iShares TIPS Bond ETF NCSR/A Certified annual shareholder report (management investment company) (amended)

0001100663 ist:NYSEFactSetGlobalVirtualWorkAndLifeIndexMember 2020-09-30 2023-01-31 0001100663 ist:C000201209Member country:CN 2024-07-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:

811-09729

Name of Fund:

iShares Trust

Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

Registrant's telephone number, including area code:

(415) 670-2000

Date of fiscal year end:

7/31/2024

Date of reporting period:

7/31/2024

Item 1 — Report to Stockholders

Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the period ended July 31, 2024, filed with the Securities and Exchange Commission on October 3, 2024 (Accession Number 0001193125-24-232031). The sole purpose of this amendment is to update the returns for the S&P Developed ex US Broad Market Index. Except for such change, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.

(a) The Report to Shareholders is attached herewith

iShares Breakthrough Environmental Solutions ETF

ETEC | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Breakthrough Environmental Solutions ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Breakthrough Environmental Solutions ETF	$42	0.47%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
Sustainable and renewable energy stocks declined during the period as they faced growing competition from fossil fuel companies and reduced subsidies.
Market sentiment swung late in the one-year period amid a shift away from information technology stocks and growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Germany is a long-time leader in renewable energy and environmental technologies and has ambitious renewable targets. During the reporting period, an energy company that received a multi-billion-dollar deal in project-related guarantees backed by the German government contributed to the Fund’s return. The firm is a maker of gas and wind turbines as well as large converter stations, vital equipment for the country’s efforts to gradually phase out fossil fuels. Also contributing to the Fund’s return was Europe’s top operator of energy networks, as the firm raised its five-year investment target.

What detracted from performance?

China comprised 19% of the Fund on average during the reporting period and was also the largest detractor from the Fund’s return. Electric vehicle manufacturers fell sharply as the United States, the European Union, and Latin America increased tariffs on Chinese imports, and fears grew that more countries would do the same. The sanctions also negatively impacted semiconductor manufacturer companies in the information technology sector. A Korean electronics components company fell due to declining demand for consumer electronics, supply chain disruptions, and economic uncertainties impacting global markets.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: March 28, 2023 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		Since Fund Inception
Fund NAV	(19.71	) %	(9.72	) %
Fund Market	(19.69	)	(9.82	)
MSCI All Country World Index	17.02		23.64
Morningstar^® Global Emerging Green Technologies Select Index^℠	(19.56	)	(9.23	)

Key Fund statistics
Net Assets	$3,347,414%
Number of Portfolio Holdings	$46%
Net Investment Advisory Fees	$16,437%
Portfolio Turnover Rate	$68%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was March 28, 2023. The first day of secondary market trading was March 30, 2023.

Past performance is not an indication 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. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2024)

Industry allocation

Industry	Percent of Total Investments^(a)
Semiconductors & Semiconductor Equipment	23.6	%
Machinery	18.8	%
Electrical Equipment	17.7	%
Automobiles	17.6	%
Chemicals	8.4	%
Automobile Components	6.3	%
Electronic Equipment, Instruments & Components	5.3	%
Leisure Products	1.8	%
Commercial Services & Supplies	0.5	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	29.9	%
China	19.4	%
Japan	13.1	%
Taiwan	11.0	%
South Korea	7.5	%
United Kingdom	5.0	%
Germany	4.6	%
Belgium	3.5	%
Finland	3.2	%
Denmark	2.8	%

^(a)	Excludes money market funds.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

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 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc., Morningstar, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Breakthrough Environmental Solutions ETF

Annual Shareholder Report — July 31, 2024

ETEC-07/24-AR

iShares China Large-Cap ETF

FXI | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares China Large-Cap ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares China Large-Cap ETF	$69	0.74%

How did the Fund perform last year?

Emerging market equities rose during the reporting period but underperformed the broader markets as geopolitical uncertainty and a stronger U.S. dollar weighed on performance.
China’s economic struggles continued, with the housing sector facing particular challenges due to a major property company defaulting and falling home prices. Overall weak domestic demand has led to substantial stimulus packages by the Chinese government in an attempt to boost retail spending and consumer confidence.
The major policy interventions enacted by the Chinese government helped to ease investor concerns, but equities still underperformed the broader markets during the period.

What contributed to performance?

The financials sector modestly contributed to the Fund’s return during the reporting period, as stimulus measures by the Chinese government sought to increase consumer confidence. News that a Chinese sovereign wealth fund increased its holdings in the country’s four major lenders also benefited those stocks.

What detracted from performance?

Large-cap Chinese equities experienced negative performance for the reporting period, pulled down by weak domestic economic growth and increasing regulatory actions from the Chinese government. Automobile stocks were among the largest detractors from the Fund’s return, particularly electric vehicle (“E.V.”) manufacturers. Stocks of E.V. makers fell sharply as the United States, the European Union, and Latin America increased tariffs on Chinese imports, and fears grew that more countries would do the same. The threat of sanctions also negatively impacted the information technology sector, as did intensifying price wars within China’s artificial intelligence services.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	(12.73	) %	(7.01	) %	(2.22	) %
Fund Market	(13.07	)	(6.83	)	(2.11	)
FTSE Emerging All Cap Index	8.14		4.63		3.61
FTSE China 50 Index	(10.92	)	(6.18	)	(1.43	)

Key Fund statistics
Net Assets	$4,249,391,729%
Number of Portfolio Holdings	$53%
Net Investment Advisory Fees	$34,540,718%
Portfolio Turnover Rate	$18%

The Fund has added the FTSE Emerging All Cap Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Consumer Discretionary	32.7	%
Financials	30.4	%
Communication Services	18.1	%
Energy	6.8	%
Information Technology	3.9	%
Materials	1.9	%
Real Estate	1.8	%
Industrials	1.8	%
Health Care	1.2	%
Consumer Staples	0.8	%
Utilities	0.6	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Alibaba Group Holding Ltd.	9.9	%
Tencent Holdings Ltd.	8.9	%
Meituan, Class B	8.2	%
China Construction Bank Corp., Class H	7.3	%
Industrial & Commercial Bank of China Ltd., Class H	4.9	%
Bank of China Ltd., Class H	4.4	%
NetEase Inc.	4.1	%
Xiaomi Corp., Class B	3.9	%
JD.com Inc.	3.8	%
BYD Co. Ltd., Class H	3.7	%

^(a)	Excludes money market funds.

Additional Information

Householding

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

iShares China Large-Cap ETF

Annual Shareholder Report — July 31, 2024

FXI-07/24-AR

iShares Core MSCI EAFE ETF

IEFA | Cboe BZX Exchange

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Core MSCI EAFE ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core MSCI EAFE ETF	$7	0.07%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The European Central Bank cut its primary lending rate by 0.25% in June while the Bank of Japan exited its zero-interest rate policy that it had held since 2016, raising its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 24% of the Fund on average, contributed the most to the Fund’s return during the reporting period. Japan’s stock market accelerated to new highs following ongoing corporate reforms and as the Bank of Japan ended its negative interest rate policy. This interest rate increase helped Japanese banks increase lending profits and net interest margins (the difference between interest revenue and interest expenses of a financial firm). In the United Kingdom, which comprises about 15% of the Fund on average, the financials sector was helped by solid lending income attributed to higher interest rates.

What detracted from performance?

Hong Kong stocks suffered from malaise related to economic weakness in China during the reporting period. As a special administrative region of China, many stocks are dual listed in Hong Kong and China, making them susceptible to China’s recent economic slowdown and increased regulatory scrutiny. Hong Kong’s financials sector was particularly impacted by slowing Chinese growth, while slumping property values hindered the real estate sector.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	11.24	%	7.30	%	5.07	%
Fund Market	10.99		7.44		5.10
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI EAFE IMI Index	10.92		7.08		4.87

Key Fund statistics
Net Assets	$120,159,549,449%
Number of Portfolio Holdings	$2,745%
Net Investment Advisory Fees	$74,958,004%
Portfolio Turnover Rate	$2%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	19.3	%
Industrials	17.9	%
Health Care	12.6	%
Consumer Discretionary	11.3	%
Information Technology	9.2	%
Consumer Staples	8.3	%
Materials	6.9	%
Communication Services	4.1	%
Energy	3.9	%
Real Estate	3.3	%
Utilities	3.2	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	25.0	%
United Kingdom	15.2	%
France	10.1	%
Switzerland	9.1	%
Germany	7.9	%
Australia	7.7	%
Netherlands	4.5	%
Denmark	3.6	%
Sweden	3.5	%
Italy	2.8	%
Other^#	10.6	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

iShares Core MSCI EAFE ETF

Annual Shareholder Report — July 31, 2024

IEFA-07/24-AR

iShares Core MSCI Europe ETF

IEUR | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Core MSCI Europe ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core MSCI Europe ETF	$10	0.09%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period.
As inflation moved closer to central bank targets, several countries began lowering borrowing costs, beginning with Switzerland and Sweden. In a major turning point in monetary policy, the European Central Bank cut its primary lending rate by 0.25% in June.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Stocks in the United Kingdom (“U.K.”), which comprise approximately 23% of the Fund on average, contributed meaningfully to the Fund’s return during the reporting period. In the financials sector, U.K. banks benefited from solid lending income attributed to higher interest rates, while performance fee income helped asset managers. Stocks in the U.K. industrials sector were helped by increased government actions aimed at boosting manufacturing in the country. In Denmark, the healthcare sector contributed to the Fund’s performance, as pharmaceutical and biotechnology stocks gained amid positive clinical trials and enthusiasm over GLP-1 weight loss drugs.

What detracted from performance?

On a country level, there were no detractors from the Fund’s performance for the reporting period. However, consumer discretionary and consumer staples stocks hindered performance. Amid economic uncertainty and rising raw material costs, luxury stocks across Europe were notable detractors, as a shift in consumer preferences and eroding confidence caused weakness among higher-end retailers. These same factors also affected beverage stocks within the consumer staples sector.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	11.40	%	8.09	%	5.11	%
Fund Market	11.40		8.26		5.10
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI Europe IMI	10.70		7.83		4.86

Key Fund statistics
Net Assets	$4,630,353,384%
Number of Portfolio Holdings	$1,011%
Net Investment Advisory Fees	$3,911,942%
Portfolio Turnover Rate	$5%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	18.6	%
Industrials	17.5	%
Health Care	15.6	%
Consumer Staples	10.1	%
Consumer Discretionary	9.9	%
Information Technology	7.9	%
Materials	6.4	%
Energy	5.2	%
Utilities	3.8	%
Communication Services	3.3	%
Real Estate	1.7	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United Kingdom	24.1	%
France	16.0	%
Switzerland	14.5	%
Germany	12.6	%
Netherlands	7.2	%
Sweden	5.6	%
Denmark	5.6	%
Italy	4.4	%
Spain	4.0	%
Belgium	1.7	%
Other^#	4.3	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Material Fund Changes

This is a summary of certain changes to the Fund since July 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after July 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).

The net expense ratio decreased from the prior fiscal year end primarily due to a decrease in professional fees for foreign withholding tax claims.

Additional Information

Householding

iShares Core MSCI Europe ETF

Annual Shareholder Report — July 31, 2024

IEUR-07/24-AR

iShares Core MSCI International Developed Markets ETF

IDEV | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Core MSCI International Developed Markets ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core MSCI International Developed Markets ETF	$4	0.04%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. The information technology sector led markets amid enthusiasm over artificial intelligence (“AI”).
Amid challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 22% of the Fund on average, meaningfully contributed to the Fund’s return during the reporting period. The country’s stock market benefited from resilient economic growth, corporate structural reforms, and a return to monetary policy normalization. Banking stocks were helped as rising interest rates contributed to higher yields on loans and bonds held. The industrials sector was supported by a weaker yen, higher exports, and increased demand for factory construction and large-scale redevelopment projects. Financial stocks in the United Kingdom (“U.K.”) benefited from solid lending income attributed to higher interest rates, while performance fee income helped asset managers.

What detracted from performance?

Hong Kong stocks suffered from malaise related to economic weakness in China during the reporting period. As a special administrative region of China, many stocks are dual listed in Hong Kong and China and are more susceptible to China’s recent economic slowdown and regulatory scrutiny. Hong Kong’s financials sector was particularly impacted by slowing Chinese growth, while slumping property values hindered the real estate sector.

Fund performance

Cumulative performance: March 21, 2017 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	11.22	%	7.50	%	6.91	%
Fund Market	10.98		7.66		6.91
MSCI ACWI ex USA Index	9.75		6.29		6.00
MSCI World ex USA Investable Market Index	10.82		7.25		6.62

Key Fund statistics
Net Assets	$14,110,677,357%
Number of Portfolio Holdings	$2,228%
Net Investment Advisory Fees	$4,880,880%
Portfolio Turnover Rate	$3%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

The inception date of the Fund was March 21, 2017. The first day of secondary market trading was March 23, 2017.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	20.7	%
Industrials	17.3	%
Health Care	11.3	%
Consumer Discretionary	10.5	%
Information Technology	9.1	%
Consumer Staples	7.9	%
Materials	7.6	%
Energy	5.5	%
Communication Services	3.8	%
Utilities	3.2	%
Real Estate	3.1	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	22.4	%
United Kingdom	13.6	%
Canada	10.5	%
France	9.0	%
Switzerland	8.2	%
Germany	7.1	%
Australia	6.8	%
Netherlands	4.0	%
Denmark	3.2	%
Sweden	3.2	%
Other^#	12.0	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares Core MSCI International Developed Markets ETF

Annual Shareholder Report — July 31, 2024

IDEV-07/24-AR

iShares Core MSCI Pacific ETF

IPAC | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Core MSCI Pacific ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core MSCI Pacific ETF	$10	0.09%

How did the Fund perform last year?

Asian equities rose during the reporting period but underperformed the broader markets amid weakening growth in China and a stronger U.S. dollar.
Japanese equities meaningfully outperformed their Asian peers, supported by central bank actions and improved corporate governance. The Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Conversely, in China, weak economic growth led to substantial government stimulus packages intended to boost retail spending and consumer confidence.

What contributed to performance?

Japanese equities, which comprise about 68% of the Fund on average, overwhelmingly contributed to the Fund’s return during the reporting period. The country’s stock market accelerated to new highs, benefiting from resilient economic growth, corporate structural reforms, and a return to monetary policy normalization. Banking stocks positively impacted the Fund’s return as rising interest rates contributed to higher yields on loans and bonds held by banks. The industrials sector was supported by a weaker yen, higher exports, and increased demand for factory construction and large-scale redevelopment projects. The Japanese government’s policies aimed at promoting digital transformation and innovation in technology sectors also boosted the performance of information technology stocks.

What detracted from performance?

Stocks in Hong Kong detracted from the Fund’s return during the reporting period. Given Hong Kong’s status as a special administrative region of China, stocks were more susceptible to China’s economic slowdown and regulatory scrutiny. The financials stocks declined amid tightened regulations and deteriorating U.S.-China relations, while slumping property values hindered the real estate sector.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	11.01	%	5.90	%	5.01	%
Fund Market	10.59		5.95		5.01
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI Pacific IMI	11.30		5.83		4.93

Key Fund statistics
Net Assets	$2,032,570,359%
Number of Portfolio Holdings	$1,459%
Net Investment Advisory Fees	$1,657,847%
Portfolio Turnover Rate	$5%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	20.6	%
Industrials	19.0	%
Consumer Discretionary	14.0	%
Information Technology	10.5	%
Materials	8.1	%
Health Care	7.5	%
Real Estate	5.8	%
Communication Services	5.5	%
Consumer Staples	5.3	%
Utilities	2.0	%
Energy	1.7	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	69.2	%
Australia	21.2	%
Hong Kong	4.7	%
Singapore	4.2	%
New Zealand	0.7	%

^(a)	Excludes money market funds.

Additional Information

Householding

iShares Core MSCI Pacific ETF

Annual Shareholder Report — July 31, 2024

IPAC-07/24-AR

iShares Core MSCI Total International Stock ETF

IXUS | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Core MSCI Total International Stock ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core MSCI Total International Stock ETF	$7	0.07%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. The information technology sector led markets amid enthusiasm over artificial intelligence (“AI”).
Amid challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 16% of the Fund on average, meaningfully contributed to the Fund’s return during the reporting period. Financials stocks benefited from resilient economic growth, corporate structural reforms, and a return to monetary policy normalization. Additionally, the industrials sector was supported by a weaker yen, higher exports, and increased demand for factory construction and large-scale redevelopment projects. In Taiwan, equities, particularly semiconductor manufacturers, benefited from excitement over increased AI demand. These companies provide the backbone for the complex calculations required for AI algorithms.

What detracted from performance?

Detractors from the Fund’s return during the reporting period were driven by Chinese stocks as the country continued to face economic weakness. Chinese automobile manufacturers faced challenges from increasing import tariffs from the United States and the European Union. Amid slowing retail sales, broadline retailers, those that offer a wide range of consumer discretionary merchandise to end consumers, also hindered performance.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	9.84	%	6.49	%	4.43	%
Fund Market	9.68		6.64		4.46
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI ACWI ex USA IMI	9.78		6.39		4.29

Key Fund statistics
Net Assets	$37,872,500,211%
Number of Portfolio Holdings	$4,430%
Net Investment Advisory Fees	$23,755,273%
Portfolio Turnover Rate	$3%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	20.6	%
Industrials	14.9	%
Information Technology	13.2	%
Consumer Discretionary	11.0	%
Health Care	9.3	%
Materials	7.6	%
Consumer Staples	7.2	%
Energy	5.2	%
Communication Services	5.0	%
Utilities	3.2	%
Real Estate	2.8	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	15.9	%
United Kingdom	9.7	%
Canada	7.5	%
France	6.4	%
China	6.3	%
India	6.2	%
Switzerland	5.8	%
Taiwan	5.5	%
Germany	5.0	%
Australia	4.9	%
Other^#	26.8	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares Core MSCI Total International Stock ETF

Annual Shareholder Report — July 31, 2024

IXUS-07/24-AR

iShares Currency Hedged MSCI ACWI ex U.S. ETF

HAWX | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Currency Hedged MSCI ACWI ex U.S. ETF	$3(a)	0.03%(a)

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

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period even as geopolitical strife and trade tensions increased.
Market strength was driven by enthusiasm for artificial intelligence, propelling information technology stocks to record highs.
While the European Central Bank cut its primary lending rate, the Bank of Japan increased interest rates. Japan’s central bank also engaged in buying the Japanese yen in open markets to pause the currency’s decline.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise approximately 15% of the Fund on average, contributed the most to the Fund’s return during the reporting period. The country’s stock market accelerated to new highs, helped by ongoing corporate reforms and the Bank of Japan ending its negative interest rate policy. This interest rate increase helped Japanese banks increase lending profits and net interest margins (the difference between interest revenue and interest expenses of a financial firm). Indian stocks contributed, helped by growing market confidence, an infrastructure boom, and positive economic data. In the industrials sector, automotive stocks benefited from record-high car sales.

What detracted from performance?

Detractors from the Fund’s return during the reporting period were driven by Chinese stocks, which represent approximately 8% of the Fund on average. In particular, a push by several U.S. lawmakers to ban lithium-ion batteries for electric vehicles worked against these firms. In Hong Kong, casino stocks declined amid tightened regulations and deteriorating U.S.-China relations.

Fund performance

Cumulative performance: June 29, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	14.62	%	9.37	%	7.62	%
Fund Market	14.45		9.36		7.61
MSCI ACWI ex USA Index	9.75		6.29		5.10
MSCI ACWI ex USA 100% Hedged to USD Index	15.45		9.55		7.73

Key Fund statistics
Net Assets	$229,557,895%
Number of Portfolio Holdings	$265%
Net Investment Advisory Fees	$57,791%
Portfolio Turnover Rate	$9%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Asset Type	Percent of Net Assets
Investment Companies	100.1	%
Short-term Investments	44.8	%
Forward foreign currency exchange contracts, net cumulative depreciation	(1.2	) %
Other assets less liabilities	(43.7	) %

Sector allocation (of the underlying fund)^(a)
Sector	Percent of Total Investments^(b)
Financials	22.1	%
Industrials	13.8	%
Information Technology	13.5	%
Consumer Discretionary	10.9	%
Health Care	9.7	%
Consumer Staples	7.4	%
Materials	7.0	%
Energy	5.4	%
Communication Services	5.2	%
Utilities	3.2	%
Real Estate	1.8	%

^(a)	The underlying fund is iShares MSCI ACWI ex U.S. ETF.
^(b)	Excludes money market funds.

Additional Information

Householding

iShares Currency Hedged MSCI ACWI ex U.S. ETF

Annual Shareholder Report — July 31, 2024

HAWX-07/24-AR

iShares Currency Hedged MSCI EAFE ETF

HEFA | Cboe BZX Exchange

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Currency Hedged MSCI EAFE ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Currency Hedged MSCI EAFE ETF	$3(a)	0.03%(a)

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

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period even as geopolitical strife and trade tensions increased.
Driven by enthusiasm for artificial intelligence, information technology stocks propelled to record highs.
While the European Central Bank cut its primary lending rate, the Bank of Japan increased interest rates. Japan’s central bank also engaged in buying the Japanese yen in open markets to pause the currency’s decline.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 23% of the Fund on average, contributed the most to the Fund’s return during the reporting period. Japan’s stock market accelerated to new highs, helped by ongoing corporate reforms and the Bank of Japan ending its negative interest rate policy. This interest rate increase helped Japanese banks increase lending profits and net interest margins (the difference between interest revenue and interest expenses of a financial firm). In the United Kingdom, which comprises about 15% of the Fund on average, the financials sector was helped by solid lending income attributed to higher interest rates.

What detracted from performance?

Hong Kong stocks suffered from malaise related to economic weakness in China during the reporting period. As a special administrative region of China, many stocks are dual listed in Hong Kong and China and are more susceptible to China’s recent economic slowdown and regulatory scrutiny. Hong Kong’s financials sector was particularly impacted by slowing Chinese growth, while slumping property values hindered the real estate sector.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	16.81	%	11.22	%	9.08	%
Fund Market	16.88		11.21		9.09
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI EAFE^® 100% Hedged to USD Index	17.40		11.27		9.21

Key Fund statistics
Net Assets	$6,660,168,214%
Number of Portfolio Holdings	$160%
Net Investment Advisory Fees	$1,359,684%
Portfolio Turnover Rate	$12%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Asset Type	Percent of Net Assets
Investment Companies	100.1	%
Short-term Investments	21.8	%
Forward foreign currency exchange contracts, net cumulative depreciation	(2.0	) %
Other assets less liabilities	(19.9	) %

Sector allocation (of the underlying fund)^(a)
Sector	Percent of Total Investments^(b)
Financials	20.4	%
Industrials	17.1	%
Health Care	13.7	%
Consumer Discretionary	11.1	%
Information Technology	9.1	%
Consumer Staples	8.6	%
Materials	6.6	%
Communication Services	4.1	%
Energy	4.0	%
Utilities	3.2	%
Real Estate	2.1	%

^(a)	The underlying fund is iShares MSCI EAFE ETF.
^(b)	Excludes money market funds.

Additional Information

Householding

iShares Currency Hedged MSCI EAFE ETF

Annual Shareholder Report — July 31, 2024

HEFA-07/24-AR

iShares Currency Hedged MSCI EAFE Small-Cap ETF

HSCZ | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Currency Hedged MSCI EAFE Small-Cap ETF	$3(a)	0.03%(a)

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

How did the Fund perform last year?

While global equities rose for the reporting period, small-capitalization stocks underperformed their larger-capitalization peers due to increasing risk aversion and their vulnerability to high inflation, rising interest rates, a slowing economy, and the war in Ukraine.
In Europe, concerns grew over slowing economic growth and the European Central Bank cut its primary lending rate, a major turning point in monetary policy, as higher borrowing costs have negatively impacted both consumers and businesses.
Conversely, the Bank of Japan exited its zero-interest rate policy that it had held since 2016.

What contributed to performance?

Japanese small-capitalization stocks led the Fund’s return during the reporting period. Japanese stocks comprise approximately 34% of the Fund on average, and benefited from resilient economic growth, corporate structural reforms, and a return to monetary policy normalization. The industrials sector was helped by construction manufacturers on increased demand for factory construction and large-scale redevelopment projects. Regional banking stocks positively impacted the Fund’s return following the Bank of Japan’s gradual move away from negative interest rates. The United Kingdom comprises approximately 15% of the Fund on average, also contributed. Toward the end of the reporting period, news of the Labour Party’s election win helped smaller-capitalization stocks, which rose on hopes of improved economic growth.

What detracted from performance?

Germany’s industrials sector declined during the reporting period. Added to higher energy costs, the sector also felt the effects of geopolitical strife, with shipment delays stemming from both the Russia/Ukraine war and the crisis in the Middle East. In addition to cooling economic data, French small caps lagged due to political uncertainty spurred by a snap Parliamentary election.

Fund performance

Cumulative performance: June 29, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	15.34	%	9.95	%	8.93	%
Fund Market	15.35		9.92		8.93
MSCI ACWI ex USA Index	9.75		6.29		5.10
MSCI EAFE Small Cap 100% Hedged to USD Index	16.41		10.25		9.13

Key Fund statistics
Net Assets	$150,905,323%
Number of Portfolio Holdings	$115%
Net Investment Advisory Fees	$33,777%
Portfolio Turnover Rate	$12%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Asset Type	Percent of Net Assets
Investment Companies	100.2	%
Short-term Investments	0.0	%^(a)
Forward foreign currency exchange contracts, net cumulative depreciation	(2.4	) %
Other assets less liabilities	2.2	%

Sector allocation (of the underlying fund)^(b)
Sector	Percent of Total Investments^(c)
Industrials	23.3	%
Financials	12.8	%
Consumer Discretionary	12.6	%
Real Estate	10.7	%
Information Technology	9.4	%
Materials	9.2	%
Consumer Staples	6.4	%
Health Care	6.0	%
Communication Services	3.7	%
Energy	3.3	%
Utilities	2.6	%

^(a)	Rounds to less than 0.1%.
^(b)	The underlying fund is iShares MSCI EAFE Small-Cap ETF.
^(c)	Excludes money market funds.

