—			640,000	640,000		25		—
BlackRock Inc.		—			3,159,001			—		—		(157,405	)		3,001,596	4,035		—		—
									$	—	$	(157,405	)	$	3,644,560		$	25	$	—

^(a)  The Fund commenced operations on February 08, 2022.

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	614,411,342	$	—	$	—	$	614,411,342
Money Market Funds		642,964		—		—		642,964
	$	615,054,306	$	—	$	—	$	615,054,306

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

February 28, 2022

	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)	$	7,258,045,952	$	23,472,898,825	$	1,528,933,022	$	71,099,438
Affiliated(c)		9,104,808		328,594,450		40,602,176		650,125
Cash		6,898		3,171,970		76,539		49,070
Foreign currency, at value(d)		17,545,491		—		—		119,598
Cash pledged:
Futures contracts		—		7,920,000		164,000		41,000
Foreign currency collateral pledged:
Futures contracts(e)		3,462,889		—		—		—
Receivables:
Investments sold		433,152,156		1,155,181,332		77,427,203		630,259
Securities lending income — Affiliated		2,940		19,508		46,372		214
Variation margin on futures contracts		—		—		4,270		—
Capital shares sold		—		96,128		—		—
Dividends		10,521,492		29,892,800		905,281		262,503
Tax reclaims		7,026,722		—		—		32,881
Total assets		7,738,869,348		24,997,775,013		1,648,158,863		72,885,088
LIABILITIES
Collateral on securities loaned, at value		7,516,056		96,814,745		36,842,187		36,608
Deferred foreign capital gain tax		—		—		—		71,064
Payables:
Investments purchased		429,586,151		1,205,137,085		79,551,883		1,319,498
Variation margin on futures contracts		30,555		380,005		—		13,388
Investment advisory fees		1,150,829		2,785,044		196,094		9,248
Professional fees		1,692		—		—		—
Total liabilities		438,285,283		1,305,116,879		116,590,164		1,449,806
NET ASSETS	$	7,300,584,065	$	23,692,658,134	$	1,531,568,699	$	71,435,282
NET ASSETS CONSIST OF:
Paid-in capital	$	6,889,844,663	$	20,721,821,308	$	1,461,674,748	$	929,360
Accumulated earnings		410,739,402		2,970,836,826		69,893,951		70,505,922
NET ASSETS	$	7,300,584,065	$	23,692,658,134	$	1,531,568,699	$	71,435,282
Shares outstanding		98,900,000		241,200,000		40,700,000		1,300,000
Net asset value	$	73.82	$	98.23	$	37.63	$	54.95
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	7,382,427	$	86,574,727	$	36,035,142	$	35,903
(b) Investments, at cost — Unaffiliated	$	6,616,753,241	$	20,879,091,272	$	1,431,029,945	$	63,133,118
(c)  Investments, at cost — Affiliated	$	9,105,127	$	324,752,483	$	40,601,891	$	650,125
(d) Foreign currency, at cost	$	17,634,788	$	—	$	—	$	120,147
(e) Foreign currency collateral pledged, at cost	$	3,499,406	$	—	$	—	$	—

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 57

Statements of Assets and Liabilities (unaudited)(continued)

February 28, 2022

	iShares ESG MSCI USA Leaders ETF		iShares MSCI Global Sustainable Development Goals ETF			iShares Paris-Aligned Climate MSCI USA ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	3,686,698,012	$	487,070,321		$	611,409,746
Affiliated(c)		47,989,210		10,262,145			3,644,560
Cash		2,344		314,454			105
Foreign currency, at value(d)		—		1,409,534			—
Cash pledged:
Futures contracts		502,000		75,000			—
Receivables:
Investments sold		13,054,441		59,577,684			—
Securities lending income — Affiliated		3,109		44,695			—
Capital shares sold		—		—			2
Dividends		4,949,573		377,412			310,048
Tax reclaims		—		78,700			—
Total assets		3,753,198,689		559,209,945			615,364,461
LIABILITIES
Collateral on securities loaned, at value		20,139,337		9,524,152			2,964
Payables:
Investments purchased		16,200,991		61,574,883			—
Variation margin on futures contracts		26,823		23,695			—
Bank borrowings		—		24			—
Capital shares redeemed		—		712,732			—
Investment advisory fees		287,700		188,047			18,442
Total liabilities		36,654,851		72,023,533			21,406
NET ASSETS	$	3,716,543,838	$	487,186,412		$	615,343,055
NET ASSETS CONSIST OF:
Paid-in capital	$	2,665,759,327	$	511,851,205		$	629,111,773
Accumulated earnings (loss)		1,050,784,511		(24,664,793	)		(13,768,718	)
NET ASSETS	$	3,716,543,838	$	487,186,412		$	615,343,055
Shares outstanding		48,600,000		5,600,000			12,600,000
Net asset value	$	76.47	$	87.00		$	48.84
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a) Securities loaned, at value	$	20,048,450	$	9,009,705		$	2,809
(b) Investments, at cost — Unaffiliated	$	2,873,973,101	$	492,235,630		$	625,257,303
(c)  Investments, at cost — Affiliated	$	44,034,375	$	10,262,617		$	3,801,965
(d) Foreign currency, at cost	$	—	$	1,413,082		$	—

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022

	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	$	63,946,910		$	163,981,228		$	7,077,411		$	5,025,720
Dividends — Affiliated		1,756			1,186,068			3,803			1,052
Securities lending income — Affiliated — net		108,185			112,970			127,046			12,446
Foreign taxes withheld		(7,014,453	)		(38,646	)		(2,824	)		(643,241	)
Foreign withholding tax claims		17,734			—			—			—
Other foreign taxes		—			—			—			(14,271	)
Total investment income		57,060,132			165,241,620			7,205,436			4,381,706
EXPENSES
Investment advisory fees		7,176,726			17,751,892			1,087,565			456,872
Commitment fees		—			—			—			2,762
Professional fees		1,991			217			217			—
Interest expense		—			—			—			173
Total expenses		7,178,717			17,752,109			1,087,782			459,807
Net investment income		49,881,415			147,489,511			6,117,654			3,921,899
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(95,971,547	)		(274,124,482	)		(32,567,712	)		59,143,293
Investments — Affiliated		(5,864	)		(34,663	)		(8,355	)		(1,984	)
In-kind redemptions — Unaffiliated		—			820,125,166			24,575,336			14,435,940
In-kind redemptions — Affiliated		—			2,991,663			—			—
Futures contracts		1,286,813			1,588,992			(167,459	)		(94,192	)
Foreign currency transactions		(1,501,061	)		—			—			201,268
Payments by affiliate		—			—			—			664,427
Net realized gain (loss)		(96,191,659	)		550,546,676			(8,168,190	)		74,348,752
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(522,522,333	)		(1,865,485,118	)		(83,686,582	)		(151,632,155	)
Investments — Affiliated		(319	)		(33,436,919	)		(4,044	)		—
Futures contracts		(1,767,449	)		(8,106,665	)		(74,684	)		(28,921	)
Foreign currency translations		58,709			—			—			(25,550	)
Net change in unrealized appreciation (depreciation)		(524,231,392	)		(1,907,028,702	)		(83,765,310	)		(151,686,626	)
Net realized and unrealized loss		(620,423,051	)		(1,356,482,026	)		(91,933,500	)		(77,337,874	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(570,541,636	)	$	(1,208,992,515	)	$	(85,815,846	)	$	(73,415,975	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	(4,081,432	)
(b) Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	—		$	3,823,206

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 59

Statements of Operations (unaudited)(continued)

Six Months Ended February 28, 2022

		iShares ESG MSCI USA Leaders ETF			iShares MSCI Global Sustainable Development Goals ETF			iShares Paris-Aligned Climate MSCI USA ETF	(a)
INVESTMENT INCOME
Dividends — Unaffiliated	$	27,183,665		$	5,520,298		$	310,722
Dividends — Affiliated		255,732			574			25
Securities lending income — Affiliated — net		12,742			743,951			—
Foreign taxes withheld		—			(498,150	)		—
Total investment income		27,452,139			5,766,673			310,747
EXPENSES
Investment advisory fees		2,012,613			1,309,954			27,663
Commitment fees		—			1,081			—
Professional fees		—			217			—
Interest expense		—			60			—
Total expenses		2,012,613			1,311,312			27,663
Less:
Investment advisory fees waived		—			—			(9,221	)
Total expenses after fees waived		2,012,613			1,311,312			18,442
Net investment income		25,439,526			4,455,361			292,305
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(b)		348,588			(22,658,828	)		(56,061	)
Investments — Affiliated		(9,939	)		(1,098	)		—
In-kind redemptions — Unaffiliated		267,103,828			8,996,626			—
In-kind redemptions — Affiliated		1,937,077			—			—
Futures contracts		284,190			(31,695	)		—
Foreign currency transactions		—			54,756			—
Net realized gain (loss)		269,663,744			(13,640,239	)		(56,061	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(c)		(399,187,410	)		(61,078,282	)		(13,847,557	)
Investments — Affiliated		(7,701,570	)		(472	)		(157,405	)
Futures contracts		(428,853	)		(76,525	)		—
Foreign currency translations		—			(9,739	)		—
Net change in unrealized appreciation (depreciation)		(407,317,833	)		(61,165,018	)		(14,004,962	)
Net realized and unrealized loss		(137,654,089	)		(74,805,257	)		(14,061,023	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(112,214,563	)	$	(70,349,896	)	$	(13,768,718	)
(a) For the period from February 08, 2022 (commencement of operations) to February 28, 2022.
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(16,355	)	$	—
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	73,849		$	—

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares ESG Aware MSCI EAFE ETF								iShares ESG Aware MSCI USA ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	49,881,415			$	115,531,804			$	147,489,511			$	192,764,401
Net realized gain (loss)			(96,191,659	)			16,033,328				550,546,676				992,792,215
Net change in unrealized appreciation (depreciation)			(524,231,392	)			895,583,648				(1,907,028,702	)			3,120,431,446
Net increase (decrease) in net assets resulting from operations			(570,541,636	)			1,027,148,780				(1,208,992,515	)			4,305,988,062
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(103,966,446	)			(109,833,351	)			(141,911,341	)			(167,851,349	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			1,280,423,560				2,751,834,650				2,780,931,587				9,133,348,336
NET ASSETS
Total increase in net assets			605,915,478				3,669,150,079				1,430,027,731				13,271,485,049
Beginning of period			6,694,668,587				3,025,518,508				22,262,630,403				8,991,145,354
End of period		$	7,300,584,065			$	6,694,668,587			$	23,692,658,134			$	22,262,630,403

^(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 61

Statements of Changes in Net Assets (continued)

	iShares ESG Aware MSCI USA Small-Cap ETF								iShares ESG MSCI EM Leaders ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	6,117,654			$	6,566,761			$	3,921,899			$	13,585,956
Net realized gain (loss)			(8,168,190	)			58,637,182				74,348,752				6,274,042
Net change in unrealized appreciation (depreciation)			(83,765,310	)			145,119,975				(151,686,626	)			147,282,364
Net increase (decrease) in net assets resulting from operations			(85,815,846	)			210,323,918				(73,415,975	)			167,142,362
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(6,455,326	)			(6,491,221	)			(11,162,256	)			(14,341,619	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			524,801,574				528,866,554				(726,515,865	)			81,760,096
NET ASSETS
Total increase (decrease) in net assets			432,530,402				732,699,251				(811,094,096	)			234,560,839
Beginning of period			1,099,038,297				366,339,046				882,529,378				647,968,539
End of period		$	1,531,568,699			$	1,099,038,297			$	71,435,282			$	882,529,378

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares ESG MSCI USA Leaders ETF							iShares MSCI Global Sustainable Development Goals ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	25,439,526		$	43,173,611			$	4,455,361			$	4,476,779
Net realized gain (loss)			269,663,744			98,846,411				(13,640,239	)			31,553,900
Net change in unrealized appreciation (depreciation)			(407,317,833	)		787,905,029				(61,165,018	)			30,670,347
Net increase (decrease) in net assets resulting from operations			(112,214,563	)		929,925,051				(70,349,896	)			66,701,026
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(26,106,978	)		(41,279,956	)			(6,167,286	)			(3,512,120	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(223,097,025	)		625,089,662				(1,441,811	)			326,352,651
NET ASSETS
Total increase (decrease) in net assets			(361,418,566	)		1,513,734,757				(77,958,993	)			389,541,557
Beginning of period			4,077,962,404			2,564,227,647				565,145,405				175,603,848
End of period		$	3,716,543,838		$	4,077,962,404			$	487,186,412			$	565,145,405

^(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 63

Statements of Changes in Net Assets (continued)

	iShares Paris-Aligned Climate MSCI USA ETF
		Period From 02/08/22 to 02/28/22 (unaudited)	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	292,305
Net realized loss		(56,061	)
Net change in unrealized appreciation (depreciation)		(14,004,962	)
Net decrease in net assets resulting from operations		(13,768,718	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		—
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		629,111,773
NET ASSETS
Total increase in net assets		615,343,055
Beginning of period		—
End of period	$	615,343,055

^(a)  Commencement of operations.

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

See notes to financial statements.

64 2 0 2 2   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 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	80.85		$	65.21		$	62.01			$	65.51			$	64.28			$	55.84
Net investment income(a)			0.54			1.84			1.53				2.12				2.16				1.87
Net realized and unrealized gain (loss)(b)			(6.45	)		15.47			2.85				(3.92	)			0.83				7.68
Net increase (decrease) from investment operations			(5.91	)		17.31			4.38				(1.80	)			2.99				9.55
Distributions(c)
From net investment income			(1.12	)		(1.67	)		(1.18	)			(1.70	)			(1.76	)			(1.11	)
Total distributions			(1.12	)		(1.67	)		(1.18	)			(1.70	)			(1.76	)			(1.11	)
Net asset value, end of period		$	73.82		$	80.85		$	65.21			$	62.01			$	65.51			$	64.28
Total Return(d)
Based on net asset value			(7.39	)%(e)		26.69	%		7.12	%			(2.68	)%			4.64	%			17.16	%
Ratios to Average Net Assets(f)
Total expenses			0.20	%(g)		0.20	%		0.20	%			0.20	%			0.20	%			0.38	%
Total expenses excluding professional fees for foreign withholding tax claims			0.20	%(g)		N/A			N/A				N/A				N/A				N/A
Net investment income			1.39	%(g)		2.45	%		2.47	%			3.39	%			3.22	%			3.10	%
Supplemental Data
Net assets, end of period (000)		$	7,300,584		$	6,694,669		$	3,025,519			$	917,780			$	360,309			$	122,123
Portfolio turnover rate(h)			14	%(e)		25	%		30	%			26	%			24	%			9	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 65

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI USA ETF
	Six Months Ended																		Period From
	02/28/22					Year Ended			Year Ended		Year Ended				Year Ended						12/01/16	(a)
	(unaudited)					08/31/21			08/31/20		08/31/19				08/31/18				to 08/31/17
Net asset value, beginning of period		$	103.69		$	79.74		$	64.33			$	63.85			$	54.15			$	47.79
Net investment income(b)			0.64			1.18			1.22				1.17				1.09				0.71
Net realized and unrealized gain (loss)(c)			(5.47	)		23.87			15.13				0.40				9.52				6.22
Net increase (decrease) from investment operations			(4.83	)		25.05			16.35				1.57				10.61				6.93
Distributions(d)
From net investment income			(0.63	)		(1.10	)		(0.94	)			(1.09	)			(0.80	)			(0.57	)
From net realized gain			—			—			—				—				(0.11	)			—
Total distributions			(0.63	)		(1.10	)		(0.94	)			(1.09	)			(0.91	)			(0.57	)
Net asset value, end of period		$	98.23		$	103.69		$	79.74			$	64.33			$	63.85			$	54.15
Total Return(e)
Based on net asset value			(4.69	)%(f)		31.71	%		25.79	%			2.59	%			19.79	%			14.55	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.15	%(h)		0.15	%		0.15	%			0.15	%			0.15	%			0.27	%(h)
Net investment income			1.25	%(h)		1.30	%		1.76	%			1.88	%			1.83	%			1.85	%(h)
Supplemental Data
Net assets, end of period (000)		$	23,692,658		$	22,262,630		$	8,991,145			$	295,905			$	98,974			$	10,830
Portfolio turnover rate(i)			11	%(f)		21	%		38	%			27	%			28	%			22	%(f)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

66 2 0 2 2   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
	02/28/22				Year Ended				Year Ended				Year Ended						04/10/18	(a)
	(unaudited)				08/31/21				08/31/20				08/31/19				to 08/31/18
Net asset value, beginning of period		$	40.26			$	27.34			$	26.21			$	28.76			$	25.47
Net investment income(b)			0.19				0.35				0.33				0.36				0.12
Net realized and unrealized gain (loss)(c)			(2.61	)			12.95				1.10				(2.58	)			3.23
Net increase (decrease) from investment operations			(2.42	)			13.30				1.43				(2.22	)			3.35
Distributions(d)
From net investment income			(0.21	)			(0.38	)			(0.30	)			(0.33	)			(0.06	)
Total distributions			(0.21	)			(0.38	)			(0.30	)			(0.33	)			(0.06	)
Net asset value, end of period		$	37.63			$	40.26			$	27.34			$	26.21			$	28.76
Total Return(e)
Based on net asset value			(6.02	)%(f)			48.95	%			5.57	%			(7.69	)%			13.16	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.17	%(h)			0.17	%			0.17	%			0.17	%			0.17	%(h)
Net investment income			0.96	%(h)			0.96	%			1.32	%			1.35	%			1.17	%(h)
Supplemental Data
Net assets, end of period (000)		$	1,531,569			$	1,099,038			$	366,339			$	57,664			$	11,506
Portfolio turnover rate(i)			17	%(f)			33	%			50	%			34	%			15	%(f)

^(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) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾ 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 67

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI EM Leaders ETF
	Six Months Ended								Period From
	02/28/22				Year Ended						02/05/20	(a)
	(unaudited)				08/31/21				to 08/31/20
Net asset value, beginning of period		$	63.49			$	51.84			$	51.43
Net investment income(b)			0.42				1.01				0.79
Net realized and unrealized gain (loss)(c)			(8.16	)			11.67				(0.03	)
Net increase (decrease) from investment operations			(7.74	)			12.68				0.76
Distributions(d)
From net investment income			(0.80	)			(1.03	)			(0.35	)
Total distributions			(0.80	)			(1.03	)			(0.35	)
Net asset value, end of period		$	54.95			$	63.49			$	51.84
Total Return(e)
Based on net asset value			(12.30	)%(f)(g)			24.68	%			1.54	%(g)
Ratios to Average Net Assets(h)
Total expenses			0.16	%(i)			0.16	%			0.16	%(i)
Net investment income			1.37	%(i)			1.66	%			3.04	%(i)
Supplemental Data
Net assets, end of period (000)		$	71,435			$	882,529			$	647,969
Portfolio turnover rate(j)			6	%(g)			34	%			19	%(g)

^(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) Where applicable, assumes the reinvestment of distributions.

^(f) Includes payments received from an affiliate, which impacted the Fund’s total return. Excluding payments, the Fund’s total return would have been -13.12%.

^(g) Not annualized.

^(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾ Annualized.

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

See notes to financial statements.

68 2 0 2 2   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 02/28/22 (unaudited)					Year Ended 08/31/21			Year Ended 08/31/20			Period From 05/07/19 to 08/31/19	(a)
Net asset value, beginning of period			$	79.65		$	60.55		$	50.77		$	49.23
Net investment income(b)				0.50			0.94			0.94			0.32
Net realized and unrealized gain (loss)(c)				(3.17	)		19.08			9.75			1.34
Net increase (decrease) from investment operations				(2.67	)		20.02			10.69			1.66
Distributions(d)
From net investment income				(0.51	)		(0.92	)		(0.91	)		(0.12	)
Total distributions				(0.51	)		(0.92	)		(0.91	)		(0.12	)
Net asset value, end of period			$	76.47		$	79.65		$	60.55		$	50.77
Total Return(e)
Based on net asset value				(3.38	)%(f)		33.44	%		21.45	%		3.38	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.10	%(h)		0.10	%		0.10	%		0.11	%(h)
Total expenses after fees waived				0.10	%(h)		0.10	%		0.10	%		0.10	%(h)
Net investment income				1.26	%(h)		1.38	%		1.77	%		2.00	%(h)
Supplemental Data
Net assets, end of period (000)			$	3,716,544		$	4,077,962		$	2,564,228		$	1,579,065
Portfolio turnover rate(i)				1	%(f)		12	%		9	%		4	%(f)

^(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) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾ 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 69

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Sustainable Development Goals ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	100.03			$	81.68			$	57.03			$	58.35			$	55.92			$	49.61
Net investment income(a)			0.76				1.12				1.19				1.02				1.32				1.05
Net realized and unrealized gain (loss)(b)			(12.74	)			18.09				24.32				(1.29	)			2.65				6.44
Net increase (decrease) from investment operations			(11.98	)			19.21				25.51				(0.27	)			3.97				7.49
Distributions(c)
From net investment income			(1.05	)			(0.86	)			(0.86	)			(1.05	)			(1.54	)			(1.18	)
																						��
Total distributions			(1.05	)			(0.86	)			(0.86	)			(1.05	)			(1.54	)			(1.18	)
Net asset value, end of period		$	87.00			$	100.03			$	81.68			$	57.03			$	58.35			$	55.92
Total Return(d)
Based on net asset value			(11.98	)%(e)			23.60	%			45.10	%			(0.40	)%			7.16	%			15.27	%
Ratios to Average Net Assets(f)
Total expenses			0.49	%(g)			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%
Net investment income			1.67	%(g)			1.19	%			1.82	%			1.79	%			2.26	%			2.05	%
Supplemental Data
Net assets, end of period (000)		$	487,186			$	565,145			$	175,604			$	54,174			$	37,928			$	25,164
Portfolio turnover rate(h)			35	%(e)			70	%			47	%			43	%			36	%			32	%

^(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) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) Annualized.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Paris-Aligned Climate
		MSCI USA ETF
	Period From
			02/08/22	(a)
	to 02/28/22 (unaudited)
Net asset value, beginning of period		$	50.43
Net investment income(b)			0.04
Net realized and unrealized loss(c)			(1.63	)
Net decrease from investment operations			(1.59	)
Net asset value, end of period		$	48.84
Total Return(d)
Based on net asset value			(3.16	)%(e)
Ratios to Average Net Assets(f)
Total expenses			0.15	%(g)
Total expenses after fees waived			0.10	%(g)
Net investment income			1.59	%(g)
Supplemental Data
Net assets, end of period (000)		$	615,343
Portfolio turnover rate(h)			1	%(e)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 71

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		Diversified
ESG MSCI EM Leaders		Non-diversified
ESG MSCI USA Leaders		Non-diversified
MSCI Global Sustainable Development Goals(a)		Diversified
Paris-Aligned Climate MSCI USA(b)		Non-diversified

^(a)  Formerly the iShares MSCI Global Impact ETF.

^(b)  The Fund commenced operations on February 8, 2022.

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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 Statements 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, 2022, if any, are disclosed in the Statements 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 Statements 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.

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

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.

