iShares Trust


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

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

iShares MSCI Brazil Small-Cap ETF | EWZS | NASDAQ

iShares MSCI China ETF | MCHI | NASDAQ

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

iShares MSCI Indonesia ETF | EIDO | NYSE Arca

iShares MSCI Peru ETF | EPU | NYSE Arca

iShares MSCI Philippines ETF | EPHE | NYSE Arca

iShares MSCI Poland ETF | EPOL | NYSE Arca

iShares MSCI Qatar ETF | QAT | NASDAQ

iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

iShares MSCI UAE ETF | UAE | NASDAQ

The Markets in Review

Dear Shareholder,

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

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

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

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

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

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022
	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(2.62)%	16.39%

U.S. small cap equities (Russell 2000^® Index)	(9.46)	(6.01)

International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83

Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page

The Markets in Review		2
Fund Summary		4
About Fund Performance		15
Shareholder Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		54
Statements of Operations		57
Statements of Changes in Net Assets		60
Financial Highlights		66
Notes to Financial Statements		77
Statement Regarding Liquidity Risk Management Program		88
Supplemental Information		89
General Information		90
Glossary of Terms Used in this Report		91


Fund Summary as of February 28, 2022		iShares^® MSCI Argentina and Global Exposure ETF

Investment Objective

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

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(10.97	)%		11.25	%		3.02	%		11.25	%		15.50	%
Fund Market		(10.56	)		11.78			3.02			11.78			15.54
Index		(10.75	)		11.68			3.03			11.68			15.58

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/21)			Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 890.30	$ 1.59		$ 1,000.00	$ 1,023.10	$ 1.71		0.34	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR


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

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


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


4		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2022		iShares^® MSCI Brazil Small-Cap ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(14.25	)%		0.94	%		4.04	%		(3.55	)%		0.94	%		21.91	%		(30.32	)%
Fund Market		(13.53	)		2.48			4.48			(3.55	)		2.48			24.53			(30.34	)
Index		(14.37	)		2.13			4.99			(2.97	)		2.13			27.55			(26.05	)

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/21)			Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 857.50	$ 2.67		$ 1,000.00	$ 1,021.90	$ 2.91		0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Consumer Discretionary	19.2	%
Industrials	17.9
Utilities	16.8
Consumer Staples	13.5
Materials	8.4
Real Estate	7.4
Financials	5.6
Health Care	4.7
Information Technology	3.5
Energy	2.2
Communication Services	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

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


F U N D S U M M A R Y		5


Fund Summary as of February 28, 2022		iShares^® MSCI China ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(16.74	)%		(31.58	)%		5.14	%		4.13	%		(31.58	)%		28.51	%		49.82	%
Fund Market		(16.59	)		(32.07	)		5.17			4.17			(32.07	)		28.64			50.52
Index		(16.79	)		(31.29	)		5.70			4.67			(31.29	)		31.94			57.86

Expense Example


Actual							Hypothetical 5% Return


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

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

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


6		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2022		iShares^® MSCI China Small-Cap ETF

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(16.81	)%		(22.71	)%	3.68	%	4.43	%		(22.71	)%	19.78	%	54.26	%
Fund Market	(15.58	)		(22.49	)	3.79		4.65			(22.49	)	20.42		57.54
Index	(23.29	)		(30.08	)	1.20		2.92			(30.08	)	6.13		33.35

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	831.90	$	2.63		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

TEN LARGEST HOLDINGS



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

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


Fund Summary as of February 28, 2022		iShares^® MSCI Indonesia ETF

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	14.19	%		5.66	%	1.20	%	(0.81	)%		5.66	%	6.16	%	(7.77	)%
Fund Market	15.25			7.91		1.55		(0.57	)		7.91		7.97		(5.52	)
Index	13.85			5.69		1.69		(0.36	)		5.69		8.75		(3.54	)

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,141.90	$	3.03		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

TEN LARGEST HOLDINGS



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

^(a)

Excludes money market funds.