Additional Information

Householding

iShares Currency Hedged MSCI EAFE Small-Cap ETF

Annual Shareholder Report — July 31, 2024

HSCZ-07/24-AR

iShares Cybersecurity and Tech ETF

IHAK | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Cybersecurity and Tech ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Cybersecurity and Tech ETF	$51	0.47%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
U.S. stocks powered markets higher, driven by the enthusiasm for artificial intelligence (“AI”), which was particularly evident in the information technology sector. A handful of companies dominated markets due to their ability to rapidly innovate, capture significant market share, and generate substantial profits.
However, market sentiment swung late in the reporting period amid a shift away from information technology stocks as uncertainty surrounding economic growth, geopolitics, and the upcoming U.S. presidential election grew. Adding to the volatility was a technical outage stemming from a major cybersecurity supplier that impacted a wide variety of companies and prompted swift analyst downgrades of the company’s stock, sending shares tumbling.

What contributed to performance?

U.S. stocks, which represented approximately 72% of the Fund on average during the reporting period, contributed the most to the Fund’s return. As more and more transactions are performed online, threats of financial fraud, unauthorized access, and identity theft have made cybersecurity essential. U.S. cybersecurity stocks that analyze threats and provide real-time protection gained due to the increased need for protection from cyber threats and unauthorized access to data and computer networks. Among U.S. industrials stocks, those that provide technology and services to support government transformation and national security missions benefited performance. Israeli systems software and solution providers also gained, as the country is a leader in technological innovation and spends a high percentage of its gross domestic product (“GDP”) on research, development, and innovation.

What detracted from performance?

On the downside, Canadian stocks detracted from the Fund’s return during the reporting period. Falling revenue due to increased competition weighed heavily on the stock of a software provider.

Fund performance

Cumulative performance: June 11, 2019 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	18.73	%	12.41	%	13.45	%
Fund Market	18.58		12.39		13.43
MSCI All Country World Index	17.02		11.05		11.22
NYSE^® FactSet^® Global Cyber Security Index	17.21		12.43		13.50

Key Fund statistics
Net Assets	$863,631,323%
Number of Portfolio Holdings	$37%
Net Investment Advisory Fees	$3,445,852%
Portfolio Turnover Rate	$27%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 2019.

What did the Fund invest in?

(as of July 31, 2024)

Industry allocation

Industry	Percent of Total Investments^(a)
Software	65.4	%
Professional Services	13.2	%
IT Services	10.9	%
Communications Equipment	10.5	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	70.6	%
Israel	9.4	%
Japan	4.8	%
Taiwan	3.6	%
United Kingdom	3.4	%
Denmark	2.2	%
Germany	2.2	%
Canada	1.7	%
Malaysia	1.2	%
Turkey	0.6	%
South Korea	0.3	%

^(a)	Excludes money market funds.

Additional Information

Householding

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc., NYSE Group, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

iShares Cybersecurity and Tech ETF

Annual Shareholder Report — July 31, 2024

IHAK-07/24-AR

iShares Energy Storage & Materials ETF

IBAT | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Energy Storage & Materials ETF (the “Fund”) for the period of March 19, 2024 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Energy Storage & Materials ETF	$17(a)	0.47%(b)

^(a)	The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
^(b)	Annualized.

Key Fund statistics
Net Assets	$6,718,832%
Number of Portfolio Holdings	$62%
Net Investment Advisory Fees	$14,880%
Portfolio Turnover Rate	$40%

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Materials	44.2	%
Industrials	31.7	%
Information Technology	21.4	%
Consumer Discretionary	2.7	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	27.4	%
United States	26.2	%
South Korea	18.0	%
France	9.7	%
Germany	6.1	%
China	5.6	%
Switzerland	3.0	%
Taiwan	2.6	%
Norway	0.5	%
Canada	0.3	%
Other^#	0.6	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares Energy Storage & Materials ETF

Annual Shareholder Report — July 31, 2024

IBAT-07/24-AR

iShares Exponential Technologies ETF

XT | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Exponential Technologies ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Exponential Technologies ETF	$46	0.46%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
U.S. stocks powered markets higher, driven by the enthusiasm for artificial intelligence (“AI”), which was particularly evident in the information technology sector.
However, market sentiment swung late in the one-year period amid a shift away from information technology stocks and growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

U.S. stocks, which represented approximately 62% of the Fund on average during the reporting period, contributed the most to the Fund’s return. Within the information technology sector, semiconductor manufacturers that enable the rapid advancement in technology and the creation of compact, powerful, and efficient devices advanced. Also contributing were software application companies that provide platforms and solutions to manage data analytics, supply chains, and inventory operations. Information technology stocks in Taiwan also contributed to the Fund’s returns, amid a growing need for semiconductors and passive components.

What detracted from performance?

Stocks in China’s information technology sector were the largest detractors of the Fund’s performance during the reporting period. Electric vehicle makers declined amid decreasing profitability and geopolitical tensions, including increased tariffs from the United States, European Union, and Latin America. Canadian stocks were hindered by the recent weak performance of lithium, a key ingredient in rechargeable batteries for phones, hybrid cars, electric bikes, and large-scale storage batteries. The fall in lithium prices was due to slowing demand for electric vehicles and a broader economic slowdown in China.

Fund performance

Cumulative performance: March 19, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	1.84	%	9.66	%	10.60	%
Fund Market	1.79		9.71		10.59
MSCI All Country World Index	17.02		11.05		9.14
Morningstar^® Exponential Technologies Index^℠	2.03		10.04		10.92

Key Fund statistics
Net Assets	$3,420,686,935%
Number of Portfolio Holdings	$191%
Net Investment Advisory Fees	$15,200,280%
Portfolio Turnover Rate	$45%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was March 19, 2015. The first day of secondary market trading was March 23, 2015.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	58.1	%
Health Care	16.8	%
Financials	5.8	%
Utilities	5.2	%
Industrials	4.7	%
Consumer Discretionary	4.0	%
Communication Services	2.4	%
Materials	1.8	%
Real Estate	0.9	%
Consumer Staples	0.3	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	59.8	%
Japan	6.2	%
China	5.0	%
Taiwan	3.4	%
Germany	3.1	%
United Kingdom	2.4	%
France	2.4	%
Canada	2.3	%
Netherlands	2.3	%
South Korea	1.6	%
Other^#	11.5	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares Exponential Technologies ETF

Annual Shareholder Report — July 31, 2024

XT-07/24-AR

iShares Future Cloud 5G and Tech ETF

IDAT | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Future Cloud 5G and Tech ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Future Cloud 5G and Tech ETF	$52	0.47%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
U.S. stocks powered markets higher, driven by the enthusiasm for artificial intelligence (“AI”), which was particularly evident in the information technology sector. A handful of companies dominated markets due to their ability to rapidly innovate, capture significant market share, and generate substantial profits.
However, market sentiment swung late in the one-year period amid a shift away from information technology stocks and growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

U.S. stocks, which represented approximately 77% of the Fund on average during the reporting period, contributed the most to the Funds’s return, led by information technology stocks. Increased usage and demand for AI reverberated across the information technology sector. Semiconductor manufacturers benefited, as they provide the backbone for the complex calculations required for AI algorithms. Among technology hardware stocks, firms that provide data-driven networking solutions, particularly in data centers and cloud environments, also benefited from the increased AI usage. Memory solution providers also gained, given the substantial requirements needed to run generative AI applications. Outside of the United States, semiconductor firms in Taiwan also advanced on strong demand for the chips that are needed for mobile phones.

What detracted from performance?

There were only minimal detractors to the Fund’s performance during the reporting period. Several application software and systems software stocks declined as they faced increased competition, lower-than-expected revenue, and reduced future guidance.

Fund performance

Cumulative performance: June 8, 2021 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		Since Fund Inception
Fund NAV	21.04	%	7.49	%
Fund Market	20.96		7.41
MSCI All Country World Index	17.02		5.88
Morningstar^® Global Digital Infrastructure & Connectivity Index^℠	21.23		7.56

Key Fund statistics
Net Assets	$7,376,700%
Number of Portfolio Holdings	$49%
Net Investment Advisory Fees	$30,826%
Portfolio Turnover Rate	$37%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was June 8, 2021. The first day of secondary market trading was June 10, 2021.

What did the Fund invest in?

(as of July 31, 2024)

Industry allocation

Industry	Percent of Total Investments^(a)
Semiconductors & Semiconductor Equipment	35.0	%
Communications Equipment	15.3	%
Technology Hardware, Storage & Peripherals	11.8	%
Software	9.8	%
IT Services	9.0	%
Specialized REITs	6.1	%
Diversified Telecommunication Services	5.6	%
Electronic Equipment, Instruments & Components	4.9	%
Chemicals	2.5	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	77.3	%
Taiwan	4.3	%
Japan	3.7	%
Finland	2.8	%
Sweden	2.6	%
China	2.3	%
Spain	1.9	%
Germany	1.9	%
Australia	1.3	%
Italy	1.3	%
Singapore	0.6	%

^(a)	Excludes money market funds.

Material Fund Changes

On June 26, 2024, the Fund changed from non-diversified to diversified under the Investment Company Act of 1940 and removed the Non-Diversification Risk.

Additional Information

Householding

iShares Future Cloud 5G and Tech ETF

Annual Shareholder Report — July 31, 2024

IDAT-07/24-AR

iShares Genomics Immunology and Healthcare ETF

IDNA | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Genomics Immunology and Healthcare ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Genomics Immunology and Healthcare ETF	$49	0.48%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The U.S. Federal Reserve Bank left rates on hold during the reporting period as the central bank sought greater confidence in slowing inflationary pressures. As inflation measures became more subdued, expectations increased for interest rate cuts in 2024.
However, market sentiment swung late in the one-year period amid a shift away from information technology stocks and growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

U.S. stocks, which represented approximately 68% of the Fund on average during the reporting period, contributed the most to the Fund’s return. Biotechnology firms led healthcare stocks, powered by approvals from the U.S. Food and Drug Administration, positive clinical trials, and promising pipelines that helped to boost revenue. Pharmaceutical companies advanced amid ongoing strong sales of their blockbuster drugs. A Danish pharmaceutical firm gained following positive clinical data from for its experimental daily pill for obesity and type 2 diabetes.

What detracted from performance?

A specialty chemical company within the materials sector in the United States was a large detractor from the Fund’s performance during the reporting period. The firm faced decreasing revenue following the expected ramp down of COVID-19 testing for U.S. students. In Germany, stocks of biotechnology companies declined amid a shift away from COVID-19 treatments and court proceedings over intellectual property rights.

Fund performance

Cumulative performance: June 11, 2019 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	4.98	%	(1.34	) %	1.05	%
Fund Market	4.70		(1.39	)	1.01
MSCI All Country World Index	17.02		11.05		11.22
NYSE^® FactSet^® Global Genomics and Immuno Biopharma Index	5.01		(1.17	)	1.18

Key Fund statistics
Net Assets	$140,404,921%
Number of Portfolio Holdings	$52%
Net Investment Advisory Fees	$616,871%
Portfolio Turnover Rate	$51%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 2019.

What did the Fund invest in?

(as of July 31, 2024)

Industry allocation

Industry	Percent of Total Investments^(a)
Biotechnology	74.6	%
Pharmaceuticals	23.6	%
Life Sciences Tools & Services	1.2	%
Chemicals	0.6	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	67.5	%
Japan	5.5	%
Switzerland	4.7	%
France	4.5	%
China	4.1	%
Denmark	4.0	%
United Kingdom	3.7	%
Germany	3.4	%
South Korea	1.1	%
Netherlands	0.8	%
Canada	0.7	%

^(a)	Excludes money market funds.

Additional Information

Householding

iShares Genomics Immunology and Healthcare ETF

Annual Shareholder Report — July 31, 2024

IDNA-07/24-AR

iShares Global Equity Factor ETF

GLOF | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Global Equity Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Global Equity Factor ETF	$22	0.20%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
With challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June, while the U.S. Federal Reserve Bank left interest rates unchanged. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
However, market sentiment swung late in the period amid a shift away from technology stocks and growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Stocks from the United States, which represent about 59% of the Fund on average, strongly contributed to the Fund’s performance during the reporting period. Among U.S. stocks, the information technology sector contributed the most, as the hype over artificial intelligence (“AI”) continued to benefit information technology companies. The U.S. semiconductor industry contributed significantly, as the technology is crucial to the ongoing buildout of AI, and expanded tariffs limited semiconductor imports from outside the U.S. In Japan, industrial stocks contributed to the Fund’s return, as several strategic agreements involving Japanese machinery companies were initiated during the reporting period.

What detracted from performance?

Stocks from Germany detracted from the Fund’s return during the reporting period. Weakness in the consumer discretionary sector stemmed from sluggish demand and production declines negatively affecting German carmakers.

Fund performance

Cumulative performance: April 28, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	19.96	%	10.46	%	8.11	%
Fund Market	20.12		10.52		8.09
S&P Global Broad Market Index	16.20		10.50		8.42
STOXX Global Equity Factor Index	20.07		10.60		8.29

Key Fund statistics
Net Assets	$109,479,538%
Number of Portfolio Holdings	$607%
Net Investment Advisory Fees	$238,754%
Portfolio Turnover Rate	$24%

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

The performance of the STOXX Global Equity Factor Index in this report reflects the performance of the MSCI ACWI Diversified Multiple-Factor Index through February 28, 2023 and, beginning on March 1, 2023, the performance of the STOXX Global Equity Factor Index.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	27.0	%
Financials	15.5	%
Consumer Discretionary	12.5	%
Health Care	10.9	%
Industrials	8.4	%
Consumer Staples	7.0	%
Communication Services	6.5	%
Energy	3.8	%
Materials	3.7	%
Utilities	3.2	%
Real Estate	1.5	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	60.3	%
Japan	6.8	%
United Kingdom	3.1	%
South Korea	2.8	%
China	2.5	%
Canada	2.4	%
France	2.2	%
Australia	1.9	%
Taiwan	1.9	%
India	1.7	%
Other^#	14.4	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Material Fund Changes

The net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s investment advisory agreement during the prior fiscal year.

Additional Information

Householding

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices, STOXX Ltd., MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

iShares Global Equity Factor ETF

Annual Shareholder Report — July 31, 2024

GLOF-07/24-AR

iShares International Equity Factor ETF

INTF | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares International Equity Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares International Equity Factor ETF	$17	0.16%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. U.S. equities led markets, propelled by the information technology sector and enthusiasm over artificial intelligence.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Stocks with exposure to value advanced for the reporting period, as the current geopolitical and economic landscape has moved global risk appetites lower, accelerating the rotation from cyclicals stocks into defensive/growth compounders with our cyclicals versus defensive pair down. Momentum and quality also contributed to performance.

Stocks in Japan’s financial sector contributed the most to the Fund’s return during the reporting period, benefiting from steady gains and rising dividend payments over the last year. Japanese insurance companies also contributed to performance, after several companies announced stock buybacks. In Denmark, stocks within the apparel accessories and luxury goods segment of the consumer discretionary sector contributed to performance.

What detracted from performance?

Hong Kong stocks suffered from malaise related to economic weakness in China during the reporting period. As a special administrative region of China, many stocks are dual listed in Hong Kong and China and are more susceptible to China’s recent economic slowdown and regulatory scrutiny. Hong Kong’s financials sector was particularly impacted by slowing Chinese growth, while slumping property values hindered the real estate sector.

Fund performance

Cumulative performance: April 28, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	13.08	%	6.96	%	5.21	%
Fund Market	13.04		7.08		5.20
S&P Developed ex US Broad Market Index	10.38		7.12		4.92
STOXX International Equity Factor Index	12.62		6.93		5.25

Key Fund statistics
Net Assets	$1,124,337,890%
Number of Portfolio Holdings	$449%
Net Investment Advisory Fees	$1,499,809%
Portfolio Turnover Rate	$22%

The Fund has added the S&P Developed ex US Broad Market Index in response to new regulatory requirements.

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

The performance of the STOXX International Equity Factor Index in this report reflects the performance of the MSCI World ex USA Diversified Multiple-Factor Index through May 31, 2022 and, beginning on June 1, 2022, the performance of the STOXX International Equity Factor Index.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	21.9	%
Industrials	16.3	%
Consumer Discretionary	13.0	%
Health Care	9.9	%
Information Technology	8.8	%
Consumer Staples	7.9	%
Materials	6.4	%
Energy	4.8	%
Communication Services	4.4	%
Utilities	4.2	%
Real Estate	2.4	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	24.9	%
United Kingdom	13.0	%
France	8.7	%
Switzerland	8.1	%
Australia	7.2	%
Germany	6.0	%
Canada	5.9	%
Netherlands	4.7	%
Denmark	3.8	%
Italy	3.8	%
Other^#	13.9	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares International Equity Factor ETF

Annual Shareholder Report — July 31, 2024

INTF-07/24-AR

iShares International Small-Cap Equity Factor ETF

ISCF | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares International Small-Cap Equity Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares International Small-Cap Equity Factor ETF	$24	0.23%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
Higher interest rates have worked against smaller-capitalization names, causing them to underperform their larger peers.
However, market sentiment swung late in the period amid a shift away from technology stocks and growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese small-capitalization stocks led the Fund’s return during the reporting period. Japanese stocks, which comprise approximately 25% of the Fund on average, have benefited from resilient economic growth, corporate structural reforms, and a return to monetary policy normalization. The industrials sector was helped by construction manufacturers on increased demand for factory construction and large-scale redevelopment projects. In the United Kingdom, which comprises about 14% of the Fund on average, the financials sector was helped by solid lending income attributed to higher interest rates.

What detracted from performance?

Stocks in Germany detracted from the Fund’s performance during the reporting period, most notably within the materials sector. Hong Kong stocks were negatively impacted by economic weakness in China during the reporting period.

Fund performance

Cumulative performance: April 28, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	9.57	%	6.63	%	6.26	%
Fund Market	9.19		6.70		6.22
S&P Developed ex US Broad Market Index	10.38		7.12		4.92
STOXX International Small-Cap Equity Factor Index	9.18		6.83		6.46

Key Fund statistics
Net Assets	$556,867,486%
Number of Portfolio Holdings	$971%
Net Investment Advisory Fees	$1,265,111%
Portfolio Turnover Rate	$26%

The Fund has added the S&P Developed ex US Broad Market Index in response to new regulatory requirements.

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

The performance of the STOXX International Small-Cap Equity Factor Index in this report reflects the performance of the MSCI World ex USA Small Cap Diversified Multiple-Factor Index through February 28, 2023 and, beginning on March 1, 2023, the performance of the STOXX International Small-Cap Equity Factor Index.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Industrials	19.7	%
Consumer Discretionary	14.5	%
Financials	14.1	%
Information Technology	11.6	%
Materials	10.1	%
Real Estate	9.8	%
Health Care	4.6	%
Consumer Staples	4.3	%
Energy	4.2	%
Communication Services	3.8	%
Utilities	3.3	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	26.2	%
United Kingdom	15.6	%
Canada	9.9	%
Australia	7.0	%
Switzerland	6.3	%
France	5.1	%
Germany	4.8	%
Sweden	4.0	%
Italy	3.3	%
Spain	2.8	%
Other^#	15.0	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Material Fund Changes

The net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s investment advisory agreement during the prior fiscal year.

Additional Information

Householding

iShares International Small-Cap Equity Factor ETF

Annual Shareholder Report — July 31, 2024

ISCF-07/24-AR

iShares MSCI ACWI ETF

ACWI | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI ACWI ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI ACWI ETF	$35	0.32%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. U.S. equities led markets, propelled by the information technology sector and enthusiasm over artificial intelligence (“AI”).
Amid challenging economic conditions, the European Central Bank cut its primary lending rate in June, while the U.S. Federal Reserve Bank left interest rates unchanged. The Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

The United States is the largest component of the Fund, comprising approximately 63% on average during the reporting period, and was also the most significant driver of the Fund’s return. Performance was largely driven by a handful of dominant information technology companies that have been able to rapidly innovate, capture significant market share, and generate substantial profits. Among these stocks, those that produce semiconductors were the most significant beneficiaries of excitement for AI and the U.S. government’s efforts to increase domestic chipmaking capacity. The financials sector was helped by solid earnings results from wealth management firms.

What detracted from performance?

Chinese stocks were modest detractors from the Fund’s performance during the reporting period. The country’s economic struggles continued, and equities have been negatively impacted by overall weak domestic demand. Electric vehicle manufacturers were notably weak as tariffs were increased by the United States and the European Union.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	17.06	%	11.08	%	8.89	%
Fund Market	16.91		11.14		8.91
MSCI All Country World Index	17.02		11.05		8.74

Key Fund statistics
Net Assets	$18,219,793,036%
Number of Portfolio Holdings	$2,364%
Net Investment Advisory Fees	$58,548,495%
Portfolio Turnover Rate	$4%

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	25.0	%
Financials	16.1	%
Health Care	11.0	%
Industrials	10.6	%
Consumer Discretionary	10.3	%
Communication Services	7.6	%
Consumer Staples	6.3	%
Energy	4.4	%
Materials	4.0	%
Utilities	2.6	%
Real Estate	2.1	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	64.3	%
Japan	5.3	%
United Kingdom	3.4	%
Canada	2.7	%
France	2.5	%
China	2.5	%
Switzerland	2.2	%
India	2.0	%
Germany	2.0	%
Taiwan	1.9	%
Other^#	11.2	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI ACWI ETF

Annual Shareholder Report — July 31, 2024

ACWI-07/24-AR

iShares MSCI ACWI ex U.S. ETF

ACWX | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI ACWI ex U.S. ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI ACWI ex U.S. ETF	$34	0.32%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The European Central Bank cut its primary lending rate by 0.25% in June while the Bank of Japan exited its zero-interest rate policy that it had held since 2016, raising its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 15% of the Fund on average, contributed the most to the Fund’s return during the reporting period. The country’s stock market accelerated to new highs during the reporting period, helped by ongoing corporate reforms and the Bank of Japan ending its negative interest rate policy. This interest rate increase helped Japanese banks increase lending profits and net interest margins (the difference between interest revenue and interest expenses of a financial firm). Indian stocks contributed, helped by growing market confidence, an infrastructure boom, and positive economic data. In the industrials sector, automotive stocks benefited from record-high car sales.

What detracted from performance?

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	9.50	%	6.11	%	4.07	%
Fund Market	9.24		6.22		4.09
MSCI ACWI ex USA Index	9.75		6.29		4.18

Key Fund statistics
Net Assets	$4,566,392,285%
Number of Portfolio Holdings	$1,818%
Net Investment Advisory Fees	$14,293,669%
Portfolio Turnover Rate	$6%

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	22.1	%
Industrials	13.8	%
Information Technology	13.5	%
Consumer Discretionary	10.9	%
Health Care	9.7	%
Consumer Staples	7.4	%
Materials	7.0	%
Energy	5.4	%
Communication Services	5.2	%
Utilities	3.2	%
Real Estate	1.8	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	14.9	%
United Kingdom	9.7	%
Canada	7.6	%
France	7.1	%
China	6.9	%
Switzerland	6.3	%
India	5.7	%
Germany	5.5	%
Taiwan	5.3	%
Australia	4.8	%
Other^#	26.2	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI ACWI ex U.S. ETF

Annual Shareholder Report — July 31, 2024

ACWX-07/24-AR

iShares MSCI ACWI Low Carbon Target ETF

CRBN | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI ACWI Low Carbon Target ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI ACWI Low Carbon Target ETF	$22	0.20%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
Global carbon dioxide emissions reached a record high in 2023 due to continuing usage of fossil fuels, a return to pre-pandemic travel and transportation levels, and Canada’s extreme wildfire season. However, despite this rise, emissions are seeing a structural slowdown.
Versus growth in advanced economies, emissions declined in 2023 helped by strong renewables deployment, a growing trend of switching from coal to gas in the United States, milder weather, and weaker industrial production in some countries.
The 2023 United Nations Conference on Climate Change called on governments to speed up the transition away from fossil fuels to renewables in their next round of climate commitments.

What contributed to performance?

The United States is the largest component of the Fund comprising approximately 62% on average during the reporting period and was also the most significant driver of the Fund’s return. A handful of dominant information technology companies that have been able to innovate rapidly captured significant market share and generated substantial profits-dominated returns. The financials sector was helped by solid earnings results.

What detracted from performance?

Stocks in China were a modest detractor from the Fund’s performance during the reporting period. In the consumer discretionary sector, automotive stocks declined as they faced increased tariffs from the United States and the European Union. Shares of interactive media firms declined on falling revenue growth.

Fund performance

Cumulative performance: December 8, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	17.91	%	11.25	%	9.30	%
Fund Market	17.78		11.22		9.28
MSCI All Country World Index	17.02		11.05		9.04
MSCI ACWI Low Carbon Target Index	17.68		11.07		9.04

Key Fund statistics
Net Assets	$962,749,416%
Number of Portfolio Holdings	$1,069%
Net Investment Advisory Fees	$1,783,718%
Portfolio Turnover Rate	$24%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was December 8, 2014. The first day of secondary market trading was December 9, 2014.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	25.2	%
Financials	18.0	%
Health Care	11.3	%
Industrials	10.3	%
Consumer Discretionary	9.7	%
Communication Services	8.6	%
Consumer Staples	5.9	%
Energy	3.0	%
Real Estate	2.9	%
Materials	2.6	%
Utilities	2.5	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	63.6	%
Japan	5.5	%
Canada	3.3	%
United Kingdom	3.1	%
China	2.9	%
France	2.2	%
Switzerland	2.0	%
India	2.0	%
Taiwan	2.0	%
Australia	1.6	%
Other^#	11.8	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI ACWI Low Carbon Target ETF

Annual Shareholder Report — July 31, 2024

CRBN-07/24-AR

iShares MSCI All Country Asia ex Japan ETF

AAXJ | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI All Country Asia ex Japan ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI All Country Asia ex Japan ETF	$73	0.71%

How did the Fund perform last year?

Asian equities rose during the reporting period but underperformed the broader markets amid weakening growth in China and a stronger U.S. dollar.
In China, weak economic growth led to substantial government stimulus packages intended to boost retail spending and consumer confidence.
The reelection of Indian Prime Minister Narendra Modi and the formation of a coalition government helped dispel market concerns over the direction of equity reforms in the country.

What contributed to performance?

Optimism over economic growth, increased liquidity, and solid corporate earnings helped Indian equities contribute to the Fund’s return during the reporting period. Automotive stocks gained on solid sales data and positive market sentiment. Given that automakers are interest-rate sensitive and higher rates increase car loan costs, these stocks gained on hopes the Reserve Bank of India had finished raising rates. India’s industrials sector rose amid a spending push on infrastructure. Information technology stocks in Taiwan, particularly semiconductor manufacturers, benefited from excitement over increased demand for artificial intelligence (“AI”). These companies provide the backbone for the complex calculations required for AI algorithms.