• 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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 73

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 Schedule 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:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
ESG Aware MSCI EAFE
BNP Paribas SA	$	157,890	$	149,989		$	—	$	(7,901	)(b)
HSBC Bank PLC		3,461,567		3,461,567			—		—
J.P. Morgan Securities LLC		2,921,984		2,780,049			—		(141,935	)(b)
Morgan Stanley		840,986		840,986			—		—
	$	7,382,427	$	7,232,591		$	—	$	(149,836	)
ESG Aware MSCI USA
Barclays Bank PLC	$	6,340,947	$	6,340,947		$	—	$	—
BNP Paribas SA		34,519,429		34,519,429			—		—
Citigroup Global Markets, Inc.		94,242		94,242			—		—
Credit Suisse Securities (USA) LLC		6,581,456		6,520,780			—		(60,676	)(b)
J.P. Morgan Securities LLC		30,651,789		29,045,515			—		(1,606,274	)(b)
Morgan Stanley		374,648		374,068			—		(580	)(b)
SG Americas Securities LLC		19,868		19,868			—		—
State Street Bank & Trust Co.		7,940,979		7,884,754			—		(56,225	)(b)
UBS AG		2,483		2,368			—		(115	)(b)
Wells Fargo Securities LLC		48,886		46,526			—		(2,360	)(b)
	$	86,574,727	$	84,848,497		$	—	$	(1,726,230	)

74 2 0 2 2   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
ESG Aware MSCI USA Small-Cap
Barclays Capital, Inc.	$	2,013,402	$	2,013,402		$	—	$	—
BofA Securities, Inc.		1,851,440		1,814,904			—		(36,536	)(b)
Citigroup Global Markets, Inc.		7,367,439		7,367,439			—		—
Credit Suisse Securities (USA) LLC		137,063		137,063			—		—
HSBC Bank PLC		45,324		45,324			—		—
ING Financial Markets LLC		91,929		91,580			—		(349	)(b)
Jefferies LLC		1,398,738		1,373,343			—		(25,395	)(b)
Morgan Stanley		9,402,578		9,402,578			—		—
National Financial Services LLC		1,662,880		1,662,880			—		—
Pershing LLC		31,430		31,430			—		—
Scotia Capital (USA), Inc.		2,275,309		2,275,309			—		—
State Street Bank & Trust Co.		2,355,185		2,354,332			—		(853	)(b)
Toronto Dominion Bank		3,547,181		3,538,355			—		(8,826	)(b)
UBS AG		3,071,056		3,071,056			—		—
UBS Securities LLC		784,188		784,188			—		—
	$	36,035,142	$	35,963,183		$	—	$	(71,959	)
ESG MSCI EM Leaders
Credit Suisse Securities (USA) LLC	$	4,233	$	3,652		$	—	$	(581	)(b)
Morgan Stanley		23,753		20,364			—		(3,389	)(b)
UBS Securities LLC		7,917		6,110			—		(1,807	)(b)
	$	35,903	$	30,126		$	—	$	(5,777	)
ESG MSCI USA Leaders
BNP Paribas SA	$	7,539,398	$	7,539,398		$	—	$	—
BofA Securities, Inc.		2,229,640		2,229,640			—		—
Goldman Sachs & Co. LLC		4,271,747		4,271,747			—		—
J.P. Morgan Securities LLC		5,700,813		5,656,790			—		(44,023	)(b)
Jefferies LLC		8,076		8,076			—		—
Morgan Stanley		64,865		64,865			—		—
Wells Fargo Securities LLC		233,911		233,911			—		—
	$	20,048,450	$	20,004,427		$	—	$	(44,023	)
MSCI Global Sustainable Development Goals
J.P. Morgan Securities LLC	$	260,869	$	260,869		$	—	$	—
Morgan Stanley		8,742,777		8,742,777			—		—
UBS AG		6,059		6,059			—		—
	$	9,009,705	$	9,009,705		$	—	$	—
Paris-Aligned Climate MSCI USA
BofA Securities, Inc.	$	2,809	$	2,809		$	—	$	—

^(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)  The market value of the loaned securities is determined as of February 28, 2022. 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

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Notes to Financial Statements (unaudited) (continued)

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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the 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, 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 Sustainable Development Goals		0.49
Paris-Aligned Climate MSCI USA		0.15

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Paris-Aligned Climate MSCI USA ETF, BFA has contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.10% through February 28, 2023.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Paris-Aligned Climate MSCI USA	$	9,221

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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. 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, iShares ESG MSCI USA Leaders ETF and iShares Paris-Aligned Climate MSCI USA ETF (the “Group 1 Funds”), retains 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.

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

Notes to Financial Statements (unaudited) (continued)

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 Sustainable Development Goals 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, 2022, each Group 1 Fund retained 77% 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 81% 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.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF		Fees Paid to BTC
ESG Aware MSCI EAFE	$	27,399
ESG Aware MSCI USA		43,094
ESG Aware MSCI USA Small-Cap		41,411
ESG MSCI EM Leaders		3,572
ESG MSCI USA Leaders		4,894
MSCI Global Sustainable Development Goals		164,587

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, 2022, 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	$	401,183,050	$	335,522,436	$	(33,800,196	)
ESG Aware MSCI USA		597,521,276		837,725,823		(69,382,841	)
ESG Aware MSCI USA Small-Cap		29,489,139		28,191,368		(1,340,548	)
ESG MSCI EM Leaders		5,152,439		1,398,736		(309,463	)
ESG MSCI USA Leaders		19,194,904		11,920,890		(346,517	)
MSCI Global Sustainable Development Goals		40,070,248		43,217,343		(2,046,856	)

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

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.

As a result of certain taxes assessed to iShares ESG MSCI EM Leaders ETF in connection with a large redemption, BFA at its discretion made a voluntary contribution on January 11, 2022 to reimburse the Fund for such taxes. The Fund’s prior performance track record was adjusted from the redemption date of December 22, 2021 onward. The amount of the contribution is disclosed in the Statement of Operations as Payments by affiliate.

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 77

Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Aware MSCI EAFE	$	1,123,720,154	$	1,024,275,946
ESG Aware MSCI USA		2,581,415,342		2,593,412,041
ESG Aware MSCI USA Small-Cap		232,482,796		222,799,718
ESG MSCI EM Leaders		33,095,604		616,730,214
ESG MSCI USA Leaders		40,213,157		43,038,587
MSCI Global Sustainable Development Goals		206,907,599		187,725,377
Paris-Aligned Climate MSCI USA		4,416,123		2,673,401

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Aware MSCI EAFE	$	1,162,112,488	$	—
ESG Aware MSCI USA		5,255,021,645		2,471,942,357
ESG Aware MSCI USA Small-Cap		587,985,602		76,534,521
ESG MSCI EM Leaders		2,334,734		150,567,330
ESG MSCI USA Leaders		410,112,259		630,827,656
MSCI Global Sustainable Development Goals		22,454,679		40,132,447
Paris-Aligned Climate MSCI USA		626,729,644		—

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, 2022, 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, 2021, 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	$	87,046,672
ESG Aware MSCI USA		217,893,373
ESG Aware MSCI USA Small-Cap		18,432,907
ESG MSCI EM Leaders		6,867,953
ESG MSCI USA Leaders		40,837,497
MSCI Global Sustainable Development Goals		3,685,839

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, 2022, 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	$	6,670,671,679	$	851,809,547	$	(256,635,787	)	$	595,173,760
ESG Aware MSCI USA		21,210,289,571		3,193,762,487		(607,757,595	)		2,586,004,892
ESG Aware MSCI USA Small-Cap		1,474,377,642		178,459,349		(83,339,651	)		95,119,698
ESG MSCI EM Leaders		66,080,294		14,974,485		(9,314,277	)		5,660,208
ESG MSCI USA Leaders		2,920,648,130		854,641,993		(40,811,380	)		813,830,613
MSCI Global Sustainable Development Goals		504,852,115		27,382,104		(34,961,641	)		(7,579,537	)
Paris-Aligned Climate MSCI USA		629,059,268		3,950,221		(17,955,183	)		(14,004,962	)

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

Notes to Financial Statements (unaudited) (continued)

9. LINE OF CREDIT

The iShares ESG MSCI EM Leaders ETF and iShares MSCI Global Sustainable Development Goals ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) 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 Syndicated Credit Agreement.

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG MSCI EM Leaders	$	960,000	$	31,823		1.08	%
MSCI Global Sustainable Development Goals		197,000		10,906		1.09

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. Although vaccines have been developed and approved for use by various governments, 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.

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Notes to Financial Statements (unaudited) (continued)

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 Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. 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 as well as acts of war in the region. 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. 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. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.

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.

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

Notes to Financial Statements (unaudited) (continued)

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.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Aware MSCI EAFE
Shares sold		16,100,000		$	1,280,423,560			36,700,000		$	2,774,047,093
Shares redeemed		—			—			(300,000	)		(22,212,443	)
Net increase		16,100,000		$	1,280,423,560			36,400,000		$	2,751,834,650
ESG Aware MSCI USA
Shares sold		50,850,000		$	5,278,898,389			141,600,000		$	12,751,408,984
Shares redeemed		(24,350,000	)		(2,497,966,802	)		(39,650,000	)		(3,618,060,648	)
Net increase		26,500,000		$	2,780,931,587			101,950,000		$	9,133,348,336
ESG Aware MSCI USA Small-Cap
Shares sold		15,450,000		$	604,324,659			18,850,000		$	703,868,475
Shares redeemed		(2,050,000	)		(79,523,085	)		(4,950,000	)		(175,001,921	)
Net increase		13,400,000		$	524,801,574			13,900,000		$	528,866,554
ESG MSCI EM Leaders
Shares sold		350,000		$	25,549,181			2,150,000		$	128,332,687
Shares redeemed		(12,950,000	)		(752,065,046	)		(750,000	)		(46,572,591	)
Net increase (decrease)		(12,600,000	)	$	(726,515,865	)		1,400,000		$	81,760,096
ESG MSCI USA Leaders
Shares sold		5,200,000		$	412,815,274			13,950,000		$	981,902,059
Shares redeemed		(7,800,000	)		(635,912,299	)		(5,100,000	)		(356,812,397	)
Net increase (decrease)		(2,600,000	)	$	(223,097,025	)		8,850,000		$	625,089,662
MSCI Global Sustainable Development Goals
Shares sold		450,000		$	42,222,446			4,450,000		$	414,947,808
Shares redeemed		(500,000	)		(43,664,257	)		(950,000	)		(88,595,157	)
Net increase (decrease)		(50,000	)	$	(1,441,811	)		3,500,000		$	326,352,651

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 81

Notes to Financial Statements (unaudited) (continued)

	Period Ended 02/28/22
iShares ETF	Shares		Amount
Paris-Aligned Climate MSCI USA
Shares sold		12,600,000	$	629,111,773

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 Statements of Assets and Liabilities.

12. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares ESG Aware MSCI EAFE ETF is able to pass through to shareholders as a foreign tax credit in the current year, the iShares ESG Aware MSCI EAFE ETF will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

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:

Effective March 31, 2022, BFA reduced the investment advisory fee for iShares Paris-Aligned Climate MSCI USA ETF from 0.15% to 0.10%. The contractual waiver was also terminated effective March 31, 2022 upon written agreement of the Trust and BFA.

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

Board Review and Approval of Investment Advisory Contract

iShares Paris-Aligned Climate MSCI USA ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), 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 Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on September 29 – October 1, 2021, the Board, including the Independent Board Members, 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 Board Members 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 Board Members, 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) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; 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 Board Members, 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 overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund 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: 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 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 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 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

BOARD   REVIEW   AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 83

Board Review and Approval of Investment Advisory Contract (continued)

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 investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

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 Board Members, 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.

84 2 0 2 2   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 Sustainable Development Goals 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 9, 2021 (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, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each 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 the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each 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 also 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 material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 85

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted 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, 2022

	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)	$	0.997737	$	—	$	0.122782	$	1.120519		89	%		—	%		11	%		100	%
ESG Aware MSCI USA(a)		0.581823		—		0.045731		0.627554		93			—			7			100
ESG Aware MSCI USA Small-Cap(a)		0.174253		—		0.040705		0.214958		81			—			19			100
ESG MSCI EM Leaders(a)		0.560712		—		0.236592		0.797304		70			—			30			100
ESG MSCI USA Leaders(a)		0.456415		—		0.049607		0.506022		90			—			10			100
MSCI Global Sustainable Development Goals(a)		1.011940		—		0.042297		1.054237		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.

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

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

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 Trust’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 87

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

88 2 0 2 2   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.

©2022 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-817-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI China Multisector Tech ETF | TCHI | NASDAQ

· 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, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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.

Overall, 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, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)		(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)		(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)		(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(3.07)	0.64
Past performance is not an indication 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	20
Statements of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	24
Notes to Financial Statements	27
Board Review and Approval of Investment Advisory Contract	33
Statement Regarding Liquidity Risk Management Program	35
Supplemental Information	36
General Information	37
Glossary of Terms Used in this Report	38

Fund Summary as of February 28, 2022 iShares^® MSCI China Multisector Tech ETF

Investment Objective

The iShares MSCI China Multisector Tech ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities in technology and technology-related industries, as represented by the MSCI China Technology Sub-Industries Select 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		(5.71	)%
Fund Market		(5.36	)
Index		(5.52	)

The inception date of the Fund was 1/25/22. The first day of secondary market trading was 1/27/22.

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 (01/25/22)	(a)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(b)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$        1,000.00		$          942.90	$         0.53			$      1,000.00	$      1,021.90	$        2.96		0.59	%

^(a)  Commencement of operations.

^(b) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 34/365 for actual expenses and 181/365 for hypothetical expenses (to reflect the six month period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology		44.1%
Consumer Discretionary		22.4
Communication Services		20.9
Industrials		9.7
Financials		2.8
Health Care		0.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Sunny Optical Technology Group Co. Ltd.	4.1	%
NetEase Inc.	4.1
JDcom Inc, Class A	4.0
Baidu Inc.	3.9
Xiaomi Corp., Class B	3.7
Contemporary Amperex Technology Co. Ltd., Class A	3.7
Pinduoduo Inc.	3.6
Tencent Holdings Ltd.	3.5
Alibaba Group Holding Ltd.	3.4
Meituan, Class B	3.2

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Fund Summary asof February 28,2022 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		(8.24	)%		(6.02	)%		4.62	%		(6.02	)%		14.44	%
Fund Market		(7.66	)		(6.54	)		4.82			(6.54	)		15.12
Index		(9.25	)		(6.93	)		4.13			(6.93	)		12.85

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 7 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$	917.60	$	0.71		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	23.6	%
Consumer Discretionary	13.6
Information Technology	13.5
Consumer Staples	10.2
Financials	8.6
Health Care	7.9
Materials	7.3
Communication Services	6.3
Real Estate	5.8
Utilities	2.0
Energy	1.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Nintendo Co. Ltd.	0.7	%
Tokyo Electron Ltd.	0.7
USS Co. Ltd.	0.6
GMO Payment Gateway Inc.	0.5
Nippon Yusen KK	0.5
Oriental Land Co. Ltd./Japan	0.5
FANUC Corp.	0.5
Kobayashi Pharmaceutical Co. Ltd.	0.5
Trend Micro Inc/Japan	0.5
Rinnai Corp.	0.5

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2022 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		(0.74	)%		2.48	%		6.35	%		2.48	%		20.20	%
Fund Market		(0.57	)		1.28			6.48			1.28			20.66
Index		(0.97	)		2.49			6.26			2.49			19.88

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 7 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        992.60	$        0.74			$      1,000.00	$      1,024.10	$        0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	20.9	%
Consumer Discretionary	19.8
Financials	17.8
Communication Services	10.2
Consumer Staples	6.8
Real Estate	6.4
Health Care	6.0
Materials	5.0
Information Technology	3.9
Utilities	1.7
Energy	1.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Toyota Motor Corp.	10.1	%
Mitsubishi UFJ Financial Group Inc.	3.8
SoftBank Group Corp.	2.8
KDDI Corp.	2.8
Honda Motor Co. Ltd.	2.6
Takeda Pharmaceutical Co. Ltd.	2.5
Sumitomo Mitsui Financial Group Inc.	2.4
Mitsubishi Corp.	2.2
Seven & i Holdings Co. Ltd.	2.0
SoftBank Corp.	1.9

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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 each 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 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses 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, 2022 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Capital Markets — 1.0%
East Money Information Co. Ltd., Class A		18,800	$	80,131
Hithink RoyalFlush Information Network Co. Ltd., Class A		800		13,739
				93,870
Communications Equipment — 2.3%
Addsino Co. Ltd., Class A		3,200		7,627
Beijing BDStar Navigation Co. Ltd., Class A(a)		800		4,732
BYD Electronic International Co. Ltd.		20,000		56,436
Fiberhome Telecommunication Technologies Co. Ltd., Class A		1,600		4,372
Guangzhou Haige Communications Group Inc. Co., Class A		2,400		3,798
Hengtong Optic-Electric Co. Ltd., Class A		3,600		8,449
Shenzhen Sunway Communication Co. Ltd., Class A		2,000		6,766
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,200		6,545
Yealink Network Technology Corp. Ltd., Class A		1,600		19,395
Zhongji Innolight Co. Ltd., Class A		1,600		9,754
ZTE Corp., Class A		6,800		31,468
ZTE Corp., Class H		22,400		55,184
				214,526
Consumer Finance — 1.8%
360 DigiTech Inc., ADR		2,604		48,825
Lufax Holding Ltd., ADR(a)		18,048		116,770
				165,595
Diversified Consumer Services — 1.2%
China Education Group Holdings Ltd.		4,000		3,427
New Oriental Education & Technology Group Inc., ADR(a)		45,616		68,880
TAL Education Group, ADR(a)		12,780		36,295
				108,602
Electrical Equipment — 7.3%
Contemporary Amperex Technology Co. Ltd., Class A		4,000		342,637
Eve Energy Co. Ltd., Class A		3,600		51,663
Fangda Carbon New Material Co. Ltd., Class A		7,200		11,805
Ginlong Technologies Co. Ltd., Class A		400		16,151
Gotion High-tech Co. Ltd., Class A(a)		3,200		21,958
Hongfa Technology Co. Ltd., Class A		1,200		11,993
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,200		15,455
Ningbo Ronbay New Energy Technology Co. Ltd.		832		19,428
Sieyuan Electric Co. Ltd.		1,600		12,004
Sungrow Power Supply Co. Ltd., Class A		800		15,491
Sunwoda Electronic Co. Ltd., Class A		3,200		18,771
TBEA Co. Ltd., Class A		6,800		21,912
Zhejiang Chint Electrics Co. Ltd., Class A		3,600		28,693
Zhejiang HangKe Technology Inc. Co., Class A		800		9,853
Zhuzhou CRRC Times Electric Co. Ltd.		16,400		85,485
				683,299
Electronic Equipment, Instruments & Components — 12.8%
AAC Technologies Holdings Inc.		22,000		60,153
Avary Holding Shenzhen Co. Ltd., Class A		2,800		15,430
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		400		10,250
BOE Technology Group Co. Ltd., Class A		65,200		48,661
Chaozhou Three-Circle Group Co. Ltd., Class A		3,600		19,938
China Railway Signal & Communication Corp. Ltd., Class A		12,000		9,233
China Zhenhua Group Science & Technology Co. Ltd., Class A		1,200		22,367
Foxconn Industrial Internet Co. Ltd., Class A		13,600		24,104
GoerTek Inc., Class A		6,400		44,809
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,200		16,343
Huagong Tech Co. Ltd., Class A		1,600		6,249
Kingboard Holdings Ltd.		20,000		93,563

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Kingboard Laminates Holdings Ltd.		26,000	$	43,325
Lens Technology Co. Ltd., Class A		10,000		23,134
Leyard Optoelectronic Co. Ltd., Class A		5,200		7,000
Lingyi iTech Guangdong Co., Class A(a)		14,800		14,125
Luxshare Precision Industry Co. Ltd., Class A		12,800		88,769
Maxscend Microelectronics Co. Ltd., Class A		800		34,378
OFILM Group Co. Ltd., Class A(a)		7,200		9,157
Raytron Technology Co. Ltd., Class A		800		8,073
Shengyi Technology Co. Ltd., Class A		4,000		12,369
Shennan Circuits Co. Ltd., Class A		800		14,913
Shenzhen Kaifa Technology Co. Ltd., Class A		2,000		4,333
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,600		8,152
Sunny Optical Technology Group Co. Ltd.		16,000		383,423
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		3,200		11,309
Tianma Microelectronics Co. Ltd., Class A		2,800		5,203
Unisplendour Corp. Ltd., Class A		5,600		19,521
Universal Scientific Industrial Shanghai Co. Ltd., Class A		2,800		6,242
Westone Information Industry Inc., Class A		1,600		11,713
Wingtech Technology Co. Ltd., Class A		2,400		44,726
Wuhan Guide Infrared Co. Ltd., Class A		4,400		15,649
Wuhu Token Science Co. Ltd., Class A		4,800		7,374
WUS Printed Circuit Kunshan Co. Ltd., Class A		3,600		9,625
Xiamen Faratronic Co. Ltd.		400		13,573
Zhejiang Dahua Technology Co. Ltd., Class A		5,200		15,484
Zhuzhou Hongda Electronics Corp. Ltd		800		10,662
				1,193,332
Entertainment — 8.2%
Alibaba Pictures Group Ltd.(a)		40,000		3,999
Beijing Enlight Media Co. Ltd., Class A		6,000		8,990
Bilibili Inc., ADR(a)		4,984		157,544
Giant Network Group Co. Ltd., Class A		4,000		6,072
iQIYI Inc., ADR(a)		8,596		35,588
Kingsoft Corp. Ltd.		29,600		110,698
Kunlun Tech Co. Ltd., Class A		2,400		6,725
Mango Excellent Media Co. Ltd., Class A		3,600		19,616
NetEase Inc		19,600		379,097
Perfect World Co. Ltd., Class A		4,400		9,240
Tencent Music Entertainment Group, ADR(a)		824		4,442
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,000		13,284
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		15,200		15,760
				771,055
Health Care Technology — 0.1%
Winning Health Technology Group Co. Ltd., Class A		4,400		7,998
Household Durables — 4.2%
Ecovacs Robotics Co. Ltd., Class A		800		17,157
Gree Electric Appliances Inc. of Zhuhai, Class A		5,200		30,269
Haier Smart Home Co. Ltd., Class A		10,800		43,784
Haier Smart Home Co. Ltd., Class H		68,000		238,277
Hang Zhou Great Star Industrial Co. Ltd., Class A(a)		2,400		7,638
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		8,463
Shenzhen MTC Co. Ltd., Class A(a)		10,800		7,568
TCL Technology Group Corp., Class A		24,400		21,565
Xiamen Intretech Inc., Class A		1,600		7,538
Zhejiang Supor Co. Ltd., Class A		1,200		9,636
				391,895
Interactive Media & Services — 12.6%
Autohome Inc., ADR		2,316		70,847