8		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2022		iShares^® MSCI Peru ETF

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	30.95	%		(4.01	)%	2.91	%	(0.22	)%		(4.01	)%	15.43	%	(2.16	)%
Fund Market	32.69			(2.97	)	3.05		(0.04	)		(2.97	)	16.18		(0.36	)
Index	31.60			(4.90	)	3.17		0.21			(4.90	)	16.86		2.12

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,309.50	$	3.32		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

TEN LARGEST HOLDINGS



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

^(a)

Excludes money market funds.


F U N D S U M M A R Y		9


Fund Summary as of February 28, 2022		iShares^® MSCI Philippines ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.83	%		7.18	%		(0.07	)%		2.55	%		7.18	%		(0.36	)%		28.59	%
Fund Market		10.02			10.29			0.54			2.79			10.29			2.71			31.67
Index		6.96			7.73			0.60			3.27			7.73			3.05			37.95

Index performance through November 30, 2020 reflects the performance of the MSCI Philippines Investible Market Index (IMI). Index performance beginning on December 1, 2020 reflects the performance of the MSCI Philippines IMI 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,068.30	$	2.97		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

TEN LARGEST HOLDINGS



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

^(a)

Excludes money market funds.


10		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2022		iShares^® MSCI Poland ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(21.31	)%		(3.56	)%		(1.47	)%		(1.53	)%		(3.56	)%		(7.12	)%		(14.27	)%
Fund Market		(21.63	)		(2.78	)		(1.44	)		(1.51	)		(2.78	)		(7.01	)		(14.08	)
Index		(20.70	)		(2.55	)		(1.20	)		(1.14	)		(2.55	)		(5.87	)		(10.85	)

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

Expense Example


Actual							Hypothetical 5% Return

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

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

TEN LARGEST HOLDINGS



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

^(a)

Excludes money market funds.


F U N D S U M M A R Y		11


Fund Summary as of February 28, 2022		iShares^® MSCI Qatar ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		16.83	%		29.96	%		6.60	%		2.48	%		29.96	%		37.67	%		21.19	%
Fund Market		16.82			30.98			6.89			2.57			30.98			39.56			21.97
Index		15.64			29.19			7.21			3.08			29.19			41.66			26.81

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

Expense Example


Actual							Hypothetical 5% Return


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

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

TEN LARGEST HOLDINGS



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

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® MSCI Saudi Arabia ETF

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	12.48	%		42.29	%	15.98	%	12.36	%		42.29	%	109.84	%	112.14	%
Fund Market	13.80			47.37		16.04		12.56			47.37		110.43		114.60
Index	12.53			43.02		16.68		13.13			43.02		116.30		121.75

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

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,124.80	$	3.90		$	1,000.00	$	1,021.10	$	3.71		0.74	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



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


F U N D S U M M A R Y		13


Fund Summary as of February 28, 2022		iShares^® MSCI UAE ETF

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	19.96	%		44.49	%	5.09	%	(0.45	)%		44.49	%	28.18	%	(3.45	)%
Fund Market	19.58			44.06		5.39		(0.41	)		44.06		29.99		(3.16	)
Index	20.52			45.35		5.97		0.28			45.35		33.64		2.18

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,199.60	$	3.16		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

TEN LARGEST HOLDINGS



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

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.


14		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		15

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Argentina and Global Exposure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Argentina — 48.8%
Arcos Dorados Holdings Inc., Class A^(a)		50,179	$	387,884
Banco BBVA Argentina SA, ADR^(a)		35,693		115,288
Banco Macro SA, ADR^(a)		20,866		301,096
Bioceres Crop. Solutions Corp.^(a)		5,131		64,599
Central Puerto SA, ADR^(a)(b)		49,139		180,830
Corp. America Airports SA^(a)(b)		16,040		88,541
Cresud SACIF y A, ADR^(a)(b)		17,728		115,764
Despegar.com Corp.^(a)(b)		25,980		299,030
Empresa Distribuidora y Comercializadora Norte, ADR^(a)(b)		9,744		64,018
Grupo Financiero Galicia SA, ADR		38,693		366,423
Grupo Supervielle SA, ADR^(b)		31,556		58,694
IRSA Inversiones y Representaciones SA, ADR^(a)(b)		13,156		62,491
IRSA Propiedades Comerciales SA, ADR^(a)		13,512		30,132
Loma Negra Cia Industrial Argentina SA, ADR^(a)(b)		29,509		167,316
Pampa Energia SA, ADR^(a)(b)		15,165		317,707
Telecom Argentina SA, ADR^(b)		43,905		220,403
Transportadora de Gas del Sur SA, Class B, ADR^(a)(b)		34,710		194,376
YPF SA, ADR^(a)		80,288		337,210