What detracted from performance?

Stocks in China modestly detracted from the Fund’s performance during the reporting period, with the country comprising about 31% of the Fund on average. China’s economic struggles continued as trade wars and tariffs from the United States and the European Union weighed on the performance of several industries, including automobiles and broadline retail companies. Given Hong Kong’s status as a special administrative region of China, stocks were more susceptible to China’s economic slowdown and regulatory scrutiny. In particular, slumping property values hindered Hong Kong’s real estate sector.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	4.60	%	2.92	%	2.97	%
Fund Market	4.63		3.11		3.05
MSCI Emerging Markets Index	6.27		3.41		2.63
MSCI AC Asia ex Japan Index	6.24		3.85		3.77

Key Fund statistics
Net Assets	$2,358,375,781%
Number of Portfolio Holdings	$995%
Net Investment Advisory Fees	$17,172,158%
Portfolio Turnover Rate	$11%

The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	28.1	%
Financials	20.4	%
Consumer Discretionary	13.1	%
Communication Services	9.3	%
Industrials	7.7	%
Materials	4.6	%
Consumer Staples	4.2	%
Energy	3.9	%
Health Care	3.5	%
Utilities	3.0	%
Real Estate	2.2	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
China	27.9	%
India	22.9	%
Taiwan	21.5	%
South Korea	14.0	%
Hong Kong	4.5	%
Singapore	3.5	%
Indonesia	1.9	%
Malaysia	1.6	%
Thailand	1.6	%
Philippines	0.6	%

^(a)	Excludes money market funds.

Additional Information

Householding

iShares MSCI All Country Asia ex Japan ETF

Annual Shareholder Report — July 31, 2024

AAXJ-07/24-AR

iShares MSCI China A ETF

CNYA | Cboe BZX Exchange

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI China A ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI China A ETF	$41	0.44%

How did the Fund perform last year?

Emerging market equities rose during the reporting period but underperformed the broader markets as geopolitical uncertainty and a stronger U.S. dollar weighed on performance.
China’s economic struggles continued, with the housing sector facing particular challenges due to a major property company defaulting and falling home prices. Overall weak domestic demand has led to substantial stimulus packages by the Chinese government in an attempt to boost retail spending and consumer confidence.
These major policy interventions enacted by the Chinese government helped to ease investor concerns, but equities still underperformed the broader markets during the period.

What contributed to performance?

Stocks in China’s burgeoning renewable energy sector modestly contributed to the Fund’s return during the reporting period. Firms that supply hydropower generation helped to boost clean energy generation amid recent heavy deluges in several provinces.

What detracted from performance?

Domestic Chinese equities declined during the reporting period, pulled down by weak domestic economic growth and increasing regulatory actions from the Chinese government. Consumer staples stocks were among the largest detractors from the Fund’s return, hindered by food, beverage, and tobacco companies. Notably, decreasing consumer spending impacted premier alcoholic beverage stocks, which declined during the reporting period. In the information technology sector, semiconductor companies were negatively affected by threats of more trade sanctions and tariffs against China from the United States and other countries. Among stocks in the consumer discretionary sector, a push by several U.S. lawmakers to ban lithium-ion batteries for electric vehicles worked against these stocks.

Fund performance

Cumulative performance: June 13, 2016 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	(14.19	) %	(0.20	) %	2.84	%
Fund Market	(14.20	)	(0.02	)	2.80
MSCI Emerging Markets Index	6.27		3.41		6.27
MSCI China A Inclusion Index	(13.77	)	0.11		2.23

Key Fund statistics
Net Assets	$268,939,018%
Number of Portfolio Holdings	$488%
Net Investment Advisory Fees	$1,071,016%
Portfolio Turnover Rate	$73%

The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.

The inception date of the Fund was June 13, 2016. The first day of secondary market trading was June 15, 2016.

The performance of the MSCI China A Inclusion Index in this report reflects the performance of the MSCI China A International Index through April 25, 2018 and, beginning on April 26, 2018, the performance of the MSCI China A Inclusion Index.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	20.5	%
Industrials	15.4	%
Information Technology	14.9	%
Consumer Staples	12.2	%
Materials	10.9	%
Consumer Discretionary	7.2	%
Health Care	7.0	%
Utilities	5.3	%
Energy	4.0	%
Communication Services	1.5	%
Real Estate	1.1	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Kweichow Moutai Co. Ltd., Class A	5.0	%
Contemporary Amperex Technology Co. Ltd., Class A	2.3	%
China Yangtze Power Co. Ltd., Class A	2.1	%
China Merchants Bank Co. Ltd., Class A	1.9	%
Wuliangye Yibin Co. Ltd., Class A	1.4	%
Ping An Insurance Group Co. of China Ltd., Class A	1.3	%
BYD Co. Ltd., Class A	1.3	%
Agricultural Bank of China Ltd., Class A	1.1	%
Industrial & Commercial Bank of China Ltd., Class A	1.0	%
Industrial Bank Co. Ltd., Class A	1.0	%

^(a)	Excludes money market funds.

Material Fund Changes

The net expense ratio increased from the prior fiscal year end primarily due to the elimination of a voluntary fee waiver during the prior fiscal year.

Additional Information

Householding

iShares MSCI China A ETF

Annual Shareholder Report — July 31, 2024

CNYA-07/24-AR

iShares MSCI EAFE ETF

EFA | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI EAFE ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI EAFE ETF	$34	0.32%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The European Central Bank cut its primary lending rate by 0.25% in June while the Bank of Japan exited its zero-interest rate policy that it had held since 2016, raising its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 23% of the Fund on average, contributed the most to the Fund’s return during the reporting period. Japan’s stock market accelerated to new highs during the reporting period, helped by ongoing corporate reforms and the Bank of Japan ending its negative interest rate policy. This interest rate increase helped Japanese banks increase lending profits and net interest margins (the difference between interest revenue and interest expenses of a financial firm). In the United Kingdom, which comprises about 15% of the Fund on average, the financials sector was helped by solid lending income attributed to higher interest rates.

What detracted from performance?

Hong Kong stocks suffered from malaise related to economic weakness in China during the reporting period. As a special administrative region of China, many stocks are dual listed in Hong Kong and China and are more susceptible to China’s recent economic slowdown and regulatory scrutiny. Hong Kong’s financials sector was particularly impacted by slowing Chinese growth, while slumping property values hindered the real estate sector.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	11.27	%	7.37	%	4.82	%
Fund Market	11.22		7.52		4.87
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI EAFE Index	11.21		7.36		4.84

Key Fund statistics
Net Assets	$55,764,354,994%
Number of Portfolio Holdings	$749%
Net Investment Advisory Fees	$161,558,287%
Portfolio Turnover Rate	$3%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	20.4	%
Industrials	17.1	%
Health Care	13.7	%
Consumer Discretionary	11.1	%
Information Technology	9.1	%
Consumer Staples	8.6	%
Materials	6.6	%
Communication Services	4.1	%
Energy	4.0	%
Utilities	3.2	%
Real Estate	2.1	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	23.3	%
United Kingdom	15.1	%
France	11.2	%
Switzerland	9.9	%
Germany	8.6	%
Australia	7.4	%
Netherlands	5.0	%
Denmark	3.7	%
Sweden	3.2	%
Italy	2.7	%
Other^#	9.9	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI EAFE ETF

Annual Shareholder Report — July 31, 2024

EFA-07/24-AR

iShares MSCI EAFE Growth ETF

EFG | Cboe BZX Exchange

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI EAFE Growth ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI EAFE Growth ETF	$38	0.36%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. The information technology sector led markets amid enthusiasm over artificial intelligence.
Amid challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 22% of the Fund on average, contributed the most to the Fund’s return during the reporting period. Japan’s stock market accelerated to new highs, helped by ongoing corporate reforms and the Bank of Japan ending its negative interest rate policy. This interest rate increase helped Japanese banks increase lending profits and net interest margins (the difference between interest revenue and interest expenses of a financial firm). In Denmark, the healthcare sector contributed to the Fund’s performance, as pharmaceutical and biotechnology stocks gained amid positive clinical trials and enthusiasm over GLP-1 weight loss drugs.

What detracted from performance?

Stocks in France, which comprise about 13% of the Fund on average, detracted the most from the Fund’s return during the reporting period, most notably within the consumer discretionary sector as consumers continue to curb their spending on luxury goods. Additionally, Hong Kong stocks suffered from malaise related to economic weakness in China during the reporting period.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	8.66	%	6.60	%	5.55	%
Fund Market	8.69		6.75		5.62
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI EAFE Growth Index	8.60		6.80		5.79

Key Fund statistics
Net Assets	$15,204,838,131%
Number of Portfolio Holdings	$375%
Net Investment Advisory Fees	$41,894,443%
Portfolio Turnover Rate	$22%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Industrials	21.4	%
Health Care	18.6	%
Information Technology	16.0	%
Consumer Discretionary	15.5	%
Financials	10.6	%
Consumer Staples	8.8	%
Materials	5.3	%
Communication Services	2.4	%
Real Estate	0.6	%
Utilities	0.6	%
Energy	0.2	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	23.4	%
United Kingdom	12.4	%
France	12.2	%
Switzerland	9.6	%
Australia	7.8	%
Germany	7.2	%
Netherlands	6.9	%
Denmark	6.8	%
Sweden	4.0	%
Italy	1.7	%
Other^#	8.0	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI EAFE Growth ETF

Annual Shareholder Report — July 31, 2024

EFG-07/24-AR

iShares MSCI EAFE Min Vol Factor ETF

EFAV | Cboe BZX Exchange

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI EAFE Min Vol Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI EAFE Min Vol Factor ETF	$21	0.20%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. The information technology sector led markets amid enthusiasm over artificial intelligence.
With challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 27% of the Fund on average, contributed the most to the Fund’s return during the reporting period. Japan’s stock market accelerated to new highs during the reporting period, helped by ongoing corporate reforms and the Bank of Japan ending its negative interest rate policy. This interest rate increase helped Japanese banks increase lending profits and net interest margins (the difference between interest revenue and interest expenses of a financial firm). In the United Kingdom, the industrials sector was helped by increased government actions aimed at boosting manufacturing in the country.

What detracted from performance?

Stocks in New Zealand modestly detracted from the Fund’s return during the reporting period as the country suffered from economic weakness, negatively impacting stocks in the industrial sector. In Ireland, consumer staples stocks declined amid squeezing profit margins.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	10.09	%	3.24	%	4.21	%
Fund Market	9.68		3.29		4.21
MSCI All Country World Index	17.02		11.05		8.74
MSCI EAFE Minimum Volatility (USD) Index	9.89		3.18		4.21

Key Fund statistics
Net Assets	$6,631,809,752%
Number of Portfolio Holdings	$244%
Net Investment Advisory Fees	$14,192,984%
Portfolio Turnover Rate	$23%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	19.2	%
Health Care	16.7	%
Industrials	15.5	%
Consumer Staples	13.2	%
Communication Services	9.2	%
Utilities	7.0	%
Consumer Discretionary	6.7	%
Information Technology	4.9	%
Energy	4.5	%
Materials	2.0	%
Real Estate	1.1	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	28.3	%
Switzerland	13.7	%
United Kingdom	9.7	%
France	7.2	%
Hong Kong	5.6	%
Germany	5.4	%
Netherlands	4.1	%
Singapore	4.1	%
Spain	3.9	%
Australia	3.4	%
Other^#	14.6	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI EAFE Min Vol Factor ETF

Annual Shareholder Report — July 31, 2024

EFAV-07/24-AR

iShares MSCI EAFE Small-Cap ETF

SCZ | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI EAFE Small-Cap ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI EAFE Small-Cap ETF	$42	0.40%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The European Central Bank cut its primary lending rate by 0.25% in June while the Bank of Japan exited its zero-interest rate policy that it had held since 2016, raising its short-term policy rate to 0.25%.
Higher interest rates have worked against smaller-capitalization names, causing them to underperform their larger peers.

What contributed to performance?

Japanese small-capitalization stocks led the Fund’s return during the reporting period. Japanese stocks, which comprise approximately 34% of the Fund on average, have benefited from resilient economic growth, corporate structural reforms, and a return to monetary policy normalization. The industrials sector was helped by construction manufacturers on increased demand for factory construction and large-scale redevelopment projects. Regional banking stocks positively impacted the Fund’s return following the Bank of Japan’s gradual move away from negative interest rates, which helped boost net interest income. The United Kingdom comprises approximately 15% of the Fund on average, also contributed to the Fund’s return. Toward the end of the reporting period, news of the Labour Party’s election win helped smaller-capitalization stocks, which rose on hopes of improved economic growth.

What detracted from performance?

Germany’s industrials sector declined during the reporting period, detracting from the Fund’s returns. Added to higher energy costs, the sector also felt the effects of geopolitical strife, with shipment delays stemming from both the Russia/Ukraine war and the crisis in the Middle East. In addition to cooling economic data, French small caps lagged due to political uncertainty spurred by a snap Parliamentary election.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	8.98	%	5.36	%	5.05	%
Fund Market	8.70		5.51		5.10
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI EAFE Small Cap Index	9.09		5.50		5.12

Key Fund statistics
Net Assets	$9,751,341,578%
Number of Portfolio Holdings	$2,130%
Net Investment Advisory Fees	$38,690,777%
Portfolio Turnover Rate	$14%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Industrials	23.3	%
Financials	12.8	%
Consumer Discretionary	12.6	%
Real Estate	10.7	%
Information Technology	9.4	%
Materials	9.2	%
Consumer Staples	6.4	%
Health Care	6.0	%
Communication Services	3.7	%
Energy	3.3	%
Utilities	2.6	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	35.4	%
United Kingdom	15.7	%
Australia	8.9	%
Sweden	5.8	%
Switzerland	4.4	%
Germany	3.9	%
France	3.5	%
Italy	3.3	%
Israel	2.7	%
Norway	2.5	%
Other^#	13.9	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI EAFE Small-Cap ETF

Annual Shareholder Report — July 31, 2024

SCZ-07/24-AR

iShares MSCI EAFE Value ETF

EFV | Cboe BZX Exchange

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI EAFE Value ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI EAFE Value ETF	$35	0.33%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. The information technology sector led markets amid enthusiasm over artificial intelligence.
Amid challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 23% of the Fund on average, contributed the most to the Fund’s return during the reporting period. Japan’s stock market accelerated to new highs following ongoing corporate reforms and as the Bank of Japan ended its negative interest rate policy. This interest rate increase helped Japanese banks increase lending profits and net interest margins (the difference between interest revenue and interest expenses of a financial firm). In the United Kingdom, which comprises about 18% of the Fund on average, the financials sector was helped by solid lending income attributed to higher interest rates.

What detracted from performance?

Hong Kong stocks suffered from malaise related to economic weakness in China during the reporting period. Hong Kong’s financials sector was particularly impacted by slowing Chinese growth, while slumping property values hindered the real estate sector.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	13.89	%	7.48	%	3.55	%
Fund Market	13.35		7.60		3.57
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI EAFE Value Index	13.90		7.53		3.66

Key Fund statistics
Net Assets	$14,980,930,767%
Number of Portfolio Holdings	$473%
Net Investment Advisory Fees	$54,702,522%
Portfolio Turnover Rate	$28%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	30.2	%
Industrials	12.8	%
Health Care	8.8	%
Consumer Staples	8.3	%
Energy	7.9	%
Materials	7.9	%
Consumer Discretionary	6.7	%
Utilities	5.9	%
Communication Services	5.8	%
Real Estate	3.5	%
Information Technology	2.2	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	23.1	%
United Kingdom	17.8	%
Switzerland	10.2	%
France	10.1	%
Germany	10.0	%
Australia	7.1	%
Spain	3.7	%
Italy	3.7	%
Netherlands	3.2	%
Sweden	2.3	%
Other^#	8.8	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI EAFE Value ETF

Annual Shareholder Report — July 31, 2024

EFV-07/24-AR

iShares MSCI Europe Financials ETF

EUFN | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI Europe Financials ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Europe Financials ETF	$53	0.48%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period. While the war in Ukraine continued to weigh on European equities, the first half of the period saw the financials sector benefit from wider interest rate margins as interest rates remained high.
As inflation moved closer to central bank targets, several countries began lowering borrowing costs, beginning with Switzerland and Sweden. In a major turning point in monetary policy, the European Central Bank cut its primary lending rate by 0.25% in June.
During the second half of the reporting period, the performance of banks was helped by the prospects of lower interest rates and the hopes of increased loan demand.

What contributed to performance?

The United Kingdom (“U.K.”) comprised approximately 23% of the Fund on average and was a large driver of the Fund’s return during the reporting period. U.K. banks benefited from robust earnings supported by higher interest rates as well as strong liquidity positions. While Italian banks initially declined on news of the Italian Windfall Tax for Banks, a one-time tax that applies to Italian banks and foreign bank branches, stocks quickly recovered. Bank performance was boosted by substantially higher lending income, and Italian banks made significant strides in cost-cutting. Additionally, earnings for Italian financial firms were supported by expanded fees from wealth management units. German financial firms, which comprised approximately 14% of the Fund on average during the reporting period, also benefited from solid earnings and positive future guidance.

What detracted from performance?

For the reporting period ended July 31, 2024, there were no material detractors from the Fund’s performance.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	21.74	%	10.15	%	3.79	%
Fund Market	22.11		10.30		3.87
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI Europe Financials Index	21.48		10.14		3.87

Key Fund statistics
Net Assets	$1,998,357,292%
Number of Portfolio Holdings	$83%
Net Investment Advisory Fees	$6,772,499%
Portfolio Turnover Rate	$5%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Industry allocation

Industry	Percent of Total Investments^(a)
Banks	48.9	%
Insurance	28.3	%
Capital Markets	16.2	%
Financial Services	6.6	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United Kingdom	24.3	%
Switzerland	14.3	%
Germany	13.5	%
France	9.4	%
Italy	8.9	%
Spain	8.2	%
Netherlands	6.4	%
Sweden	6.3	%
Finland	2.7	%
Belgium	1.8	%
Other^#	4.2	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI Europe Financials ETF

Annual Shareholder Report — July 31, 2024

EUFN-07/24-AR

iShares MSCI Europe Small-Cap ETF

IEUS | NASDAQ

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI Europe Small-Cap ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Europe Small-Cap ETF	$43	0.41%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period. However, stocks underperformed their larger-capitalization peers due to increasing risk aversion, their vulnerability to higher interest rates, and the war in Ukraine.
As inflation began to move closer to central bank targets, several countries began lowering borrowing costs, beginning with Switzerland and Sweden.
In a major turning point in monetary policy, the European Central Bank cut its primary lending rate by 0.25% in June. This was seen as a positive catalyst for small-capitalization stocks as higher borrowing costs have impacted consumers and businesses.

What contributed to performance?

Stocks in the United Kingdom, which comprise approximately 30% of the Fund on average, contributed to the Fund’s return during the reporting period. In the financials sector, banks benefited from solid lending income attributed to higher interest rates, while performance fee income helped asset managers. Sweden’s economic outlook improved after the Riksbank became one of the first central banks to start cutting interest rates, helping sectors that benefit from policy easing.

What detracted from performance?

In Germany, stock performance was hindered by economic challenges, including weak growth and slipping business expectations during the reporting period. In particular, the materials sector was strained by shipment delays from the Russia/Ukraine war and the crisis in the Middle East. Healthcare stocks in Germany declined as several companies reported gloomy outlooks. In addition to cooling economic data, stocks in France declined amid political uncertainty spurred by a snap Parliamentary election.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	11.18	%	6.47	%	5.47	%
Fund Market	10.98		6.63		5.52
MSCI ACWI ex USA Index	9.75		6.29		4.18
MSCI Europe Small Cap Index	10.88		6.48		5.43

Key Fund statistics
Net Assets	$100,224,664%
Number of Portfolio Holdings	$891%
Net Investment Advisory Fees	$446,610%
Portfolio Turnover Rate	$16%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Industrials	24.6	%
Financials	16.1	%
Consumer Discretionary	10.4	%
Real Estate	9.2	%
Information Technology	8.2	%
Health Care	7.3	%
Materials	7.1	%
Consumer Staples	5.3	%
Communication Services	4.7	%
Energy	4.4	%
Utilities	2.7	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United Kingdom	32.4	%
Sweden	11.9	%
Switzerland	9.0	%
Germany	7.9	%
France	7.2	%
Italy	6.8	%
Norway	5.1	%
Denmark	4.9	%
Spain	3.6	%
Netherlands	2.8	%
Other^#	8.4	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI Europe Small-Cap ETF

Annual Shareholder Report — July 31, 2024

IEUS-07/24-AR

iShares MSCI Intl Momentum Factor ETF

IMTM | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI Intl Momentum Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Intl Momentum Factor ETF	$33	0.30%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. The information technology sector led markets amid enthusiasm over artificial intelligence.
With challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Stocks with momentum characteristics advanced across regions during the reporting period. As markets consistently trended upward, the momentum factor strongly contributed to returns.

Japanese equities, which comprise about 39% of the Fund on average, meaningfully contributed to the Fund’s return during the reporting period. Japan’s stock market accelerated to new highs, helped by ongoing corporate reforms and the Bank of Japan ending its negative interest rate policy. In Denmark, the healthcare sector contributed to the Fund’s performance, as pharmaceutical and biotechnology stocks gained amid positive clinical trials and enthusiasm over GLP-1 weight loss drugs.

What detracted from performance?

Stocks in Hong Kong detracted from the Fund’s performance during the reporting period. Given Hong Kong’s status as a special administrative region of China, financials stocks were negatively impacted by increased regulatory oversight in an attempt to prevent risks that could spread to all segments of the markets.

Fund performance

Cumulative performance: January 13, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	19.98	%	8.97	%	7.26	%
Fund Market	19.78		9.11		7.27
MSCI ACWI ex USA Index	9.75		6.29		5.47
MSCI World ex USA Momentum Index	20.32		9.23		7.54

Key Fund statistics
Net Assets	$2,240,649,449%
Number of Portfolio Holdings	$306%
Net Investment Advisory Fees	$5,356,821%
Portfolio Turnover Rate	$70%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 2015.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Industrials	26.8	%
Financials	24.0	%
Information Technology	14.8	%
Consumer Discretionary	11.5	%
Health Care	9.2	%
Materials	4.9	%
Communication Services	2.6	%
Real Estate	2.3	%
Energy	1.7	%
Consumer Staples	1.6	%
Utilities	0.6	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	42.8	%
France	8.2	%
Germany	7.0	%
Netherlands	6.3	%
United Kingdom	6.2	%
Canada	5.3	%
Denmark	5.2	%
Switzerland	4.5	%
Italy	3.6	%
Australia	3.6	%
Other^#	7.3	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI Intl Momentum Factor ETF

Annual Shareholder Report — July 31, 2024

IMTM-07/24-AR

iShares MSCI Intl Quality Factor ETF

IQLT | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI Intl Quality Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Intl Quality Factor ETF	$32	0.30%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. The information technology sector led markets amid enthusiasm over artificial intelligence.
With challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprise about 12% of the Fund on average, strongly contributed to the Fund’s return. Japan’s stock market accelerated to new highs, helped by ongoing corporate reforms and the Bank of Japan ending its negative interest rate policy. In Denmark, the healthcare sector contributed to the Fund’s performance, as pharmaceutical and biotechnology stocks gained amid positive clinical trials and enthusiasm over GLP-1 weight loss drugs.

What detracted from performance?

Stocks in France detracted the most from the Fund’s return during the reporting period, most notably within the consumer discretionary sector as consumers continue to curb their spending on luxury goods.

Fund performance

Cumulative performance: January 13, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	11.48	%	8.40	%	7.30	%
Fund Market	11.11		8.49		7.28
MSCI ACWI ex USA Index	9.75		6.29		5.47
MSCI World ex USA Sector Neutral Quality Index	11.26		8.45		7.44

Key Fund statistics
Net Assets	$8,083,998,916%
Number of Portfolio Holdings	$306%
Net Investment Advisory Fees	$22,212,680%
Portfolio Turnover Rate	$27%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 2015.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	21.8	%
Industrials	16.9	%
Health Care	12.2	%
Consumer Discretionary	10.3	%
Information Technology	8.8	%
Consumer Staples	8.2	%
Materials	7.2	%
Energy	5.6	%
Communication Services	3.8	%
Utilities	3.3	%
Real Estate	1.9	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United Kingdom	17.2	%
Switzerland	15.2	%
Japan	13.0	%
France	8.5	%
Netherlands	7.4	%
Canada	7.0	%
Australia	5.8	%
Germany	5.4	%
Denmark	4.7	%
Sweden	4.6	%
Other^#	11.2	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI Intl Quality Factor ETF

Annual Shareholder Report — July 31, 2024

IQLT-07/24-AR

iShares MSCI Intl Size Factor ETF

ISZE | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI Intl Size Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Intl Size Factor ETF	$31	0.30%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. Performance was led by information technology companies amid enthusiasm over artificial intelligence, resulting in large-capitalization stocks outperforming their smaller peers.
Given challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Japanese equities, which comprised about 27% of the Fund on average, contributed the most to the Fund’s return. Japan’s stock market accelerated to new highs during the reporting period, and financial firms were helped by ongoing corporate reforms and the Bank of Japan ending its negative interest rate policy. In Canada, which represented approximately 10% of the Fund on average, materials stocks contributed to performance, largely due to increased gold exports. The country is one of the world’s leading gold producers and exporters and benefited as gold prices reached all-time highs.

What detracted from performance?

Fund performance

Cumulative performance: June 16, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	7.04	%	5.06	%	4.58	%
Fund Market	7.11		5.24		4.58
MSCI ACWI ex USA Index	9.75		6.29		4.99
MSCI World ex USA Low Size Index	7.18		5.24		4.69

Key Fund statistics
Net Assets	$5,376,244
Number of Portfolio Holdings	$819
Net Investment Advisory Fees	$24,583
Portfolio Turnover Rate	$17%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

The performance of the MSCI World ex USA Low Size Index in this report reflects the performance of the MSCI World ex USA Risk Weighted Index through December 2, 2018 and, beginning on December 3, 2018, the performance of the MSCI World ex USA Low Size Index.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Industrials	19.9	%
Financials	17.7	%
Consumer Discretionary	10.5	%
Materials	8.3	%
Information Technology	7.9	%
Consumer Staples	7.8	%
Health Care	7.6	%
Communication Services	5.8	%
Real Estate	5.7	%
Utilities	5.3	%
Energy	3.5	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	26.3	%
Canada	10.8	%
United Kingdom	9.7	%
Australia	7.3	%
France	6.8	%
Germany	6.3	%
Switzerland	5.1	%
Sweden	4.8	%
Netherlands	3.1	%
Hong Kong	3.0	%
Other^#	16.8	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Material Fund Changes

This is a summary of certain changes to the Fund since July 31, 2023.