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Baidu Inc., ADR(a)		2,380	$	362,807
Hello Group Inc., ADR		4,768		45,439
JOYY Inc., ADR		1,660		76,841
Kanzhun Ltd.(a)		2,536		81,913
Kuaishou Technology(a)(b)		14,400		166,643
Tencent Holdings Ltd.		6,000		323,768
Weibo Corp., ADR(a)		1,908		52,336
				1,180,594
Internet & Direct Marketing Retail — 16.7%
Alibaba Group Holding Ltd.(a)		24,400		321,198
Alibaba Health Information Technology Ltd.(a)		8,000		5,602
China Ruyi Holdings Ltd.(a)		96,000		28,572
Dada Nexus Ltd., ADR(a)		1,912		15,889
JD Health International Inc.(a)(b)		2,200		16,420
JDcom Inc, Class A(a)		10,400		371,482
Meituan, Class B(a)(b)		13,600		302,126
Pinduoduo Inc., ADR(a)		6,520		338,127
Ping An Healthcare and Technology Co. Ltd.(a)(b)		14,000		43,176
Vipshop Holdings Ltd., ADR(a)		13,428		116,421
				1,559,013
IT Services — 3.2%
Beijing Sinnet Technology Co. Ltd., Class A		3,600		8,575
China TransInfo Technology Co. Ltd., Class A		4,000		8,837
Chinasoft International Ltd.		80,000		72,992
Chindata Group Holdings Ltd., ADR(a)		3,712		20,379
DHC Software Co. Ltd., Class A		4,000		5,244
GDS Holdings Ltd., ADR(a)		2,680		119,314
Kingsoft Cloud Holdings Ltd., ADR(a)		96		647
Lakala Payment Co. Ltd., Class A		1,600		6,854
TravelSky Technology Ltd., Class H		28,000		52,742
				295,584
Machinery — 2.4%
Haitian International Holdings Ltd.		20,000		53,286
Hefei Meiya Optoelectronic Technology Inc., Class A		1,200		6,886
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,800		29,845
Luoyang Xinqianglian Slewing Bearing Co. Ltd.		400		9,661
North Industries Group Red Arrow Co. Ltd., Class A(a)		2,800		10,013
Riyue Heavy Industry Co. Ltd., Class A		2,000		8,747
Shenzhen Inovance Technology Co. Ltd., Class A		4,800		48,854
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		1,600		17,248
Wuxi Shangji Automation Co. Ltd., Class A		800		20,198
Yantai Eddie Precision Machinery Co. Ltd., Class A		1,600		7,837
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		4,000		12,798
				225,373
Media — 0.0%
China Literature Ltd.(a)(b)		800		4,342
Semiconductors & Semiconductor Equipment — 12.9%
Advanced Micro-Fabrication Equipment Inc., Class A(a)		800		16,321
China Resources Microelectronics Ltd.		2,064		19,170
Daqo New Energy Corp., ADR(a)		1,768		84,793
Flat Glass Group Co. Ltd., Class A		2,800		21,921
Flat Glass Group Co. Ltd., Class H		12,000		49,622
GCL System Integration Technology Co. Ltd., Class A(a)		9,200		5,364
Gigadevice Semiconductor Beijing Inc., Class A		1,200		29,384
Hangzhou First Applied Material Co. Ltd., Class A		1,600		30,364
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,800		25,594
Hua Hong Semiconductor Ltd.(a)(b)		16,000		83,356
Ingenic Semiconductor Co. Ltd., Class A		800		14,194

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
JA Solar Technology Co. Ltd., Class A		3,200	$	48,481
JCET Group Co. Ltd., Class A		3,200		14,296
LONGi Green Energy Technology Co. Ltd., Class A		10,000		124,475
Montage Technology Co. Ltd., Class A		2,400		29,502
National Silicon Industry Group Co. Ltd., Class A(a)		4,000		15,546
NAURA Technology Group Co. Ltd., Class A		800		38,781
SG Micro Corp., Class A		400		22,139
Shenzhen Goodix Technology Co. Ltd., Class A		800		11,585
Shenzhen SC New Energy Technology Corp., Class A		800		11,221
StarPower Semiconductor Ltd., Class A		400		23,068
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		5,600		42,876
Tianshui Huatian Technology Co. Ltd., Class A		5,600		10,673
TongFu Microelectronics Co. Ltd., Class A		2,800		8,100
Trina Solar Co. Ltd.		3,148		38,518
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,200		42,142
Will Semiconductor Co. Ltd. Shanghai, Class A		1,600		62,789
Xinyi Solar Holdings Ltd		144,000		261,557
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,400		24,874
				1,210,706
Software — 5.9%
360 Security Technology Inc., Class A(a)		12,800		21,306
Beijing E-Hualu Information Technology Co. Ltd., Class A		1,600		7,133
Beijing Kingsoft Office Software Inc., Class A		800		27,141
Beijing Shiji Information Technology Co. Ltd., Class A		2,000		7,598
Hundsun Technologies Inc., Class A		2,800		23,270
Iflytek Co. Ltd., Class A		4,400		34,383
Kingdee International Software Group Co. Ltd.(a)		80,000		197,731
Ming Yuan Cloud Group Holdings Ltd.		20,000		39,474
NavInfo Co. Ltd., Class A(a)		4,400		11,980
Sangfor Technologies Inc., Class A		800		18,555
Shanghai Baosight Software Co. Ltd., Class A		2,400		20,530
Shanghai Baosight Software Co. Ltd., Class B		11,600		50,095
Thunder Software Technology Co. Ltd., Class A		800		17,822
Topsec Technologies Group Inc., Class A		2,400		5,610
Weimob Inc.(a)(b)		60,000		39,681
Yonyou Network Technology Co. Ltd., Class A		6,400		31,939
				554,248
Specialty Retail — 0.4%
GOME Retail Holdings Ltd.(a)		352,000		26,194
Suningcom Co Ltd, Class A(a)		18,000		10,268
				36,462
Technology Hardware, Storage & Peripherals — 7.0%
China Greatwall Technology Group Co. Ltd., Class A		6,400		13,539
GRG Banking Equipment Co. Ltd., Class A		3,600		6,803
Inspur Electronic Information Industry Co. Ltd., Class A		2,800		14,641
Lenovo Group Ltd.		216,000		240,531
Ninestar Corp., Class A		2,400		19,098
Shenzhen Transsion Holding Co. Ltd., Class A		800		17,151
Xiaomi Corp., Class B(a)(b)		184,800		347,834
				659,597
Total Common Stocks — 100.0% (Cost: $9,860,046)			9,356,091

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, 2022 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		10,000	$	10,000
Total Short-Term Investments — 0.1% (Cost: $10,000)				10,000
Total Investments in Securities — 100.1% (Cost: $9,870,046)				9,366,091
Other Assets, Less Liabilities — (0.1)%				(9,515	)
Net Assets — 100.0%			$	9,356,576

^(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 period ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at    01/25/22(a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	10,000(b)	$	—	$	—	$	—	$	10,000		10,000	$	—	$	—

^(a) Commencement of operations.

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,096,403	$	7,259,688	$	—	$	9,356,091
Money Market Funds		10,000		—		—		10,000
	$	2,106,403	$	7,259,688	$	—	$	9,366,091

See notes to financial statements.

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Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Japan Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.8%
SG Holdings Co. Ltd.		1,400	$	29,673
Yamato Holdings Co. Ltd.		1,400		27,495
				57,168
Airlines — 0.8%
ANA Holdings Inc.(a)		1,200		26,422
Japan Airlines Co. Ltd.(a)		1,400		27,760
				54,182
Auto Components — 2.3%
Aisin Corp.		800		29,139
Bridgestone Corp.		700		28,827
Denso Corp.		400		28,128
Koito Manufacturing Co. Ltd.		600		31,034
Stanley Electric Co. Ltd.		1,000		23,763
Sumitomo Electric Industries Ltd.		2,000		26,550
				167,441
Automobiles — 3.0%
Honda Motor Co. Ltd.		1,000		30,381
Isuzu Motors Ltd.		2,000		27,049
Mazda Motor Corp.(a)		3,400		25,148
Nissan Motor Co. Ltd.(a)		5,400		25,754
Subaru Corp.		1,600		26,241
Suzuki Motor Corp.		600		23,891
Toyota Motor Corp.		1,400		25,615
Yamaha Motor Co. Ltd.		1,200		26,975
				211,054
Banks — 3.3%
Chiba Bank Ltd/The		4,000		25,144
Concordia Financial Group Ltd.		6,400		26,037
Japan Post Bank Co. Ltd.		3,000		26,323
Mitsubishi UFJ Financial Group Inc.		4,200		25,784
Mizuho Financial Group Inc.		2,080		27,412
Resona Holdings Inc.		5,800		25,939
Shizuoka Bank Ltd/The		3,400		25,137
Sumitomo Mitsui Financial Group Inc.		800		28,370
Sumitomo Mitsui Trust Holdings Inc.		800		28,425
				238,571
Beverages — 1.5%
Asahi Group Holdings Ltd.		600		24,203
Ito En Ltd.		400		23,005
Kirin Holdings Co. Ltd.		1,600		26,601
Suntory Beverage & Food Ltd.		800		31,879
				105,688
Building Products — 1.4%
AGC Inc.		600		26,618
Daikin Industries Ltd.		100		18,480
Lixil Corp.		1,200		26,745
TOTO Ltd.		600		25,258
				97,101
Capital Markets — 1.5%
Daiwa Securities Group Inc.		4,400		26,015
Japan Exchange Group Inc.		1,400		26,217
Nomura Holdings Inc.		6,000		27,378
SBI Holdings Inc/Japan		1,000		26,232
				105,842
Chemicals — 5.3%
Asahi Kasei Corp.		2,800		26,278

Security	Shares		Value
Chemicals (continued)
JSR Corp.		800	$	25,166
Kansai Paint Co. Ltd.		1,400		28,099
Mitsubishi Chemical Holdings Corp.		3,800		26,995
Mitsubishi Gas Chemical Co. Inc.		1,600		28,387
Mitsui Chemicals Inc.		1,000		25,565
Nippon Paint Holdings Co. Ltd.		3,200		28,640
Nippon Sanso Holdings Corp.		1,400		27,361
Nissan Chemical Corp.		400		22,736
Nitto Denko Corp.		400		29,191
Shin-Etsu Chemical Co. Ltd.		200		31,238
Sumitomo Chemical Co. Ltd.		5,600		26,736
Toray Industries Inc.		4,800		27,373
Tosoh Corp.		1,600		24,829
				378,594
Commercial Services & Supplies — 1.6%
Dai Nippon Printing Co. Ltd.		1,000		26,105
Secom Co. Ltd.		400		29,379
Sohgo Security Services Co. Ltd.		800		28,883
TOPPAN INC.		1,400		27,586
				111,953
Construction & Engineering — 1.5%
Kajima Corp.		2,000		26,917
Obayashi Corp.		3,400		28,468
Shimizu Corp.		4,200		27,801
Taisei Corp.		800		26,601
				109,787
Diversified Financial Services — 1.1%
Mitsubishi HC Capital Inc.		5,400		28,083
ORIX Corp.		1,400		27,752
Tokyo Century Corp.		600		26,305
				82,140
Diversified Telecommunication Services — 0.4%
Nippon Telegraph & Telephone Corp.		1,000		28,741
Electric Utilities — 1.2%
Chubu Electric Power Co. Inc.		2,800		27,968
Kansai Electric Power Co Inc/The		2,800		28,232
Tokyo Electric Power Co. Holdings Inc.(a)		9,000		28,251
				84,451
Electrical Equipment — 1.0%
Fuji Electric Co. Ltd.		600		30,871
Mitsubishi Electric Corp.		2,200		26,610
Nidec Corp.		200		17,387
				74,868
Electronic Equipment, Instruments & Components — 4.0%
Azbil Corp.		800		30,367
Hamamatsu Photonics KK		600		30,403
Hirose Electric Co. Ltd.		200		30,073
Ibiden Co. Ltd.		600		29,303
Kyocera Corp.		400		23,021
Murata Manufacturing Co. Ltd.		400		27,186
Omron Corp.		400		27,219
Shimadzu Corp.		800		28,813
TDK Corp.		800		32,379
Yokogawa Electric Corp.		1,800		29,042
				287,806
Entertainment — 2.9%
Capcom Co. Ltd.		1,000		24,271

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, 2022 iShares^® MSCI Japan Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Koei Tecmo Holdings Co. Ltd		620	$	21,530
Konami Holdings Corp.		400		22,757
Nexon Co. Ltd.		1,400		30,586
Nintendo Co. Ltd.		100		50,645
Square Enix Holdings Co. Ltd.		600		29,261
Toho Co. Ltd./Tokyo		600		25,023
				204,073
Equity Real Estate Investment Trusts (REITs) — 3.1%
Daiwa House REIT Investment Corp.		10		27,120
GLP J-Reit		18		26,874
Japan Metropolitan Fund Invest		34		27,518
Japan Real Estate Investment Corp.		6		32,051
Nippon Building Fund Inc.		4		22,921
Nippon Prologis REIT Inc.		10		29,401
Nomura Real Estate Master Fund Inc.		20		26,375
Orix JREIT Inc.		20		27,980
				220,240
Food & Staples Retailing — 2.7%
Aeon Co. Ltd.		1,200		27,184
Cosmos Pharmaceutical Corp.		200		27,730
Kobe Bussan Co. Ltd.		800		26,488
Lawson Inc.		600		25,017
Seven & i Holdings Co. Ltd.		600		29,195
Tsuruha Holdings Inc.		400		32,158
Welcia Holdings Co. Ltd.		1,000		26,667
				194,439
Food Products — 2.8%
Ajinomoto Co. Inc.		1,000		29,141
Kikkoman Corp.		400		29,819
MEIJI Holdings Co. Ltd.		400		24,007
Nisshin Seifun Group Inc.		2,000		28,388
Nissin Foods Holdings Co. Ltd.		400		31,959
Toyo Suisan Kaisha Ltd.		600		25,222
Yakult Honsha Co. Ltd.		600		32,562
				201,098
Gas Utilities — 0.8%
Osaka Gas Co. Ltd.		1,600		29,282
Tokyo Gas Co. Ltd.		1,400		28,516
				57,798
Health Care Equipment & Supplies — 2.0%
Asahi Intecc Co. Ltd.		1,400		30,230
Hoya Corp.		200		26,054
Olympus Corp.		1,400		28,435
Sysmex Corp.		400		32,020
Terumo Corp.		800		25,983
				142,722
Health Care Providers & Services — 0.4%
Medipal Holdings Corp.		1,600		29,283
Health Care Technology — 0.4%
M3 Inc.		800		30,099
Hotels, Restaurants & Leisure — 0.9%
McDonald’s Holdings Co. Japan Ltd.		600		25,799
Oriental Land Co. Ltd./Japan		200		36,973
				62,772
Household Durables — 3.0%
Iida Group Holdings Co. Ltd.		1,400		25,983
Open House Group Co. Ltd.		600		27,281

Security	Shares		Value
Household Durables (continued)
Panasonic Corp.		2,600	$	27,153
Rinnai Corp.		400		32,907
Sekisui Chemical Co. Ltd.		1,600		26,202
Sekisui House Ltd.		1,400		28,543
Sharp Corp./Japan		2,600		24,586
Sony Group Corp.		200		20,434
				213,089
Household Products — 0.8%
Lion Corp.		2,200		28,836
Unicharm Corp.		800		30,155
				58,991
Industrial Conglomerates — 0.9%
Hitachi Ltd.		600		29,671
Toshiba Corp.		800		31,896
				61,567
Insurance — 2.6%
Dai-ichi Life Holdings Inc.		1,200		24,922
Japan Post Holdings Co. Ltd.		3,400		28,103
Japan Post Insurance Co. Ltd.		1,600		27,326
MS&AD Insurance Group Holdings Inc.		800		27,069
Sompo Holdings Inc.		600		26,051
T&D Holdings Inc.		1,800		26,142
Tokio Marine Holdings Inc.		400		22,761
				182,374
Interactive Media & Services — 0.8%
Kakaku.com Inc.		1,200		26,401
Z Holdings Corp.		5,600		27,411
				53,812
Internet & Direct Marketing Retail — 1.2%
Mercari Inc.(a)		1,000		31,320
Rakuten Group Inc.		3,200		27,202
ZOZO Inc.		1,000		28,475
				86,997
IT Services — 4.1%
Fujitsu Ltd.		200		29,057
GMO Payment Gateway Inc		400		38,691
Itochu Techno-Solutions Corp.		1,000		25,923
NEC Corp.		600		25,959
Nomura Research Institute Ltd.		800		28,082
NTT Data Corp.		1,400		26,592
Obic Co. Ltd.		200		32,167
Otsuka Corp.		800		31,075
SCSK Corp.		1,600		27,393
TIS Inc.		1,200		28,402
				293,341
Leisure Products — 1.1%
Bandai Namco Holdings Inc.		400		29,324
Shimano Inc.		100		23,287
Yamaha Corp.		600		28,151
				80,762
Machinery — 6.3%
Daifuku Co. Ltd.		400		28,931
FANUC Corp.		200		36,740
Hino Motors Ltd.		3,000		28,190
Hitachi Construction Machinery Co. Ltd.		1,000		24,472
Hoshizaki Corp.		400		27,889
Komatsu Ltd.		1,200		27,605
Kubota Corp.		1,600		28,707

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Kurita Water Industries Ltd.		600	$	24,795
Makita Corp.		800		28,513
MINEBEA MITSUMI Inc.		1,200		26,341
MISUMI Group Inc.		800		25,646
Mitsubishi Heavy Industries Ltd.		1,000		29,492
Miura Co. Ltd.		1,000		27,408
NGK Insulators Ltd.		1,800		27,954
Toyota Industries Corp.		400		30,424
Yaskawa Electric Corp.		600		24,022
				447,129
Marine — 1.0%
Mitsui OSK Lines Ltd.		400		32,497
Nippon Yusen KK		400		37,476
				69,973
Media — 1.1%
CyberAgent Inc.		2,200		28,788
Dentsu Group Inc.		600		23,940
Hakuhodo DY Holdings Inc.		2,000		26,577
				79,305
Metals & Mining — 1.6%
Hitachi Metals Ltd.(a)		1,600		28,521
JFE Holdings Inc.		2,000		29,775
Nippon Steel Corp.		1,600		29,294
Sumitomo Metal Mining Co. Ltd.		600		29,930
				117,520
Multiline Retail — 0.7%
Pan Pacific International Holdings Corp.		1,600		26,189
Ryohin Keikaku Co. Ltd.		1,800		26,510
				52,699
Oil, Gas & Consumable Fuels — 1.2%
ENEOS Holdings Inc.		7,400		29,302
Idemitsu Kosan Co. Ltd.		1,000		26,807
Inpex Corp.		2,800		28,861
				84,970
Paper & Forest Products — 0.4%
Oji Holdings Corp.		5,200		26,567
Personal Products — 1.9%
Kao Corp.		600		28,048
Kobayashi Pharmaceutical Co. Ltd.		400		34,260
Kose Corp.		200		22,928
Pola Orbis Holdings Inc.		1,800		28,355
Shiseido Co. Ltd.		400		22,954
				136,545
Pharmaceuticals — 5.1%
Astellas Pharma Inc.		1,600		26,695
Chugai Pharmaceutical Co. Ltd.		700		23,222
Daiichi Sankyo Co. Ltd.		1,200		29,274
Eisai Co. Ltd.		600		29,769
Kyowa Kirin Co. Ltd.		1,000		25,591
Nippon Shinyaku Co. Ltd.		400		26,052
Ono Pharmaceutical Co. Ltd.		1,200		29,544
Otsuka Holdings Co. Ltd.		800		27,579
Santen Pharmaceutical Co. Ltd.		2,400		27,353
Shionogi & Co. Ltd.		400		26,597
Sumitomo Dainippon Pharma Co. Ltd.		2,600		28,534
Taisho Pharmaceutical Holdings Co. Ltd.		600		29,784

Security	Shares		Value
Pharmaceuticals (continued)
Takeda Pharmaceutical Co. Ltd.		1,000	$	30,490
				360,484
Professional Services — 1.5%
Benefit One Inc.		1,200		27,794
Nihon M&A Center Holdings Inc.		1,800		26,624
Persol Holdings Co. Ltd.		1,200		26,882
Recruit Holdings Co. Ltd.		600		25,326
				106,626
Real Estate Management & Development — 2.7%
Daito Trust Construction Co. Ltd.		200		22,128
Daiwa House Industry Co. Ltd.		1,000		28,360
Hulic Co. Ltd.		3,000		27,330
Mitsubishi Estate Co. Ltd.		1,800		27,483
Mitsui Fudosan Co. Ltd.		1,200		26,707
Nomura Real Estate Holdings Inc.		1,200		29,879
Sumitomo Realty & Development Co. Ltd.		1,000		29,418
				191,305
Road & Rail — 4.1%
Central Japan Railway Co.		200		27,023
East Japan Railway Co.		400		23,763
Hankyu Hanshin Holdings Inc.		1,000		29,917
Keio Corp.		600		24,550
Keisei Electric Railway Co. Ltd.		1,000		28,006
Kintetsu Group Holdings Co. Ltd.(a)		1,000		30,042
Nippon Express Holdings Inc.		400		24,248
Odakyu Electric Railway Co. Ltd.		1,600		26,398
Tobu Railway Co. Ltd.		1,000		24,581
Tokyu Corp.		2,000		26,673
West Japan Railway Co.		600		25,886
				291,087
Semiconductors & Semiconductor Equipment — 2.6%
Advantest Corp.		400		32,146
Lasertec Corp.		100		18,537
Renesas Electronics Corp.(a)		2,200		25,918
Rohm Co. Ltd.		400		31,901
SUMCO Corp.		1,600		26,702
Tokyo Electron Ltd.		100		49,078
				184,282
Software — 0.9%
Oracle Corp. Japan		400		28,570
Trend Micro Inc/Japan		600		33,520
				62,090
Specialty Retail — 1.3%
Hikari Tsushin Inc.		200		24,852
Nitori Holdings Co. Ltd.		200		30,096
USS Co. Ltd.		2,400		39,869
				94,817
Technology Hardware, Storage & Peripherals — 1.9%
Brother Industries Ltd.		1,400		25,481
Canon Inc.		1,200		28,240
FUJIFILM Holdings Corp.		400		25,426
Ricoh Co. Ltd.		3,000		25,592
Seiko Epson Corp.		1,800		27,685
				132,424
Tobacco — 0.4%
Japan Tobacco Inc.		1,400		25,748

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, 2022 iShares^® MSCI Japan Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors — 2.8%
ITOCHU Corp.		800	$	26,071
Marubeni Corp.		2,800		29,391
Mitsubishi Corp.		800		26,899
Mitsui & Co. Ltd.		1,200		29,919
MonotaRO Co. Ltd.		1,600		30,117
Sumitomo Corp.		1,800		29,368
Toyota Tsusho Corp.		600		24,909
				196,674
Wireless Telecommunication Services — 1.1%
KDDI Corp.		800		26,033
SoftBank Corp.		2,200		27,796
SoftBank Group Corp.		600		26,925
				80,754
Total Common Stocks — 99.8% (Cost: $6,915,422)				7,109,843
Total Investments in Securities — 99.8% (Cost: $6,915,422)				7,109,843
Other Assets, Less Liabilities — 0.2%				12,137
Net Assets — 100.0%			$	7,121,980

^(a)  Non-income producing security.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		1		03/10/22	$	16	$	(890	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	890

^(a) Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	82
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(953	)

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Equal Weighted ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	28,110

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	—	$	7,109,843		$	—	$	7,109,843
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(890	)	$	—	$	(890	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.2%
ANA Holdings Inc.(a)		3,500	$	77,064
Japan Airlines Co. Ltd.(a)		3,500		69,400
				146,464
Auto Components — 2.2%
Aisin Corp.		7,200		262,255
Bridgestone Corp.		28,000		1,153,066
Stanley Electric Co. Ltd.		7,000		166,339
Sumitomo Electric Industries Ltd.		38,500		511,092
				2,092,752
Automobiles — 14.7%
Honda Motor Co. Ltd.		80,500		2,445,662
Isuzu Motors Ltd.		14,000		189,344
Mazda Motor Corp.(a)		28,000		207,098
Nissan Motor Co. Ltd.(a)		115,500		550,841
Subaru Corp.		31,500		516,625
Suzuki Motor Corp.		8,700		346,416
Toyota Motor Corp.		521,500		9,541,457
Yamaha Motor Co. Ltd.		7,300		164,101
				13,961,544
Banks — 9.7%
Chiba Bank Ltd/The		24,600		154,634
Concordia Financial Group Ltd.		52,600		213,992
Japan Post Bank Co. Ltd.		21,000		184,261
Mitsubishi UFJ Financial Group Inc.		588,500		3,612,792
Mizuho Financial Group Inc.		119,050		1,568,974
Resona Holdings Inc.		101,600		454,385
Shizuoka Bank Ltd/The		21,000		155,256
Sumitomo Mitsui Financial Group Inc.		63,000		2,234,122
Sumitomo Mitsui Trust Holdings Inc.		17,500		621,810
				9,200,226
Beverages — 2.0%
Asahi Group Holdings Ltd.		21,900		883,432
Kirin Holdings Co. Ltd.		42,000		698,269
Suntory Beverage & Food Ltd.		7,000		278,944
				1,860,645
Building Products — 0.9%
AGC Inc.		10,500		465,807
Lixil Corp.		10,500		234,017
TOTO Ltd.		3,500		147,339
				847,163
Capital Markets — 1.5%
Daiwa Securities Group Inc.		70,000		413,875
Nomura Holdings Inc.		150,500		686,743
SBI Holdings Inc/Japan		12,100		317,406
				1,418,024
Chemicals — 2.9%
Asahi Kasei Corp.		63,000		591,244
Mitsubishi Chemical Holdings Corp.		42,000		298,361
Mitsubishi Gas Chemical Co. Inc.		7,000		124,194
Mitsui Chemicals Inc.		10,500		268,428
Nitto Denko Corp.		7,000		510,849
Sumitomo Chemical Co. Ltd.		73,500		350,906
Toray Industries Inc.		66,600		379,799
Tosoh Corp.		14,000		217,253
				2,741,034