On June 5, 2024, the Board of Trustees of the Fund approved the liquidation of the Fund. After the close of business on August 12, 2024, the Fund no longer accepted creation orders. Trading in the Fund halted prior to market open on August 13, 2024. Proceeds of the liquidation were sent to shareholders on August 15, 2024.

Additional Information

Householding

iShares MSCI Intl Size Factor ETF

Annual Shareholder Report — July 31, 2024

ISZE-07/24-AR

iShares MSCI Intl Value Factor ETF

IVLU | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI Intl Value Factor ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Intl Value Factor ETF	$32	0.30%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. The information technology sector led markets amid enthusiasm over artificial intelligence.
With challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June. However, the Bank of Japan exited its zero-interest rate policy that it had held since 2016 and raised its short-term policy rate to 0.25%.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

International developed markets were impacted by geopolitical tensions and high interest rates, as central banks continued to attempt to tame high inflation. In this environment, stocks with value-oriented characteristics advanced.

Stocks in Japan, which represented approximately 33% of the Fund on average, led the Fund’s return during the reporting period. Japanese stocks have benefited from resilient economic growth, corporate structural reforms, and a return to monetary policy normalization. The industrials sector was helped by construction manufacturers on increased demand for factory construction and large-scale redevelopment projects. In the United Kingdom, which comprised about 16% of the Fund on average, the financials sector was helped by solid lending income attributed to higher interest rates.

What detracted from performance?

In Germany, stock performance was hindered by economic challenges, including weak growth and slipping business expectations during the reporting period. In particular, healthcare stocks declined as several companies reported gloomy outlooks.

Fund performance

Cumulative performance: June 16, 2015 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	13.34	%	8.54	%	4.93	%
Fund Market	12.88		8.58		4.91
MSCI ACWI ex USA Index	9.75		6.29		4.99
MSCI World ex USA Enhanced Value Index	13.44		8.72		5.02

Key Fund statistics
Net Assets	$1,791,353,672%
Number of Portfolio Holdings	$357%
Net Investment Advisory Fees	$5,086,180%
Portfolio Turnover Rate	$16%

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	22.0	%
Industrials	16.4	%
Health Care	12.5	%
Consumer Discretionary	9.8	%
Information Technology	9.5	%
Consumer Staples	8.5	%
Materials	6.9	%
Energy	5.6	%
Communication Services	3.8	%
Utilities	3.1	%
Real Estate	1.9	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
Japan	31.5	%
United Kingdom	17.0	%
France	11.3	%
Germany	10.6	%
Switzerland	5.3	%
Italy	4.2	%
Spain	3.1	%
Canada	3.0	%
Netherlands	2.9	%
Australia	2.0	%
Other^#	9.1	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI Intl Value Factor ETF

Annual Shareholder Report — July 31, 2024

IVLU-07/24-AR

iShares MSCI Kokusai ETF

TOK | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares MSCI Kokusai ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Kokusai ETF	$31	0.28%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global stocks higher for the reporting period. U.S. equities led markets, propelled by the information technology sector and enthusiasm over artificial intelligence (“AI”).
Amid challenging economic conditions, the European Central Bank cut its primary lending rate by 0.25% in June, while the U.S. Federal Reserve Bank left interest rates unchanged.
Market sentiment swung late in the period, shifting away from information technology stocks amid growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

The United States is the largest component of the Fund, comprising approximately 75% on average during the reporting period, and was also the most significant driver of the Fund’s return. Performance was largely driven by a handful of dominant information technology companies that have been able to rapidly innovate, capture significant market share, and generate substantial profits. Among these stocks, those that produce semiconductors were the most significant beneficiaries of excitement for AI and the U.S. government’s efforts to increase domestic chipmaking capacity. The financials sector was helped by solid earnings results from wealth management firms as well as banks benefiting from the prospect of future rate cuts.

What detracted from performance?

Stocks in Hong Kong minimally detracted from the Fund’s performance during the reporting period. Given Hong Kong’s status as a special administrative region of China, financials stocks were negatively impacted by increased regulatory oversight in an attempt to prevent risks that could spread to all segments of the markets. Additionally, China’s prolonged property crisis has weighed on investment activity for financial firms.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		10 Years
Fund NAV	19.20	%	12.70	%	10.09	%
Fund Market	19.39		12.70		10.13
MSCI All Country World Index	17.02		11.05		8.74
MSCI Kokusai Index	18.47		12.38		9.81

Key Fund statistics
Net Assets	$262,446,626%
Number of Portfolio Holdings	$1,232%
Net Investment Advisory Fees	$489,111%
Portfolio Turnover Rate	$4%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	25.6	%
Financials	15.4	%
Health Care	12.2	%
Industrials	10.3	%
Consumer Discretionary	9.6	%
Communication Services	7.5	%
Consumer Staples	6.4	%
Energy	4.5	%
Materials	3.7	%
Utilities	2.6	%
Real Estate	2.2	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	76.1	%
United Kingdom	4.1	%
Canada	3.2	%
France	3.0	%
Switzerland	2.6	%
Germany	2.3	%
Australia	2.0	%
Netherlands	1.3	%
Denmark	1.0	%
Sweden	0.9	%
Other^#	3.5	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares MSCI Kokusai ETF

Annual Shareholder Report — July 31, 2024

TOK-07/24-AR

iShares Neuroscience and Healthcare ETF

IBRN | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Neuroscience and Healthcare ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Neuroscience and Healthcare ETF	$48	0.47%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
The U.S. Federal Reserve Bank left rates on hold during the reporting period as the central bank sought greater confidence in slowing inflationary pressures. As inflation measures became more subdued, expectations increased for interest rate cuts in 2024.
However, market sentiment swung late in the one-year period amid a shift away from information technology stocks and growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

U.S. stocks, which represented approximately 80% of the Fund on average during the reporting period, contributed the most to the Fund’s return. Approvals from the U.S. Food and Drug Administration for new treatments for Alzheimer’s disease and Duchenne Muscular Dystrophy benefited biotechnology firms. Firms that develop medicines for life-threatening diseases or unmet medical needs gained on announcements of strategic partnerships and licensing deals.

What detracted from performance?

Notable detractors from the Fund’s performance during the reporting period included a Swedish biotechnology firm that declined amid management changes that negatively impacted investor confidence. Several medical device equipment companies in the United States also declined. A company focused on skin regeneration fell on news of proposals from private U.S. health insurers that would reduce coverage for biological wounds. Another company cut its outlook for the year as the U.S. spinal cord stimulation market has failed to recover to pre-pandemic levels.

Fund performance

Cumulative performance: August 24, 2022 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		Since Fund Inception
Fund NAV	4.43	%	0.96	%
Fund Market	4.08		0.88
MSCI All Country World Index	17.02		15.67
NYSE^® FactSet^® Global Neuro Biopharma and MedTech Index	4.46		1.06

Key Fund statistics
Net Assets	$3,856,604%
Number of Portfolio Holdings	$54%
Net Investment Advisory Fees	$18,472%
Portfolio Turnover Rate	$47%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was August 24, 2022. The first day of secondary market trading was August 26, 2022.

What did the Fund invest in?

(as of July 31, 2024)

Industry allocation

Industry	Percent of Total Investments^(a)
Biotechnology	62.3	%
Pharmaceuticals	28.8	%
Health Care Equipment & Supplies	8.6	%
Life Sciences Tools & Services	0.3	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	81.0	%
Netherlands	5.0	%
South Korea	3.6	%
Denmark	3.2	%
Ireland	2.8	%
Australia	2.7	%
Sweden	1.1	%
China	0.3	%
Italy	0.3	%

^(a)	Excludes money market funds.

Additional Information

Householding

iShares Neuroscience and Healthcare ETF

Annual Shareholder Report — July 31, 2024

IBRN-07/24-AR

iShares Robotics and Artificial Intelligence Multisector ETF

IRBO | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Robotics and Artificial Intelligence Multisector ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Robotics and Artificial Intelligence Multisector ETF	$47	0.47%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
U.S. stocks powered markets higher, driven by the enthusiasm for artificial intelligence (“AI”), which was particularly evident in the information technology sector.
However, market sentiment swung late in the reporting period amid a shift away from information technology stocks as uncertainty surrounding economic growth, geopolitics, and the upcoming U.S. presidential election grew. Adding to the volatility was a technical outage stemming from a major cybersecurity supplier that impacted a wide variety of companies and prompted swift analyst downgrades of the company’s stock, sending shares tumbling.

What contributed to performance?

U.S. stocks, which represented approximately 51% of the Fund on average during the reporting period, contributed to the Fund’s return. Increased usage and demand for AI reverberated across the information technology sector, benefiting semiconductor manufacturers that provide the backbone for the complex calculations required for AI algorithms. Application software firms gained as they provided AI solutions to increase productivity and accelerate business outcomes.

What detracted from performance?

Stocks of companies producing or using robotics and AI applications detracted from the Fund’s return during the reporting period. Geopolitical tensions, weak domestic demand, increased regulatory oversight, and the threat of additional trade sanctions and tariffs weighed on Chinese stocks. Within the media and entertainment industry, the threat of proposed rules designed to reduce spending and rewards in online gaming weighed on returns, although these regulations have yet to be enacted. Among interactive media and services firms, stocks of social media and Internet search companies declined. In France, high debt, low investor confidence, and a failed sale of a flagging business area sent the stock of an information technology consulting company lower.

Fund performance

Cumulative performance: June 26, 2018 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	(1.95	) %	7.19	%	6.85	%
Fund Market	(2.49	)	7.12		6.81
MSCI All Country World Index	17.02		11.05		10.05
NYSE^® FactSet^® Global Robotics and Artificial Intelligence Index	(1.67	)	7.42		7.07

Key Fund statistics
Net Assets	$638,200,718%
Number of Portfolio Holdings	$105%
Net Investment Advisory Fees	$2,734,104%
Portfolio Turnover Rate	$40%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was June 26, 2018. The first day of secondary market trading was June 28, 2018.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	54.1	%
Communication Services	20.7	%
Industrials	17.2	%
Consumer Discretionary	5.9	%
Financials	1.1	%
Health Care	1.0	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	52.4	%
China	12.6	%
Japan	10.3	%
Taiwan	8.0	%
South Korea	2.8	%
Israel	1.8	%
Germany	1.7	%
France	1.6	%
Guernsey	1.2	%
India	1.1	%
Other^#	6.5	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Material Fund Changes

On June 5, 2024, the Board of Trustees approved a proposal to change the fund name of iShares Robotics and Artificial Intelligence Multisector ETF to iShares Future AI & Tech ETF, the ticker from IRBO to ARTY, the fiscal year end from July 31 to March 31, and the underlying index from NYSE^® FactSet^® Global Robotics and Artificial Intelligence Index to Morningstar Global Artificial Intelligence Select Index and to make related changes to the Fund’s investment objective, investment strategy, and investment risks. The Fund’s revised investment objective is to seek to track the investment results of an index composed of U.S. and non U.S. companies that provide products and services that are expected to contribute to artificial intelligence (“AI”) technologies in areas including generative AI, AI data and infrastructure, AI software, and AI services. These changes became effective on August 12, 2024.

Additional Information

Householding

iShares Robotics and Artificial Intelligence Multisector ETF

Annual Shareholder Report — July 31, 2024

IRBO-07/24-AR

iShares Self-Driving EV and Tech ETF

IDRV | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Self-Driving EV and Tech ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Self-Driving EV and Tech ETF	$39	0.47%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
U.S. stocks powered markets higher, driven by the enthusiasm for artificial intelligence (“AI”), which was particularly evident in the information technology sector.
Sales of electric vehicles (“EV”) increased in 2023; however, these manufacturers suffered from intensified competition and escalating price wars.
Market sentiment swung late in the one-year period amid a shift away from information technology stocks and growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Switzerland modestly contributed to the Fund’s return during the reporting period as a global technology company that manufactures factory robots and electric motors for ships advanced. The firm reported better-than-expected first-quarter profit and signaled faster growth in the coming months. A French automaker with a long history and a dedicated EV platform gained after the company canceled plans to spin off its dedicated electric vehicle and software business.

What detracted from performance?

Amid slowing profitability and increased competition, companies that make EVs and firms that supply components to these manufacturers slumped. U.S. stocks, which represented approximately 31% of the Fund on average during the reporting period, were the largest detractor from performance. Reports of self-driving safety issues from the world’s largest EV manufacturer also hindered the performance of the industry. While China is the world’s largest market for EVs, these automobile manufacturers declined as the United States, the European Union, and Latin America increased tariffs on Chinese imports and fears grew that more countries would do the same.

Fund performance

Cumulative performance: April 16, 2019 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		5 Years		Since Fund Inception
Fund NAV	(34.17	) %	5.81	%	4.59	%
Fund Market	(34.24	)	5.76		4.53
MSCI All Country World Index	17.02		11.05		10.64
NYSE^® FactSet^® Global Autonomous Driving and Electric Vehicle Index	(35.22	)	5.58		4.36

Key Fund statistics
Net Assets	$197,174,584%
Number of Portfolio Holdings	$53%
Net Investment Advisory Fees	$1,440,717%
Portfolio Turnover Rate	$38%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was April 16, 2019. The first day of secondary market trading was April 18, 2019.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Consumer Discretionary	63.4	%
Industrials	21.2	%
Materials	7.8	%
Information Technology	7.6	%

Country/Geographic allocation

Country/Geographic Region	Percent of Total Investments^(a)
United States	33.7	%
China	20.5	%
South Korea	10.0	%
Germany	8.2	%
France	8.0	%
Japan	6.8	%
Switzerland	4.1	%
Australia	3.3	%
Sweden	2.7	%
Taiwan	1.2	%
Other^#	1.5	%

^(a)	Excludes money market funds.
^#	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.

Additional Information

Householding

iShares Self-Driving EV and Tech ETF

Annual Shareholder Report — July 31, 2024

IDRV-07/24-AR

iShares Virtual Work and Life Multisector ETF

IWFH | NYSE Arca

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares Virtual Work and Life Multisector ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Virtual Work and Life Multisector ETF	$46	0.47%

How did the Fund perform last year?

Slowing inflationary pressures and hopes of interest rate cuts drove global equities higher for the reporting period.
U.S. stocks powered markets higher, driven by the enthusiasm for artificial intelligence, which was particularly evident in the information technology sector.
However, market sentiment swung late in the one-year period amid a shift away from information technology stocks and growing uncertainty about economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

Indian equities contributed the most to the Fund’s return during the reporting period. The country overtook China as the world’s most populous country and has benefited from strong economic growth. In the country’s consumer discretionary sector, companies that provide delivery services advanced amid solid financial performance and an increasing customer base. Information technology stocks in Israel also advanced, including those that provide workplace management project services and digital solutions.

What detracted from performance?

As companies started to require employees to return to the office, global stocks of companies focused on working and studying from home detracted from the Fund's performance. Chinese stocks, which represented approximately 13% of the Fund on average during the reporting period, detracted from the Fund’s return. E-commerce firms and those that support them declined amid growing concerns about China’s economic health and the state of the country’s property sector. In Germany, a major global food deliverer slumped on news of antitrust violations and fines totaling over $400 million.

Fund performance

Cumulative performance: September 29, 2020 through July 31, 2024

Initial investment of $10,000

See “Average annual total returns” for additional information on fund performance.

Average annual total returns
	1 Year		Since Fund Inception
Fund NAV	(5.16	) %	(11.57	) %
Fund Market	(5.33	)	(11.63	)
MSCI All Country World Index	17.02		11.92
NYSE^® FactSet^® Global Virtual Work and Life Index	(4.48	)	(11.10	)

Key Fund statistics
Net Assets	$3,072,103%
Number of Portfolio Holdings	$72%
Net Investment Advisory Fees	$14,006%
Portfolio Turnover Rate	$43%

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was September 29, 2020. The first day of secondary market trading was October 1, 2020.

What did the Fund invest in?

(as of July 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	41.1	%
Communication Services	30.4	%
Consumer Discretionary	19.2	%
Consumer Staples	6.1	%
Health Care	3.2	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Zomato Ltd.	2.5	%
Nexon Co. Ltd.	2.5	%
Braze Inc., Class A	2.4	%
Match Group Inc.	2.3	%
Tyler Technologies Inc.	2.3	%
Dropbox Inc., Class A	2.2	%
Spotify Technology SA	2.2	%
Electronic Arts Inc.	2.2	%
Cloudflare Inc., Class A	2.2	%
Stride Inc.	2.2	%

^(a)	Excludes money market funds.

Material Fund Changes

This is a summary of certain changes to the Fund since July 31, 2023.

Additional Information

Householding

iShares Virtual Work and Life Multisector ETF

Annual Shareholder Report — July 31, 2024

IWFH-07/24-AR

(b) Not applicable

Item 2 – Code of Ethics - The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3 – Audit Committee Financial Expert - The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Richard L. Fagnani

Madhav V. Rajan

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the thirty-nine series of the registrant for which the fiscal year-end is July 31, 2024 (the “Funds”), and whose annual financial statements are reported in Item 7.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $612,800 for the fiscal year ended July 31, 2023 and $624,000 for the fiscal year ended July 31, 2024.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended July 31, 2023 and July 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $368,600 for the fiscal year ended July 31, 2023 and $349,200 for the fiscal year ended July 31, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended July 31, 2023 and July 31, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $368,600 for the fiscal year ended July 31, 2023 and $349,200 for the fiscal year ended July 31, 2024.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not applicable

(j) Not applicable

Item 5 – Audit Committee of Listed Registrant

(a) The following individuals are members of the registrant’s separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

Madhav V. Rajan

(b) Not applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

July 31, 2024

2024 Annual Financial Statements

iShares Trust

• iShares China Large-Cap ETF | FXI | NYSE Arca

• iShares MSCI China A ETF | CNYA | Cboe BZX

Table of Contents

	Page
Schedules of Investments	3
Statements of Assets and Liabilities	13
Statements of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	26
Important Tax Information	27
Additional Information	28
Board Review and Approval of Investment Advisory Contract	30
Glossary of Terms Used in this Report	35

Schedule of Investments

July 31, 2024

iShares® China Large-Cap ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Common Stocks
Automobiles — 5.3%
BYD Co. Ltd., Class H	5,128,000	$151,813,219
Great Wall Motor Co. Ltd., Class H	12,221,500	16,686,966
Li Auto Inc.(a)	5,659,400	55,361,446
		223,861,631
Banks — 22.2%
Agricultural Bank of China Ltd., Class H	161,596,000	72,313,002
Bank of China Ltd., Class H	407,902,000	181,633,900
Bank of Communications Co. Ltd., Class H	38,169,200	27,733,307
China CITIC Bank Corp. Ltd., Class H	48,983,000	29,312,910
China Construction Bank Corp., Class H	431,214,320	301,110,825
China Everbright Bank Co. Ltd., Class H(b)	16,298,000	4,920,853
China Merchants Bank Co. Ltd., Class H	19,885,438	82,421,676
China Minsheng Banking Corp. Ltd., Class H	33,415,600	11,842,835
Industrial & Commercial Bank of China Ltd., Class H	363,805,995	201,541,914
Postal Savings Bank of China Co. Ltd., Class H(c)	57,001,000	30,480,464
		943,311,686
Beverages — 0.8%
Nongfu Spring Co. Ltd., Class H(c)	9,173,400	35,635,516
Biotechnology — 1.0%
BeiGene Ltd.(a)	3,281,100	41,744,594
Broadline Retail — 13.4%
Alibaba Group Holding Ltd.	41,910,400	412,407,665
JD.com Inc.	11,948,300	157,545,475
		569,953,140
Capital Markets — 0.6%
China International Capital Corp. Ltd., Class H(c)	7,758,400	8,647,454
CITIC Securities Co. Ltd., Class H(b)	8,611,200	12,950,422
CSC Financial Co. Ltd., Class H(b)(c)	4,749,500	3,359,073
		24,956,949
Construction & Engineering — 0.2%
China Railway Group Ltd., Class H	21,201,000	10,338,911
Entertainment — 3.9%
NetEase Inc.	9,126,800	168,330,853
Hotels, Restaurants & Leisure — 10.8%
Meituan, Class B(a)(c)	24,669,620	341,591,788
Trip.com Group Ltd.(a)	2,774,050	118,428,865
		460,020,653
Household Durables — 0.9%
Haier Smart Home Co. Ltd., Class A	12,116,000	39,612,232
Independent Power and Renewable Electricity Producers — 0.6%
CGN Power Co. Ltd., Class H(c)	58,733,000	23,984,738
Industrial Conglomerates — 0.7%
CITIC Ltd.(b)	33,464,000	30,852,717
Insurance — 6.9%
China Life Insurance Co. Ltd., Class H	39,104,000	54,251,162
China Pacific Insurance Group Co. Ltd., Class H	13,568,200	36,064,489
People's Insurance Co. Group of China Ltd. (The), Class H	42,975,000	14,459,465
PICC Property & Casualty Co. Ltd., Class H	35,340,000	46,342,019
Ping An Insurance Group Co. of China Ltd., Class H	32,697,500	141,992,777
		293,109,912
Interactive Media & Services — 13.7%
Baidu Inc.(a)	11,680,250	129,505,949

Security	Shares	Value
Interactive Media & Services (continued)
Kuaishou Technology(a)(c)	14,797,400	$82,875,709
Tencent Holdings Ltd.	8,033,400	370,712,929
		583,094,587
Life Sciences Tools & Services — 0.2%
WuXi AppTec Co. Ltd., Class H(c)	1,737,852	7,109,048
Machinery — 0.3%
CRRC Corp. Ltd., Class H	21,103,000	13,076,308
Marine Transportation — 0.5%
COSCO Shipping Holdings Co. Ltd., Class H	14,783,100	21,111,919
Metals & Mining — 1.8%
CMOC Group Ltd., Class H	20,661,000	16,478,364
Zijin Mining Group Co. Ltd., Class H	30,152,000	61,159,264
		77,637,628
Oil, Gas & Consumable Fuels — 6.7%
China Coal Energy Co. Ltd., Class H	11,005,000	11,149,290
China Petroleum & Chemical Corp., Class H	128,096,600	82,095,020
China Shenhua Energy Co. Ltd., Class H	17,748,500	73,800,216
PetroChina Co. Ltd., Class H	109,344,000	94,951,489
Yankuang Energy Group Co. Ltd., Class H(b)	16,294,000	21,268,727
		283,264,742
Real Estate Management & Development — 1.8%
China Overseas Land & Investment Ltd.	20,087,500	32,474,156
China Resources Land Ltd.	14,464,333	43,235,199
		75,709,355
Specialty Retail — 0.1%
China Tourism Group Duty Free Corp. Ltd.(b)(c)	572,100	4,042,178
Technology Hardware, Storage & Peripherals — 3.8%
Xiaomi Corp., Class B(a)(c)	74,597,400	160,222,518
Textiles, Apparel & Luxury Goods — 1.4%
ANTA Sports Products Ltd.	6,582,200	58,916,201
Total Long-Term Investments — 97.6% (Cost: $4,833,454,031)		4,149,898,016
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.45%(d)(e)(f)	11,228,356	11,232,848
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(d)(e)	4,100,000	4,100,000
Total Short-Term Securities — 0.4% (Cost: $15,331,157)		15,332,848
Total Investments — 98.0% (Cost: $4,848,785,188)		4,165,230,864
Other Assets Less Liabilities — 2.0%		84,160,865
Net Assets — 100.0%		$4,249,391,729

(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.

2024 iShares Annual Financial Statements

Schedule of Investments (continued)

July 31, 2024

iShares® China Large-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 07/31/24	Shares Held at 07/31/24	Income	Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$12,275,636	$—	$(1,024,231 )(a)	$(17,197 )	$(1,360 )	$11,232,848	11,228,356	$172,949 (b)	$—
BlackRock Cash Funds: Treasury, SL Agency Shares	8,890,000	—	(4,790,000 )(a)	—	—	4,100,000	4,100,000	264,188	—
				$(17,197 )	$(1,360 )	$15,332,848		$437,137	$—

(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 China H50 Index	4,258	08/29/24	$98,697	$123,806

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$—	$—	$123,806	$—	$—	$—	$123,806

(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 July 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Net Realized Gain (Loss) from
Futures contracts	$—	$—	$(7,765,476 )	$—	$—	$—	$(7,765,476 )
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$—	$—	$(7,010,396 )	$—	$—	$—	$(7,010,396 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$31,022,741

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

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

iShares® China Large-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
Assets
Investments
Long-Term Investments
Common Stocks	$—	$4,149,898,016	$—	$4,149,898,016
Short-Term Securities
Money Market Funds	15,332,848	—	—	15,332,848
	$15,332,848	$4,149,898,016	$—	$4,165,230,864
Derivative Financial Instruments(a)
Assets
Equity Contracts	$—	$123,806	$—	$123,806

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

See notes to financial statements.

2024 iShares Annual Financial Statements

Schedule of Investments

July 31, 2024

iShares® MSCI China A ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Common Stocks
Aerospace & Defense — 0.6%
AECC Aero-Engine Control Co. Ltd., Class A	63,098	$190,809
AECC Aviation Power Co. Ltd., Class A	147,498	811,725
Avicopter PLC, Class A	39,999	233,672
Kuang-Chi Technologies Co. Ltd., Class A(a)	105,740	263,994
		1,500,200
Air Freight & Logistics — 0.7%
SF Holding Co. Ltd., Class A	273,515	1,327,509
YTO Express Group Co. Ltd., Class A	189,044	375,389
Yunda Holding Co. Ltd., Class A	168,400	172,191
		1,875,089
Automobile Components — 1.2%
Bethel Automotive Safety Systems Co. Ltd.	29,680	172,080
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A	14,697	253,664
Fuyao Glass Industry Group Co. Ltd., Class A	105,000	654,188
Huayu Automotive Systems Co. Ltd., Class A	168,800	364,293
Huizhou Desay Sv Automotive Co. Ltd., Class A	26,400	349,099
Ningbo Joyson Electronic Corp., Class A	84,400	179,736
Ningbo Tuopu Group Co. Ltd., Class A	91,937	467,254
Sailun Group Co. Ltd., Class A	189,000	345,224
Shandong Linglong Tyre Co. Ltd., Class A	84,400	197,737
Shenzhen Kedali Industry Co. Ltd., Class A	11,200	122,181
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A	126,000	249,408
		3,354,864
Automobiles — 3.0%
AIMA Technology Group Co. Ltd.	42,400	163,952
Anhui Jianghuai Automobile Group Corp. Ltd.	126,000	351,259
BAIC BluePark New Energy Technology Co. Ltd.(a)	315,000	417,786
Beiqi Foton Motor Co. Ltd.(a)	462,000	182,645
BYD Co. Ltd., Class A	98,673	3,374,845
Chongqing Changan Automobile Co. Ltd., Class A	462,038	933,927
Great Wall Motor Co. Ltd.	126,089	412,158
Guangzhou Automobile Group Co. Ltd., Class A	273,200	311,522
SAIC Motor Corp. Ltd., Class A	420,406	854,231
Seres Group Co. Ltd., NVS(a)	84,000	927,862
		7,930,187
Banks — 11.9%
Agricultural Bank of China Ltd., Class A	4,625,400	2,937,340
Bank of Beijing Co. Ltd., Class A	1,141,000	841,745
Bank of Changsha Co. Ltd., Class A	210,000	218,713
Bank of Chengdu Co. Ltd., Class A	210,277	424,747
Bank of China Ltd., Class A	1,897,800	1,224,246
Bank of Communications Co. Ltd., Class A	2,123,602	2,163,167
Bank of Hangzhou Co. Ltd., Class A	315,488	588,117
Bank of Jiangsu Co. Ltd., Class A	988,600	1,052,482
Bank of Nanjing Co. Ltd., Class A	568,280	793,703
Bank of Ningbo Co. Ltd., Class A	361,121	1,075,315
Bank of Shanghai Co. Ltd., Class A	777,069	784,045
Bank of Suzhou Co. Ltd.	189,000	188,322
China Construction Bank Corp., Class A	525,300	541,209
China Everbright Bank Co. Ltd., Class A	2,520,000	1,102,134
China Merchants Bank Co. Ltd., Class A	1,135,102	5,140,077
China Minsheng Banking Corp. Ltd., Class A	1,911,080	939,673
China Zheshang Bank Co. Ltd., Class A	1,155,700	451,308
Chongqing Rural Commercial Bank Co. Ltd., Class A	487,130	348,463
CNPC Capital Co. Ltd., NVS	462,340	357,264
Huaxia Bank Co. Ltd., Class A	722,260	627,762
Industrial & Commercial Bank of China Ltd., Class A	3,425,800	2,774,385
Industrial Bank Co. Ltd., Class A	1,139,547	2,642,339

Security	Shares	Value
Banks (continued)
Ping An Bank Co. Ltd., Class A	1,050,256	$1,494,444
Postal Savings Bank of China Co. Ltd., Class A	1,578,200	1,055,021
Shanghai Pudong Development Bank Co. Ltd., Class A	1,605,120	1,867,399
Shanghai Rural Commercial Bank Co. Ltd.	525,000	483,869
		32,117,289
Beverages — 9.1%
Anhui Gujing Distillery Co. Ltd., Class A	22,099	575,426
Anhui Kouzi Distillery Co. Ltd., Class A	29,700	157,011
Anhui Yingjia Distillery Co. Ltd., Class A	42,000	303,627
Beijing Yanjing Brewery Co. Ltd., Class A	168,200	219,494
Chongqing Brewery Co. Ltd., Class A	24,995	214,493
Eastroc Beverage Group Co. Ltd.	18,600	600,708
Jiangsu King's Luck Brewery JSC Ltd., Class A	63,040	385,574
Jiangsu Yanghe Distillery Co. Ltd., Class A	84,200	953,547
Kweichow Moutai Co. Ltd., Class A	68,389	13,450,246
Luzhou Laojiao Co. Ltd., Class A	78,400	1,418,827
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A	65,881	1,680,932
Shede Spirits Co. Ltd.	21,600	164,068
Sichuan Swellfun Co. Ltd., Class A	25,500	132,378
Tsingtao Brewery Co. Ltd., Class A	42,000	399,393
Wuliangye Yibin Co. Ltd., Class A	210,214	3,694,703
		24,350,427
Biotechnology — 1.1%
Beijing Tiantan Biological Products Corp. Ltd., Class A	105,360	363,088
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A	63,037	601,113
Bloomage Biotechnology Corp. Ltd.	27,730	238,024
Chongqing Zhifei Biological Products Co. Ltd., Class A	130,300	511,326
Hualan Biological Engineering Inc., Class A	106,448	242,997
Imeik Technology Development Co. Ltd., Class A	16,520	402,158
Shanghai RAAS Blood Products Co. Ltd., Class A	357,000	380,530
Shenzhen Kangtai Biological Products Co. Ltd., Class A	74,956	165,532
Walvax Biotechnology Co. Ltd., Class A	105,098	168,495
		3,073,263
Broadline Retail — 0.1%
Zhejiang China Commodities City Group Co. Ltd., Class A	294,000	314,398
Building Products — 0.2%
Beijing New Building Materials PLC, Class A	84,400	303,636
Zhejiang Weixing New Building Materials Co. Ltd., Class A	84,004	163,009
		466,645
Capital Markets — 5.9%
BOC International China Co. Ltd., Class A	147,000	191,455
Caitong Securities Co. Ltd., Class A	252,051	240,446
Changjiang Securities Co. Ltd., Class A	315,400	226,284
China Galaxy Securities Co. Ltd., Class A	389,000	586,068
China Great Wall Securities Co. Ltd., Class A	231,400	225,257
China International Capital Corp. Ltd., Class A	127,200	533,432
China Merchants Securities Co. Ltd., Class A	399,207	822,445
CITIC Securities Co. Ltd., Class A	672,270	1,842,170
CSC Financial Co. Ltd., Class A	231,439	637,160
Dongxing Securities Co. Ltd., Class A	189,039	230,108
East Money Information Co. Ltd., Class A	869,139	1,340,284
Everbright Securities Co. Ltd., Class A	210,400	442,151
First Capital Securities Co. Ltd., Class A	231,200	169,464
Founder Securities Co. Ltd., Class A	462,200	496,691
GF Securities Co. Ltd., Class A	336,400	585,127
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A	231,091	170,627

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

iShares® MSCI China A ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Capital Markets (continued)
Guolian Securities Co. Ltd., Class A(a)	126,000	$181,267
Guosen Securities Co. Ltd., Class A	357,600	437,927
Guotai Junan Securities Co. Ltd., Class A	399,445	794,907
Guoyuan Securities Co. Ltd., Class A	231,444	213,226
Haitong Securities Co. Ltd., Class A	526,600	661,692
Hithink RoyalFlush Information Network Co. Ltd., Class A	25,800	381,813
Huatai Securities Co. Ltd., Class A	400,200	736,587
Industrial Securities Co. Ltd., Class A	465,708	351,973
Nanjing Securities Co. Ltd., Class A	210,400	230,033
Orient Securities Co. Ltd., Class A	407,221	479,299
SDIC Capital Co. Ltd., Class A	359,400	299,061
Shenwan Hongyuan Group Co. Ltd., Class A	1,220,400	774,086
Sinolink Securities Co. Ltd., Class A	210,400	229,873
SooChow Securities Co. Ltd., Class A	274,038	241,175
Southwest Securities Co. Ltd., Class A	349,600	190,166
Tianfeng Securities Co. Ltd., Class A(a)	471,200	165,023
Western Securities Co. Ltd., Class A	253,220	229,161
Zheshang Securities Co. Ltd., Class A	210,427	338,606
Zhongtai Securities Co. Ltd.	379,400	317,049
		15,992,093
Chemicals — 4.8%
Cathay Biotech Inc.	24,400	132,734
CNGR Advanced Material Co. Ltd.	63,360	262,380
Ganfeng Lithium Group Co. Ltd., Class A	88,870	346,444
Guangzhou Tinci Materials Technology Co. Ltd., Class A	105,020	228,787
Hangzhou Oxygen Plant Group Co. Ltd., Class A	63,000	169,953
Haohua Chemical Science & Technology Co. Ltd., NVS	42,400	165,625
Hengli Petrochemical Co. Ltd., Class A	378,615	732,587
Hengyi Petrochemical Co. Ltd., Class A	210,876	188,823
Hoshine Silicon Industry Co. Ltd., Class A(a)	42,000	278,148
Huafon Chemical Co. Ltd., Class A	273,200	293,062
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A	462,800	240,341
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A	214,700	201,551
Jiangsu Eastern Shenghong Co. Ltd., Class A	357,200	392,496
Jiangsu Yangnong Chemical Co. Ltd., Class A	21,330	162,562
Jiangsu Yoke Technology Co. Ltd., Class A	21,000	172,936
LB Group Co. Ltd., Class A	126,009	300,907
Meihua Holdings Group Co. Ltd.	148,900	210,071
Ningbo Shanshan Co. Ltd.	126,000	134,185
Ningxia Baofeng Energy Group Co. Ltd., Class A	399,200	830,075
Qinghai Salt Lake Industry Co. Ltd., Class A(a)	294,250	633,457
Rongsheng Petrochemical Co. Ltd., Class A	547,801	688,106
Satellite Chemical Co. Ltd., Class A	189,077	457,146
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A	126,860	435,784
Shanghai Putailai New Energy Technology Co. Ltd., Class A	114,314	205,772
Shenzhen Capchem Technology Co. Ltd.	42,020	191,573
Sichuan Hebang Biotechnology Co. Ltd., Class A	483,000	114,938
Sinoma Science & Technology Co. Ltd., Class A	105,000	167,054
Sunresin New Materials Co. Ltd., NVS	25,000	137,150
Tianqi Lithium Corp., Class A	84,000	341,399
Tongkun Group Co. Ltd., Class A	126,897	246,946
Wanhua Chemical Group Co. Ltd., Class A	168,000	1,803,914
Weihai Guangwei Composites Co. Ltd., Class A	42,052	164,497
Yunnan Energy New Material Co. Ltd., Class A	46,815	199,874
Yunnan Yuntianhua Co. Ltd.	105,000	285,217
Zangge Mining Co. Ltd.	87,400	278,590
Zhejiang Juhua Co. Ltd., Class A	147,400	403,874
Zhejiang Longsheng Group Co. Ltd., Class A	189,400	235,772

Security	Shares	Value
Chemicals (continued)
Zhejiang NHU Co. Ltd., Class A	169,168	$489,327
		12,924,057
Commercial Services & Supplies — 0.2%
Shanghai M&G Stationery Inc., Class A	63,000	261,317
Zhejiang Weiming Environment Protection Co. Ltd., Class A	84,353	223,897
		485,214
Communications Equipment — 1.2%
Guangzhou Haige Communications Group Inc. Co., Class A	147,000	203,172
Hengtong Optic-Electric Co. Ltd., Class A	131,900	284,216
Suzhou TFC Optical Communication Co. Ltd.	29,680	415,973
Yealink Network Technology Corp. Ltd., Class A	63,077	294,429
Zhongji Innolight Co. Ltd., Class A	63,043	1,148,273
ZTE Corp., Class A	217,200	827,393
		3,173,456
Construction & Engineering — 2.1%
China Energy Engineering Corp. Ltd.	1,744,900	533,823
China National Chemical Engineering Co. Ltd., Class A	336,210	348,860
China Railway Group Ltd., Class A	1,113,200	958,833
China State Construction Engineering Corp. Ltd., Class A	2,268,400	1,753,002
CSSC Science & Technology Co. Ltd.(a)	85,600	157,703
Metallurgical Corp. of China Ltd., Class A	968,000	423,834
Power Construction Corp. of China Ltd., Class A	945,200	719,799
Shanghai Construction Group Co. Ltd., Class A	484,200	156,816
Sichuan Road & Bridge Group Co. Ltd., Class A	391,100	341,061
Sinoma International Engineering Co.	148,000	208,699
		5,602,430
Construction Materials — 0.4%
Anhui Conch Cement Co. Ltd., Class A	210,400	703,978
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A	84,000	150,939
China Jushi Co. Ltd., Class A	231,350	340,322
		1,195,239
Consumer Staples Distribution & Retail — 0.1%
DaShenLin Pharmaceutical Group Co. Ltd., Class A	64,831	118,040
Yifeng Pharmacy Chain Co. Ltd., Class A	63,239	183,346
		301,386
Containers & Packaging — 0.1%
Shenzhen YUTO Packaging Technology Co. Ltd.	42,000	135,781
Distributors — 0.1%
Wuchan Zhongda Group Co. Ltd., Class A	294,414	177,639
Electrical Equipment — 5.1%
China XD Electric Co. Ltd., NVS	273,200	271,200
Contemporary Amperex Technology Co. Ltd., Class A	237,467	6,120,574
Dongfang Electric Corp. Ltd., Class A	147,490	333,809
Eve Energy Co. Ltd., Class A	106,182	564,923
Ginlong Technologies Co. Ltd., Class A	21,100	186,537
Goldwind Science & Technology Co Ltd., Class A	190,851	211,665
Gongniu Group Co. Ltd.	30,765	298,525
Gotion High-tech Co. Ltd., Class A	106,500	288,510
Jiangsu Zhongtian Technology Co. Ltd., Class A	189,600	393,084
NARI Technology Co. Ltd., Class A	441,088	1,466,073
Ningbo Orient Wires & Cables Co. Ltd.	42,000	297,118
Ningbo Sanxing Medical Electric Co. Ltd.	77,000	313,892
Shanghai Electric Group Co. Ltd., Class A(a)	673,650	360,996
Shanghai Moons' Electric Co. Ltd.	21,000	116,560
Sieyuan Electric Co. Ltd.	42,800	393,411

2024 iShares Annual Financial Statements

Schedule of Investments (continued)

July 31, 2024

iShares® MSCI China A ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Electrical Equipment (continued)
Sungrow Power Supply Co. Ltd., Class A	110,720	$1,057,227
Sunwoda Electronic Co. Ltd., Class A	105,299	250,547
TBEA Co. Ltd., Class A	273,720	513,361
Zhejiang Chint Electrics Co. Ltd., Class A	126,000	336,245
		13,774,257
Electronic Equipment, Instruments & Components — 5.6%
Accelink Technologies Co. Ltd., Class A	42,000	198,868
Avary Holding Shenzhen Co. Ltd., Class A	126,000	651,778
BOE Technology Group Co. Ltd., Class A	2,019,228	1,102,932
Chaozhou Three-Circle Group Co. Ltd., Class A	105,600	479,298
China Railway Signal & Communication Corp. Ltd., Class A	384,781	311,581
China Zhenhua Group Science & Technology Co. Ltd., Class A	28,100	157,971
Eoptolink Technology Inc. Ltd.	42,000	588,028
Everdisplay Optronics Shanghai Co. Ltd.(a)	630,000	177,038
Foxconn Industrial Internet Co. Ltd., Class A	714,206	2,400,265
GoerTek Inc., Class A	189,804	566,841
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A	42,667	175,596
Hengdian Group DMEGC Magnetics Co. Ltd.	105,200	177,975
Huagong Tech Co. Ltd., Class A	63,000	253,158
Lens Technology Co. Ltd., Class A	273,000	676,191
Lingyi iTech Guangdong Co., Class A	380,000	379,906
Luxshare Precision Industry Co. Ltd., Class A	400,268	2,126,714
Maxscend Microelectronics Co. Ltd., Class A	28,256	302,631
OFILM Group Co. Ltd., Class A(a)	168,000	193,248
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A	10,939	221,786
Shengyi Technology Co. Ltd., Class A	126,482	342,355
Shennan Circuits Co. Ltd., Class A	25,667	394,185
SUPCON Technology Co. Ltd.	42,028	219,930
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A	91,100	315,253
TCL Technology Group Corp., Class A	1,009,081	547,882
Unisplendour Corp. Ltd., Class A	150,091	484,095
Universal Scientific Industrial Shanghai Co. Ltd., Class A	105,300	235,238
Wingtech Technology Co. Ltd., Class A(a)	68,911	285,799
Wuhan Guide Infrared Co. Ltd., Class A	231,204	202,896
WUS Printed Circuit Kunshan Co. Ltd., Class A	105,090	489,365
Xiamen Faratronic Co. Ltd.	9,200	110,440
Zhejiang Dahua Technology Co. Ltd., Class A	191,500	398,323
		15,167,566
Energy Equipment & Services — 0.2%
CNOOC Energy Technology & Services Ltd.	358,874	191,820
Offshore Oil Engineering Co. Ltd., Class A	232,668	177,135
Yantai Jereh Oilfield Services Group Co. Ltd., Class A	63,085	274,651
		643,606
Entertainment — 0.6%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A	126,293	231,358
Beijing Enlight Media Co. Ltd., Class A	168,000	179,638
China Film Co. Ltd., Class A(a)	105,000	156,134
Kingnet Network Co. Ltd.	126,000	164,613
Kunlun Tech Co. Ltd., Class A	63,200	264,615
Mango Excellent Media Co. Ltd., Class A	107,380	306,183
Wanda Film Holding Co. Ltd., Class A(a)	126,000	194,812
Zhejiang Century Huatong Group Co. Ltd., Class A(a)	421,082	191,283
		1,688,636

Security	Shares	Value
Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A	483,001	$161,157
Food Products — 2.9%
Angel Yeast Co. Ltd., Class A	45,896	190,346
Anjoy Foods Group Co. Ltd., Class A	11,800	129,813
Foshan Haitian Flavouring & Food Co. Ltd., Class A	252,079	1,226,514
Guangdong Haid Group Co. Ltd., Class A	84,099	511,395
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A	63,200	185,090
Heilongjiang Agriculture Co. Ltd., Class A	105,400	190,747
Henan Shuanghui Investment & Development Co. Ltd., Class A	189,400	604,828
Inner Mongolia Yili Industrial Group Co. Ltd., Class A	357,800	1,243,411
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., Class A	42,262	115,011
Muyuan Foods Co. Ltd., Class A(a)	294,359	1,781,877
New Hope Liuhe Co. Ltd., Class A(a)	252,500	331,181
Wens Foodstuffs Group Co. Ltd., Class A	358,646	989,909
Yihai Kerry Arawana Holdings Co. Ltd., Class A	84,800	321,484
		7,821,606
Gas Utilities — 0.2%
ENN Natural Gas Co. Ltd., Class A	148,200	402,221
Ground Transportation — 1.1%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A	2,670,600	2,115,391
Daqin Railway Co. Ltd., Class A	945,200	911,928
		3,027,319
Health Care Equipment & Supplies — 1.5%
Autobio Diagnostics Co. Ltd., Class A	27,000	157,425
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A	63,600	327,534
Lepu Medical Technology Beijing Co. Ltd., Class A	105,400	191,416
Shanghai United Imaging Healthcare Co. Ltd., NVS	42,972	691,422
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A	65,434	2,330,925
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A	42,000	361,166
		4,059,888
Health Care Providers & Services — 0.9%
Aier Eye Hospital Group Co. Ltd., Class A	526,781	807,205
China National Medicines Corp. Ltd., Class A	42,400	197,899
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A	84,400	341,974
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A	24,797	99,823
Huadong Medicine Co. Ltd., Class A	105,425	425,838
Jointown Pharmaceutical Group Co. Ltd., Class A	272,292	173,962
Shanghai Pharmaceuticals Holding Co. Ltd., Class A	147,409	395,784
		2,442,485
Hotels, Restaurants & Leisure — 0.1%
Shanghai Jinjiang International Hotels Co. Ltd., Class A	48,000	159,735
Songcheng Performance Development Co. Ltd., Class A	147,072	166,408
		326,143
Household Durables — 2.1%
Beijing Roborock Technology Co. Ltd., Class A	6,985	304,189
Ecovacs Robotics Co. Ltd., Class A	43,000	245,188
Gree Electric Appliances Inc. of Zhuhai, Class A	150,900	836,044
Haier Smart Home Co. Ltd., Class A	336,800	1,272,545
Hang Zhou Great Star Industrial Co. Ltd., Class A	63,000	212,607
Hangzhou Robam Appliances Co. Ltd., Class A	55,864	167,752
Hisense Home Appliances Group Co. Ltd.	42,000	173,016
Hisense Visual Technology Co. Ltd.	63,000	154,964

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

iShares® MSCI China A ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Household Durables (continued)
Jason Furniture Hangzhou Co. Ltd., Class A	42,020	$147,626
Midea Group Co. Ltd., Class A	189,000	1,667,516
Oppein Home Group Inc., Class A	24,483	154,139
Sichuan Changhong Electric Co. Ltd.	256,800	160,971
Zhejiang Supor Co. Ltd., Class A	24,898	173,114
		5,669,671
Independent Power and Renewable Electricity Producers — 5.1%
CGN Power Co. Ltd.	849,500	550,318
China National Nuclear Power Co. Ltd., Class A	1,029,047	1,571,996
China Three Gorges Renewables Group Co. Ltd., Class A	1,554,200	1,045,739
China Yangtze Power Co. Ltd., Class A	1,344,288	5,556,309
Datang International Power Generation Co. Ltd.	651,000	269,742
GD Power Development Co. Ltd., Class A	966,000	743,457
Huadian Power International Corp. Ltd., Class A	462,200	386,977
Huaneng Power International Inc., Class A	505,200	555,949
SDIC Power Holdings Co. Ltd., Class A	399,000	938,362
Shanghai Electric Power Co. Ltd., Class A	147,000	191,398
Shenergy Co. Ltd., Class A	253,400	293,032
Shenzhen Energy Group Co. Ltd., Class A	252,406	236,000
Sichuan Chuantou Energy Co. Ltd., Class A	273,200	708,309
Wintime Energy Group Co. Ltd., NVS(a)	1,206,400	183,942
Zhejiang Zheneng Electric Power Co. Ltd., Class A	609,400	559,268
		13,790,798
Industrial Conglomerates — 0.1%
China Baoan Group Co. Ltd., Class A	147,400	172,072
Insurance — 2.5%
China Life Insurance Co. Ltd., Class A	147,800	658,727
China Pacific Insurance Group Co. Ltd., Class A	378,016	1,546,918
New China Life Insurance Co. Ltd., Class A	105,800	468,201
People's Insurance Co. Group of China Ltd. (The), Class A	526,300	417,455
Ping An Insurance Group Co. of China Ltd., Class A	595,223	3,508,404
		6,599,705
IT Services — 0.2%
Isoftstone Information Technology Group Co. Ltd., NVS	63,050	301,314
Range Intelligent Computing Technology Group Co. Ltd.	85,600	268,073
		569,387
Life Sciences Tools & Services — 0.5%
Hangzhou Tigermed Consulting Co. Ltd., Class A	21,004	155,815
MGI Tech Co. Ltd., NVS	15,111	93,253
Pharmaron Beijing Co. Ltd., Class A	84,050	257,475
WuXi AppTec Co. Ltd., Class A	131,448	773,193
		1,279,736
Machinery — 3.2%
China CSSC Holdings Ltd., Class A	252,000	1,430,929
CRRC Corp. Ltd., Class A	1,327,190	1,402,643
FAW Jiefang Group Co. Ltd., Class A	168,000	196,971
Jiangsu Hengli Hydraulic Co. Ltd., Class A	68,524	434,427
Ningbo Deye Technology Co. Ltd., NVS	29,764	400,023
Sany Heavy Industry Co. Ltd., Class A	463,050	1,035,030
Shandong Himile Mechanical Science & Technology Co. Ltd.	42,000	213,817
Shenzhen Inovance Technology Co. Ltd., Class A	68,461	441,732
Tian Di Science & Technology Co. Ltd., Class A	231,000	185,777
Weichai Power Co. Ltd., Class A	378,000	723,388
XCMG Construction Machinery Co. Ltd., Class A	652,000	591,880
Yutong Bus Co. Ltd., Class A	126,200	391,469
Zhejiang Dingli Machinery Co. Ltd., Class A	21,498	156,305
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A	105,100	268,607

Security	Shares	Value
Machinery (continued)
Zhuzhou CRRC Times Electric Co. Ltd., NVS	42,069	$317,037
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A	379,550	353,778
		8,543,813
Marine Transportation — 0.5%
COSCO Shipping Holdings Co. Ltd., Class A	696,450	1,269,172
Media — 0.4%
Focus Media Information Technology Co. Ltd., Class A	798,060	640,253
Jiangsu Phoenix Publishing & Media Corp. Ltd.	147,000	210,437
Oriental Pearl Group Co. Ltd., Class A	189,000	166,248
People.cn Co. Ltd.	63,000	172,508
		1,189,446
Metals & Mining — 5.4%
Aluminum Corp. of China Ltd., Class A	715,116	683,270
Baoshan Iron & Steel Co. Ltd., Class A	1,220,870	1,148,900
Chifeng Jilong Gold Mining Co. Ltd., Class A	84,000	229,152
China Northern Rare Earth Group High-Tech Co. Ltd., Class A	198,300	480,630
China Rare Earth Resources & Technology Co. Ltd., Class A	63,000	206,677
Citic Pacific Special Steel Group Co. Ltd.	189,000	325,539
CMOC Group Ltd., Class A	966,200	1,002,748
GEM Co. Ltd., Class A	296,096	253,704
Guangdong HEC Technology Holding Co. Ltd., Class A	168,200	161,477
Henan Shenhuo Coal Industry & Electricity Power Co. Ltd.	126,000	287,202
Hesteel Co. Ltd., Class A	546,600	146,922
Huaibei Mining Holdings Co. Ltd.	147,000	303,388
Hunan Valin Steel Co. Ltd., Class A	381,140	245,457
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)	2,462,400	498,090
JCHX Mining Management Co. Ltd.	42,000	240,396
Jiangxi Copper Co. Ltd., Class A	105,400	313,730
Jinduicheng Molybdenum Co. Ltd., Class A	168,600	246,698
Nanjing Iron & Steel Co. Ltd., Class A	336,000	209,294
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)	504,400	169,091
Shandong Gold Mining Co. Ltd., Class A	189,428	775,318
Shandong Nanshan Aluminum Co. Ltd., Class A	651,800	327,042
Shanxi Meijin Energy Co. Ltd., Class A(a)	231,600	141,276
Shanxi Taigang Stainless Steel Co. Ltd., Class A(a)	315,400	156,750
Sinomine Resource Group Co. Ltd., Class A	42,292	157,761
Tianshan Aluminum Group Co. Ltd., Class A	255,100	242,980
Tongling Nonferrous Metals Group Co. Ltd., Class A	705,300	308,328
Western Mining Co. Ltd., Class A	126,000	282,107
Western Superconducting Technologies Co. Ltd., Class A	40,099	214,320
Xiamen Tungsten Co. Ltd., Class A	84,498	199,030
Yintai Gold Co. Ltd., Class A	159,520	394,657
YongXing Special Materials Technology Co. Ltd., Class A	30,540	141,572
Yunnan Aluminium Co. Ltd., Class A	189,200	316,704
Yunnan Chihong Zinc&Germanium Co. Ltd.	273,000	204,560
Yunnan Tin Co. Ltd., Class A	84,000	163,814
Zhejiang Huayou Cobalt Co. Ltd., Class A	88,712	288,600
Zhongjin Gold Corp. Ltd., Class A	273,000	610,647
Zijin Mining Group Co. Ltd., Class A	1,114,800	2,572,253
		14,650,084
Oil, Gas & Consumable Fuels — 3.7%
China Merchants Energy Shipping Co. Ltd., Class A	445,600	481,110
China Petroleum & Chemical Corp., Class A	1,764,243	1,584,140