Security	Shares		Value
Commercial Services & Supplies — 0.8%
Dai Nippon Printing Co. Ltd.		10,500	$	274,099
Secom Co. Ltd.		3,500		257,062
TOPPAN INC.		14,000		275,861
				807,022
Construction & Engineering — 1.1%
Kajima Corp.		21,100		283,974
Obayashi Corp.		31,500		263,749
Shimizu Corp.		28,000		185,337
Taisei Corp.		10,500		349,140
				1,082,200
Diversified Financial Services — 1.5%
Mitsubishi HC Capital Inc.		31,500		163,814
ORIX Corp.		59,500		1,179,476
Tokyo Century Corp.		1,800		78,915
				1,422,205
Diversified Telecommunication Services — 1.8%
Nippon Telegraph & Telephone Corp.		59,600		1,712,957
Electric Utilities — 0.9%
Chubu Electric Power Co. Inc.		31,500		314,643
Kansai Electric Power Co Inc/The		35,000		352,896
Tokyo Electric Power Co. Holdings Inc.(a)		73,600		231,030
				898,569
Electrical Equipment — 1.5%
Fuji Electric Co. Ltd.		7,000		360,162
Mitsubishi Electric Corp.		91,000		1,100,692
				1,460,854
Electronic Equipment, Instruments & Components — 1.1%
Hirose Electric Co. Ltd.		600		90,217
Kyocera Corp.		14,600		840,274
Yokogawa Electric Corp.		7,000		112,940
				1,043,431
Entertainment — 0.1%
Toho Co. Ltd./Tokyo		1,900		79,240
Equity Real Estate Investment Trusts (REITs) — 2.4%
Daiwa House REIT Investment Corp.		108		292,899
GLP J-Reit		210		313,532
Japan Metropolitan Fund Invest		350		283,270
Japan Real Estate Investment Corp.		61		325,847
Nippon Building Fund Inc.		73		418,313
Nippon Prologis REIT Inc.		70		205,803
Nomura Real Estate Master Fund Inc.		210		276,940
Orix JREIT Inc.		140		195,863
				2,312,467
Food & Staples Retailing — 2.0%
Seven & i Holdings Co. Ltd.		38,500		1,873,322
Food Products — 1.1%
Ajinomoto Co. Inc.		10,500		305,980
MEIJI Holdings Co. Ltd.		7,000		420,126
Nisshin Seifun Group Inc.		10,500		149,037
Nissin Foods Holdings Co. Ltd.		500		39,949
Toyo Suisan Kaisha Ltd.		3,500		147,129
				1,062,221
Gas Utilities — 0.7%
Osaka Gas Co. Ltd.		17,500		320,272
Tokyo Gas Co. Ltd .		17,500		356,446
				676,718

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services — 0.2%
Medipal Holdings Corp.		10,500	$	192,171
Household Durables — 2.3%
Iida Group Holdings Co. Ltd.		7,000		129,914
Panasonic Corp.		108,500		1,133,099
Sekisui Chemical Co. Ltd.		17,500		286,579
Sekisui House Ltd.		31,500		642,225
				2,191,817
Household Products — 0.1%
Lion Corp.		7,000		91,750
Industrial Conglomerates — 2.5%
Hitachi Ltd.		31,500		1,557,760
Toshiba Corp.		19,300		769,487
				2,327,247
Insurance — 5.0%
Dai-ichi Life Holdings Inc.		49,000		1,017,639
Japan Post Holdings Co. Ltd.		119,100		984,445
Japan Post Insurance Co. Ltd.		10,500		179,327
MS&AD Insurance Group Holdings Inc.		21,000		710,571
Sompo Holdings Inc.		15,400		668,638
T&D Holdings Inc.		24,600		357,277
Tokio Marine Holdings Inc.		15,200		864,896
				4,782,793
Interactive Media & Services — 0.3%
Z Holdings Corp.		66,500		325,507
Internet & Direct Marketing Retail — 0.1%
Rakuten Group Inc.		14,000		119,009
Machinery — 2.3%
Hino Motors Ltd.		14,000		131,555
Hitachi Construction Machinery Co. Ltd.		7,000		171,301
Hoshizaki Corp.		1,000		69,721
Kubota Corp.		31,500		565,163
Mitsubishi Heavy Industries Ltd.		17,500		516,120
NGK Insulators Ltd.		14,000		217,418
Toyota Industries Corp.		7,000		532,428
				2,203,706
Marine — 1.2%
Mitsui OSK Lines Ltd.		5,500		446,832
Nippon Yusen KK		7,000		655,837
				1,102,669
Media — 0.5%
Dentsu Group Inc.		10,500		418,952
Hakuhodo DY Holdings Inc.		7,000		93,019
				511,971
Metals & Mining — 1.9%
Hitachi Metals Ltd.(a)		3,700		65,954
JFE Holdings Inc.		24,500		364,745
Nippon Steel Corp.		42,000		768,977
Sumitomo Metal Mining Co. Ltd.		11,900		593,601
				1,793,277
Multiline Retail — 0.2%
Ryohin Keikaku Co. Ltd.		14,000		206,187
Oil, Gas & Consumable Fuels — 1.5%
ENEOS Holdings Inc.		150,500		595,949
Idemitsu Kosan Co. Ltd.		10,592		283,935

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Inpex Corp.		49,000	$	505,068
				1,384,952
Paper & Forest Products — 0.2%
Oji Holdings Corp.		38,500		196,702
Personal Products — 0.5%
Kao Corp.		8,000		373,975
Pola Orbis Holdings Inc.		3,500		55,135
				429,110
Pharmaceuticals — 5.8%
Astellas Pharma Inc.		91,000		1,518,264
Otsuka Holdings Co. Ltd.		18,600		641,220
Santen Pharmaceutical Co. Ltd.		17,500		199,449
Shionogi & Co. Ltd.		8,200		545,237
Sumitomo Dainippon Pharma Co. Ltd.		10,500		115,234
Taisho Pharmaceutical Holdings Co. Ltd.		1,900		94,317
Takeda Pharmaceutical Co. Ltd.		77,000		2,347,753
				5,461,474
Real Estate Management & Development — 4.0%
Daito Trust Construction Co. Ltd.		3,500		387,239
Daiwa House Industry Co. Ltd.		28,000		794,088
Hulic Co. Ltd.		10,500		95,656
Mitsubishi Estate Co. Ltd.		59,500		908,462
Mitsui Fudosan Co. Ltd.		45,500		1,012,650
Nomura Real Estate Holdings Inc.		7,000		174,290
Sumitomo Realty & Development Co. Ltd.		14,000		411,857
				3,784,242
Road & Rail — 3.6%
Central Japan Railway Co.		7,000		945,814
East Japan Railway Co		14,800		879,249
Hankyu Hanshin Holdings Inc.		10,500		314,129
Keio Corp.		3,500		143,210
Keisei Electric Railway Co. Ltd.		3,500		98,020
Kintetsu Group Holdings Co. Ltd.(a)		3,500		105,148
Nippon Express Holdings Inc.		3,500		212,169
Odakyu Electric Railway Co. Ltd.		7,200		118,789
Tokyu Corp.		10,500		140,032
West Japan Railway Co.		10,700		461,640
				3,418,200
Semiconductors & Semiconductor Equipment — 0.1%
Rohm Co. Ltd.		1,100		87,729
Software — 0.2%
Trend Micro Inc/Japan		3,500		195,533
Specialty Retail — 0.2%
USS Co. Ltd.		10,500		174,427
Technology Hardware, Storage & Peripherals — 2.5%
Brother Industries Ltd.		10,500		191,109
Canon Inc.		49,000		1,153,114
FUJIFILM Holdings Corp.		11,400		724,631
Ricoh Co. Ltd.		10,500		89,574
Seiko Epson Corp.		14,000		215,326
				2,373,754
Tobacco — 1.2%
Japan Tobacco Inc.		59,500		1,094,274
Trading Companies & Distributors — 6.8%
ITOCHU Corp.		28,000		912,481

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, 2022 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Marubeni Corp.		77,000	$	808,241
Mitsubishi Corp.		63,000		2,118,292
Mitsui & Co. Ltd.		49,000		1,221,702
Sumitomo Corp.		56,000		913,674
Toyota Tsusho Corp.		10,500		435,907
				6,410,297
Wireless Telecommunication Services — 7.4%
KDDI Corp.		80,500		2,619,570
SoftBank Corp.		140,100		1,770,077
SoftBank Group Corp.		59,500		2,670,121
				7,059,768
Total Common Stocks — 99.7% (Cost: $94,617,391)				94,617,624
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(c)		20,000		20,000
Total Short-Term Investments — 0.0% (Cost: $20,000)				20,000
Total Investments in Securities — 99.7% (Cost: $94,637,391)				94,637,624
Other Assets, Less Liabilities — 0.3%				296,664
Net Assets — 100.0%			$	94,934,288

^(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	20,000	(a)	$	—	$	—	$	—	$	20,000		20,000	$	2	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/  Unrealized  Appreciation  (Depreciation)
Long Contracts
Mini TOPIX Index		20		03/10/22	$	329	$	(11,652	)

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	11,652

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,961	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(13,085	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	456,718

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	—	$	94,617,624		$	—	$	94,617,624
Money Market Funds		20,000		—			—		20,000
	$	20,000	$	94,617,624		$	—	$	94,637,624
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(11,652	)	$	—	$	(11,652	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

Statements of Assets and Liabilities (unaudited)

February 28, 2022

	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Equal Weighted ETF			iShares MSCI Japan Value ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	9,356,091		$	7,109,843		$	94,617,624
Affiliated(b)		10,000			—			20,000
Cash		5,356			866			7,247
Foreign currency, at value(c)		151,399			5,673			178,391
Foreign currency collateral pledged:
Futures contracts(d)		—			796			14,280
Receivables:
Investments sold		322,499			390,879			526,906
Variation margin on futures contracts		—			320			6,096
Dividends		621			15,857			186,346
Tax reclaims		—			743			171
Total assets		9,845,966			7,524,977			95,557,061
LIABILITIES
Payables:
Investments purchased		485,023			402,171			612,258
Investment advisory fees		4,367			826			10,515
Total liabilities		489,390			402,997			622,773
NET ASSETS	$	9,356,576		$	7,121,980		$	94,934,288
NET ASSETS CONSIST OF:
Paid-in capital	$	9,892,974		$	7,211,200		$	96,403,304
Accumulated loss		(536,398	)		(89,220	)		(1,469,016	)
NET ASSETS	$	9,356,576		$	7,121,980		$	94,934,288
Shares outstanding		400,000			200,000			3,500,000
Net asset value	$	23.39		$	35.61		$	27.12
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — Unaffiliated	$	9,860,046		$	6,915,422		$	94,617,391
(b) Investments, at cost — Affiliated	$	10,000		$	—		$	20,000
(c)  Foreign currency, at cost	$	151,559		$	5,675		$	177,804
(d) Foreign currency collateral pledged, at cost	$	—		$	798		$	14,244

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended February 28, 2022

		iShares MSCI China Multisector Tech ETF	(a)		iShares MSCI Japan Equal Weighted ETF			iShares MSCI Japan Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	620		$	81,545		$	808,982
Dividends — Affiliated		—			—			2
Foreign taxes withheld		—			(8,143	)		(80,790	)
Total investment income		620			73,402			728,194
EXPENSES
Investment advisory fees		5,298			5,700			54,467
Total expenses		5,298			5,700			54,467
Net investment income (loss)		(4,678	)		67,702			673,727
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(27,592	)		(16,413	)		(362,164	)
Futures contracts		—			82			(1,961	)
Foreign currency transactions		7			(1,025	)		(16,551	)
Net realized loss		(27,585	)		(17,356	)		(380,676	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(503,955	)		(690,458	)		(1,628,292	)
Futures contracts		—			(953	)		(13,085	)
Foreign currency translations		(180	)		15			760
Net change in unrealized appreciation (depreciation)		(504,135	)		(691,396	)		(1,640,617	)
Net realized and unrealized loss		(531,720	)		(708,752	)		(2,021,293	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(536,398	)	$	(641,050	)	$	(1,347,566	)

^(a)   For the period from January 25, 2022 (commencement of operations) to February 28, 2022.    

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

	iShares   MSCI China   Multisector Tech ETF			iShares MSCI Japan Equal Weighted ETF
	Period From       01/25/22(a)    to 02/28/22       (unaudited)			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(4,678	)	$	67,702		$	134,256
Net realized loss		(27,585	)		(17,356	)		(163,375	)
Net change in unrealized appreciation (depreciation)		(504,135	)		(691,396	)		1,181,460
Net increase (decrease) in net assets resulting from operations		(536,398	)		(641,050	)		1,152,341
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		—			(131,155	)		(116,528	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		9,892,974			—			—
NET ASSETS
Total increase (decrease) in net assets		9,356,576			(772,205	)		1,035,813
Beginning of period		—			7,894,185			6,858,372
End of period	$	9,356,576		$	7,121,980		$	7,894,185

^(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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Statements of Changes in Net Assets (continued)

	iShares MSCI Japan Value ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	673,727		$	607,492
Net realized loss		(380,676	)		(111,985	)
Net change in unrealized appreciation (depreciation)		(1,640,617	)		1,980,603
Net increase (decrease) in net assets resulting from operations		(1,347,566	)		2,476,110
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,096,497	)		(537,816	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		53,017,656			35,457,668
NET ASSETS
Total increase in net assets		50,573,593			37,395,962
Beginning of period		44,360,695			6,964,733
End of period	$	94,934,288		$	44,360,695

^(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 23

Financial Highlights

(For a share outstanding throughout the period)

	iShares MSCI China Multisector Tech ETF
		Period From 01/25/22 to 02/28/22 (unaudited)	(a)
Net asset value, beginning of period	$	24.81
Net investment loss(b)		(0.01	)
Net realized and unrealized loss(c)		(1.41	)
Net decrease from investment operations		(1.42	)
Net asset value, end of period	$	23.39
Total Return(d)
Based on net asset value		(5.71	)%(e)
Ratios to Average Net Assets(f)
Total expenses		0.59	%(g)
Net investment loss		(0.52	)%(g)
Supplemental Data
Net assets, end of period (000)	$	9,357
Portfolio turnover rate(h)		5	%(e)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  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 Japan Equal Weighted ETF
		Six Months Ended 02/28/22 (unaudited)					Year Ended 08/31/21			Year Ended 08/31/20			Period From 03/05/19 to 08/31/19	(a)
Net asset value, beginning of period			$	39.47		$	34.29		$	32.59		$	33.43
Net investment income(b)				0.34			0.67			0.66			0.44
Net realized and unrealized gain (loss)(c)				(3.54	)		5.09			1.95			(0.82	)
Net increase (decrease) from investment operations				(3.20	)		5.76			2.61			(0.38	)
Distributions(d)
From net investment income				(0.66	)		(0.58	)		(0.91	)		(0.46	)
Total distributions				(0.66	)		(0.58	)		(0.91	)		(0.46	)
Net asset value, end of period			$	35.61		$	39.47		$	34.29		$	32.59
Total Return(e)
Based on net asset value				(8.24	)%(f)		16.83	%		7.98	%		(1.14	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.15	%(h)		0.15	%		0.15	%		0.15	%(h)
Net investment income				1.78	%(h)		1.75	%		1.98	%		2.68	%(h)
Supplemental Data
Net assets, end of period (000)			$	7,122		$	7,894		$	6,858		$	6,519
Portfolio turnover rate(i)				15	%(f)		25	%		17	%		6	%(f)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  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

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Japan Value ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Period From 03/05/19 to 08/31/19	(a)
Net asset value, beginning of period.	$	27.73		$	23.22		$	23.70		$	24.67
Net investment income(b)		0.26			0.65			0.71			0.46
Net realized and unrealized gain (loss)(c)		(0.48	)		4.36			(0.26	)		(0.97	)
Net increase (decrease) from investment operations		(0.22	)		5.01			0.45			(0.51	)
Distributions(d)
From net investment income		(0.39	)		(0.50	)		(0.93	)		(0.46	)
Total distributions		(0.39	)		(0.50	)		(0.93	)		(0.46	)
Net asset value, end of period	$	27.12		$	27.73		$	23.22		$	23.70
Total Return(e)
Based on net asset value		(0.74	)%(f)		21.62	%		1.71	%		(2.10	)%(f)
Ratios to Average Net Assets(g)
Total expenses		0.15	%(h)		0.15	%		0.15	%		0.15	%(h)
Net investment income		1.86	%(h)		2.39	%		2.98	%		3.83	%(h)
Supplemental Data
Net assets, end of period (000)	$	94,934		$	44,361		$	6,965		$	7,111
Portfolio turnover rate(i)		10	%(f)		24	%		35	%		9	%(f)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾  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 China Multisector Tech(a)	Non-diversified
MSCI Japan Equal Weighted(b)	Diversified
MSCI Japan Value(b)	Diversified

^(a)  The Fund commenced operation on January 25, 2022.

^(b)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 Statements 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, 2022, if any, are disclosed in the Statements 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 Statements 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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.

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Notes to Financial Statements (unaudited) (continued)

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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the 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, 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
MSCI China Multisector Tech		0.59	%
MSCI Japan Equal Weighted		0.15
MSCI Japan Value		0.15

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.

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, 2022, 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	$3,841,038	$3,175,545	$(137,429)

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

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, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases	Sales
MSCI China Multisector Tech	$8,515,083	$    473,092
MSCI Japan Equal Weighted	1,107,091	1,159,303
MSCI Japan Value	8,169,181	7,441,607

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Notes to Financial Statements (unaudited) (continued)

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI China Multisector Tech	$	1,845,647	$	—
MSCI Japan Value		51,633,834		—

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, 2022, 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, 2021, 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	$	161,727
MSCI Japan Value		424,703

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, 2022, 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 China Multisector Tech	$	9,870,046	$	170,164	$	(674,119	)	$	(503,955	)
MSCI Japan Equal Weighted		7,016,176		699,337		(606,560	)		92,777
MSCI Japan Value		95,201,605		4,059,641		(4,635,274	)		(575,633	)

8. LINE OF CREDIT

The iShares MSCI China Multisector Tech ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) 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 Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

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.

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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: 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. Although vaccines have been developed and approved for use by various governments, 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 Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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.

The 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. 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.

The 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.

The 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.

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)

The 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.

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

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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:

	Period Ended 02/28/22
iShares ETF	Shares		Amount
MSCI China Multisector Tech
Shares sold		400,000	$	9,892,974

	Six Months Ended 02/28/22				Year Ended 08/31/21
iShares ETF	Shares		Amount		Shares			Amount
MSCI Japan Value
Shares sold		1,900,000	$	53,017,656		1,400,000		$	37,929,376
Shares redeemed		—		—		(100,000	)		(2,471,708	)
Net increase		1,900,000	$	53,017,656		1,300,000		$	35,457,668

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 Statements 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.

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Board Review and Approval of Investment Advisory Contract

iShares MSCI China Multisector Tech ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), 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 Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on September 29 – October 1, 2021, the Board, including the Independent Board Members, 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 Board Members 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 Board Members, 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) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; 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 Board Members, 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 overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund 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: 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 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 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 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

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 33

Board Review and Approval of Investment Advisory Contract  (continued)

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 investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

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 Board Members, 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.

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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 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 9, 2021 (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, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each 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 the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each 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 also 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 material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 35

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted 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, 2022

	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 Equal Weighted(a)	$	0.570443	$	—	$	0.085332	$	0.655775		87	%		—	%		13	%		100%
MSCI Japan Value(a)		0.303401		—		0.088205		0.391606		77			—			23			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 e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

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’ Form 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 Trust’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 37

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR American Depositary Receipt

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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.

©2022 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-819-0222

FEBRUARY 28, 2022

2022 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, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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.