2024 iShares Annual Financial Statements

Schedule of Investments (continued)

July 31, 2024

iShares® MSCI China A ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Oil, Gas & Consumable Fuels (continued)
China Shenhua Energy Co. Ltd., Class A	357,499	$1,967,258
COSCO Shipping Energy Transportation Co. Ltd., Class A	189,049	402,995
Guanghui Energy Co. Ltd., Class A	358,183	302,153
Inner Mongolia Dian Tou Energy Corp. Ltd.	126,000	329,953
Jizhong Energy Resources Co. Ltd.	189,000	148,337
PetroChina Co. Ltd., Class A	1,168,300	1,448,453
Pingdingshan Tianan Coal Mining Co. Ltd.	126,000	183,132
Shaanxi Coal Industry Co. Ltd., Class A	526,601	1,703,927
Shan Xi Hua Yang Group New Energy Co. Ltd.	189,000	187,579
Shanxi Coking Coal Energy Group Co. Ltd., Class A	315,060	361,283
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A	168,540	363,114
Yankuang Energy Group Co. Ltd., Class A	273,085	567,013
		10,030,447
Paper & Forest Products — 0.1%
Shandong Sun Paper Industry JSC Ltd., Class A	147,400	279,174
Passenger Airlines — 1.0%
Air China Ltd., Class A(a)	630,200	636,095
China Eastern Airlines Corp. Ltd., Class A(a)	927,600	512,343
China Southern Airlines Co. Ltd., Class A(a)	612,224	501,996
Hainan Airlines Holding Co. Ltd., Class A(a)	2,310,400	351,657
Juneyao Airlines Co. Ltd., Class A	117,700	185,484
Spring Airlines Co. Ltd., Class A(a)	51,100	383,277
		2,570,852
Personal Care Products — 0.1%
By-health Co. Ltd., Class A	105,000	197,047
Yunnan Botanee Bio-Technology Group Co. Ltd.	21,800	146,160
		343,207
Pharmaceuticals — 3.0%
Asymchem Laboratories Tianjin Co. Ltd., Class A	21,280	218,365
Beijing Tongrentang Co. Ltd., Class A	73,500	379,637
Changchun High-Tech Industry Group Co. Ltd., Class A	22,740	298,629
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A	63,600	363,414
CSPC Innovation Pharmaceutical Co. Ltd.	84,040	285,061
Dong-E-E-Jiao Co. Ltd., Class A	42,000	284,232
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A	63,000	278,012
Humanwell Healthcare Group Co. Ltd., Class A	84,000	231,890
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A	358,242	2,092,474
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A	63,000	224,243
Joincare Pharmaceutical Group Industry Co. Ltd., Class A	105,400	154,026
Livzon Pharmaceutical Group Inc., Class A	42,000	213,705
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A	126,063	411,249
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A	63,500	255,143
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A	84,460	185,035
Sichuan Kelun Pharmaceutical Co. Ltd., Class A	84,400	350,774
Yunnan Baiyao Group Co. Ltd., Class A	90,060	629,861
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A	32,299	950,926
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A	84,204	199,814
		8,006,490
Real Estate Management & Development — 1.1%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A	486,500	592,293
China Vanke Co. Ltd., Class A	510,800	501,558
Hainan Airport Infrastructure Co. Ltd., NVS(a)	651,400	308,487

Security	Shares	Value
Real Estate Management & Development (continued)
Poly Developments and Holdings Group Co. Ltd., Class A	652,531	$796,401
Shanghai Lingang Holdings Corp. Ltd., Class A	126,423	167,802
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A	85,600	232,352
Youngor Fashion Co. Ltd., Class A	252,094	249,631
		2,848,524
Semiconductors & Semiconductor Equipment — 5.7%
ACM Research Shanghai Inc.	15,863	199,489
Advanced Micro-Fabrication Equipment Inc./China, Class A	34,737	757,256
Amlogic Shanghai Co. Ltd.	17,347	158,735
Cambricon Technologies Corp. Ltd.(a)	22,613	827,256
China Resources Microelectronics Ltd.	67,683	372,677
Flat Glass Group Co. Ltd., Class A	105,400	275,697
GalaxyCore Inc., NVS	127,889	213,018
GigaDevice Semiconductor Inc., Class A(a)	33,057	394,384
Hangzhou First Applied Material Co. Ltd., Class A	135,254	291,105
Hangzhou Silan Microelectronics Co. Ltd., Class A(a)	89,500	267,235
Hwatsing Technology Co. Ltd., NVS	9,238	184,426
Hygon Information Technology Co. Ltd., NVS	127,010	1,399,633
Ingenic Semiconductor Co. Ltd., Class A	23,600	182,858
JA Solar Technology Co. Ltd., Class A	189,080	282,755
JCET Group Co. Ltd., Class A	105,000	486,801
Jiangsu Pacific Quartz Co. Ltd., NVS	32,600	128,653
Jinko Solar Co. Ltd.	474,611	481,025
LONGi Green Energy Technology Co. Ltd., Class A	420,046	844,418
Montage Technology Co. Ltd., Class A	57,564	475,401
National Silicon Industry Group Co. Ltd., Class A	168,400	358,509
NAURA Technology Group Co. Ltd., Class A	29,100	1,382,001
Piotech Inc., NVS	15,574	275,994
Rockchip Electronics Co. Ltd.	21,600	185,141
Sanan Optoelectronics Co. Ltd., Class A	273,000	450,358
SG Micro Corp., Class A	25,895	283,095
Shanghai Aiko Solar Energy Co. Ltd.	105,000	137,184
Shenzhen Goodix Technology Co. Ltd., Class A	21,400	186,133
StarPower Semiconductor Ltd., Class A	9,940	125,427
Suzhou Maxwell Technologies Co. Ltd., Class A	15,056	216,914
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A	241,123	291,912
Tianshui Huatian Technology Co. Ltd., Class A	189,000	226,619
TongFu Microelectronics Co. Ltd., Class A	86,200	272,421
Tongwei Co. Ltd., Class A	255,093	640,537
Trina Solar Co. Ltd.	128,989	311,606
Unigroup Guoxin Microelectronics Co. Ltd., Class A	45,479	339,751
Will Semiconductor Co. Ltd. Shanghai, Class A	63,055	899,885
Xinjiang Daqo New Energy Co. Ltd.	98,462	276,674
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A	84,001	347,739
		15,430,722
Software — 1.4%
360 Security Technology Inc., Class A	399,200	414,371
Beijing Kingsoft Office Software Inc., Class A	25,457	743,119
China National Software & Service Co. Ltd., Class A(a)	42,020	179,969
Empyrean Technology Co. Ltd., NVS	21,400	233,545
Hundsun Technologies Inc., Class A	105,782	268,337
Iflytek Co. Ltd., Class A	126,050	695,397
Sangfor Technologies Inc., Class A	22,300	152,589
Shanghai Baosight Software Co. Ltd., Class A	126,105	561,205
Thunder Software Technology Co. Ltd., Class A	22,800	143,497

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

iShares® MSCI China A ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Software (continued)
Yonyou Network Technology Co. Ltd., Class A(a)	189,849	$251,913
		3,643,942
Specialty Retail — 0.5%
China Tourism Group Duty Free Corp. Ltd., Class A	105,041	998,445
HLA Group Corp. Ltd., Class A	256,400	232,897
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A	210,306	158,983
		1,390,325
Technology Hardware, Storage & Peripherals — 0.8%
Anker Innovations Technology Co. Ltd.	27,510	207,139
China Greatwall Technology Group Co. Ltd., Class A(a)	168,500	203,011
GRG Banking Equipment Co. Ltd., Class A	147,000	205,299
IEIT Systems Co. Ltd., Class A	85,460	444,859
Ninestar Corp., Class A(a)	84,210	315,493
Shenzhen Transsion Holdings Co. Ltd., Class A	60,174	674,234
		2,050,035
Trading Companies & Distributors — 0.2%
COSCO Shipping Development Co. Ltd., Class A	567,800	192,705
Shanxi Coal International Energy Group Co. Ltd.	105,100	187,671
Xiamen C & D Inc., Class A	168,200	184,703
		565,079
Transportation Infrastructure — 0.5%
China Merchants Expressway Network & Technology Holdings Co. Ltd.	244,500	416,959
Guangzhou Baiyun International Airport Co. Ltd., Class A(a)	127,000	169,301
Liaoning Port Co. Ltd., Class A	1,050,000	186,115
Shanghai International Airport Co. Ltd., Class A	63,022	301,591
Shanghai International Port Group Co. Ltd., Class A	379,600	317,216
		1,391,182
Wireless Telecommunication Services — 0.4%
China United Network Communications Ltd., Class A	1,722,400	1,121,217
Total Common Stocks — 99.6% (Cost: $239,888,953)		267,889,621

Security	Shares	Value
Rights
Pharmaceuticals — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(b)	27,905	$—
Total Rights — 0.0% (Cost: $—)		—
Total Long-Term Investments — 99.6% (Cost: $239,888,953)		267,889,621
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d)	170,000	170,000
Total Short-Term Securities — 0.1% (Cost: $170,000)		170,000
Total Investments — 99.7% (Cost: $240,058,953)		268,059,621
Other Assets Less Liabilities — 0.3%		879,397
Net Assets — 100.0%		$268,939,018

(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

Affiliated Issuer	Value at 07/31/23	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 07/31/24	Shares Held at 07/31/24	Income	Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$870,000	$—	$(700,000 )(a)	$—	$—	$170,000	170,000	$74,319	$—

(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 China A50 Index	71	08/29/24	$842	$(299 )

2024 iShares Annual Financial Statements

Schedule of Investments (continued)

July 31, 2024

iShares® MSCI China A 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:

	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$—	$—	$299	$—	$—	$—	$299

(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 July 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Net Realized Gain (Loss) from
Futures contracts	$—	$—	$(13,133 )	$—	$—	$—	$(13,133 )
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$—	$—	$(33,380 )	$—	$—	$—	$(33,380 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$675,774

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

	Level 1	Level 2	Level 3	Total
Assets
Investments
Long-Term Investments
Common Stocks	$22,139,352	$245,750,269	$—	$267,889,621
Rights	—	—	—	—
Short-Term Securities
Money Market Funds	170,000	—	—	170,000
	$22,309,352	$245,750,269	$—	$268,059,621
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$—	$(299 )	$—	$(299 )

(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

Statements of Assets and Liabilities

July 31, 2024

	iShares China Large-Cap ETF	iShares MSCI China A ETF
ASSETS
Investments, at value—unaffiliated(a)(b)	$4,149,898,016	$267,889,621
Investments, at value—affiliated(c)	15,332,848	170,000
Cash	676,707	—
Cash pledged for futures contracts	6,623,000	52,000
Foreign currency, at value(d)	21,721,773	942,837
Receivables:
Securities lending income—affiliated	52,951	—
Dividends—unaffiliated	75,826,000	2,311
Dividends—affiliated	17,054	1,343
Variation margin on futures contracts	1,572,154	16,600
Total assets	4,271,720,503	269,074,712
LIABILITIES
Bank overdraft	—	38
Collateral on securities loaned, at value	11,106,404	—
Payables:
Investments purchased	8,405,728	—
Investment advisory fees	2,816,642	135,656
Total liabilities	22,328,774	135,694
Commitments and contingent liabilities
NET ASSETS	$4,249,391,729	$268,939,018
NET ASSETS CONSIST OF
Paid-in capital	$9,344,791,130	$388,212,189
Accumulated loss	(5,095,399,401)	(119,273,171)
NET ASSETS	$4,249,391,729	$268,939,018
NET ASSET VALUE
Shares outstanding	165,000,000	10,500,000
Net asset value	$25.75	$25.61
Shares authorized	Unlimited	Unlimited
Par value	None	None
(a) Investments, at cost—unaffiliated	$4,833,454,031	$239,888,953
(b) Securities loaned, at value	$10,482,676	$—
(c) Investments, at cost—affiliated	$15,331,157	$170,000
(d) Foreign currency, at cost	$21,729,708	$942,410

See notes to financial statements.

2024 iShares Annual Financial Statements

Statements of Operations

Year Ended July 31, 2024

	iShares China Large-Cap ETF	iShares MSCI China A ETF
INVESTMENT INCOME
Dividends—unaffiliated	$170,149,714	$7,229,199
Dividends—affiliated	264,188	74,319
Interest—unaffiliated	107,249	11,453
Securities lending income—affiliated—net	172,949	—
Foreign taxes withheld	(13,438,133 )	(706,844 )
Total investment income	157,255,967	6,608,127
EXPENSES
Investment advisory	34,540,718	1,455,534
Interest expense	2,458	502
Commitment costs	—	2,204
Total expenses	34,543,176	1,458,240
Less:
Investment advisory fees waived	—	(384,518 )
Total expenses after fees waived	34,543,176	1,073,722
Net investment income	122,712,791	5,534,405
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated	(622,756,798 )	(16,621,280 )
Investments—affiliated	(17,197 )	—
Foreign currency transactions	50,403	3,416
Futures contracts	(7,765,476 )	(13,133 )
In-kind redemptions—unaffiliated(a)	107,352,220	—
	(523,136,848 )	(16,630,997 )
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated	(326,208,966 )	(35,381,305 )
Investments—affiliated	(1,360 )	—
Foreign currency translations	(311,805 )	(1,129 )
Futures contracts	(7,010,396 )	(33,380 )
	(333,532,527 )	(35,415,814 )
Net realized and unrealized loss	(856,669,375 )	(52,046,811 )
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$(733,956,584 )	$(46,512,406 )
(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

Statements of Operations

Statements of Changes in Net Assets

	iShares China Large-Cap ETF		iShares MSCI China A ETF
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/24	Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$122,712,791	$114,844,150	$5,534,405	$6,583,068
Net realized loss	(523,136,848 )	(741,645,143 )	(16,630,997 )	(5,521,305 )
Net change in unrealized appreciation (depreciation)	(333,532,527 )	756,263,809	(35,415,814 )	(53,014,168 )
Net increase (decrease) in net assets resulting from operations	(733,956,584 )	129,462,816	(46,512,406 )	(51,952,405 )
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders	(126,376,186 )	(137,823,574 )	(8,466,171 )	(8,340,710 )
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions	(583,066,848 )	407,457,486	(5,070,413 )	(161,024,123 )
NET ASSETS
Total increase (decrease) in net assets	(1,443,399,618 )	399,096,728	(60,048,990 )	(221,317,238 )
Beginning of year	5,692,791,347	5,293,694,619	328,988,008	550,305,246
End of year	$4,249,391,729	$5,692,791,347	$268,939,018	$328,988,008

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

See notes to financial statements.

2024 iShares Annual Financial Statements

Financial Highlights

(For a share outstanding throughout each period)

	iShares China Large-Cap ETF
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
Net asset value, beginning of year	$30.39	$30.37	$40.36	$41.57	$41.63
Net investment income(a)	0.67	0.62	0.75	0.88	0.89
Net realized and unrealized gain (loss)(b)	(4.62 )	0.15	(10.16 )	(1.26 )	0.17
Net increase (decrease) from investment operations	(3.95 )	0.77	(9.41 )	(0.38 )	1.06
Distributions from net investment income(c)	(0.69 )	(0.75 )	(0.58 )	(0.83 )	(1.12 )
Net asset value, end of year	$25.75	$30.39	$30.37	$40.36	$41.57
Total Return(d)
Based on net asset value	(12.73 )%	2.71 %	(23.54 )%	(1.13 )%	2.59 %
Ratios to Average Net Assets(e)
Total expenses	0.74 %	0.74 %	0.74 %	0.74 %	0.74 %
Net investment income	2.63 %	2.19 %	2.12 %	1.90 %	2.18 %
Supplemental Data
Net assets, end of year (000)	$4,249,392	$5,692,791	$5,293,695	$4,812,487	$3,429,710
Portfolio turnover rate(f)	18 %	23 %	29 %	62 %	18 %
(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) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

Financial Highlights

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI China A ETF
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
Net asset value, beginning of year	$31.18	$35.39	$41.70	$36.39	$28.68
Net investment income(a)	0.61	0.54	0.46	0.52	0.59
Net realized and unrealized gain (loss)(b)	(5.07 )	(3.92 )	(6.29 )	5.22	7.47
Net increase (decrease) from investment operations	(4.46 )	(3.38 )	(5.83 )	5.74	8.06
Distributions from net investment income(c)	(1.11 )	(0.83 )	(0.48 )	(0.43 )	(0.35 )
Net asset value, end of year	$25.61	$31.18	$35.39	$41.70	$36.39
Total Return(d)
Based on net asset value	(14.19 )%	(9.55 )%	(14.18 )%	15.79 %	28.40 %
Ratios to Average Net Assets(e)
Total expenses	0.60 %	0.60 %	0.60 %	0.60 %	0.63 %
Total expenses after fees waived	0.44 %	0.24 %	0.24 %	0.24 %	0.24 %
Net investment income	2.28 %	1.70 %	1.15 %	1.24 %	1.98 %
Supplemental Data
Net assets, end of year (000)	$268,939	$328,988	$550,305	$627,526	$484,005
Portfolio turnover rate(f)	73 %(g)	26 %(g)	64 %	38 %(g)	31 %(g)
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").
(g) Portfolio turnover rate excluding cash creations was as follows:	15 %	13 %	—	24 %	28 %

See notes to financial statements.

2024 iShares Annual Financial Statements

Notes to Financial Statements

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
China Large-Cap	Non-diversified
MSCI China A	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. 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 July 31, 2024, 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 include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Bank Overdraft:The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

Notes to Financial Statements

Notes to Financial Statements (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.

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. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

• 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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

2024 iShares Annual Financial Statements

Notes to Financial Statements (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 BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower 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	Securities Loaned at Value	Cash Collateral Received(a)	Non-Cash Collateral Received, at Fair Value(a)	Net Amount
China Large-Cap
BNP Paribas SA	$230,492	$(230,492)	$—	$—
BofA Securities, Inc.	2,610,620	(2,610,620)	—	—
Citigroup Global Markets, Inc.	70,725	(70,725)	—	—
Goldman Sachs & Co. LLC	1,032,271	(1,032,271)	—	—
HSBC Bank PLC	2,610,620	(2,610,620)	—	—
Morgan Stanley	3,022,158	(3,022,158)	—	—
UBS AG	905,790	(905,790)	—	—
	$10,482,676	$(10,482,676)	$—	$—

(a)	Collateral received, if any, 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 Statements of Assets and Liabilities.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Notes to Financial Statements

Notes to Financial Statements (continued)

value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the 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 the iShares China Large-Cap 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:

Average Daily Net Assets	Investment Advisory Fees
First $6 billion	0.74%
Over $6 billion, up to and including $9 billion	0.67
Over $9 billion, up to and including $12 billion	0.60
Over $12 billion	0.54

For its investment advisory services to the iShares MSCI China A ETF, BFA is entitled to an annual investment advisory fee of 0.60%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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 China A ETF’s total annual operating expenses after fee waiver to 0.24%.This voluntary fee waiver for the Fund was discontinued on December 31, 2023. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended July 31, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
MSCI China A	$384,518

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, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.

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

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

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.

2024 iShares Annual Financial Statements

Notes to Financial Statements (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 year ended July 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
China Large-Cap	$43,688

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 year ended July 31, 2024, 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)
China Large-Cap	$39,080,485	$46,423,677	$(22,028,180)

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 year ended July 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases	Sales
China Large-Cap	$936,501,567	$842,550,691
MSCI China A	179,301,110	187,087,939

For the year ended July 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases	In-kind Sales
China Large-Cap	$—	$667,614,811

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 July 31, 2024, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital	Accumulated Earnings (Loss)
China Large-Cap	$(12,953,583)	$12,953,583

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 07/31/24	Year Ended 07/31/23
China Large-Cap
Ordinary income	$126,376,186	$137,823,574

Notes to Financial Statements

Notes to Financial Statements (continued)

iShares ETF	Year Ended 07/31/24	Year Ended 07/31/23
MSCI China A
Ordinary income	$8,466,171	$8,340,710

As of July 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income	Non-expiring Capital Loss Carryforwards(a)	Net Unrealized Gains (Losses)(b)	Total
China Large-Cap	$102,100,948	$(4,065,806,628)	$(1,131,693,721)	$(5,095,399,401)
MSCI China A	4,534,495	(130,711,001)	6,903,335	(119,273,171)

(a)	Amounts available to offset future realized capital gains.
(b)	The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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 July 31, 2024, 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)
China Large-Cap	$5,296,887,331	$287,452,856	$(1,419,109,323)	$(1,131,656,467)
MSCI China A	261,156,427	37,661,787	(30,758,892)	6,902,895

9. LINE OF CREDIT

The iShares MSCI China A 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 October 16, 2024. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of 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 year ended July 31, 2024, 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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 discretionary liquidity fees under certain circumstances.

Market Risk: The iShares MSCI China A ETF invests in A-shares (i.e., equity securities of companies based in the People’s Republic of China (“China” or “PRC”) that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose

2024 iShares Annual Financial Statements

Notes to Financial Statements (continued)

risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund’s ability to invest in A-shares on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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.

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

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. Investments in Chinese securities, including certain Hong Kong-listed securities, involve 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, supply chain diversification, institution of tariffs, sanctions 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.

Notes to Financial Statements

Notes to Financial Statements (continued)

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 Schedule of Investments.

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 07/31/24		Year Ended 07/31/23
iShares ETF	Shares	Amount	Shares	Amount
China Large-Cap
Shares sold	4,350,000	$99,261,615	21,300,000	$633,923,422
Shares redeemed	(26,700,000 )	(682,328,463 )	(8,250,000 )	(226,465,936 )
	(22,350,000 )	$(583,066,848 )	13,050,000	$407,457,486
MSCI China A
Shares sold	5,900,000	$153,259,514	1,650,000	$54,145,546
Shares redeemed	(5,950,000 )	(158,329,927 )	(6,650,000 )	(215,169,669 )
	(50,000 )	$(5,070,413 )	(5,000,000 )	$(161,024,123 )

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

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

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

12. SUBSEQUENT EVENTS

Management 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.

2024 iShares Annual Financial Statements

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of July 31, 2024, the related statements of operations for the year ended July 31,2024, the statements of changes in net assets for each of the two years in the period ended July 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2024 and each of the financial highlights for each of the five years in the period ended July 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

iShares China Large-Cap ETF

iShares MSCI China A ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 23, 2024

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

Report of Independent Registered Public Accounting Firm

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2024:

iShares ETF	Qualified Dividend Income
China Large-Cap	$128,905,130
MSCI China A	7,121,573

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2024:

iShares ETF	Foreign Source Income Earned	Foreign Taxes Paid
China Large-Cap	$168,836,011	$13,952,427
MSCI China A	7,229,200	706,429

2024 iShares Annual Financial Statements

Additional Information

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares China Large-Cap ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.

Remuneration information at an individual AIF level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m. This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.

Additional Information

Additional Information (continued)

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares China Large-Cap ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

Electronic Delivery

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

To enroll in electronic delivery:

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

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

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

Availability of Portfolio Holdings Information

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

2024 iShares Annual Financial Statements

Board Review and Approval of Investment Advisory Contract

iShares China Large-Cap 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 Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also noted the tradability, liquidity and developed capital markets ecosystem associated with the Fund that differentiates it from other ETFs in the marketplace.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024

Board Review and Approval of Investment Advisory Contract

Board Review and Approval of Investment Advisory Contract (continued)

meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.

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

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and that the Board would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue

2024 iShares Annual Financial Statements

Board Review and Approval of Investment Advisory Contract (continued)

received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board 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 concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

iShares MSCI China A ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Board Review and Approval of Investment Advisory Contract

Board Review and Approval of Investment Advisory Contract (continued)

time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.

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

2024 iShares Annual Financial Statements

Board Review and Approval of Investment Advisory Contract (continued)

securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board 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 concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

Glossary of Terms Used in this Report

Portfolio Abbreviation
JSC	Joint Stock Company
NVS	Non-Voting Shares

2024 iShares Annual Financial Statements

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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 FTSE International Limited or MSCI Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

July 31, 2024

2024 Annual Financial Statements

iShares Trust

• iShares Core MSCI EAFE ETF | IEFA | Cboe BZX

• iShares Core MSCI Europe ETF | IEUR | NYSE Arca

• iShares Core MSCI International Developed Markets ETF | IDEV | NYSE Arca

• iShares Core MSCI Pacific ETF | IPAC | NYSE Arca

• iShares Core MSCI Total International Stock ETF | IXUS | NASDAQ

Table of Contents

	Page
Schedules of Investments	3
Statements of Assets and Liabilities	115
Statements of Operations	117
Statements of Changes in Net Assets	119
Financial Highlights	122
Notes to Financial Statements	127
Report of Independent Registered Public Accounting Firm	138
Important Tax Information	139
Additional Information	140
Board Review and Approval of Investment Advisory Contract	142
Glossary of Terms Used in this Report	147

Schedule of Investments

July 31, 2024

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Common Stocks
Australia — 7.6%
Abacus Group	3,268,313	$2,361,624
Abacus Storage King	3,267,770	2,732,550
Accent Group Ltd.	1,852,921	2,660,213
AGL Energy Ltd.	3,842,509	26,120,643
ALS Ltd.	2,887,750	29,236,242
Amotiv Ltd.	936,898	6,653,591
AMP Ltd.	16,743,478	13,007,051
Ampol Ltd.	1,438,465	31,509,507
Ansell Ltd.	848,301	15,187,888
ANZ Group Holdings Ltd.	18,078,431	343,942,856
APA Group	7,795,448	40,405,026
APM Human Services International Ltd.	1,839,813	1,718,319
ARB Corp. Ltd.	534,735	14,775,498
Arena REIT	2,072,726	5,261,240
Aristocrat Leisure Ltd.	3,472,478	123,669,177
ASX Ltd.	1,158,918	49,377,065
Atlas Arteria Ltd.	6,814,195	23,403,959
AUB Group Ltd.	607,237	12,831,329
Audinate Group Ltd.(a)	409,877	4,004,346
Aurizon Holdings Ltd.	10,931,471	26,653,893
Aussie Broadband Ltd.(a)	1,288,579	2,695,973
Austal Ltd.	2,257,654	3,876,062
Australian Agricultural Co. Ltd.(a)(b)	2,684,535	2,457,772
Bank of Queensland Ltd.	3,826,333	15,811,886
Bapcor Ltd.	2,226,372	7,486,054
Beach Energy Ltd.	10,268,580	9,977,788
Bega Cheese Ltd.	1,817,426	5,311,595
Bellevue Gold Ltd.(a)	7,329,167	6,616,998
Bendigo & Adelaide Bank Ltd.	3,370,860	27,595,678
BHP Group Ltd.	30,699,870	852,687,183
BlueScope Steel Ltd.	2,670,128	38,773,334
Boss Energy Ltd. (a)(b)	2,528,297	6,070,369
Brambles Ltd.	8,446,608	86,110,401
Breville Group Ltd.	605,488	11,634,625
Brickworks Ltd.	454,059	8,573,373
BWP Trust	3,473,960	8,148,984
Capricorn Metals Ltd.(a)	2,011,769	7,119,986
CAR Group Ltd.	2,235,714	51,131,928
Centuria Capital Group	3,685,464	4,112,540
Centuria Industrial REIT	3,566,176	7,433,025
Centuria Office REIT	1,142,615	932,301
Cettire Ltd.(a)(b)	1,514,523	1,319,495
Challenger Ltd.	3,255,458	15,004,212
Champion Iron Ltd.	2,300,199	9,452,138
Charter Hall Group	2,870,073	23,967,789
Charter Hall Long Wale REIT	4,156,300	9,721,919
Charter Hall Retail REIT	2,857,598	6,538,243
Charter Hall Social Infrastructure REIT	563,995	948,467
Cleanaway Waste Management Ltd.	12,711,078	23,497,127
Clinuvel Pharmaceuticals Ltd.(b)	226,586	2,218,577
Cochlear Ltd.	398,151	89,964,477
Codan Ltd./Australia	609,155	5,234,475
Coles Group Ltd.	8,135,742	96,422,117
Collins Foods Ltd.	559,222	3,360,651
Commonwealth Bank of Australia	10,107,944	910,827,881
Computershare Ltd.	3,294,228	59,414,713
Coronado Global Resources Inc.(c)	4,339,890	4,097,192
Corporate Travel Management Ltd.	791,551	6,995,908
Credit Corp. Group Ltd.	405,447	4,651,036
Cromwell Property Group	13,246,472	3,606,913

Security	Shares	Value
Australia (continued)
CSL Ltd.	2,930,933	$594,871,164
Data#3 Ltd.	630,657	3,649,666
De Grey Mining Ltd.(a)	11,992,656	9,616,051
Deep Yellow Ltd.(a)	5,130,476	4,348,972
Deterra Royalties Ltd.	2,690,998	7,035,557
Dexus	6,427,863	29,636,021
Dexus Industria REIT	345,071	655,200
Dicker Data Ltd.(b)	466,603	3,125,693
Domain Holdings Australia Ltd.	2,222,489	4,691,762
Domino's Pizza Enterprises Ltd.	402,434	8,655,614
Downer EDI Ltd.	4,003,993	13,069,123
Eagers Automotive Ltd.	856,734	5,972,821
Elders Ltd.	969,742	6,044,214
Emerald Resources NL(a)	3,223,323	7,848,740
Endeavour Group Ltd./Australia	9,280,001	33,377,124
Evolution Mining Ltd.	12,289,958	31,842,961
EVT Ltd.	624,340	4,736,353
Firefinch Ltd., NVS(b)(d)	5,815,203	418,314
FleetPartners Group Ltd., NVS(a)	1,514,104	3,388,775
Flight Centre Travel Group Ltd.(b)	1,142,892	16,640,376
Fortescue Ltd.	10,228,262	127,268,506
G8 Education Ltd.	4,579,517	3,908,181
Genesis Minerals Ltd.(a)	6,066,905	8,367,631
Gold Road Resources Ltd.	6,899,865	7,714,988
Goodman Group	10,381,228	239,661,922
GPT Group (The)	11,999,794	36,551,594
GrainCorp Ltd., Class A	1,327,442	7,843,079
Growthpoint Properties Australia Ltd.	807,147	1,233,247
Hansen Technologies Ltd.	710,156	2,090,667
Harvey Norman Holdings Ltd.	3,761,676	11,813,986
Healius Ltd.(a)(b)	3,954,578	3,912,407
Helia Group Ltd.	2,633,159	6,881,404
HMC Capital Ltd.	1,434,067	7,317,158
HomeCo Daily Needs REIT	9,516,968	7,931,289
HUB24 Ltd.	443,737	14,452,065
IDP Education Ltd.	1,589,228	15,607,283
IGO Ltd.	4,073,116	14,916,193
Iluka Resources Ltd.	2,594,299	10,321,066
Imdex Ltd.	2,719,820	4,086,379
Incitec Pivot Ltd.	11,303,982	21,823,322
Ingenia Communities Group	2,107,567	7,267,615
Inghams Group Ltd.	2,154,995	5,312,693
Insignia Financial Ltd.	3,535,394	6,405,361
Insurance Australia Group Ltd.	14,498,051	70,140,171
IPH Ltd.	1,519,146	6,097,323
IRESS Ltd.(a)	1,147,302	8,012,111
James Hardie Industries PLC(a)	2,656,549	95,432,864
JB Hi-Fi Ltd.	667,563	30,480,031
Johns Lyng Group Ltd.	1,249,416	4,881,216
Judo Capital Holdings Ltd.(a)(b)	3,813,178	3,461,527
Jumbo Interactive Ltd.	218,718	2,340,348
Karoon Energy Ltd.(a)	4,956,403	6,010,431
Kelsian Group Ltd.	951,875	3,273,980
Lendlease Corp. Ltd.	3,967,734	16,378,223
Leo Lithium Ltd.(a)(b)(d)	5,416,655	1,431,057
Lifestyle Communities Ltd.(b)	579,010	3,422,565
Liontown Resources Ltd.(a)(b)	8,861,187	5,552,383
Lottery Corp. Ltd. (The)	13,694,651	44,624,869
Lovisa Holdings Ltd.	386,466	8,862,932
Lynas Rare Earths Ltd.(a)(b)	5,652,128	23,108,317
MA Financial Group Ltd.(b)	293,512	866,686
Maas Group Holdings Ltd.(b)	238,598	686,537

2024 iShares Annual Financial Statements

Schedule of Investments (continued)

July 31, 2024

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Australia (continued)
Macquarie Group Ltd.	2,189,604	$301,345,702
Magellan Financial Group Ltd.	1,012,003	6,794,404
McMillan Shakespeare Ltd.	507,925	5,960,375
Medibank Pvt Ltd.	16,856,335	43,882,817
Megaport Ltd.(a)(b)	947,862	6,861,979
Metcash Ltd.	6,176,327	14,795,232
Mineral Resources Ltd.	1,071,602	38,323,454
Mirvac Group	23,743,402	33,430,882
Monadelphous Group Ltd.	635,382	5,402,892
Mount Gibson Iron Ltd.(a)	3,397,221	790,823
Nanosonics Ltd.(a)(b)	1,547,373	3,200,887
National Australia Bank Ltd.	18,726,236	472,962,206
National Storage REIT	7,921,423	12,855,049
Netwealth Group Ltd.	763,899	11,873,094
Neuren Pharmaceuticals Ltd., NVS(a)	708,683	8,982,494
New Hope Corp. Ltd.	3,388,797	10,807,512
NEXTDC Ltd.(a)	3,838,514	42,270,602
nib holdings Ltd.	2,812,592	13,848,487
Nick Scali Ltd.	410,220	4,227,290
Nickel Industries Ltd.	10,930,189	6,126,326
Nine Entertainment Co. Holdings Ltd.	9,261,749	8,820,378
Northern Star Resources Ltd.	7,210,096	66,917,828
NRW Holdings Ltd.	2,388,864	5,231,926
Nufarm Ltd./Australia	2,035,737	6,206,411
Objective Corp. Ltd.	41,391	335,790
oOh!media Ltd.	3,682,372	3,497,734
Orica Ltd.	2,909,183	34,232,009
Origin Energy Ltd.	10,491,207	71,985,114
Orora Ltd.	8,089,192	10,823,703
Paladin Energy Ltd.(a)(b)	1,742,245	13,069,794
Perenti Ltd.	3,625,985	2,496,311
Perpetual Ltd.	648,022	9,413,116
Perseus Mining Ltd.	8,984,222	14,969,379
PEXA Group Ltd.(a)	901,530	8,180,824
Pilbara Minerals Ltd.(b)	17,448,999	33,726,534
Pinnacle Investment Management Group Ltd.	828,283	8,942,074
Platinum Asset Management Ltd.	3,049,361	2,134,630
PolyNovo Ltd.(a)	4,040,817	7,124,093
Premier Investments Ltd.	680,454	14,794,954
Pro Medicus Ltd.(b)	355,089	33,502,349
PWR Holdings Ltd.	467,251	3,636,149
Qantas Airways Ltd.(a)	5,277,840	22,359,374
QBE Insurance Group Ltd.	8,996,923	106,182,135
Qube Holdings Ltd.	9,845,968	24,656,312
Ramelius Resources Ltd.	6,886,588	8,788,468
Ramsay Health Care Ltd.	1,113,936	33,923,396
REA Group Ltd.	324,217	43,590,863
Red 5 Ltd.(a)	38,204,720	9,798,965
Reece Ltd.	1,350,489	24,472,793
Region RE Ltd.	7,045,395	10,490,687
Regis Resources Ltd.(a)	4,946,017	5,457,241
Reliance Worldwide Corp. Ltd.	4,970,856	16,755,856
Rio Tinto Ltd.	2,332,455	179,230,734
Rural Funds Group(b)	746,503	1,042,043
Sandfire Resources Ltd.(a)	3,010,403	17,194,299
Santos Ltd.	19,844,205	103,445,985
Scentre Group	31,038,714	70,781,536
SEEK Ltd.	2,171,405	31,445,389
Seven Group Holdings Ltd.	1,198,932	30,760,924
Sigma Healthcare Ltd.	8,013,683	6,827,826
Silex Systems Ltd.(a)(b)	972,012	2,991,846
Sims Ltd.	1,031,270	6,885,222

Security	Shares	Value
Australia (continued)
SiteMinder Ltd.(a)	1,275,889	$4,687,765
SmartGroup Corp. Ltd.	696,211	3,940,030
Sonic Healthcare Ltd.	2,765,562	50,120,738
South32 Ltd.	27,599,010	55,355,185
Stanmore Resources Ltd.	1,669,345	4,064,802
Star Entertainment Group Ltd. (The)(a)	14,003,697	5,352,219
Steadfast Group Ltd.	6,611,059	28,063,191
Stockland	14,370,695	43,405,388
Strike Energy Ltd.(a)(b)	12,639,264	1,652,436
Suncorp Group Ltd.	7,588,723	88,295,704
Super Retail Group Ltd.	990,088	10,371,870
Tabcorp Holdings Ltd.	13,403,049	5,671,081
Technology One Ltd.	1,776,956	24,003,943
Telix Pharmaceuticals Ltd.(a)	1,509,428	18,949,323
Telstra Group Ltd.	24,338,994	62,898,380
Temple & Webster Group Ltd.(a)(b)	589,928	3,776,877
Transurban Group	18,541,063	158,225,634
Treasury Wine Estates Ltd.	4,948,847	40,009,051
Ventia Services Group Pty Ltd.	5,230,562	15,059,039
Vicinity Ltd.	23,143,957	32,091,400
Viva Energy Group Ltd.(c)	6,794,211	14,493,081
Vulcan Steel Ltd.	422,881	1,730,291
WA1 Resources Ltd., NVS(a)(b)	201,554	2,102,046
Washington H Soul Pattinson & Co. Ltd.	1,434,612	33,391,164
Waypoint REIT Ltd.	3,942,719	6,548,171
Webjet Ltd.(a)(b)	2,448,867	14,325,759
Weebit Nano Ltd.(a)(b)	1,207,609	1,866,757
Wesfarmers Ltd.	6,868,280	331,478,285
West African Resources Ltd.(a)	6,270,391	6,163,773
Westgold Resources Ltd.	5,676,449	9,752,435
Westpac Banking Corp.	20,992,236	410,247,071
Whitehaven Coal Ltd.	4,863,363	24,552,482
WiseTech Global Ltd.	1,011,815	63,401,456
Woodside Energy Group Ltd.	11,527,821	209,054,789
Woolworths Group Ltd.	7,413,214	167,265,598
Worley Ltd.	2,839,246	28,162,280
Xero Ltd.(a)	883,970	80,544,830
Yancoal Australia Ltd., NVS	2,285,235	10,590,904
Zip Co. Ltd.(a)	7,217,724	9,119,906
		9,157,339,945
Austria — 0.3%
Andritz AG	402,486	25,783,364
AT&S Austria Technologie & Systemtechnik AG(a)(b)	152,164	3,247,653
BAWAG Group AG(c)	470,425	34,355,113
CA Immobilien Anlagen AG(b)	307,570	10,052,602
DO & CO AG	45,917	7,737,264
Erste Group Bank AG	2,043,256	106,282,533
EVN AG	219,234	7,165,798
Immofinanz AG(a)	236,402	7,013,876
Lenzing AG(a)(b)	127,884	4,453,768
Oesterreichische Post AG	206,542	6,817,667
OMV AG	881,189	36,869,035
Palfinger AG(b)	20,535	502,262
Porr AG	21,812	331,953
Raiffeisen Bank International AG	812,175	15,833,609
Schoeller-Bleckmann Oilfield Equipment AG(b)	44,255	1,758,893
UNIQA Insurance Group AG	846,499	7,247,245
Verbund AG	407,736	32,739,406
Vienna Insurance Group AG Wiener Versicherung Gruppe	257,998	8,309,826
voestalpine AG	665,821	17,076,211

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Austria (continued)
Wienerberger AG	684,292	$24,261,236
		357,839,314
Belgium — 1.0%
Ackermans & van Haaren NV	133,109	25,538,217
Aedifica SA	286,137	18,187,613
Ageas SA/NV	947,698	45,244,266
Anheuser-Busch InBev SA/NV	5,423,076	321,990,598
Argenx SE(a)	359,952	184,038,495
Barco NV	437,590	5,652,405
Bekaert SA	245,925	10,069,806
bpost SA	564,460	1,612,741
Cofinimmo SA	210,299	13,520,642
Colruyt Group NV	310,975	14,916,566
Deme Group NV	46,969	8,459,616
D'ieteren Group	146,116	33,580,110
Elia Group SA/NV	197,562	20,518,831
Fagron	479,112	9,858,611
Galapagos NV(a)	265,793	7,105,670
Groupe Bruxelles Lambert NV	580,391	43,314,055
KBC Ancora	272,345	13,243,805
KBC Group NV	1,500,193	116,033,804
Kinepolis Group NV(b)	101,216	4,099,291
Lotus Bakeries NV	2,449	26,610,317
Melexis NV	128,636	11,214,131
Montea NV	80,091	6,946,744
Ontex Group NV(a)	409,717	3,850,484
Proximus SADP	813,873	5,886,031
Recticel SA(b)	153,282	2,050,417
Retail Estates NV	57,682	3,935,250
Shurgard Self Storage Ltd.	155,964	6,097,657
Sofina SA	92,045	21,748,126
Solvay SA	430,376	15,151,179
Syensqo SA	446,582	39,490,256
Tessenderlo Group SA	244,964	6,537,317
UCB SA	766,119	128,014,110
Umicore SA	1,230,155	16,895,048
VGP NV	81,519	8,832,303
Warehouses De Pauw CVA	1,057,122	28,636,553
Xior Student Housing NV	167,646	5,637,495
		1,234,518,560
China — 0.0%
OSL Group Ltd.(a)(b)	1,309,068	968,563
Denmark — 3.5%
ALK-Abello A/S(a)	869,682	19,602,533
Alm Brand A/S	5,378,349	10,260,603
Ambu A/S, Class B(a)	1,128,334	22,912,343
AP Moller - Maersk A/S, Class A	16,834	27,345,744
AP Moller - Maersk A/S, Class B, NVS	28,087	46,465,394
Bavarian Nordic A/S(a)(b)	468,824	12,636,514
Carlsberg A/S, Class B	574,024	69,317,385
cBrain A/S	58,919	2,184,967
Chemometec A/S	96,204	5,333,393
Coloplast A/S, Class B	785,544	102,121,112
D/S Norden A/S	153,982	6,660,864
Danske Bank A/S	4,115,242	125,854,325
Demant A/S(a)	601,042	23,043,602
DFDS A/S	219,820	6,029,433
DSV A/S	1,040,722	190,914,844
FLSmidth & Co. A/S(b)	299,225	15,264,438
Genmab A/S(a)	400,153	113,031,864
GN Store Nord A/S(a)	820,901	21,570,997

Security	Shares	Value
Denmark (continued)
H Lundbeck A/S	1,586,516	$9,925,791
H Lundbeck A/S, Class A	397,398	2,137,608
ISS A/S(b)	911,736	16,665,218
Jyske Bank A/S, Registered	283,982	23,151,035
Matas A/S	310,924	5,312,683
Netcompany Group A/S(a)(b)(c)	268,608	11,432,442
Nilfisk Holding A/S(a)	98,724	1,839,509
NKT A/S(a)	330,023	29,707,962
Novo Nordisk A/S, Class B	19,729,661	2,614,039,708
Novonesis (Novozymes) B, Class B	2,252,099	143,362,380
NTG Nordic Transport Group A/S, Class A(a)	36,371	1,542,648
Orsted A/S(a)(c)	1,140,443	67,974,967
Pandora A/S	515,955	80,877,654
Per Aarsleff Holding A/S	143,271	8,196,828
Ringkjoebing Landbobank A/S	188,435	33,351,864
Rockwool A/S, Class B	56,118	24,804,863
Royal Unibrew A/S(a)	301,912	23,704,071
Scandinavian Tobacco Group A/S, Class A(c)	404,922	5,931,073
Schouw & Co. A/S	83,797	6,914,826
Spar Nord Bank A/S	589,408	12,020,443
Svitzer A/S, NVS(a)	92,339	3,538,675
Sydbank A/S	379,613	20,465,799
Topdanmark A/S	268,410	14,620,587
TORM PLC, Class A	266,475	10,318,953
Tryg A/S	2,070,761	45,337,453
Vestas Wind Systems A/S(a)	6,093,589	150,798,276
Zealand Pharma A/S(a)	408,031	54,970,425
		4,243,494,096
Finland — 1.0%
Cargotec OYJ, Class B	249,218	12,703,293
Citycon OYJ	593,443	2,613,437
Elisa OYJ	857,615	39,931,770
Finnair OYJ(a)(b)	169,232	430,935
Fortum OYJ	2,708,334	41,646,004
Huhtamaki OYJ	598,710	24,259,389
Kalmar OYJ(a)	249,218	7,368,646
Kemira OYJ	690,674	15,622,371
Kempower OYJ(a)(b)	103,851	1,681,395
Kesko OYJ, Class B	1,655,451	29,944,957
Kojamo OYJ(a)	790,367	7,816,526
Kone OYJ, Class B	2,056,659	105,022,424
Konecranes OYJ	407,287	28,450,338
Mandatum OYJ	2,666,105	12,348,136
Marimekko OYJ	59,576	882,033
Metsa Board OYJ, Class B	1,189,441	9,088,524
Metso OYJ	3,970,511	40,342,510
Neste OYJ	2,548,301	51,431,920
Nokia OYJ	31,974,244	125,655,598
Nokian Renkaat OYJ	756,698	6,904,311
Nordea Bank Abp	18,919,762	221,394,044
Orion OYJ, Class B	656,709	30,184,417
Outokumpu OYJ	2,148,009	7,744,659
Puuilo OYJ	206,586	2,268,964
QT Group OYJ(a)(b)	116,491	10,366,492
Revenio Group OYJ	122,273	3,801,530
Sampo OYJ, Class A	2,730,663	119,698,870
Stora Enso OYJ, Class R	3,552,788	44,413,812
TietoEVRY OYJ	596,527	12,096,604
Tokmanni Group Corp.	196,172	2,401,194
UPM-Kymmene OYJ	3,237,063	107,069,141
Valmet OYJ	944,862	26,759,095
Wartsila OYJ Abp	3,043,304	62,889,378

2024 iShares Annual Financial Statements

Schedule of Investments (continued)

July 31, 2024

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Finland (continued)
YIT OYJ(b)	1,091,406	$2,740,193
		1,217,972,910
France — 10.0%
Accor SA	1,166,414	44,887,247
Aeroports de Paris SA	232,332	30,525,248
Air France-KLM, NVS(a)(b)	694,818	6,178,280
Air Liquide SA	3,486,407	636,124,492
Airbus SE	3,576,878	541,276,741
Alstom SA(a)(b)	2,085,582	40,861,976
Altarea SCA(b)	19,565	2,115,304
Alten SA	181,476	19,959,074
Amundi SA(c)	344,104	25,112,943
Antin Infrastructure Partners SA	197,677	2,675,778
Aperam SA	301,081	8,181,426
ArcelorMittal SA	2,974,203	67,724,637
Arkema SA	349,639	31,552,418
Aubay	3,120	123,511
AXA SA	10,839,331	380,566,763
Beneteau SACA(b)	160,678	1,566,484
BioMerieux	245,235	25,878,781
BNP Paribas SA	6,223,672	426,406,909
Bollore SE	4,255,909	26,492,346
Bouygues SA	1,282,940	44,294,781
Bureau Veritas SA	1,891,298	59,177,218
Capgemini SE	950,741	188,744,378
Carmila SA	362,964	6,555,779
Carrefour SA	3,511,894	52,387,733
Cie. de Saint-Gobain SA	2,767,345	237,398,725
Cie. des Alpes	15,118	216,470
Cie. Generale des Etablissements Michelin SCA	4,099,168	162,281,298
Coface SA	683,171	10,342,899
Covivio SA/France	281,265	14,478,735
Credit Agricole SA	6,400,956	97,137,471
Danone SA	3,880,626	252,105,049
Dassault Aviation SA	120,493	24,259,338
Dassault Systemes SE	4,022,759	152,497,822
Derichebourg SA	735,741	3,788,760
Edenred SE	1,501,758	62,531,351
Eiffage SA	432,109	43,004,230
Elior Group SA(a)(b)(c)	747,288	2,593,506
Elis SA	1,123,315	25,977,037
Engie SA	10,958,768	172,273,603
Equasens(b)	29,714	1,547,044
Eramet SA	54,669	4,643,534
Esker SA	26,173	5,747,328
EssilorLuxottica SA	1,780,114	407,360,687
Esso SA Francaise	12,614	1,984,490
Etablissements Maurel et Prom SA	363,780	2,221,406
Eurazeo SE	269,806	21,227,042
Eurofins Scientific SE	811,809	48,062,234
Euronext NV(c)	494,876	50,033,418
Eutelsat Communications SACA(a)(b)	957,725	4,949,752
Fnac Darty SA(b)	111,213	3,300,859
Forvia SE	913,734	10,702,510
Gaztransport Et Technigaz SA	212,623	31,328,948
Gecina SA	267,177	26,487,317
Getlink SE	2,063,628	36,773,541
Hermes International SCA	191,899	419,363,530
ICADE	190,530	4,234,706
ID Logistics Group SACA(a)	14,630	7,074,555
Imerys SA	219,650	7,463,020
Interparfums SA	131,341	6,674,449

Security	Shares	Value
France (continued)
Ipsen SA	223,932	$25,143,118
IPSOS SA	251,340	15,511,994
JCDecaux SE(a)	358,070	7,464,868
Kaufman & Broad SA	60,310	2,062,520
Kering SA	449,380	138,021,557
Klepierre SA	1,301,962	37,281,113
La Francaise des Jeux SAEM(c)	619,330	24,029,216
Legrand SA	1,600,752	172,956,307
LISI SA	123,336	3,395,706
L'Oreal SA	1,454,195	628,862,905
LVMH Moet Hennessy Louis Vuitton SE	1,667,917	1,176,485,611
Mercialys SA	550,309	6,972,945
Mersen SA	173,474	6,013,044
Metropole Television SA	230,689	3,011,193
Neoen SA(c)	424,108	17,684,447
Nexans SA	186,286	24,076,752
Nexity SA(a)(b)	282,892	3,188,412
Opmobility	389,647	4,085,036
Orange SA	10,948,309	121,496,287
Orpea SA, NVS(a)(b)	431,442	4,833,639
Pernod Ricard SA	1,230,854	164,697,039
Peugeot Invest SA	38,340	3,471,367
Pierre & Vacances SA, NVS(a)(b)	786,200	1,166,948
Pluxee NV, NVS(a)	553,143	12,965,588
Publicis Groupe SA	1,371,237	143,152,257
Quadient SA	239,483	4,750,597
Remy Cointreau SA	135,129	10,662,444
Renault SA	1,159,069	56,170,959
Rexel SA	1,396,110	35,470,817
Rubis SCA	563,938	17,662,212
Safran SA	2,066,471	453,988,460
Sanofi SA	6,878,519	709,123,541
Sartorius Stedim Biotech	173,890	34,699,858
Schneider Electric SE	3,293,819	793,926,211
SCOR SE	874,035	18,706,342
SEB SA	144,509	14,460,709
Seche Environnement SACA, NVS	13,468	1,469,812
SES SA, Class A	2,112,034	11,420,265
Societe BIC SA	143,445	8,999,972
Societe Generale SA	4,316,125	111,947,171
Sodexo SA	523,098	49,541,199
SOITEC(a)(b)	158,914	20,489,004
Sopra Steria Group SACA	95,739	17,745,712
SPIE SA	838,421	32,409,073
STMicroelectronics NV	4,109,085	135,857,992
Technip Energies NV	916,724	23,354,900
Teleperformance SE	337,730	43,477,788
Television Francaise 1 SA	409,638	3,604,486
Thales SA	602,382	95,750,696
TotalEnergies SE	12,976,712	875,490,623
Trigano SA	64,040	7,508,899
Ubisoft Entertainment SA(a)	559,179	11,487,449
Unibail-Rodamco-Westfield, New	715,304	53,491,305
Valeo SE	1,232,371	14,082,499
Vallourec SACA(a)	983,589	15,903,279
Valneva SE(a)(b)	650,423	2,317,954
Veolia Environnement SA	4,139,354	130,032,437
Verallia SA(c)	425,965	12,529,924
Vicat SACA	91,963	3,198,086
Vinci SA	3,017,840	344,389,662
Virbac SACA	30,344	11,551,156
Vivendi SE	4,275,991	45,628,051