Overall, 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, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication 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		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		34
Statement Regarding Liquidity Risk Management Program		43
Supplemental Information		44
General Information		45
Glossary of Terms Used in this Report		46

Fund Summary as of February 28, 2022 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

				Average Annual Total Returns					Cumulative Total Returns
	6 Months			1 Year			Since     Inception		1 Year			Since     Inception
Fund NAV		(11.32	)%		(1.08	)%		12.77%		(1.08	)%		22.77%
Fund Market		(11.76	)		(1.46	)		12.59		(1.46	)		22.43
Index		(11.15	)		(0.88	)		13.03		(0.88	)		23.23

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 (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
	$        1,000.00	$        886.80	$        0.56			$        1,000.00	$    1,024.20	$        0.60		0.12%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	22.8%
Industrials	17.4
Information Technology	13.4
Health Care	12.0
Consumer Discretionary	9.2
Materials	7.4
Communication Services	6.4
Consumer Staples	6.1
Real Estate	4.7
Utilities	0.6

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan	27.2%
United Kingdom	10.7
France	9.9
Switzerland	9.3
Netherlands	7.8
Germany	7.3
Australia	4.9
Sweden	4.5
Denmark	3.9
Hong Kong	3.6

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Fund Summary as of February 28, 2022 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

				Average Annual Total Returns					Cumulative Total Returns
	6 Months			1 Year			Since     Inception		1 Year			Since     Inception
Fund NAV		(7.05	)%		(2.61	)%		13.68%		(2.61	)%		19.67%
Fund Market		(6.59	)		(1.06	)		14.40		(1.06	)		20.73
Index		(7.22	)		(2.47	)		14.15		(2.47	)		20.36

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 (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
	$        1,000.00	$        929.50	$        0.77			$        1,000.00	$     1,024.00	$        0.80		0.16%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	32.5%
Information Technology	20.1
Consumer Discretionary	16.8
Communication Services	9.4
Consumer Staples	5.4
Materials	4.9
Health Care	4.9
Industrials	3.6
Real Estate	1.9
Utilities	0.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
China	32.5%
Taiwan	18.8
India	12.3
South Korea	7.2
South Africa	7.0
Brazil	4.0
Indonesia	2.8
Thailand	2.6
United Arab Emirates	2.5
Malaysia	2.1

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2022 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

				Average Annual Total Returns					Cumulative Total Returns
	6 Months			1 Year			Since     Inception		1 Year			Since     Inception
Fund NAV		(7.76	)%		10.20	%		21.58%		10.20	%		39.59%
Fund Market		(7.68	)		10.12			21.69		10.12			39.80
Index		(7.90	)		9.92			21.36		9.92			39.13

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 (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
	$        1,000.00	$        922.40	$        0.48			$        1,000.00	$     1,024.30	$        0.50		0.10%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	42.4%
Health Care	12.7
Financials	12.1
Consumer Discretionary	9.2
Industrials	7.8
Consumer Staples	5.3
Real Estate	4.6
Materials	3.8
Communication Services	1.9
Utilities	0.2

TEN LARGEST HOLDINGS

Sector	Percent of    Total Investments(a)
Microsoft Corp.	12.5%
NVIDIA Corp.	3.6
Visa Inc., Class A	2.1
Home Depot Inc. (The)	1.9
Mastercard Inc., Class A	1.8
Coca-Cola Co. (The)	1.5
Cisco Systems Inc.	1.4
PepsiCo Inc.	1.3
Adobe Inc.	1.3
Verizon Communications Inc.	1.3

^(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 each 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 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses 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, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.9%
ASX Ltd.		7,447	$	447,278
Aurizon Holdings Ltd.		81,379		207,590
Australia & New Zealand Banking Group Ltd.		116,717		2,209,668
BlueScope Steel Ltd.		21,302		315,437
Brambles Ltd.		64,060		461,406
Cochlear Ltd.		2,876		469,490
Computershare Ltd.		20,862		329,627
CSL Ltd.		19,948		3,792,594
Dexus		43,131		341,424
Evolution Mining Ltd.		77,979		241,126
Fortescue Metals Group Ltd.		71,006		945,966
Goodman Group		66,746		1,079,927
GPT Group/The		75,709		270,135
IDP Education Ltd.		9,003		174,114
Lendlease Corp. Ltd.		28,914		223,065
Medibank Pvt Ltd.		107,185		247,223
Mineral Resources Ltd.		7,076		232,553
Mirvac Group		161,048		300,341
Newcrest Mining Ltd.		34,473		639,502
Northern Star Resources Ltd.		48,394		360,680
Orica Ltd.		16,418		175,044
QBE Insurance Group Ltd.		61,433		512,659
Ramsay Health Care Ltd.		7,753		361,660
REA Group Ltd.		2,267		218,514
Reece Ltd.		13,176		186,535
Scentre Group		215,700		479,199
SEEK Ltd.		15,322		299,129
Sonic Healthcare Ltd.		19,831		506,039
Stockland		101,449		306,974
Suncorp Group Ltd.		57,897		450,365
Transurban Group		122,958		1,135,690
Vicinity Centres		160,861		209,463
WiseTech Global Ltd.		5,985		191,616
				18,322,033
Austria — 0.2%
Erste Group Bank AG		14,705		522,716
Raiffeisen Bank International AG		5,678		92,523
voestalpine AG		4,770		157,653
				772,892
Belgium — 0.7%
Ageas SA/NV		7,137		343,334
Elia Group SA/NV		1,414		203,564
Groupe Bruxelles Lambert SA		4,525		469,859
KBC Group NV		10,432		751,593
Proximus SADP		5,490		109,143
Solvay SA		3,243		361,661
Umicore SA		7,911		323,636
				2,562,790
Denmark — 3.9%
Ambu A/S, Class B(a)		6,283		115,863
AP Moller - Maersk A/S, Class A		185		554,716
AP Moller - Maersk A/S, Class B, NVS		188		594,740
Chr Hansen Holding A/S		4,576		333,610
Demant A/S(b)		4,576		193,385
DSV A/S		8,258		1,519,940
Genmab A/S(b)		2,722		914,854
GN Store Nord AS		5,622		297,196
Novo Nordisk A/S, Class B		69,850		7,228,316

Security	Shares		Value
Denmark (continued)
Novozymes A/S, Class B		9,040	$	593,319
Pandora A/S		4,456		456,282
Rockwool International A/S, Class B		372		127,526
Tryg A/S		14,167		320,540
Vestas Wind Systems A/S		41,932		1,352,168
				14,602,455
Finland — 1.6%
Elisa Oyj		5,373		297,703
Kesko Oyj, Class B		12,263		360,896
Kone Oyj, Class B		14,825		865,092
Nokia Oyj(b)		221,264		1,196,450
Nordea Bank Abp		133,493		1,476,903
Orion Oyj, Class B		4,281		201,031
Sampo Oyj, Class A		20,201		953,174
Stora Enso Oyj, Class R		25,750		490,384
Wartsila OYJ Abp		20,455		229,087
				6,070,720
France — 9.7%
Accor SA(b)		6,650		227,119
Aeroports de Paris(b)		1,220		172,495
Air Liquide SA		19,592		3,254,331
Amundi SA(c)		2,721		188,717
Arkema SA		2,815		373,317
AXA SA		80,520		2,191,621
BioMerieux		1,649		181,244
BNP Paribas SA		47,275		2,743,109
Bouygues SA		9,892		353,719
Bureau Veritas SA		12,386		354,151
Capgemini SE		6,466		1,353,525
Carrefour SA		26,109		524,902
Cie. Generale des Etablissements Michelin SCA		6,832		940,476
CNP Assurances		6,784		165,348
Covivio		1,958		160,185
Credit Agricole SA		51,266		653,044
Danone SA		26,901		1,636,636
Dassault Systemes SE		26,901		1,297,604
Edenred		11,237		511,338
Eiffage SA		3,545		361,108
Eurazeo SE		1,648		127,293
Eurofins Scientific SE		5,759		584,411
Gecina SA		1,835		233,194
Getlink SE		19,052		310,725
Hermes International		1,318		1,817,570
Ipsen SA		1,661		193,273
Klepierre SA		8,065		230,534
Legrand SA		11,529		1,087,646
L’Oreal SA		10,500		4,150,904
Orpea SA		2,326		96,320
Publicis Groupe SA		8,723		578,908
Sartorius Stedim Biotech		1,159		444,442
Schneider Electric SE		22,469		3,481,259
SEB SA		1,220		177,432
Societe Generale SA		34,221		967,686
Sodexo SA		3,974		331,776
Ubisoft Entertainment SA(b)		3,993		214,093
Unibail-Rodamco-Westfield(a)(b)		5,129		390,962
Valeo		9,699		213,903
Vinci SA		22,302		2,338,396
Vivendi SE		34,404		434,308

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Wendel SE		981	$	99,590
Worldline SA/France(b)(c)		9,707		494,991
				36,643,605
Germany — 6.8%
adidas AG		7,902		1,868,362
Allianz SE, Registered		16,976		3,826,684
Aroundtown SA		43,143		266,026
Bayerische Motoren Werke AG		13,847		1,333,565
Bechtle AG		3,553		182,255
Beiersdorf AG		4,351		441,052
Brenntag SE		6,103		511,630
Carl Zeiss Meditec AG, Bearer		1,647		258,471
Commerzbank AG(b)		41,622		347,840
Covestro AG(c)		8,606		455,134
Daimler Truck Holding AG(b)		17,080		520,523
Delivery Hero SE(b)(c)		6,619		354,783
Deutsche Boerse AG		7,869		1,339,482
Deutsche Lufthansa AG, Registered(b)		24,766		190,883
Deutsche Post AG, Registered		40,667		2,044,013
Evonik Industries AG		9,151		275,460
GEA Group AG		6,649		290,753
Hannover Rueck SE		2,505		461,175
HeidelbergCement AG		6,229		404,181
HelloFresh SE(b)		7,146		389,786
Henkel AG & Co. KGaA		4,584		352,451
Infineon Technologies AG		53,472		1,809,273
KION Group AG		3,111		249,397
Knorr-Bremse AG		2,999		264,392
LANXESS AG		3,558		173,316
LEG Immobilien SE		2,999		385,642
Merck KGaA		5,335		1,058,184
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		5,833		1,600,208
Nemetschek SE		2,501		221,917
Puma SE		3,859		353,887
Rational AG		186		136,889
Scout24 SE(c)		3,254		189,807
Symrise AG		5,559		661,224
Telefonica Deutschland Holding AG		41,791		114,041
United Internet AG, Registered(d)		3,660		124,470
Vonovia SE		30,348		1,610,963
Zalando SE(b)(c)		9,839		651,211
				25,719,330
Hong Kong — 3.5%
AIA Group Ltd.		500,200		5,193,999
BOC Hong Kong Holdings Ltd.		156,000		560,830
Chow Tai Fook Jewellery Group Ltd.(b)		82,000		170,276
CK Asset Holdings Ltd.		80,000		505,284
ESR Cayman Ltd.(b)(c)		88,000		271,482
Hang Lung Properties Ltd.		63,000		132,053
Hang Seng Bank Ltd.		24,400		449,963
HKT Trust & HKT Ltd., Class SS		183,000		246,823
Hong Kong Exchanges & Clearing Ltd.		39,900		1,933,421
Link REIT		89,800		725,656
MTR Corp. Ltd.(a)		64,500		334,336
New World Development Co. Ltd.		61,000		243,978
Sino Land Co. Ltd.		138,000		174,183
Sun Hung Kai Properties Ltd.		62,000		720,798
Swire Properties Ltd.		48,800		126,905

Security	Shares		Value
Hong Kong (continued)
Techtronic Industries Co. Ltd.		61,000	$	1,022,119
WH Group Ltd.(c)		335,500		233,982
Wharf Real Estate Investment Co. Ltd.		63,000		282,825
				13,328,913
Ireland — 0.9%
CRH PLC		32,660		1,484,666
James Hardie Industries PLC		19,216		627,346
Kerry Group PLC, Class A		6,778		807,525
Smurfit Kappa Group PLC		10,313		515,054
				3,434,591
Israel — 0.9%
Bank Hapoalim BM		37,500		397,443
Bank Leumi Le-Israel BM		48,631		526,816
Check Point Software Technologies Ltd.(b)		4,585		664,275
CyberArk Software Ltd.(b)		1,708		290,599
Fiverr International Ltd.(a)(b)		947		74,728
Israel Discount Bank Ltd., Class A		49,904		329,075
Kornit Digital Ltd.(b)		1,952		185,108
Mizrahi Tefahot Bank Ltd.		6,042		236,117
Nice Ltd.(b)		2,624		593,570
Wix.com Ltd.(a)(b)		2,217		203,033
				3,500,764
Italy — 1.4%
Amplifon SpA		4,949		212,384
Assicurazioni Generali SpA		46,992		929,353
DiaSorin SpA		1,103		165,069
Ferrari NV		5,085		1,092,707
FinecoBank Banca Fineco SpA		17,232		287,186
Infrastrutture Wireless Italiane SpA(c)		13,792		140,834
Mediobanca Banca di Credito Finanziario SpA		22,298		232,216
Moncler SpA		8,909		534,986
Nexi SpA(b)(c)		19,951		272,490
Poste Italiane SpA(c)		23,554		270,153
Prysmian SpA		11,103		365,504
Recordati Industria Chimica e Farmaceutica SpA		4,282		209,439
Telecom Italia SpA/Milano		409,439		172,024
Terna - Rete Elettrica Nazionale		66,194		542,314
				5,426,659
Japan — 26.9%
Advantest Corp.		6,700		538,445
Aeon Co. Ltd.		30,500		690,937
Ajinomoto Co. Inc.		18,300		533,280
ANA Holdings Inc.(b)		6,200		136,513
Asahi Kasei Corp.		53,200		499,273
Astellas Pharma Inc.		75,400		1,257,990
Azbil Corp.		6,100		231,549
Bridgestone Corp.		25,100		1,033,641
Brother Industries Ltd.		12,200		222,051
Canon Inc.		43,400		1,021,330
Capcom Co. Ltd.		6,100		148,052
Central Japan Railway Co.		6,100		824,209
Chiba Bank Ltd/The		24,400		153,377
Chugai Pharmaceutical Co. Ltd.		30,500		1,011,795
CyberAgent Inc.		15,300		200,211
Dai Nippon Printing Co. Ltd.		6,100		159,239
Daifuku Co. Ltd.		6,100		441,194
Dai-ichi Life Holdings Inc.		43,500		903,414
Daiichi Sankyo Co. Ltd.		75,300		1,836,974
Daikin Industries Ltd.		9,600		1,774,123

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, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiwa House Industry Co. Ltd.		24,400	$	691,991
Daiwa Securities Group Inc.		61,000		360,662
Denso Corp.		18,800		1,322,019
Disco Corp.		1,000		279,650
East Japan Railway Co.		12,200		722,672
Eisai Co. Ltd.		6,100		302,650
FANUC Corp.		8,100		1,487,987
Fast Retailing Co. Ltd.		2,100		1,132,760
FUJIFILM Holdings Corp.		12,200		775,482
Fujitsu Ltd.		8,200		1,191,329
Hakuhodo DY Holdings Inc.		12,200		162,119
Hankyu Hanshin Holdings Inc.		12,200		364,988
Hino Motors Ltd.		12,400		116,520
Hirose Electric Co. Ltd.		1,100		165,399
Hitachi Metals Ltd.(b)		6,200		110,518
Hoshizaki Corp.		1,800		125,499
Hoya Corp.		15,400		2,006,137
Hulic Co. Ltd.		18,500		168,536
Ibiden Co. Ltd.		6,100		297,915
Itochu Techno-Solutions Corp.		6,100		158,133
Japan Exchange Group Inc.		24,400		456,916
Japan Metropolitan Fund Invest		307		248,468
Japan Real Estate Investment Corp.		61		325,847
JFE Holdings Inc.		18,300		272,442
JSR Corp.		6,100		191,893
Kajima Corp.		18,300		246,290
Kansai Paint Co. Ltd.		6,100		122,431
Kao Corp.		18,900		883,516
KDDI Corp.		67,100		2,183,517
Keio Corp.		6,100		249,594
Keisei Electric Railway Co. Ltd.		6,100		170,835
Keyence Corp.		7,800		3,689,405
Kikkoman Corp.		6,100		454,742
Kintetsu Group Holdings Co. Ltd.(b)		6,100		183,258
Kobayashi Pharmaceutical Co. Ltd.		2,000		171,298
Kobe Bussan Co. Ltd.		6,100		201,970
Komatsu Ltd.		36,600		841,943
Konami Holdings Corp.		3,300		187,739
Kubota Corp.		43,400		778,668
Kurita Water Industries Ltd.		6,100		252,081
Kyocera Corp.		12,200		702,146
Kyowa Kirin Co. Ltd.		12,200		312,209
Lion Corp.		12,200		159,907
Lixil Corp.		12,200		271,906
Mazda Motor Corp.(b)		24,400		180,471
Medipal Holdings Corp.		6,200		113,472
MEIJI Holdings Co. Ltd.		6,100		366,642
Mercari Inc.(b)		6,100		191,052
MINEBEA MITSUMI Inc.		18,300		401,701
MISUMI Group Inc.		12,300		394,309
Mitsubishi Chemical Holdings Corp.		55,800		396,394
Mitsubishi Electric Corp.		73,200		885,392
Mitsubishi Estate Co. Ltd.		43,600		665,697
Mitsubishi Gas Chemical Co. Inc.		6,100		108,226
Mitsubishi HC Capital Inc.		30,800		160,174
Mitsubishi UFJ Financial Group Inc.		494,100		3,033,272
Mitsui Chemicals Inc.		6,100		155,944
Mitsui Fudosan Co. Ltd.		37,300		830,151
MonotaRO Co. Ltd.		12,200		229,641
MS&AD Insurance Group Holdings Inc.		18,300		619,212

Security	Shares		Value
Japan (continued)
Murata Manufacturing Co. Ltd.		24,400	$	1,658,350
NEC Corp.		9,100		393,717
NGK Insulators Ltd.		6,100		94,732
Nidec Corp.		18,800		1,634,352
Nihon M&A Center Holdings Inc.		12,900		190,805
Nintendo Co. Ltd.		4,000		2,025,807
Nippon Building Fund Inc.		61		349,550
Nippon Paint Holdings Co. Ltd.		18,300		163,787
Nippon Prologis REIT Inc.		122		358,686
Nippon Telegraph & Telephone Corp.		48,800		1,402,555
Nippon Yusen KK		6,100		571,515
Nissin Foods Holdings Co. Ltd.		2,100		167,784
Nitori Holdings Co. Ltd.		2,900		436,387
Nitto Denko Corp.		6,100		445,168
Nomura Holdings Inc.		128,100		584,530
Nomura Real Estate Holdings Inc.		6,200		154,371
Nomura Real Estate Master Fund Inc.		183		241,333
Nomura Research Institute Ltd.		12,200		428,254
NTT Data Corp.		24,900		472,953
Obayashi Corp.		31,000		259,563
Odakyu Electric Railway Co. Ltd.		12,200		201,281
Oji Holdings Corp.		37,200		190,060
Omron Corp.		6,100		415,096
Ono Pharmaceutical Co. Ltd.		18,300		450,546
Oriental Land Co. Ltd./Japan		8,400		1,552,864
Orix JREIT Inc.		122		170,680
Otsuka Corp.		6,100		236,945
Otsuka Holdings Co. Ltd.		18,300		630,878
Pan Pacific International Holdings Corp.		16,600		271,710
Persol Holdings Co. Ltd.		6,200		138,890
Rakuten Group Inc.		36,600		311,123
Recruit Holdings Co. Ltd.		56,200		2,372,213
Renesas Electronics Corp.(b)		48,800		574,898
Resona Holdings Inc.		79,500		355,547
Ricoh Co. Ltd.		24,400		208,152
Rohm Co. Ltd.		3,200		255,212
Santen Pharmaceutical Co. Ltd.		18,300		208,567
SCSK Corp.		6,100		104,435
Secom Co. Ltd.		8,700		638,983
Seiko Epson Corp.		12,200		187,641
Sekisui Chemical Co. Ltd.		12,200		199,787
Sekisui House Ltd.		24,900		507,663
SG Holdings Co. Ltd.		12,200		258,581
Sharp Corp./Japan		6,100		57,682
Shimadzu Corp.		12,200		439,406
Shimizu Corp.		24,400		161,508
Shin-Etsu Chemical Co. Ltd.		14,800		2,311,584
Shionogi & Co. Ltd.		12,200		811,207
Shiseido Co. Ltd.		18,300		1,050,165
Shizuoka Bank Ltd/The		18,600		137,513
SoftBank Corp.		115,900		1,464,325
SoftBank Group Corp.		48,800		2,189,948
Sompo Holdings Inc.		12,200		529,700
Sony Group Corp.		51,800		5,292,520
Square Enix Holdings Co. Ltd.		6,100		297,488
SUMCO Corp.		12,200		200,247
Sumitomo Chemical Co. Ltd.		61,000		291,228
Sumitomo Dainippon Pharma Co. Ltd.		6,100		66,946
Sumitomo Metal Mining Co. Ltd.		6,100		304,283
Sumitomo Mitsui Financial Group Inc.		54,900		1,946,878

10 2 0 2 2    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, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sumitomo Realty & Development Co. Ltd.		13,100	$	385,380
Suntory Beverage & Food Ltd.		6,100		243,079
Sysmex Corp.		6,100		488,308
T&D Holdings Inc.		18,300		265,780
Taisei Corp.		6,100		202,834
TDK Corp.		18,300		740,660
Terumo Corp.		24,400		792,472
TIS Inc.		6,100		144,379
Tobu Railway Co. Ltd.		6,100		149,942
Tokio Marine Holdings Inc.		25,100		1,428,216
Tokyo Electron Ltd.		6,400		3,140,976
Tokyu Corp.		18,300		244,056
TOPPAN INC.		12,200		240,393
Toray Industries Inc.		61,000		347,864
Tosoh Corp.		12,200		189,321
TOTO Ltd.		6,100		256,790
Toyo Suisan Kaisha Ltd.		6,100		256,425
Trend Micro Inc/Japan		6,100		340,786
Unicharm Corp.		18,300		689,803
USS Co. Ltd.		6,100		101,334
Welcia Holdings Co. Ltd.		3,000		80,002
West Japan Railway Co.		12,200		526,355
Yakult Honsha Co. Ltd.		6,100		331,040
Yamaha Corp.		6,100		286,204
Yamaha Motor Co. Ltd.		12,200		274,251
Yaskawa Electric Corp.		6,100		244,224
Yokogawa Electric Corp.		6,100		98,419
Z Holdings Corp.		112,200		549,202
ZOZO Inc.		6,100		173,700
				101,092,108
Netherlands — 7.7%
ABN AMRO Bank NV, CVA(c)		17,712		235,698
Adyen NV(b)(c)		854		1,779,969
AerCap Holdings NV(b)		5,612		305,461
Akzo Nobel NV		7,505		714,042
Argenx SE(b)		1,894		548,395
ASM International NV		1,972		636,892
ASML Holding NV		17,150		11,473,758
CNH Industrial NV		42,155		599,634
Euronext NV(c)		3,446		311,075
EXOR NV		4,646		352,007
IMCD NV		2,334		379,138
ING Groep NV		162,541		1,898,233
InPost SA(b)		5,002		30,890
JDE Peet’s NV		4,334		142,282
Just Eat Takeaway.com NV(b)(c)		7,771		314,509
Koninklijke Ahold Delhaize NV		43,231		1,329,883
Koninklijke DSM NV		7,110		1,335,002
NN Group NV		11,721		562,548
Prosus NV		38,816		2,409,760
QIAGEN NV(b)		9,102		457,306
Randstad NV		4,823		328,681
STMicroelectronics NV		27,572		1,157,417
Universal Music Group NV		30,964		706,986
Wolters Kluwer NV		10,798		1,100,205
				29,109,771
New Zealand — 0.5%
Auckland International Airport Ltd.(b)		51,612		249,906
Fisher & Paykel Healthcare Corp. Ltd.		25,202		473,596

Security	Shares		Value
New Zealand (continued)
Mercury NZ Ltd.		36,910	$	143,776
Meridian Energy Ltd.		49,239		167,171
Ryman Healthcare Ltd.		19,520		132,773
Spark New Zealand Ltd.		81,869		251,362
Xero Ltd.(b)		4,944		339,940
				1,758,524
Norway — 0.8%
Adevinta ASA(b)		12,026		128,832
DNB Bank ASA		39,042		874,083
Gjensidige Forsikring ASA		8,855		219,025
Mowi ASA		15,150		390,094
Orkla ASA		31,232		292,561
Schibsted ASA, Class A		3,661		105,210
Schibsted ASA, Class B		3,847		99,581
Telenor ASA		27,521		407,190
Yara International ASA		7,231		368,274
				2,884,850
Portugal — 0.1%
Jeronimo Martins SGPS SA		11,716		255,429
Singapore — 1.7%
Ascendas Real Estate Investment Trust		140,499		288,085
CapitaLand Integrated Commercial Trust(a)		217,181		339,891
Capitaland Investment Ltd/Singapore(b)		104,400		286,083
City Developments Ltd.		12,600		66,673
DBS Group Holdings Ltd.		70,400		1,769,865
Oversea-Chinese Banking Corp. Ltd.		147,000		1,273,817
Singapore Airlines Ltd.(b)		55,700		210,907
Singapore Exchange Ltd.		23,200		160,957
Singapore Telecommunications Ltd.		342,300		642,079
United Overseas Bank Ltd.		48,800		1,084,598
UOL Group Ltd.		18,700		96,912
Venture Corp. Ltd.		10,400		135,662
				6,355,529
Spain — 1.9%
ACS Actividades de Construccion y Servicios SA		9,760		238,785
Aena SME SA(b)(c)		3,373		550,491
Amadeus IT Group SA(b)		18,743		1,236,599
CaixaBank SA		187,541		615,994
Cellnex Telecom SA(c)		22,725		1,027,902
EDP Renovaveis SA		13,115		318,789
Ferrovial SA		21,623		589,101
Grifols SA		14,152		268,323
Industria de Diseno Textil SA		45,413		1,184,633
Red Electrica Corp. SA		111		2,199
Telefonica SA		233,327		1,114,351
				7,147,167
Sweden — 4.5%
Assa Abloy AB, Class B		43,896		1,152,169
Atlas Copco AB, Class A		29,488		1,512,266
Atlas Copco AB, Class B		12,914		583,522
Electrolux AB, Class B		8,697		155,721
Embracer Group AB(b)		23,180		200,668
Epiroc AB, Class A		28,452		534,632
Epiroc AB, Class B		16,841		272,999
EQT AB		12,879		431,061
Essity AB, Class B		26,414		679,789
Fastighets AB Balder, Class B(b)		4,518		281,648
Getinge AB, Class B		9,864		382,867

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, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
H & M Hennes & Mauritz AB, Class B		29,008	$	484,117
Hexagon AB, Class B		80,344		1,085,421
Husqvarna AB, Class B		16,684		200,944
Industrivarden AB, Class A		4,674		129,072
Industrivarden AB, Class C		7,992		216,621
Investment AB Latour, Class B		6,405		176,924
Investor AB		14,156		313,024
Investor AB, Class B		80,244		1,633,966
Kinnevik AB, Class B(b)		10,374		264,125
L E Lundbergforetagen AB, Class B		3,062		147,856
Lifco AB, Class B		9,152		208,039
Nibe Industrier AB, Class B		61,386		546,444
Sagax AB, Class B		6,223		169,212
Sandvik AB		48,933		1,054,629
Sinch AB(a)(b)(c)		19,830		167,274
Skandinaviska Enskilda Banken AB, Class A		69,700		802,970
SKF AB, Class B		15,168		280,065
Svenska Cellulosa AB SCA, Class B		25,628		418,135
Svenska Handelsbanken AB, Class A		62,285		592,131
Tele2 AB, Class B		21,047		278,897
Telefonaktiebolaget LM Ericsson, Class B		120,051		1,104,697
Telia Co. AB		101,387		376,974
				16,838,879
Switzerland — 9.2%
ABB Ltd., Registered		66,745		2,255,508
Adecco Group AG, Registered		7,175		338,865
Alcon Inc.		20,811		1,607,807
Bachem Holding AG, Class B, Registered		261		155,328
Baloise Holding AG, Registered		2,074		347,898
Clariant AG, Registered		9,154		165,255
Coca-Cola HBC AG, Class DI		8,489		215,676
Geberit AG, Registered		1,353		885,102
Givaudan SA, Registered		401		1,674,338
Julius Baer Group Ltd.		9,556		559,565
Kuehne + Nagel International AG, Registered		2,390		651,789
Logitech International SA, Registered		6,998		523,653
Lonza Group AG, Registered		3,119		2,158,042
Novartis AG, Registered		91,134		7,983,541
Partners Group Holding AG		915		1,236,886
SGS SA, Registered		251		718,199
Sika AG, Registered		5,895		1,956,165
Sonova Holding AG, Registered		2,208		854,925
Straumann Holding AG, Registered		435		690,981
Swiss Life Holding AG, Registered		1,289		786,518
Swiss Prime Site AG, Registered		3,085		302,310
Swiss Re AG		13,246		1,265,730
Swisscom AG, Registered		981		587,631
Temenos AG, Registered		2,692		270,585
UBS Group AG, Registered		146,400		2,695,414
VAT Group AG(c)		1,103		416,818
Vifor Pharma AG		2,017		354,042
Zurich Insurance Group AG		6,356		2,917,379
				34,575,950
United Kingdom — 10.6%
3i Group PLC		40,516		721,757
abrdn plc		97,539		270,352
Admiral Group PLC		8,174		325,616
Antofagasta PLC		16,352		331,093
Ashtead Group PLC		18,520		1,203,464

Security	Shares		Value
United Kingdom (continued)
Auto Trader Group PLC(c)		38,432	$	339,895
AVEVA Group PLC		5,073		167,986
Aviva PLC		163,480		920,657
Barratt Developments PLC		43,811		356,850
Berkeley Group Holdings PLC		4,840		251,710
British Land Co PLC/The		37,150		262,529
Bunzl PLC		14,219		561,903
Burberry Group PLC		16,840		436,597
Coca-Cola Europacific Partners PLC		8,793		450,290
Compass Group PLC		72,964		1,649,209
Croda International PLC		5,856		586,179
Ferguson PLC		9,153		1,394,715
Halma PLC		16,433		530,031
Hikma Pharmaceuticals PLC		7,263		202,202
HSBC Holdings PLC		846,623		5,877,496
Informa PLC(b)		60,943		482,537
InterContinental Hotels Group PLC(b)		7,283		507,136
Intertek Group PLC		7,023		504,124
J Sainsbury PLC		70,029		258,275
JD Sports Fashion PLC		112,311		225,929
Kingfisher PLC		85,588		349,144
Land Securities Group PLC		28,984		307,135
Legal & General Group PLC		251,465		929,774
Lloyds Banking Group PLC		2,993,608		1,929,396
London Stock Exchange Group PLC		13,664		1,193,641
M&G PLC		107,484		295,890
Mondi PLC		19,522		409,600
Next PLC		5,378		492,422
Ocado Group PLC(b)		21,068		387,417
Pearson PLC		29,897		258,636
Persimmon PLC		13,061		420,349
Phoenix Group Holdings PLC		28,672		237,642
Prudential PLC		113,103		1,709,944
Reckitt Benckiser Group PLC		29,737		2,518,043
RELX PLC		79,810		2,430,453
Rentokil Initial PLC		79,674		540,697
Sage Group PLC/The		40,261		377,706
Schroders PLC		5,390		220,656
Segro PLC		48,254		839,188
Severn Trent PLC		10,381		399,388
Spirax-Sarco Engineering PLC		3,172		505,472
St. James’s Place PLC		22,481		421,472
Taylor Wimpey PLC		156,648		314,202
United Utilities Group PLC		30,934		443,985
Vodafone Group PLC		1,134,705		1,997,465
Whitbread PLC(b)		8,663		338,163
WPP PLC		47,400		666,676
				39,753,088
Total Common Stocks — 98.4%     (Cost: $383,851,326)			370,156,047
Preferred Stocks
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		2,480		200,553
Henkel AG & Co. KGaA, Preference Shares, NVS		7,687		610,100

12 2 0 2 2    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, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Sartorius AG, Preference Shares, NVS		1,049	$	463,147
				1,273,800
Total Preferred Stocks — 0.3% (Cost: $1,489,815)				1,273,800
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		1,047,023		1,047,232
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		30,000		30,000
				1,077,232
Total Short-Term Investments — 0.3% (Cost: $1,077,322)				1,077,232
Total Investments in Securities — 99.0% (Cost: $386,418,463)				372,507,079
Other Assets, Less Liabilities — 1.0%				3,655,098
Net Assets — 100.0%			$	376,162,177

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

^(b)  Non-income producing security.

^(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)  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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	27,552		$1,019,885	(a)	$	—	$	(115	)	$	(90	)	$	1,047,232		1,047,023	$	1,397	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		10,000	(a)		—		—			—			30,000		30,000		3			—
								$	(115	)	$	(90	)	$	1,077,232			$	1,400		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		27		03/10/22	$	445	$	(13,862	)
Euro STOXX 50 Index		16		03/18/22		700		(40,092	)
							$	(53,954	)

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, 2022 iShares^® ESG Advanced MSCI EAFE ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	53,954

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,025
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(55,692	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	999,485

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	3,172,474	$	366,983,573		$	—	$	370,156,047
Preferred Stocks		—		1,273,800			—		1,273,800
Money Market Funds		1,077,232		—			—		1,077,232
	$	4,249,706	$	368,257,373		$	—	$	372,507,079
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(53,954	)	$	—	$	(53,954	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 2    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, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 2.6%
Americanas SA		7,820	$	45,827
Atacadao SA		6,100		22,486
B3 SA - Brasil, Bolsa, Balcao		77,250		217,334
Banco Bradesco SA		14,930		48,968
Banco do Brasil SA		11,250		76,062
Banco Santander Brasil SA		4,460		26,436
CCR SA		16,410		37,333
Energisa SA		2,510		21,417
Hypera SA		2,499		16,211
Localiza Rent a Car SA		8,270		92,064
Lojas Renner SA		12,870		63,614
Natura & Co. Holding SA(a)		11,960		53,371
Rede D’Or Sao Luiz SA(b)		4,770		46,989
Rumo SA(a)		18,050		54,075
Telefonica Brasil SA		7,000		68,647
TIM SA		9,850		26,127
TOTVS SA		6,270		40,167
WEG SA		21,700		122,948
				1,080,076
Chile — 0.4%
Banco de Chile		626,400		66,412
Banco de Credito e Inversiones SA		661		23,630
Banco Santander Chile		649,230		31,880
Falabella SA		10,190		33,533
				155,455
China — 31.9%
360 Security Technology Inc., Class A(a)		11,489		19,124
3SBio Inc.(a)(b)		15,000		11,922
Agricultural Bank of China Ltd., Class A		24,000		11,338
Agricultural Bank of China Ltd., Class H		350,000		132,552
Alibaba Group Holding Ltd.(a)		138,000		1,840,094
Alibaba Health Information Technology Ltd.(a)		60,000		42,014
Baidu Inc., ADR(a)		3,510		535,064
Bank of China Ltd., Class H		960,000		373,455
Bank of Communications Co. Ltd., Class A		20,000		15,161
Bank of Communications Co. Ltd., Class H		120,000		82,263
Bank of Hangzhou Co. Ltd., Class A		6,000		13,638
Bank of Shanghai Co. Ltd., Class A		4,000		4,433
BeiGene Ltd., ADR(a)		590		124,207
Beijing Enterprises Water Group Ltd.		40,000		15,803
Beijing Shiji Information Technology Co. Ltd., Class A		1,020		3,875
Beijing Sinnet Technology Co. Ltd., Class A		2,100		4,973
BYD Co. Ltd., Class A		1,000		40,212
BYD Co. Ltd., Class H		10,000		309,873
BYD Electronic International Co. Ltd.		10,000		28,218
CanSino Biologics Inc., Class H(a)(b)		2,000		36,010
China Bohai Bank Co. Ltd., Class H(b)		50,000		8,318
China CITIC Bank Corp. Ltd., Class H		90,000		42,292
China Conch Venture Holdings Ltd.		20,000		96,245
China Construction Bank Corp., Class A		4,000		3,827
China Construction Bank Corp., Class H		1,190,000		892,458
China Everbright Bank Co. Ltd., Class A		10,000		5,299
China Everbright Bank Co. Ltd., Class H		50,000		18,595
China Feihe Ltd.(b)		50,000		59,663
China Galaxy Securities Co. Ltd., Class A		6,000		9,636
China Galaxy Securities Co. Ltd., Class H		55,000		31,481
China International Capital Corp. Ltd., Class A		1,400		9,384
China International Capital Corp. Ltd., Class H(b)		16,000		38,927

Security	Shares		Value
China (continued)
China Jushi Co. Ltd., Class A		3,171	$	8,609
China Lesso Group Holdings Ltd.		10,000		15,330
China Medical System Holdings Ltd.		20,000		35,613
China Mengniu Dairy Co. Ltd.		40,000		259,770
China Merchants Bank Co. Ltd., Class A		14,000		110,666
China Merchants Bank Co. Ltd., Class H		50,000		421,465
China Minsheng Banking Corp. Ltd., Class H		70,000		27,265
China Molybdenum Co. Ltd., Class A		8,000		7,674
China Molybdenum Co. Ltd., Class H		60,000		36,114
China Railway Signal & Communication Corp. Ltd., Class A		4,200		3,225
China Resources Mixc Lifestyle Services Ltd.(b)		8,000		41,149
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		3,000		17,007
China Ruyi Holdings Ltd.(a)		40,000		11,905
China Southern Airlines Co. Ltd., Class A(a)		4,900		5,376
China Southern Airlines Co. Ltd., Class H(a)		20,000		12,617
China Three Gorges Renewables Group Co. Ltd.		14,700		16,592
China TransInfo Technology Co. Ltd., Class A		2,800		6,157
China Vanke Co. Ltd., Class A		10,000		30,437
China Vanke Co. Ltd., Class H		20,000		47,504
China Zheshang Bank Co. Ltd., Class A		2,000		1,087
CIFI Ever Sunshine Services Group Ltd.		20,000		36,371
CIFI Holdings Group Co. Ltd.		40,000		27,845
Contemporary Amperex Technology Co. Ltd., Class A		2,000		171,319
Country Garden Services Holdings Co. Ltd.		20,000		119,639
CSC Financial Co. Ltd., Class A		5,000		20,472
CSPC Pharmaceutical Group Ltd.		120,000		142,244
Dali Foods Group Co. Ltd.(b)		40,000		21,067
Dongfeng Motor Group Co. Ltd., Class H		40,000		34,429
Fuyao Glass Industry Group Co. Ltd., Class A		700		4,876
Fuyao Glass Industry Group Co. Ltd., Class H(b)		8,000		39,249
GDS Holdings Ltd., ADR(a)		1,250		55,650
Geely Automobile Holdings Ltd.		80,000		149,011
GEM Co. Ltd., Class A		2,800		4,238
Genscript Biotech Corp.(a)		20,000		79,300
Great Wall Motor Co. Ltd., Class A		5,000		29,202
Great Wall Motor Co. Ltd., Class H		20,000		42,106
Greentown Service Group Co. Ltd.		20,000		20,090
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,024		4,829
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		700		9,331
Haitong Securities Co. Ltd., Class A		9,000		16,069
Haitong Securities Co. Ltd., Class H		24,000		20,652
Hangzhou Robam Appliances Co. Ltd., Class A		2,000		10,578
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		2,000		22,502
Hansoh Pharmaceutical Group Co. Ltd.(b)		20,000		42,694
Hopson Development Holdings Ltd.		9,000		18,527
Huadong Medicine Co. Ltd., Class A		700		4,199
Huatai Securities Co. Ltd., Class A		11,000		27,724
Huatai Securities Co. Ltd., Class H(b)		10,000		16,373
Hundsun Technologies Inc., Class A		1,060		8,809
Hygeia Healthcare Holdings Co. Ltd.(b)		4,000		21,703
Industrial & Commercial Bank of China Ltd., Class A		55,000		40,632
Industrial & Commercial Bank of China Ltd., Class H		750,000		447,716
Industrial Bank Co. Ltd., Class A		18,000		63,061
Industrial Securities Co. Ltd., Class A		4,200		5,439
Jafron Biomedical Co. Ltd., Class A		700		5,070
Jinxin Fertility Group Ltd.(a)(b)		20,000		23,386
Jiumaojiu International Holdings Ltd.(b)		10,000		22,465
Kingdee International Software Group Co. Ltd.(a)		30,000		74,149

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, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Lee & Man Paper Manufacturing Ltd.		20,000	$	12,857
Legend Biotech Corp., ADR(a)		520		20,587
Lenovo Group Ltd.		100,000		111,357
Li Auto Inc., ADR(a)		7,100		216,195
Livzon Pharmaceutical Group Inc., Class A		2,000		12,161
Longfor Group Holdings Ltd.(b)		25,000		133,688
LONGi Green Energy Technology Co. Ltd., Class A		4,000		49,790
Meituan, Class B(a)(b)		52,000		1,155,188
Microport Scientific Corp.		9,000		25,034
Ming Yang Smart Energy Group Ltd., Class A		1,000		4,112
NetEase Inc.		26,075		504,335
NIO Inc., ADR(a)		16,850		384,854
Orient Securities Co. Ltd., Class A		5,000		9,780
People’s Insurance Co. Group of China Ltd. (The), Class H		110,000		35,374
Pharmaron Beijing Co. Ltd., Class A		1,000		19,192
Pharmaron Beijing Co. Ltd., Class H(b)		2,000		24,248
Ping An Healthcare and Technology Co. Ltd.(a)(b)		7,000		21,692
Postal Savings Bank of China Co. Ltd., Class A		15,000		13,288
Postal Savings Bank of China Co. Ltd., Class H(b)		110,000		90,319
Sangfor Technologies Inc., Class A		700		16,124
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		32,000		44,185
Shanghai Electric Group Co. Ltd., Class A		11,483		8,037
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,400		9,397
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		5,000		20,048
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		18,000		32,491
Shanghai Pudong Development Bank Co. Ltd., Class A		10,000		13,311
Shengyi Technology Co. Ltd., Class A		3,000		9,277
Shenzhen Inovance Technology Co. Ltd., Class A		2,050		20,865
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,000		52,001
Shenzhou International Group Holdings Ltd.		11,000		184,763
Sino Biopharmaceutical Ltd.		140,000		89,371
Sinopharm Group Co. Ltd., Class H		24,000		58,180
Sungrow Power Supply Co. Ltd., Class A		1,000		19,364
Suningcom Co Ltd, Class A(a)		19,600		11,139
Sunny Optical Technology Group Co. Ltd.		9,000		215,676
TCL Technology Group Corp., Class A		18,000		15,908
Tianfeng Securities Co. Ltd., Class A		20,000		11,184
Tongcheng Travel Holdings Ltd.(a)		12,000		22,349
Topsports International Holdings Ltd.(b)		20,000		20,705
Transfar Zhilian Co. Ltd., Class A		3,000		3,673
Trip.com Group Ltd., ADR(a)		6,340		163,699
Unisplendour Corp. Ltd., Class A		3,000		10,458
Venus MedTech Hangzhou Inc., Class H(a)(b)		5,000		13,901
Vinda International Holdings Ltd.		10,000		28,472
Vipshop Holdings Ltd., ADR(a)		5,730		49,679
Want Want China Holdings Ltd.		50,000		53,170
Wharf Holdings Ltd. (The)		20,000		72,360
Wuhu Sanqi Interactive Entertainment Network Technology
Group Co. Ltd., Class A		2,000		6,642
WuXi AppTec Co. Ltd., Class A		1,060		17,545
WuXi AppTec Co. Ltd., Class H(b)		5,040		71,742
Wuxi Biologics Cayman Inc., New(a)(b)		45,000		372,214
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		14,000		22,907
Xinyi Solar Holdings Ltd.		60,000		108,982
XPeng Inc., ADR(a)		5,010		182,214
Yadea Group Holdings Ltd.(b)		20,000		29,671
Yonyou Network Technology Co. Ltd., Class A		3,000		14,971
Yum China Holdings Inc.		5,270		274,145
Yunnan Baiyao Group Co. Ltd., Class A		1,100		15,716
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		700		5,304

Security	Shares		Value
China (continued)
Zhejiang Weixing New Building Materials Co. Ltd., Class A		700	$	2,565
Zhongsheng Group Holdings Ltd.		10,000		69,829
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		5,600		6,241
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		20,000		13,257
				13,206,715
Colombia — 0.2%
Bancolombia SA		3,750		37,186
Grupo de Inversiones Suramericana SA		3,765		30,554
Interconexion Electrica SA ESP		4,290		26,479
				94,219
Czech Republic — 0.1%
Komercni Banka AS(a)		820		32,259
Moneta Money Bank AS(b)		3,050		12,077
				44,336
Egypt — 0.1%
Commercial International Bank Egypt SAE(a)		11,675		35,560
Greece — 0.2%
Alpha Services and Holdings SA(a)		21,609		29,486
Eurobank Ergasias Services and Holdings SA, Class A(a)		25,179		27,582
Hellenic Telecommunications Organization SA		2,156		43,124
				100,192
Hungary — 0.3%
OTP Bank Nyrt(a)		2,540		96,924
Richter Gedeon Nyrt		2,100		44,093
				141,017
India — 12.1%
Adani Green Energy Ltd.(a)		5,450		134,108
Asian Paints Ltd.		4,750		200,740
Axis Bank Ltd.(a)		18,760		186,121
Bajaj Auto Ltd.		860		40,470
Bajaj Finance Ltd.		3,450		323,007
Bandhan Bank Ltd.(b)		5,495		22,476
Berger Paints India Ltd.		2,079		19,051
Bharti Airtel Ltd.(a)		33,240		303,956
Britannia Industries Ltd.		910		41,395
Cholamandalam Investment and Finance Co. Ltd.		5,360		49,449
Colgate-Palmolive India Ltd.		1,590		30,673
Dabur India Ltd.		6,840		51,282
Eicher Motors Ltd.		1,760		60,791
Havells India Ltd.		3,200		50,555
HCL Technologies Ltd.		13,590		204,356
HDFC Life Insurance Co. Ltd.(b)		12,180		84,906
Hero MotoCorp Ltd.		1,510		51,150
Hindustan Unilever Ltd.		10,350		299,305
ICICI Lombard General Insurance Co. Ltd.(b)		2,072		34,874
Info Edge India Ltd.		1,061		63,070
Infosys Ltd.		42,580		970,393
Kotak Mahindra Bank Ltd.		6,460		159,020
Mahindra & Mahindra Ltd.		11,580		122,246
Marico Ltd.		4,890		33,477
Mphasis Ltd.		940		39,053
Nestle India Ltd.		410		96,290
Piramal Enterprises Ltd.		1,610		44,509
SBI Cards & Payment Services Ltd.(a)		3,320		34,810
Shriram Transport Finance Co. Ltd.		2,640		39,682
Siemens Ltd.		940		29,408

16 2 0 2 2    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, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
State Bank of India		25,010	$	161,570
Tata Consultancy Services Ltd.		11,620		550,459
Tech Mahindra Ltd.		8,010		150,811
Titan Co. Ltd.		4,490		152,510
Trent Ltd.		2,370		35,050
Wipro Ltd.		17,300		127,929
Zomato Ltd.(a)		16,128		17,113
				5,016,065
Indonesia — 2.8%
Bank Central Asia Tbk PT		720,000		406,487
Bank Mandiri Persero Tbk PT		259,000		140,026
Bank Negara Indonesia Persero Tbk PT		105,000		58,833
Bank Rakyat Indonesia Persero Tbk PT		903,047		288,759
Barito Pacific Tbk PT		364,000		22,697
Kalbe Farma Tbk PT		205,000		23,472
Telkom Indonesia Persero Tbk PT		645,000		194,734
Tower Bersama Infrastructure Tbk PT		28,000		5,758
Unilever Indonesia Tbk PT		62,000		15,954
				1,156,720
Kuwait — 0.5%
Kuwait Finance House KSCP		62,180		194,512
Malaysia — 2.1%
AMMB Holdings Bhd(a)		20,100		16,120
Axiata Group Bhd		26,000		24,337
CIMB Group Holdings Bhd		85,000		115,786
DiGi.Com Bhd		30,000		29,003
Fraser & Neave Holdings Bhd		3,000		16,149
HAP Seng Consolidated Bhd		7,000		12,638
IHH Healthcare Bhd		16,000		25,102
Inari Amertron Bhd		42,000		32,520
Kuala Lumpur Kepong Bhd		6,000		37,156
Malayan Banking Bhd		63,000		131,636
Maxis Bhd		22,000		21,092
Nestle Malaysia Bhd		1,000		31,957
PPB Group Bhd		5,000		21,365
Press Metal Aluminium Holdings Bhd		40,200		65,396
Public Bank Bhd		205,000		217,719
RHB Bank Bhd		25,000		35,232
Sime Darby Bhd		32,000		17,329
Telekom Malaysia Bhd		10,000		12,052
				862,589
Mexico — 1.1%
Arca Continental SAB de CV		5,000		32,987
Coca-Cola Femsa SAB de CV		8,000		43,935
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,800		60,551
Grupo Financiero Banorte SAB de CV, Class O		30,000		202,929
Grupo Televisa SAB de CV, CPO		29,000		62,160
Industrias Penoles SAB de CV		1,900		23,714
Kimberly-Clark de Mexico SAB de CV, Class A		22,000		30,872
				457,148
Peru — 0.3%
Credicorp Ltd.		940		142,175
Philippines — 0.6%
Bank of the Philippine Islands		19,300		37,720
BDO Unibank Inc.		29,200		73,998
Globe Telecom Inc.		300		15,074
Monde Nissin Corp.(a)(b)		30,500		9,828