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
France (continued)
Voltalia SA(a)(b)	181,204	$2,014,248
VusionGroup(b)	45,137	6,578,419
Wavestone	46,234	2,685,893
Wendel SE	147,327	14,115,628
Worldline SA/France(a)(b)(c)	1,423,310	16,150,119
X-Fab Silicon Foundries SE(a)(b)(c)	297,082	1,900,565
		12,056,213,196
Germany — 7.5%
1&1 AG	257,272	4,141,445
About You Holding SE(a)	137,551	519,704
Adesso SE(b)	17,768	1,756,734
adidas AG	983,142	246,372,689
Adtran Networks SE	103,674	2,156,507
AIXTRON SE(b)	685,208	15,999,299
Allianz SE, Registered	2,363,654	665,759,521
Amadeus Fire AG	21,525	2,211,822
Aroundtown SA(a)	5,040,102	10,752,451
Atoss Software SE	41,380	6,100,058
Aurubis AG	192,225	14,990,711
Auto1 Group SE(a)(b)(c)	594,330	5,004,087
BASF SE	5,403,196	251,557,341
Bayer AG, Registered	5,941,782	176,772,099
Bayerische Motoren Werke AG	1,895,757	175,829,796
BayWa AG(a)(b)	92,049	1,292,695
Bechtle AG	488,277	21,578,707
Befesa SA(c)	226,648	7,036,634
Beiersdorf AG	624,505	90,645,039
Bilfinger SE	206,364	11,569,849
Borussia Dortmund GmbH & Co. KGaA(a)	580,447	2,289,826
Brenntag SE	819,598	58,303,180
CANCOM SE	222,780	7,903,620
Carl Zeiss Meditec AG, Bearer	245,355	16,785,856
Ceconomy AG(a)	754,482	2,275,662
Cewe Stiftung & Co. KGaA	51,432	5,506,791
Commerzbank AG	6,366,988	103,797,647
CompuGroup Medical SE & Co. KgaA	157,524	2,731,958
Continental AG	666,530	40,860,823
Covestro AG(a)(c)	1,152,551	67,849,338
CTS Eventim AG & Co. KGaA	380,388	33,506,007
CureVac NV(a)	567,071	2,037,595
Daimler Truck Holding AG	3,240,315	125,105,141
Datagroup SE	2,288	103,838
Delivery Hero SE, Class A(a)(c)	1,156,199	25,723,324
Dermapharm Holding SE	109,077	4,178,386
Deutsche Bank AG, Registered	11,508,932	179,141,988
Deutsche Boerse AG	1,148,046	235,083,588
Deutsche Lufthansa AG, Registered	3,555,286	22,280,207
Deutsche Pfandbriefbank AG(a)(b)(c)	783,549	4,421,885
Deutsche Post AG, Registered	5,979,342	266,711,730
Deutsche Telekom AG, Registered	19,622,741	513,281,505
Deutz AG	891,787	5,136,424
Duerr AG	324,955	7,147,253
E.ON SE	13,639,921	191,274,236
Eckert & Ziegler SE	89,867	4,205,891
Elmos Semiconductor SE(b)	47,052	3,846,062
ElringKlinger AG	74,463	390,044
Encavis AG, NVS(a)(b)	766,920	14,373,989
Energiekontor AG	31,426	2,210,639
Evonik Industries AG	1,577,230	31,941,585
Evotec SE(a)(b)	863,591	8,137,257
Fielmann Group AG	139,073	6,296,516
flatexDEGIRO AG	453,000	6,397,102

Security	Shares	Value
Germany (continued)
Fraport AG Frankfurt Airport Services Worldwide(a)	223,818	$11,366,214
Freenet AG	731,602	20,244,946
Fresenius Medical Care AG & Co. KGaA	1,235,570	47,677,988
Fresenius SE & Co. KGaA(a)	2,564,757	91,897,184
GEA Group AG	1,011,380	44,657,950
Gerresheimer AG(b)	207,719	21,475,506
GFT Technologies SE	86,669	2,225,621
Grand City Properties SA(a)	567,421	6,688,749
Grenke AG	159,708	4,931,744
Hamborner REIT AG	622,459	4,379,270
Hamburger Hafen und Logistik AG, NVS	154,328	2,588,833
Hannover Rueck SE	365,206	90,677,186
Heidelberg Materials AG	838,603	87,364,971
HelloFresh SE(a)(b)	973,094	6,078,674
Henkel AG & Co. KGaA	587,718	45,538,082
Hensoldt AG	380,979	14,096,669
Hornbach Holding AG & Co. KGaA	57,455	4,709,269
Hugo Boss AG(b)	348,922	13,866,323
Hypoport SE(a)(b)	29,074	8,640,885
Infineon Technologies AG	7,916,781	275,014,237
Jenoptik AG	335,313	9,560,348
JOST Werke SE(c)	34,089	1,540,875
K+S AG, Registered(b)	1,109,670	14,295,496
KION Group AG	432,744	17,114,953
Kloeckner & Co. SE	407,635	2,248,914
Knorr-Bremse AG	445,410	35,818,012
Kontron AG(b)	319,287	6,764,797
Krones AG	95,439	12,912,327
Lanxess AG	520,869	13,598,118
LEG Immobilien SE	451,775	39,409,002
MBB SE	694	77,597
Mercedes-Benz Group AG	4,854,892	320,929,835
Merck KGaA	782,489	139,809,089
METRO AG	890,054	4,053,028
MTU Aero Engines AG	327,752	92,807,444
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered	826,146	406,897,361
Nagarro SE(a)	50,108	4,357,456
Nemetschek SE	349,769	33,408,569
Nordex SE(a)	780,313	11,830,428
Norma Group SE	210,620	3,916,069
Patrizia SE	336,861	2,653,611
Pfeiffer Vacuum Technology AG	40,800	6,957,757
PNE AG(b)	152,809	2,431,050
ProSiebenSat.1 Media SE(b)	975,184	6,690,092
Puma SE	642,091	31,862,554
PVA TePla AG(a)(b)	107,897	1,685,720
Qiagen NV, NVS	1,327,168	59,050,932
Rational AG	31,059	27,188,332
Redcare Pharmacy NV(a)(b)(c)	92,405	13,833,346
RENK Group AG(a)	157,780	4,475,551
Rheinmetall AG	264,534	144,080,105
RWE AG	3,838,698	143,263,669
SAF-Holland SE	249,980	5,113,841
Salzgitter AG(b)	163,827	2,937,450
SAP SE	6,315,506	1,335,225,766
Schott Pharma AG & Co. KGaA(b)	193,242	6,659,892
Scout24 SE(c)	463,386	36,634,101
Secunet Security Networks AG	9,069	1,199,495
SGL Carbon SE(a)(b)	446,191	2,996,684
Siemens AG, Registered	4,603,609	842,906,917

2024 iShares Annual Financial Statements

Schedule of Investments (continued)

July 31, 2024

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Germany (continued)
Siemens Energy AG(a)	3,636,018	$105,584,646
Siemens Healthineers AG(c)	1,723,348	92,369,913
Siltronic AG(b)	115,750	9,439,915
Sixt SE(b)	88,627	6,184,022
SMA Solar Technology AG	108,202	2,910,111
Stabilus SE	152,122	7,444,177
Steico SE(b)	30,090	889,706
Stratec SE	44,237	1,946,139
Stroeer SE & Co. KGaA	218,715	14,787,420
Suedzucker AG	441,518	5,820,004
SUESS MicroTec SE	113,866	7,732,222
Symrise AG, Class A	812,615	102,414,975
TAG Immobilien AG(a)	1,067,136	16,077,179
Takkt AG	212,763	2,463,811
Talanx AG(a)	381,082	28,951,339
TeamViewer SE(a)(c)	889,480	11,996,356
thyssenkrupp AG	2,929,087	11,215,468
TUI AG(a)	2,729,442	17,601,742
United Internet AG, Registered(e)	561,619	12,456,261
Verbio SE	127,815	2,403,017
Vib Vermoegen AG(a)	46,597	411,506
Volkswagen AG	174,865	20,632,154
Vonovia SE	4,451,545	136,485,253
Vossloh AG	72,748	3,867,355
Wacker Chemie AG	111,336	11,127,911
Wacker Neuson SE	215,871	3,360,210
Zalando SE(a)(c)	1,353,143	34,673,304
		9,037,847,081
Hong Kong — 1.7%
AIA Group Ltd.	68,002,000	454,855,554
ASMPT Ltd.	1,909,500	19,964,885
Bank of East Asia Ltd. (The)	6,948,000	8,763,414
BOC Hong Kong Holdings Ltd.	22,141,500	64,416,743
Brightoil Petroleum Holdings Ltd.(b)(d)	6,240,000	8
Cafe de Coral Holdings Ltd.(b)	1,634,000	1,683,235
CITIC Telecom International Holdings Ltd.	13,489,000	3,594,424
CK Asset Holdings Ltd.	11,802,516	45,098,237
CK Hutchison Holdings Ltd.	16,088,516	84,048,145
CK Infrastructure Holdings Ltd.	3,938,000	26,265,467
CLP Holdings Ltd.	9,989,500	85,736,045
C-Mer Eye Care Holdings Ltd.(a)(b)	3,252,000	1,089,724
Cowell e Holdings Inc.(a)(b)	1,587,000	4,352,966
Dah Sing Banking Group Ltd.	3,350,800	2,653,486
Dah Sing Financial Holdings Ltd.	984,000	2,574,246
E-Commodities Holdings Ltd.	8,612,000	1,741,613
ESR Group Ltd.(c)	11,317,600	17,110,323
First Pacific Co. Ltd.	15,112,250	6,726,169
Fortune REIT	8,500,000	4,069,763
Futu Holdings Ltd., ADR(a)	346,834	21,947,656
Galaxy Entertainment Group Ltd.	13,302,000	55,920,570
Guotai Junan International Holdings Ltd.(b)	26,355,000	2,254,993
Hang Lung Properties Ltd.	11,353,000	8,325,078
Hang Seng Bank Ltd.	4,606,700	56,412,837
Health and Happiness H&H International Holdings Ltd.(b)	1,099,500	1,208,868
Henderson Land Development Co. Ltd.	8,554,570	24,028,267
HKBN Ltd.(b)	5,210,500	1,650,416
HKT Trust & HKT Ltd., Class SS	22,907,200	27,744,336
Hong Kong & China Gas Co. Ltd.	68,269,864	55,631,238
Hong Kong Exchanges & Clearing Ltd.	7,282,500	214,812,047
Hongkong Land Holdings Ltd.	6,739,600	21,766,293
Hsin Chong Group Holdings Ltd.(d)	7,490,000	10

Security	Shares	Value
Hong Kong (continued)
Hutchison Telecommunications Hong Kong Holdings Ltd.(b)	13,936,000	$1,801,565
Hysan Development Co. Ltd.	3,219,000	4,408,390
IGG Inc.(a)(b)	4,750,000	1,719,604
Jardine Matheson Holdings Ltd.	960,300	33,830,345
Johnson Electric Holdings Ltd.	2,364,250	3,268,800
JS Global Lifestyle Co. Ltd.(c)	8,737,500	1,746,449
Kerry Logistics Network Ltd.	2,717,387	2,379,020
Kerry Properties Ltd.	3,383,000	5,763,388
Link REIT	15,680,619	66,156,860
Luk Fook Holdings International Ltd.	1,674,000	3,292,410
Man Wah Holdings Ltd.	9,996,000	5,895,654
Melco International Development Ltd.(a)(b)	5,393,000	3,165,739
Melco Resorts & Entertainment Ltd., ADR(a)(b)	1,356,155	7,743,645
MTR Corp. Ltd.	9,422,500	30,482,677
New World Development Co. Ltd.(b)	8,690,000	8,101,209
NWS Holdings Ltd.(b)	8,896,166	7,967,539
Pacific Basin Shipping Ltd.	31,646,000	9,501,938
PAX Global Technology Ltd.	2,999,000	1,682,716
PCCW Ltd.	26,313,000	13,642,638
Power Assets Holdings Ltd.	8,517,500	54,286,036
Realord Group Holdings Ltd.(a)(b)	2,558,000	1,751,640
Sands China Ltd.(a)	14,732,800	27,618,607
Shangri-La Asia Ltd.	10,918,000	7,654,586
Sino Land Co. Ltd.	21,604,000	22,346,271
SITC International Holdings Co. Ltd.	8,215,000	18,334,049
SJM Holdings Ltd.(a)(b)	15,009,000	4,837,838
SmarTone Telecommunications Holdings Ltd.	2,466,500	1,183,468
Stella International Holdings Ltd.(b)	2,130,000	3,549,614
Sun Hung Kai Properties Ltd.	8,671,500	75,082,380
SUNeVision Holdings Ltd.	2,109,000	741,429
Swire Pacific Ltd., Class A	2,849,000	24,577,684
Swire Properties Ltd.	6,669,800	10,533,810
Techtronic Industries Co. Ltd.	8,326,500	106,634,913
Texhong International Group Ltd.(a)	1,281,500	656,099
Theme International Holdings Ltd.(b)	24,500,000	1,412,965
United Energy Group Ltd.(a)(b)	48,140,000	2,064,151
United Laboratories International Holdings Ltd. (The)	5,780,000	6,639,905
Vitasoy International Holdings Ltd.(b)	4,456,000	3,196,805
Viva Goods Co. Ltd.	20,624,000	1,530,305
VSTECS Holdings Ltd.	2,788,000	1,533,533
VTech Holdings Ltd.	992,900	6,532,357
WH Group Ltd.(c)	51,208,000	33,287,438
Wharf Holdings Ltd. (The)	6,161,407	16,893,638
Wharf Real Estate Investment Co. Ltd.	9,839,000	24,188,382
Wynn Macau Ltd.(b)	9,388,800	6,935,462
Xinyi Glass Holdings Ltd.(b)	10,678,000	11,279,795
Yue Yuen Industrial Holdings Ltd.	4,737,500	7,733,611
		2,022,014,413
Ireland — 0.3%
AIB Group PLC	9,502,684	54,508,200
Bank of Ireland Group PLC	5,933,498	67,196,484
Cairn Homes PLC	3,686,324	7,540,200
Dalata Hotel Group PLC	1,343,326	5,980,434
Glanbia PLC	1,061,743	21,246,328
Glenveagh Properties PLC(a)(c)	1,587,277	2,363,735
Irish Residential Properties REIT PLC	1,685,082	1,677,785
Kerry Group PLC, Class A	919,397	85,959,696
Kingspan Group PLC	917,628	85,857,110

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Ireland (continued)
Uniphar PLC(a)	961,802	$2,714,285
		335,044,257
Israel — 1.0%
Africa Israel Residences Ltd.(b)	35,391	2,078,883
Airport City Ltd.(a)(b)	530,832	7,335,588
Alony Hetz Properties & Investments Ltd.(b)	1,018,157	6,796,034
Amot Investments Ltd.	1,264,562	5,125,545
Ashtrom Group Ltd.(a)(b)	156,923	1,970,221
Azorim-Investment Development & Construction Co. Ltd.(a)(b)	109,767	496,887
Azrieli Group Ltd.	272,247	16,709,809
Bank Hapoalim BM	7,691,834	70,582,846
Bank Leumi Le-Israel BM	9,218,750	79,442,485
Bezeq The Israeli Telecommunication Corp. Ltd.	12,908,986	14,632,543
Big Shopping Centers Ltd.(a)(b)	84,684	8,270,585
Blue Square Real Estate Ltd.(b)	6,905	473,787
Camtek Ltd./Israel	181,978	18,267,400
Cellcom Israel Ltd.(a)(b)	667,106	2,520,072
Cellebrite DI Ltd.(a)	352,415	4,828,086
Check Point Software Technologies Ltd.(a)	559,512	102,642,476
Clal Insurance Enterprises Holdings Ltd.(a)	408,379	6,221,260
CyberArk Software Ltd.(a)	259,511	66,533,430
Danel Adir Yeoshua Ltd.	34,165	2,800,589
Danya Cebus Ltd.	44,543	976,756
Delek Automotive Systems Ltd.	331,997	1,818,014
Delek Group Ltd.(b)	60,097	6,219,931
Delta Galil Ltd.	46,634	2,071,172
Elbit Systems Ltd.	167,992	30,068,060
Elco Ltd.(b)	20,036	571,252
Electra Consumer Products 1970 Ltd.(a)(b)	74,209	1,432,489
Electra Ltd./Israel(b)	10,667	3,909,472
Electra Real Estate Ltd.(b)	69,256	671,371
Energix-Renewable Energies Ltd.	1,806,443	6,182,960
Enlight Renewable Energy Ltd.(a)	753,914	11,551,021
Equital Ltd.(a)(b)	125,120	3,608,512
Fattal Holdings 1998 Ltd.(a)	39,629	4,192,379
FIBI Holdings Ltd.(b)	101,636	4,164,169
First International Bank Of Israel Ltd. (The)	451,542	18,205,629
Fiverr International Ltd.(a)(b)	214,489	5,600,308
Formula Systems 1985 Ltd.(b)	48,903	3,810,079
Fox Wizel Ltd.	49,752	3,264,007
G City Ltd.(a)	857,773	2,375,644
Gav-Yam Lands Corp. Ltd.	0	2
Global-e Online Ltd.(a)(b)	614,973	21,105,873
Harel Insurance Investments & Financial Services Ltd.	1,016,720	9,132,671
Hilan Ltd.	55,086	2,961,098
ICL Group Ltd.	4,662,201	19,516,326
Inmode Ltd.(a)(b)	499,933	9,058,786
Isracard Ltd.	1,062,168	3,693,942
Israel Canada T.R Ltd.(b)	873,407	3,084,100
Israel Corp Ltd.(b)	29,124	6,114,256
Israel Discount Bank Ltd., Class A	7,574,257	38,666,686
Isras Holdings Ltd., NVS(a)(b)	16,734	1,298,966
Isras Investment Co. Ltd.	10,099	1,835,348
Ituran Location and Control Ltd.	161,696	4,280,093
Kenon Holdings Ltd./Singapore(b)	146,089	3,707,665
Kornit Digital Ltd.(a)(b)	301,678	4,721,261
M Yochananof & Sons Ltd.(b)	4,678	232,075
Magic Software Enterprises Ltd.(b)	148,036	1,569,566
Matrix IT Ltd.	193,984	3,785,122
Maytronics Ltd.	245,170	1,008,301

Security	Shares	Value
Israel (continued)
Mega Or Holdings Ltd.(b)	112,662	$2,822,983
Melisron Ltd.	181,271	12,706,287
Menora Mivtachim Holdings Ltd.(b)	45,516	1,167,880
Migdal Insurance & Financial Holdings Ltd.(b)	3,918,928	4,650,703
Mivne Real Estate KD Ltd.	3,794,658	8,751,991
Mizrahi Tefahot Bank Ltd.	962,547	34,734,724
Monday.com Ltd.(a)	222,789	51,199,140
Nano Dimension Ltd., ADR(a)(b)	1,430,746	3,476,713
Nayax Ltd.(a)	27,193	596,286
Next Vision Stabilized Systems Ltd., NVS	322,927	3,890,944
Nice Ltd.(a)	382,748	69,081,841
Nova Ltd.(a)	181,235	36,415,870
Oddity Tech Ltd., Class A, NVS(a)(b)	199,165	8,055,228
Oil Refineries Ltd.	18,761,246	4,511,339
One Software Technologies Ltd.	218,580	2,735,361
OPC Energy Ltd.(a)(b)	665,947	4,749,611
OY Nofar Energy Ltd.(a)(b)	88,789	1,967,008
Pagaya Technologies Ltd., Class A(a)	203,773	3,032,142
Partner Communications Co. Ltd.(a)(b)	835,718	3,448,630
Paz Oil Co. Ltd.	71,294	6,736,552
Perion Network Ltd.(a)(b)	268,899	2,195,019
Phoenix Holdings Ltd. (The)	936,157	9,045,741
Prashkovsky Investments and Construction Ltd.(b)	14,455	306,431
Radware Ltd.(a)	310,664	7,039,646
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.	79,481	4,401,500
Reit 1 Ltd.	1,012,893	3,787,169
Retailors Ltd.	67,762	1,047,982
Riskified Ltd.(a)	496,799	3,119,898
Sapiens International Corp. NV	191,230	7,396,617
Sella Capital Real Estate Ltd.	1,226,510	2,252,462
Shapir Engineering and Industry Ltd.(a)(b)	800,575	4,451,241
Shikun & Binui Ltd.(a)(b)	1,961,165	4,452,100
Shufersal Ltd.	1,591,620	10,778,694
Strauss Group Ltd.	369,646	5,387,874
Summit Real Estate Holdings Ltd.	107,273	1,270,289
Tadiran Group Ltd.(b)	21,478	1,073,668
Tel Aviv Stock Exchange Ltd.	575,131	4,568,972
Teva Pharmaceutical Industries Ltd., ADR(a)	6,828,651	119,023,387
Tower Semiconductor Ltd.(a)(b)	690,344	27,817,438
WalkMe Ltd.(a)	163,814	2,273,738
Wix.com Ltd.(a)	325,537	50,759,357
YH Dimri Construction & Development Ltd.	10,807	857,056
ZIM Integrated Shipping Services Ltd.	600,398	11,821,837
		1,214,053,237
Italy — 2.8%
A2A SpA	9,288,686	19,674,089
ACEA SpA	348,559	6,047,320
Amplifon SpA	734,518	23,328,584
Anima Holding SpA(c)	1,898,972	9,985,783
Ariston Holding NV	474,260	1,926,146
Ascopiave SpA	334,448	899,461
Azimut Holding SpA	661,858	16,583,404
Banca Generali SpA	417,363	18,162,175
Banca IFIS SpA	186,871	4,386,886
Banca Monte dei Paschi di Siena SpA	5,657,496	30,872,151
Banca Popolare di Sondrio SpA	2,761,433	21,045,253
Banco BPM SpA	7,565,581	52,381,586
BFF Bank SpA(c)	1,035,483	11,704,740
BPER Banca SpA	6,016,042	35,200,052
Brembo NV	1,001,204	11,231,794

2024 iShares Annual Financial Statements

Schedule of Investments (continued)

July 31, 2024

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

Security	Shares	Value
Italy (continued)
Brunello Cucinelli SpA	206,685	$19,305,874
Buzzi SpA	582,263	22,827,062
Carel Industries SpA(b)(c)	205,123	3,788,617
CIR SpA-Compagnie Industriali(a)	3,787,428	2,412,663
Credito Emiliano SpA	591,480	6,474,732
d'Amico International Shipping SA, NVS	250,502	1,895,063
Danieli & C Officine Meccaniche SpA(b)	117,381	4,573,281
Davide Campari-Milano NV	3,734,200	33,676,778
De' Longhi SpA	444,823	14,020,954
DiaSorin SpA	145,741	15,896,105
Digital Value SpA	6,614	393,690
El.En. SpA(b)	208,168	2,187,564
Enav SpA(c)	1,546,862	6,616,258
Enel SpA	49,028,610	350,023,782
Eni SpA	13,150,461	210,404,629
ERG SpA	380,547	10,090,442
Ferrari NV	762,716	313,913,002
Fila SpA	59,973	578,960
Fincantieri SpA(a)(b)	585,586	3,262,384
FinecoBank Banca Fineco SpA	3,614,731	61,364,460
Generali	5,987,216	154,967,184
GVS SpA(a)(c)	386,788	2,672,949
Hera SpA	4,669,160	17,084,433
Industrie De Nora SpA(b)	190,289	2,204,230
Infrastrutture Wireless Italiane SpA(c)	1,925,862	21,429,489
Interpump Group SpA	436,414	18,926,523
Intesa Sanpaolo SpA	87,587,230	355,677,043
Iren SpA	4,373,780	8,899,965
Italgas SpA	2,868,116	15,336,287
Iveco Group NV	1,129,217	11,596,074
Juventus Football Club SpA, NVS(a)(b)	697,745	1,797,220
Leonardo SpA	2,233,520	53,214,441
LU-VE SpA, NVS	50,935	1,413,941
Maire Tecnimont SpA	1,211,872	9,615,934
MARR SpA	261,073	3,252,771
Mediobanca Banca di Credito Finanziario SpA	3,233,259	52,486,262
MFE-MediaForEurope NV, NVS	384,101	1,782,493
MFE-MediaForEurope NV, Class A	1,789,832	6,097,515
Moncler SpA	1,326,772	79,110,190
Nexi SpA(a)(c)	3,530,438	21,668,689
OVS SpA(c)	1,086,330	3,073,100
Pharmanutra SpA(b)	21,997	1,127,719
Piaggio & C SpA	1,626,792	4,481,163
Pirelli & C SpA(c)	2,031,333	12,716,718
Poste Italiane SpA(c)	3,047,644	41,257,614
Prysmian SpA	1,589,132	109,244,080
RAI Way SpA(c)	248,778	1,340,815
Recordati Industria Chimica e Farmaceutica SpA	605,284	32,953,577
Reply SpA	168,843	23,966,546
Safilo Group SpA(a)	1,310,563	1,480,764
Saipem SpA(a)	7,879,527	18,718,871
Salcef Group SpA	131,698	3,641,645
Salvatore Ferragamo SpA(b)	420,187	3,663,958
Sanlorenzo SpA/Ameglia	30,990	1,261,764
Saras SpA	3,073,852	5,319,435

iShares TIPS Bond ETF (IVV) N-CSR/ACertified annual shareholder report (management investment company) (amended)