Security	Shares		Value
Philippines (continued)
SM Prime Holdings Inc.		139,000	$	108,488
				245,108
Poland — 1.1%
Allegro.eu SA(a)(b)		6,000		44,716
Bank Polska Kasa Opieki SA		1,904		52,234
CD Projekt SA		1,030		40,911
KGHM Polska Miedz SA		2,170		85,209
LPP SA		10		20,566
mBank SA(a)		154		15,051
Orange Polska SA(a)		8,760		16,255
Powszechna Kasa Oszczednosci Bank Polski SA(a)		8,510		81,786
Powszechny Zaklad Ubezpieczen SA		8,880		66,624
Santander Bank Polska SA		370		27,737
				451,089
Qatar — 1.0%
Commercial Bank PSQC (The)		20,840		39,526
Ooredoo QPSC		13,560		28,516
Qatar National Bank QPSC		56,780		339,913
				407,955
Russia — 0.2%
Magnit PJSC, GDR		3,465		5,499
Moscow Exchange MICEX-RTS PJSC(c)		12,190		4,103
Novolipetsk Steel PJSC(c)		15,750		10,003
PhosAgro PJSC, GDR		1,700		10,400
Polymetal International PLC(c)		3,451		10,466
Polyus PJSC(c)		329		12,396
TCS Group Holding PLC, GDR(c)		1,183		13,624
VK Co. Ltd.(a)(c)		1,337		1,359
				67,850
Saudi Arabia — 1.3%
Almarai Co. JSC		2,550		34,189
Bank AlBilad(a)		4,750		74,754
Dr Sulaiman Al Habib Medical Services Group Co.		550		25,151
Saudi Basic Industries Corp.		11,170		372,378
Savola Group (The)		4,230		38,322
				544,794
South Africa — 6.9%
Absa Group Ltd.		9,670		111,088
Anglo American Platinum Ltd.		650		101,455
Aspen Pharmacare Holdings Ltd.		4,760		62,223
Bid Corp. Ltd.		4,860		98,741
Bidvest Group Ltd (The)		3,040		41,652
Capitec Bank Holdings Ltd.		1,060		143,113
Clicks Group Ltd.		2,490		48,411
Discovery Ltd.(a)(d)		6,010		61,549
FirstRand Ltd.		65,870		283,614
Gold Fields Ltd.		12,020		167,364
Growthpoint Properties Ltd.		40,260		35,086
Impala Platinum Holdings Ltd.		10,240		195,322
Kumba Iron Ore Ltd.		710		27,911
Mr. Price Group Ltd.		3,280		44,715
MTN Group Ltd.(a)		23,280		290,594
MultiChoice Group		4,920		40,323
Naspers Ltd., Class N		2,810		353,865
Nedbank Group Ltd.		6,500		92,405
NEPI Rockcastle PLC		5,320		34,001
Old Mutual Ltd.		59,800		49,003
Pepkor Holdings Ltd.(b)		13,300		18,986
Remgro Ltd.		7,030		63,884

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, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Sanlam Ltd.		19,670	$	82,892
Shoprite Holdings Ltd.		6,520		97,254
SPAR Group Ltd (The)		1,880		20,061
Standard Bank Group Ltd.		17,002		180,153
Vodacom Group Ltd.		7,740		74,504
Woolworths Holdings Ltd.		10,750		35,396
				2,855,565
South Korea — 7.1%
Amorepacific Corp.		370		57,114
AMOREPACIFIC Group		280		11,440
BGF retail Co. Ltd.		140		19,833
Celltrion Healthcare Co. Ltd.		1,142		60,740
CJ CheilJedang Corp.		100		31,676
CJ Corp.		150		10,567
Coway Co. Ltd.		690		41,441
DB Insurance Co. Ltd.		520		26,728
GS Engineering & Construction Corp.		880		31,626
Hana Financial Group Inc.		4,180		169,824
Hankook Tire & Technology Co. Ltd.		1,160		34,177
HYBE Co. Ltd.(a)		210		51,027
Kakao Corp.		3,910		309,659
KB Financial Group Inc.		5,410		266,899
LG Corp.		1,100		69,135
LG Display Co. Ltd.		3,230		50,796
LG Electronics Inc.		1,400		146,155
LG Household & Health Care Ltd.		130		103,148
LG Innotek Co. Ltd.		180		49,689
Lotte Chemical Corp.		147		26,897
Mirae Asset Securities Co. Ltd.		2,600		19,186
NCSoft Corp.		220		81,498
Netmarble Corp.(b)		270		23,201
POSCO Chemical Co. Ltd.		287		27,092
Samsung Fire & Marine Insurance Co. Ltd.		320		50,887
Samsung Life Insurance Co. Ltd.		880		44,000
Samsung SDS Co. Ltd.		403		47,311
Samsung Securities Co. Ltd.		650		23,037
Shinhan Financial Group Co. Ltd.		6,140		199,770
SK Biopharmaceuticals Co. Ltd.(a)		390		27,682
SK Chemicals Co. Ltd.		105		10,916
SK Hynix Inc.		6,870		716,228
SK Telecom Co. Ltd.		140		6,389
Woori Financial Group Inc.		4,688		56,076
Yuhan Corp.		440		21,379
				2,923,223
Taiwan — 18.4%
Accton Technology Corp.		10,000		90,686
Acer Inc.		40,000		41,513
ASE Technology Holding Co. Ltd.		40,000		144,572
Asustek Computer Inc.		10,000		133,405
AU Optronics Corp.		100,000		74,868
Catcher Technology Co. Ltd.		10,000		51,328
Cathay Financial Holding Co. Ltd.		100,000		224,863
Chailease Holding Co. Ltd.		20,300		184,233
Chang Hwa Commercial Bank Ltd.		60,000		38,093
China Development Financial Holding Corp.		210,000		143,811
China Steel Corp.		150,000		195,053
Chunghwa Telecom Co. Ltd.		51,000		226,675
Compal Electronics Inc.		60,000		54,661
CTBC Financial Holding Co. Ltd.		250,000		244,369

Security	Shares		Value
Taiwan (continued)
Delta Electronics Inc.		30,000	$	267,363
E.Sun Financial Holding Co Ltd.		170,116		179,822
Evergreen Marine Corp. Taiwan Ltd.		30,000		157,598
Far Eastern New Century Corp.		40,000		42,402
Far EasTone Telecommunications Co. Ltd.		20,000		49,467
First Financial Holding Co. Ltd.		150,450		138,525
Foxconn Technology Co. Ltd.		10,000		23,017
Fubon Financial Holding Co. Ltd.		90,143		243,392
Hiwin Technologies Corp.		150		1,432
Hotai Motor Co. Ltd.		1,000		22,641
Hua Nan Financial Holdings Co. Ltd.		121,584		96,408
Innolux Corp.		120,000		73,022
Lite-On Technology Corp.		30,000		73,766
MediaTek Inc.		20,000		790,316
Mega Financial Holding Co. Ltd.		150,000		202,140
Micro-Star International Co. Ltd.		10,000		56,368
President Chain Store Corp.		10,000		93,445
Shanghai Commercial & Savings Bank Ltd/The		50,000		82,362
SinoPac Financial Holdings Co. Ltd.		140,000		85,969
Taishin Financial Holding Co. Ltd.		141,907		99,452
Taiwan Cement Corp.		42,000		71,300
Taiwan Cooperative Financial Holding Co. Ltd.		130,840		124,126
Taiwan Mobile Co. Ltd.		20,000		73,958
Taiwan Semiconductor Manufacturing Co. Ltd.		90,000		1,934,960
Unimicron Technology Corp.		20,000		185,956
United Microelectronics Corp.		150,000		282,653
Vanguard International Semiconductor Corp.		10,000		45,384
Win Semiconductors Corp.		4,000		43,791
Yageo Corp.		3,000		49,220
Yang Ming Marine Transport Corp.(a)		20,000		84,530
Yuanta Financial Holding Co. Ltd.		120,000		107,195
				7,630,110
Thailand — 2.6%
Advanced Info Service PCL, NVDR		15,000		105,590
Airports of Thailand PCL, NVDR(a)		62,000		122,495
Asset World Corp. PCL, NVDR(a)		120,000		17,679
Bangkok Dusit Medical Services PCL, NVDR		120,000		87,248
BTS Group Holdings PCL, NVDR		99,000		28,858
Bumrungrad Hospital PCL, NVDR		9,000		42,411
Central Pattana PCL, NVDR		29,000		49,315
Charoen Pokphand Foods PCL, NVDR		51,000		39,516
CP ALL PCL, NVDR		76,500		159,825
Delta Electronics Thailand PCL, NVDR		4,000		50,081
Home Product Center PCL, NVDR		53,000		24,819
Indorama Ventures PCL, NVDR		28,000		38,792
Intouch Holdings PCL, NVDR		11,000		25,579
Krungthai Card PCL, NVDR		13,000		25,298
Minor International PCL, NVDR(a)		41,000		38,829
Siam Cement PCL (The), NVDR		9,000		108,312
Siam Commercial Bank PCL (The), NVDR		12,000		46,371
Sri Trang Gloves Thailand PCL, NVDR		10,000		7,881
Thai Union Group PCL, NVDR		28,000		17,481
True Corp. PCL, NVDR		163,000		25,056
				1,061,436
Turkey — 0.2%
Akbank TAS		43,010		21,953
Turkcell Iletisim Hizmetleri AS		18,050		26,762
Turkiye Garanti Bankasi AS		25,890		20,727

18 2 0 2 2    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, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey (continued)
Turkiye Is Bankasi AS, Class C		11,832	$	6,851
				76,293
United Arab Emirates — 2.5%
Abu Dhabi Commercial Bank PJSC		39,960		117,200
Abu Dhabi Islamic Bank PJSC		20,170		48,661
Emirates NBD Bank PJSC		26,420		103,065
Emirates Telecommunications Group Co. PJSC		43,110		411,719
First Abu Dhabi Bank PJSC		59,310		333,927
				1,014,572
Total Common Stocks — 96.6% (Cost: $38,580,263)				39,964,774
Preferred Stocks
Brazil — 1.3%
Banco Bradesco SA, Preference Shares, NVS		66,670		261,167
Itau Unibanco Holding SA, Preference Shares, NVS		57,270		281,147
				542,314
Chile — 0.3%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,850		122,862
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		5,180		45,787
South Korea — 0.0%
LG Household & Health Care Ltd., Preference Shares, NVS		12		5,260
Total Preferred Stocks — 1.7% (Cost: $635,035)				716,223
Rights
Brazil — 0.0%
Americanas SA (Expires 03/03/22)(a)		121		159
Total Rights — 0.0% (Cost: $0)				159

Security	Shares		Value
Warrants
Thailand — 0.0%
BTS Group Holdings PCL (Expires 11/07/24)(a)		4,400	$	86
Total Warrants — 0.0% (Cost: $0)				86
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		45,155		45,164
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		10,000		10,000
				55,164
Total Short-Term Investments — 0.1% (Cost: $55,164)				55,164
Total Investments in Securities — 98.4% (Cost: $39,270,462)				40,736,406
Other Assets, Less Liabilities — 1.6%				655,505
Net Assets — 100.0%			$	41,391,911

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

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

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$45,197	(a)	$	—	$	(33	)	$	—	$	45,164		45,155	$	225	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	(a)		—		—			—		10,000		10,000		4			—
								$	(33	)	$	—	$	55,164			$	229		$	—

^(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.

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, 2022 iShares^® ESG Advanced MSCI EM ETF

Affiliates (continued)

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		1		03/18/22	$	59	$	(3,453	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,453

^(a) Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,676	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,453	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	39,797

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is diasclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,537,817		$	35,375,006	$	51,951	$	39,964,774
Preferred Stocks		45,787			670,436		—		716,223
Rights		—			159		—		159
Warrants		86			—		—		86
Money Market Funds		55,164			—		—		55,164
	$	4,638,854		$	36,045,601	$	51,951	$	40,736,406
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(3,453	)	$	—	$	—	$	(3,453	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

20 2 0 2 2    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, 2022 iShares^® ESG Advanced MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
HEICO Corp.		1,705	$	251,505
HEICO Corp., Class A		2,881		354,132
Howmet Aerospace Inc.		15,316		550,151
				1,155,788
Air Freight & Logistics — 0.2%
CH Robinson Worldwide Inc.		5,165		499,352
Expeditors International of Washington Inc.		6,735		696,130
				1,195,482
Auto Components — 0.3%
Aptiv PLC(a)		10,814		1,399,764
BorgWarner Inc.		9,529		390,785
Lear Corp.		2,371		373,053
				2,163,602
Automobiles — 0.1%
Lucid Group Inc.(a)		16,412		475,620
Rivian Automotive Inc., Class A(a)		7,103		479,878
				955,498
Banks — 2.4%
Citizens Financial Group Inc.		16,961		889,095
First Republic Bank/CA		7,045		1,220,617
Huntington Bancshares Inc./OH		57,637		894,526
KeyCorp		37,126		930,749
PNC Financial Services Group Inc. (The)		16,844		3,356,167
Regions Financial Corp.		37,994		919,075
SVB Financial Group(a)		2,341		1,418,646
Truist Financial Corp.		53,215		3,311,037
U.S. Bancorp		56,189		3,176,926
Webster Financial Corp.		7,146		430,261
				16,547,099
Beverages — 3.0%
Coca-Cola Co. (The)		163,577		10,181,032
Keurig Dr Pepper Inc.		28,247		1,092,312
PepsiCo Inc.		55,128		9,026,659
				20,300,003
Biotechnology — 2.2%
Alnylam Pharmaceuticals Inc.(a)		4,769		752,787
Amgen Inc.		22,428		5,079,493
Biogen Inc.(a)		5,858		1,236,096
BioMarin Pharmaceutical Inc.(a)		7,339		573,323
Exact Sciences Corp.(a)		6,900		538,614
Horizon Therapeutics PLC(a)		8,593		783,424
Incyte Corp.(a)		7,476		510,611
Neurocrine Biosciences Inc.(a)		3,805		341,955
Novavax Inc.(a)		2,824		235,437
Regeneron Pharmaceuticals Inc.(a)		4,230		2,615,663
Vertex Pharmaceuticals Inc.(a)		10,142		2,332,863
				15,000,266
Building Products — 0.8%
A O Smith Corp.		5,339		366,149
Allegion PLC		3,566		408,378
Carrier Global Corp.		32,827		1,473,276
Fortune Brands Home & Security Inc.		5,423		471,259
Lennox International Inc.		1,288		343,806
Masco Corp.		9,740		545,829
Owens Corning		3,989		371,735

Security	Shares		Value
Building Products (continued)
Trane Technologies PLC		9,456	$	1,455,562
				5,435,994
Capital Markets — 5.0%
Ameriprise Financial Inc.		4,433		1,328,969
Bank of New York Mellon Corp. (The)		31,280		1,662,532
Carlyle Group Inc. (The)		6,391		299,546
Cboe Global Markets Inc.		4,261		499,773
Charles Schwab Corp. (The)		57,791		4,881,028
CME Group Inc.		14,354		3,395,152
Coinbase Global Inc., Class A(a)		1,550		295,693
FactSet Research Systems Inc.		1,512		614,008
Franklin Resources Inc.		12,025		357,503
Intercontinental Exchange Inc.		22,432		2,873,988
Invesco Ltd.		13,773		292,539
MarketAxess Holdings Inc.		1,525		581,681
Moody’s Corp.		6,667		2,146,974
Morgan Stanley		53,642		4,867,475
Nasdaq Inc.		4,671		799,442
Northern Trust Corp.		7,858		895,026
Raymond James Financial Inc.		7,392		810,533
S&P Global Inc.		13,304		4,998,176
State Street Corp.		14,558		1,242,234
T Rowe Price Group Inc.		8,967		1,296,269
				34,138,541
Chemicals — 2.7%
Air Products and Chemicals Inc.		8,859		2,093,382
Albemarle Corp.		4,669		914,610
DuPont de Nemours Inc.		20,669		1,599,161
Ecolab Inc.		10,262		1,808,780
FMC Corp.		5,059		593,168
International Flavors & Fragrances Inc.		10,152		1,350,216
Linde PLC(a)		20,418		5,987,374
PPG Industries Inc.		9,451		1,261,236
Sherwin-Williams Co. (The)		9,904		2,606,039
				18,213,966
Commercial Services & Supplies — 1.1%
Cintas Corp.		3,677		1,380,051
Copart Inc.(a)		8,527		1,047,798
Republic Services Inc.		8,875		1,067,485
Rollins Inc.		8,857		289,004
Waste Connections Inc.		10,417		1,286,395
Waste Management Inc.		16,702		2,411,769
				7,482,502
Communications Equipment — 1.9%
Arista Networks Inc.(a)		9,144		1,122,243
Cisco Systems Inc.		168,154		9,377,949
F5 Inc.(a)		2,412		484,450
Juniper Networks Inc.		12,954		437,716
Motorola Solutions Inc.		6,719		1,481,069
				12,903,427
Construction Materials — 0.3%
Martin Marietta Materials Inc.		2,462		934,083
Vulcan Materials Co.		5,323		965,858
				1,899,941
Consumer Finance — 1.2%
Ally Financial Inc.		14,540		725,546
American Express Co.		26,240		5,104,729
Discover Financial Services		11,693		1,443,384

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, 2022 iShares^® ESG Advanced MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Synchrony Financial		21,833	$	934,016
				8,207,675
Containers & Packaging — 0.5%
Avery Dennison Corp.		3,271		576,350
Ball Corp.		12,912		1,158,723
International Paper Co.		14,702		639,978
Sealed Air Corp.		5,900		396,067
Westrock Co.		10,564		478,232
				3,249,350
Distributors — 0.3%
Genuine Parts Co.		5,711		697,656
LKQ Corp.		11,024		517,577
Pool Corp.		1,592		730,059
				1,945,292
Diversified Telecommunication Services — 1.3%
Lumen Technologies Inc.		34,717		359,668
Verizon Communications Inc.		165,059		8,858,717
				9,218,385
Electrical Equipment — 0.8%
Eaton Corp. PLC		15,917		2,455,834
Generac Holdings Inc.(a)		2,486		784,258
Plug Power Inc.(a)		20,689		523,225
Rockwell Automation Inc.		4,636		1,235,865
Sensata Technologies Holding PLC(a)		6,307		365,238
Sunrun Inc.(a)		7,063		192,679
				5,557,099
Electronic Equipment, Instruments & Components — 1.4%
Amphenol Corp., Class A		23,845		1,812,459
CDW Corp./DE		5,422		935,078
Cognex Corp.		7,047		476,095
Corning Inc.		32,347		1,306,819
Keysight Technologies Inc.(a)		7,359		1,158,086
TE Connectivity Ltd.		12,991		1,850,308
Teledyne Technologies Inc.(a)		1,877		805,946
Trimble Inc.(a)		10,036		700,011
Zebra Technologies Corp., Class A(a)		2,100		868,014
				9,912,816
Entertainment — 0.2%
Electronic Arts Inc.		11,287		1,468,326
Equity Real Estate Investment Trusts (REITs) — 4.4%
Alexandria Real Estate Equities Inc.		5,845		1,107,043
American Tower Corp.		18,127		4,112,473
AvalonBay Communities Inc.		5,554		1,325,129
Boston Properties Inc.		5,908		722,607
Camden Property Trust		4,020		663,742
Crown Castle International Corp.		17,227		2,869,846
Digital Realty Trust Inc.		11,319		1,527,160
Duke Realty Corp.		15,196		805,388
Equinix Inc.		3,577		2,538,704
Equity Residential		14,182		1,209,725
Healthpeak Properties Inc.		21,495		667,635
Host Hotels & Resorts Inc.(a)		28,482		520,366
Iron Mountain Inc.		11,577		569,357
Kimco Realty Corp.		24,587		578,532
Prologis Inc.		29,451		4,295,428
Realty Income Corp.		22,582		1,492,444
Regency Centers Corp.		6,186		407,596
SBA Communications Corp.		4,331		1,313,982

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Ventas Inc.		15,902	$	858,708
VICI Properties Inc.		25,067		700,873
Welltower Inc.		17,328		1,443,249
WP Carey Inc.		7,446		576,320
				30,306,307
Food & Staples Retailing — 0.2%
Walgreens Boots Alliance Inc.		29,334		1,352,004
Food Products — 0.8%
Campbell Soup Co.		7,828		352,025
Conagra Brands Inc.		19,131		669,011
General Mills Inc.		24,166		1,629,513
Hormel Foods Corp.		11,868		565,392
JM Smucker Co. (The)		4,317		581,716
Kraft Heinz Co. (The)		26,866		1,053,684
McCormick & Co. Inc./MD, NVS		9,912		943,325
				5,794,666
Health Care Equipment & Supplies — 2.4%
ABIOMED Inc.(a)		1,839		571,451
Align Technology Inc.(a)		3,012		1,540,518
Baxter International Inc.		19,959		1,695,916
Cooper Companies Inc. (The)		1,964		803,315
DENTSPLY SIRONA Inc.		8,696		470,801
Dexcom Inc.(a)		3,872		1,602,660
Edwards Lifesciences Corp.(a)		24,916		2,799,811
Hologic Inc.(a)		10,049		715,187
IDEXX Laboratories Inc.(a)		3,405		1,812,652
Insulet Corp.(a)		2,748		727,368
Novocure Ltd.(a)		3,758		307,630
ResMed Inc.		5,820		1,436,085
STERIS PLC		3,974		953,760
Teleflex Inc.		1,883		633,272
				16,070,426
Health Care Providers & Services — 2.1%
Anthem Inc.		9,695		4,380,686
Centene Corp.(a)		23,299		1,924,963
DaVita Inc.(a)		2,658		299,743
HCA Healthcare Inc.		9,895		2,476,818
Henry Schein Inc.(a)		5,519		476,731
Humana Inc.		5,117		2,222,415
Laboratory Corp. of America Holdings(a)		3,832		1,039,468
Molina Healthcare Inc.(a)		2,332		715,621
Quest Diagnostics Inc.		4,925		646,505
				14,182,950
Health Care Technology — 0.2%
Cerner Corp.		11,726		1,093,449
Teladoc Health Inc.(a)		5,766		437,697
				1,531,146
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings Inc.(a)		1,624		3,527,734
Domino’s Pizza Inc.		1,471		635,781
Hilton Worldwide Holdings Inc.(a)		11,084		1,649,964
Starbucks Corp.		46,802		4,295,956
Vail Resorts Inc.		1,609		419,225
Yum! Brands Inc.		11,695		1,433,573
				11,962,233
Household Durables — 0.5%
DR Horton Inc.		13,536		1,155,974
Garmin Ltd.		6,156		679,869

22 2 0 2 2    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, 2022 iShares^® ESG Advanced MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Newell Brands Inc.		15,262	$	362,472
NVR Inc.(a)		109		540,470
PulteGroup Inc.		10,107		501,914
Whirlpool Corp.		2,408		484,658
				3,725,357
Household Products — 0.9%
Church & Dwight Co. Inc.		9,742		953,255
Clorox Co. (The)		4,931		718,890
Colgate-Palmolive Co.		31,949		2,458,476
Kimberly-Clark Corp.		13,402		1,744,270
				5,874,891
Industrial Conglomerates — 0.3%
Roper Technologies Inc.		4,223		1,892,833
Insurance — 3.4%
Aflac Inc.		25,051		1,530,366
Allstate Corp. (The)		11,414		1,396,617
American International Group Inc.		33,128		2,028,759
Arch Capital Group Ltd.(a)		15,370		724,081
Arthur J Gallagher & Co.		8,255		1,305,858
Assurant Inc.		2,285		387,787
Chubb Ltd.		17,179		3,498,332
Hartford Financial Services Group Inc. (The)		13,590		944,233
Lincoln National Corp.		6,879		463,782
Marsh & McLennan Companies Inc.		20,097		3,123,275
Principal Financial Group Inc.		10,566		746,382
Progressive Corp. (The)		23,349		2,473,360
Prudential Financial Inc.		15,102		1,686,289
Travelers Companies Inc. (The)		9,803		1,684,449
Willis Towers Watson PLC		4,988		1,108,832
				23,102,402
Interactive Media & Services — 0.1%
ZoomInfo Technologies Inc.(a)		11,269		616,302
Internet & Direct Marketing Retail — 0.7%
DoorDash Inc., Class A(a)		4,318		453,174
eBay Inc.		24,971		1,363,167
Etsy Inc.(a)		5,060		783,743
MercadoLibre Inc.(a)(b)		1,836		2,068,530
				4,668,614
IT Services — 8.2%
Akamai Technologies Inc.(a)		6,508		704,556
Automatic Data Processing Inc.		16,803		3,435,205
Block Inc.(a)(b)		20,267		2,584,043
Broadridge Financial Solutions Inc.		4,656		680,754
Cognizant Technology Solutions Corp., Class A		20,972		1,806,318
EPAM Systems Inc.(a)		2,276		472,839
Fidelity National Information Services Inc.		24,272		2,311,423
Fiserv Inc.(a)		23,720		2,316,732
Gartner Inc.(a)		3,252		911,926
GoDaddy Inc., Class A(a)		6,630		553,008
Jack Henry & Associates Inc.		2,983		527,394
Mastercard Inc., Class A		34,945		12,608,855
MongoDB Inc.(a)		2,370		905,316
Okta Inc.(a)		5,882		1,075,465
Paychex Inc.		12,933		1,539,803
PayPal Holdings Inc.(a)		44,515		4,982,564
Snowflake Inc., Class A(a)		8,365		2,222,246
Twilio Inc., Class A(a)		6,712		1,173,258
VeriSign Inc.(a)		3,972		848,896

Security	Shares		Value
IT Services (continued)
Visa Inc., Class A		66,555	$	14,383,867
Western Union Co. (The)		16,029		291,407
				56,335,875
Leisure Products — 0.1%
Hasbro Inc.		5,200		504,660
Life Sciences Tools & Services — 3.8%
Agilent Technologies Inc.		12,055		1,571,490
Avantor Inc.(a)		21,874		758,809
Bio-Techne Corp.		1,566		656,796
Danaher Corp.		25,671		7,044,379
Illumina Inc.(a)		5,905		1,928,573
IQVIA Holdings Inc.(a)		7,584		1,745,230
Mettler-Toledo International Inc.(a)		893		1,258,005
PerkinElmer Inc.		4,565		819,919
Thermo Fisher Scientific Inc.		15,698		8,539,712
Waters Corp.(a)		2,418		765,853
West Pharmaceutical Services Inc.		2,984		1,155,047
				26,243,813
Machinery — 3.3%
Caterpillar Inc.		21,557		4,043,662
Cummins Inc.		5,731		1,169,812
Deere & Co.		11,742		4,227,355
Dover Corp.		5,763		903,984
Fortive Corp.		13,600		880,600
IDEX Corp.		3,048		584,911
Illinois Tool Works Inc.		12,514		2,707,279
Ingersoll Rand Inc.		16,281		822,516
Nordson Corp.		2,062		467,022
Otis Worldwide Corp.		16,079		1,259,468
PACCAR Inc.		13,814		1,268,263
Parker-Hannifin Corp.		5,117		1,516,628
Pentair PLC		6,606		382,553
Snap-on Inc.		2,109		443,270
Stanley Black & Decker Inc.		6,526		1,061,780
Xylem Inc./NY		7,163		637,149
				22,376,252
Media — 0.2%
Cable One Inc.		248		355,347
Discovery Inc., Class A(a)(b)		6,779		190,151
Discovery Inc., Class C, NVS(a)		12,506		349,793
Interpublic Group of Companies Inc. (The)		15,689		577,355
Sirius XM Holdings Inc.(b)		39,868		245,587
				1,718,233
Metals & Mining — 0.4%
Newmont Corp.		31,772		2,103,306
Steel Dynamics Inc.		7,896		557,300
				2,660,606
Mortgage Real Estate Investment — 0.1%
Annaly Capital Management Inc.		57,826		402,469
Multiline Retail — 1.0%
Dollar General Corp.		9,317		1,847,934
Dollar Tree Inc.(a)		8,973		1,274,884
Target Corp.		19,113		3,818,204
				6,941,022
Personal Products — 0.4%
Estee Lauder Companies Inc. (The), Class A		9,264		2,745,201

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, 2022 iShares^® ESG Advanced MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 1.9%
Catalent Inc.(a)		6,794	$	693,260
Elanco Animal Health Inc.(a)		16,948		481,492
Eli Lilly & Co.		32,425		8,104,629
Jazz Pharmaceuticals PLC(a)		2,435		334,618
Zoetis Inc.		18,847		3,649,721
				13,263,720
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		5,362		432,660
Clarivate PLC(a)		14,038		210,289
Robert Half International Inc.		4,414		530,960
TransUnion		7,671		696,220
Verisk Analytics Inc.		6,131		1,087,272
				2,957,401
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		13,335		1,291,495
Road & Rail — 0.4%
AMERCO		391		225,846
JB Hunt Transport Services Inc.		3,379		685,700
Knight-Swift Transportation Holdings Inc.		6,281		342,189
Old Dominion Freight Line Inc.		3,900		1,224,717
				2,478,452
Semiconductors & Semiconductor Equipment — 9.8%
Advanced Micro Devices Inc.(a)		65,201		8,041,891
Analog Devices Inc.		21,408		3,431,488
Applied Materials Inc.		35,995		4,830,529
Enphase Energy Inc.(a)		5,105		851,003
Entegris Inc.(b)		5,416		706,680
KLA Corp.		6,013		2,095,530
Lam Research Corp.		5,589		3,137,385
Marvell Technology Inc.		32,840		2,243,957
Microchip Technology Inc.		22,151		1,557,880
Micron Technology Inc.		44,596		3,962,801
NVIDIA Corp.		99,682		24,307,456
NXP Semiconductors NV		10,595		2,014,321
ON Semiconductor Corp.(a)		17,182		1,075,765
Qorvo Inc.(a)		4,378		598,823
Skyworks Solutions Inc.		6,603		912,337
SolarEdge Technologies Inc.(a)		2,071		661,519
Texas Instruments Inc.		36,810		6,257,332
				66,686,697
Software — 20.2%
Adobe Inc.(a)		19,004		8,887,791
ANSYS Inc.(a)		3,486		1,130,126
Asana Inc., Class A(a)		2,670		146,289
Autodesk Inc.(a)		8,737		1,924,150
Bentley Systems Inc., Class B		7,037		270,150
Bill.com Holdings Inc.(a)		3,077		731,957
Black Knight Inc.(a)		6,204		348,603
Cadence Design Systems Inc.(a)		11,032		1,670,576
Ceridian HCM Holding Inc.(a)		5,445		396,995
Citrix Systems Inc.		4,992		511,680
Coupa Software Inc.(a)		2,984		361,094
Crowdstrike Holdings Inc., Class A(a)		7,801		1,522,833
Datadog Inc., Class A(a)		8,696		1,401,013
DocuSign Inc.(a)		7,850		929,675
Dropbox Inc., Class A(a)		12,383		280,970
Dynatrace Inc.(a)		7,395		328,486
Fair Isaac Corp.(a)		1,105		520,665

Security	Shares		Value
Software (continued)
Fortinet Inc.(a)		5,529	$	1,904,851
Guidewire Software Inc.(a)		3,151		277,761
HubSpot Inc.(a)		1,819		954,975
Intuit Inc.		10,696		5,073,862
Microsoft Corp.		284,359		84,963,626
NortonLifeLock Inc.		23,173		671,554
Nuance Communications Inc.(a)		12,062		669,682
Paycom Software Inc.(a)		2,020		685,204
PTC Inc.(a)		4,436		493,638
RingCentral Inc., Class A(a)		3,119		408,090
salesforce.com Inc.(a)		39,045		8,220,144
ServiceNow Inc.(a)		7,914		4,589,487
Splunk Inc.(a)		6,408		756,785
Synopsys Inc.(a)		6,111		1,909,015
Tyler Technologies Inc.(a)		1,621		694,209
VMware Inc., Class A		8,339		978,331
Workday Inc., Class A(a)		7,717		1,767,579
Zendesk Inc.(a)		4,805		560,599
Zscaler Inc.(a)		3,380		808,327
				137,750,772
Specialty Retail — 4.1%
Advance Auto Parts Inc.		2,461		503,225
Best Buy Co. Inc.		8,856		855,844
Burlington Stores Inc.(a)		2,675		604,256
CarMax Inc.(a)		6,496		710,208
Home Depot Inc. (The)		41,601		13,138,844
Lowe’s Companies Inc.		26,883		5,942,756
Ross Stores Inc.		14,152		1,293,351
TJX Companies Inc. (The)		47,972		3,170,949
Tractor Supply Co.		4,565		930,301
Ulta Beauty Inc.(a)		2,041		764,355
				27,914,089
Technology Hardware, Storage & Peripherals — 0.8%
Dell Technologies Inc., Class C(a)		11,620		592,155
Hewlett Packard Enterprise Co.		52,126		829,846
HP Inc.		45,985		1,580,045
NetApp Inc.		8,930		699,933
Seagate Technology Holdings PLC		7,959		821,051
Western Digital Corp.(a)		12,460		634,712
				5,157,742
Textiles, Apparel & Luxury Goods — 0.3%
Lululemon Athletica Inc.(a)		4,715		1,508,517
VF Corp.		13,308		772,130
				2,280,647
Trading Companies & Distributors — 0.4%
Fastenal Co.		22,956		1,181,316
United Rentals Inc.(a)		2,860		919,833
WW Grainger Inc.		1,714		817,681
				2,918,830
Water Utilities — 0.2%
American Water Works Co. Inc.		7,272		1,098,726
Total Common Stocks — 99.8% (Cost: $691,362,670)				681,757,885

24 2 0 2 2    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, 2022 iShares^® ESG Advanced MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)		3,993,864	$	3,994,663
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		500,000		500,000
				4,494,663
Total Short-Term Investments — 0.6% (Cost: $4,494,663)				4,494,663
Total Investments in Securities — 100.4% (Cost: $695,857,333)				686,252,548
Other Assets, Less Liabilities — (0.4)%				(3,006,389	)
Net Assets — 100.0%			$	683,246,159

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	603,291		$3,391,778	(a)	$	—		$	(406	)	$	—	$	3,994,663		3,993,864	$	2,939	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		740,000		—			(240,000	)(a)		—			—		500,000		500,000		32			—
									$	(406	)	$	—	$	4,494,663			$	2,971		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		1		03/18/22	$	155	$	(3,252	)
S&P 500 E-Mini Index		3		03/18/22		655		(21,482	)
							$	(24,734	)

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, 2022 iShares^® ESG Advanced MSCI USA ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	24,734

^(a)  Net cumulative unrealized 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 period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	33,687
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(47,477	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	800,452

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	681,757,885		$	—		$	—	$	681,757,885
Money Market Funds		4,494,663			—			—		4,494,663
						��
	$	686,252,548		$	—		$	—	$	686,252,548
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(24,734	)	$	—		$	—	$	(24,734	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited)

February 28, 2022

	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)	$	371,429,847		$	40,681,242	$	681,757,885
Affiliated(c)		1,077,232			55,164		4,494,663
Cash		4,954			157,383		25,748
Foreign currency, at value(d)		495,275			159,582		—
Cash pledged:
Futures contracts		74,000			3,000		43,000
Receivables:
Investments sold		15,575,457			2,906,668		17,178,033
Securities lending income — Affiliated		232			24		644
Capital shares sold		3,517,690			9,768,191		621,841
Dividends		195,152			38,617		579,841
Tax reclaims		106,281			57		—
Total assets		392,476,120			53,769,928		704,701,655
LIABILITIES
Collateral on securities loaned, at value		1,047,505			45,179		3,995,275
Deferred foreign capital gain tax		—			36,894		—
Payables:
Investments purchased		15,235,907			12,226,546		17,415,262
Variation margin on futures contracts		1,336			735		2,162
Bank borrowings		—			65,002		—
Investment advisory fees		29,195			3,661		42,797
Total liabilities		16,313,943			12,378,017		21,455,496
NET ASSETS	$	376,162,177		$	41,391,911	$	683,246,159
NET ASSETS CONSIST OF:
Paid-in capital	$	396,276,698		$	41,102,512	$	692,239,151
Accumulated earnings (loss)		(20,114,521	)		289,399		(8,992,992	)
NET ASSETS	$	376,162,177		$	41,391,911	$	683,246,159
Shares outstanding		6,100,000			1,000,000		19,550,000
Net asset value	$	61.67		$	41.39	$	34.95
Shares authorized		Unlimited			Unlimited		Unlimited
Par value		None			None		None
(a) Securities loaned, at value	$	1,025,551		$	42,644	$	4,051,554
(b) Investments, at cost — Unaffiliated	$	385,341,141		$	39,215,298	$	691,362,670
(c)  Investments, at cost — Affiliated	$	1,077,322		$	55,164	$	4,494,663
(d) Foreign currency, at cost	$	498,209		$	159,806	$	—

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 Operations (unaudited)

Six Months Ended February 28, 2022

		iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF			iShares ESG Advanced MSCI USA ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,880,374		$	163,946		$	3,166,352
Dividends — Affiliated		32			4			90
Non-cash dividends — Unaffiliated		112,837			—			—
Securities lending income — Affiliated — net		1,368			225			2,881
Foreign taxes withheld		(265,327	)		(21,259	)		(1,590	)
Total investment income		1,729,284			142,916			3,167,733
EXPENSES
Investment advisory fees		173,082			19,078			255,163
Commitment fees		—			216			—
Interest expense		—			2			—
Total expenses		173,082			19,296			255,163
Net investment income		1,556,202			123,620			2,912,570
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(5,505,299	)		(804,279	)		(11,153,881	)
Investments — Affiliated		(115	)		(33	)		(406	)
In-kind redemptions — Unaffiliated		774,668			—			12,551,549
Futures contracts		2,025			(1,676	)		33,687
Foreign currency transactions		(41,650	)		(10,151	)		(1	)
Net realized gain (loss)		(4,770,371	)		(816,139	)		1,430,948
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(34,786,604	)		(1,095,601	)		(50,868,997	)
Investments — Affiliated		(90	)		—			—
Futures contracts		(55,692	)		(3,453	)		(47,477	)
Foreign currency translations		(6,369	)		(622	)		—
Net change in unrealized appreciation (depreciation)		(34,848,755	)		(1,099,676	)		(50,916,474	)
Net realized and unrealized loss		(39,619,126	)		(1,915,815	)		(49,485,526	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(38,062,924	)	$	(1,792,195	)	$	(46,572,956	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(7,034	)	$	—
(b) Net of reduction in deferred foreign capital gain tax of	$	—		$	34,964		$	—

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 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Period From 10/06/20 to 08/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,556,202		$	2,217,358		$	123,620		$	213,296
Net realized gain (loss)		(4,770,371	)		2,107,377			(816,139	)		152,407
Net change in unrealized appreciation (depreciation)		(34,848,755	)		20,005,991			(1,099,676	)		2,524,590
Net increase (decrease) in net assets resulting from operations		(38,062,924	)		24,330,726			(1,792,195	)		2,890,293
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(3,100,975	)		(1,761,837	)		(311,365	)		(106,031	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		171,480,392			212,119,113			29,945,565			10,765,644
NET ASSETS
Total increase in net assets		130,316,493			234,688,002			27,842,005			13,549,906
Beginning of period		245,845,684			11,157,682			13,549,906			—
End of period	$	376,162,177		$	245,845,684		$	41,391,911		$	13,549,906

^(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 29

Statements of Changes in Net Assets (continued)

	iShares ESG Advanced MSCI USA ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,912,570		$	1,703,346
Net realized gain		1,430,948			7,473,003
Net change in unrealized appreciation (depreciation)		(50,916,474	)		40,595,547
Net increase (decrease) in net assets resulting from operations		(46,572,956	)		49,771,896
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,762,360	)		(978,561	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		313,476,107			364,504,490
NET ASSETS
Total increase in net assets		264,140,791			413,297,825
Beginning of period		419,105,368			5,807,543
End of period	$	683,246,159		$	419,105,368

^(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 ESG Advanced MSCI EAFE ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Period From 06/16/20 to 08/31/20	(a)
Net asset value, beginning of period	$	70.24		$	55.79		$	51.37
Net investment income(b)		0.36			1.36			0.18
Net realized and unrealized gain (loss)(c)		(8.24	)		13.91			4.24
Net increase (decrease) from investment operations		(7.88	)		15.27			4.42
Distributions(d)
From net investment income		(0.69	)		(0.82	)		—
Total distributions		(0.69	)		(0.82	)		—
Net asset value, end of period	$	61.67		$	70.24		$	55.79
Total Return(e)
Based on net asset value		(11.32	)%(f)		27.47	%		8.60	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%(h)		0.12	%		0.12	%(h)
Net investment income		1.08	%(h)		2.06	%		1.64	%(h)
Supplemental Data
Net assets, end of period (000)	$	376,162		$	245,846		$	11,158
Portfolio turnover rate(i)		12	%(f)		28	%		6	%(f)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Advanced MSCI EM ETF
		Six Months Ended 02/28/22 (unaudited)			Period From 10/06/20 to 08/31/21	(a)
Net asset value, beginning of period.	$	45.17		$	35.39
Net investment income(b)		0.22			0.71
Net realized and unrealized gain (loss)(c)		(3.38	)		9.42
Net increase (decrease) from investment operations		(3.16	)		10.13
Distributions(d)
From net investment income		(0.62	)		(0.35	)
Total distributions		(0.62	)		(0.35	)
Net asset value, end of period	$	41.39		$	45.17
Total Return(e)
Based on net asset value		(7.05	)%(f)		28.74	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.16	%(h)		0.16	%(h)
Net investment income		1.04	%(h)		1.83	%(h)
Supplemental Data
Net assets, end of period (000)	$	41,392		$	13,550
Portfolio turnover rate(i)		21	%(f)		51	%(f)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  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 02/28/22 (unaudited)			Year Ended 08/31/21			Period From 06/16/20 to 08/31/20	(a)
Net asset value, beginning of period	$	38.10		$	29.04		$	25.43
Net investment income(b)		0.21			0.38			0.06
Net realized and unrealized gain (loss)(c)		(3.15	)		8.99			3.55
Net increase (decrease) from investment operations		(2.94	)		9.37			3.61
Distributions(d)
From net investment income		(0.21	)		(0.30	)		—
From net realized gain		—			(0.01	)		—
Total distributions		(0.21	)		(0.31	)		—
Net asset value, end of period	$	34.95		$	38.10		$	29.04
Total Return(e)
Based on net asset value		(7.76	)%(f)		32.53	%		14.20	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.10	%(h)		0.10	%		0.10	%(h)
Net investment income		1.14	%(h)		1.09	%		1.16	%(h)
Supplemental Data
Net assets, end of period (000)	$	683,246		$	419,105		$	5,808
Portfolio turnover rate(i)		19	%(f)		29	%		4	%(f)

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  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 33

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	Non-diversified
ESG Advanced MSCI USA	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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 Statements 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, 2022, if any, are disclosed in the Statements 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 Statements 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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 35

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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 Schedule 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:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
ESG Advanced MSCI EAFE
BNP Paribas SA	$	218,291	$	213,761		$	—	$	(4,530	)(b)
Citigroup Global Markets, Inc.		78,963		75,900			—		(3,063	)(b)
Goldman Sachs & Co. LLC		153,403		153,403			—		—
Morgan Stanley		574,894		574,894			—		—
	$	1,025,551	$	1,017,958		$	—	$	(7,593	)
ESG Advanced MSCI EM
BNP Paribas SA	$	42,644	$	42,644		$	—	$	—
ESG Advanced MSCI USA
Barclays Bank PLC	$	29,088	$	29,088		$	—	$	—
BNP Paribas SA		1,576,183		1,576,183			—		—
Jefferies LLC		169,624		169,624			—		—
Morgan Stanley		197,644		197,644			—		—
State Street Bank & Trust Co.		2,079,015		1,993,103			—		(85,912	)(b)
	$	4,051,554	$	3,965,642		$	—	$	(85,912	)

^(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)  The market value of the loaned securities is determined as of February 28, 2022. 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.

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Notes to Financial Statements (unaudited) (continued)

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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the 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, 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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. 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 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.

Pursuant to the current securities lending agreement, the iShares ESG Advanced MSCI EAFE ETF and iShares ESG Advanced MSCI EM 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) 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

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Notes to Financial Statements (unaudited) (continued)

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, 2022, the Group 1 Fund retained 77% 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 81% 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.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
ESG Advanced MSCI EAFE	$	399
ESG Advanced MSCI EM		65
ESG Advanced MSCI USA		1,115

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, 2022, 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	$	17,591,565	$	13,790,282	$	(2,690,213	)
ESG Advanced MSCI EM		1,238,377		827,635		(228,168	)
ESG Advanced MSCI USA		82,946,580		56,633,966		(6,131,617	)

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

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, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Advanced MSCI EAFE	$	48,447,589	$	35,680,541
ESG Advanced MSCI EM		23,641,550		5,396,676
ESG Advanced MSCI USA		101,516,909		100,821,398

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Advanced MSCI EAFE	$	160,487,431	$	6,499,622
ESG Advanced MSCI EM		8,083,814		—
ESG Advanced MSCI USA		350,273,681		37,964,325

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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, 2022 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, 2021, 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	$	129,908
ESG Advanced MSCI EM		200,147
ESG Advanced MSCI USA		1,645,353

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, 2022, 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	$	387,583,975	$	10,529,383	$	(25,660,233	)	$	(15,130,850	)
ESG Advanced MSCI EM		39,328,444		3,167,634		(1,763,125	)		1,404,509
ESG Advanced MSCI USA		695,940,780		25,630,093		(35,343,059	)		(9,712,966	)

9. LINE OF CREDIT

The iShares ESG Advanced MSCI EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) 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 Syndicated Credit Agreement.

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Advanced MSCI EM	$	65,000	$	359		1.24	%

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.

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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. Although vaccines have been developed and approved for use by various governments, 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 Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. 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 as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

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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. 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. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.

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.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Advanced MSCI EAFE
Shares sold		2,700,000		$	178,167,389			3,500,000		$	224,513,155
Shares redeemed		(100,000	)		(6,686,997	)		(200,000	)		(12,394,042	)
Net increase		2,600,000		$	171,480,392			3,300,000		$	212,119,113

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 41

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/22						Period Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Advanced MSCI EM
Shares sold		700,000		$	29,945,565			400,000		$	15,095,471
Shares redeemed		—			—			(100,000	)		(4,329,827	)
Net increase		700,000		$	29,945,565			300,000		$	10,765,644
	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Advanced MSCI USA
Shares sold		9,550,000		$	351,583,647			12,450,000		$	422,115,232
Shares redeemed		(1,000,000	)		(38,107,540	)		(1,650,000	)		(57,610,742	)
Net increase		8,550,000		$	313,476,107			10,800,000		$	364,504,490

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 Statements 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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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, iShares ESG Advanced MSCI EM 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 9, 2021 (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, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each 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 the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each 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 also 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 material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 43

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted 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, 2022

	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)	$	0.638014	$	—	$	0.050260	$	0.688274		93	%		—	%		7	%		100	%
ESG Advanced MSCI EM(a)		0.421636		—		0.201094		0.622730		68			—			32			100
ESG Advanced MSCI USA(a)		0.185607		—		0.025109		0.210716		88			—			12			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 e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

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 Trust’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 45

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

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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.

^©2022 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-820-0222

(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) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – 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: April 21, 2022

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: April 21, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: April 21, 2022