				3,371,802

Brazil — 5.3%
Adecoagro SA^(a)		38,033		363,595


Canada — 9.7%
SSR Mining Inc		16,746		331,485
Yamana Gold Inc.		68,318		335,796


				667,281

Chile — 8.8%
Cencosud SA		170,499		313,606
Cia. Cervecerias Unidas SA		36,733		291,221


				604,827

United States — 22.5%
MercadoLibre Inc.^(a)(b)		1,381		1,555,904


Total Common Stocks — 95.1% (Cost: $9,036,191)				6,563,409


Security	Shares		Value

Preferred Stocks

Chile — 4.8%
Embotelladora Andina SA, Class B, Preference Shares		152,086	$	331,183


Total Preferred Stocks — 4.8% (Cost: $346,524)				331,183


Short-Term Investments

Money Market Funds — 27.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(c)(d)(e)		1,868,044		1,868,418
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		10,000		10,000

				1,878,418


Total Short-Term Investments — 27.2% (Cost: $1,878,519)				1,878,418


Total Investments in Securities — 127.1% (Cost: $11,261,234)				8,773,010

Other Assets, Less Liabilities — (27.1)%				(1,869,302	)


Net Assets — 100.0%			$	6,903,708

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

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



Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	114,864	$	1,753,863	^(a)	$	—	$	(188	)	$	(121	)	$	1,868,418		1,868,044	$	2,943	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	^(a)		—		—			—			10,000		10,000		—			—

								$	(188	)	$	(121	)	$	1,878,418			$	2,943		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Argentina and Global Exposure ETF

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	6,563,409	$	—	$	—	$	6,563,409
Preferred Stocks		—		331,183		—		331,183
Money Market Funds		1,878,418		—		—		1,878,418

	$	8,441,827	$	331,183	$	—	$	8,773,010

See notes to financial statements


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

Schedule of Investments (unaudited)

February 28, 2022

iShares® MSCI Brazil Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.6%
Embraer SA^(a)		1,179,508	$	4,016,925


Air Freight & Logistics — 0.3%
Sequoia Logistica e Transportes SA^(a)		105,207		303,343


Auto Components — 0.7%
Mahle-Metal Leve SA		64,543		335,547
Tupy SA		120,876		430,863


				766,410

Biotechnology — 0.3%
Blau Farmaceutica SA^(a)		60,160		346,969


Commercial Services & Supplies — 1.5%
Ambipar Participacoes e Empreendimentos S/A		75,747		499,288
GPS Participacoes e Empreendimentos SA^(b)		391,729		1,148,366


				1,647,654

Communications Equipment — 0.8%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		137,332		885,998


Diversified Consumer Services — 4.2%
Anima Holding SA^(a)		507,895		703,768
Cogna Educacao^(a)		3,146,631		1,380,622
Cruzeiro do Sul Educacional SA		288,102		283,704
MPM Corporeos SA		225,239		187,466
YDUQS Participacoes SA		518,270		2,126,805


				4,682,365

Electric Utilities — 6.9%
Alupar Investimento SA		245,677		1,226,338
Cia Paranaense de Energia		108,530		733,304
EDP - Energias do Brasil SA		487,239		1,956,529
Light SA		562,219		1,068,533
Transmissora Alianca de Energia Eletrica SA		347,761		2,664,903


				7,649,607

Electrical Equipment — 0.4%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA^(a)		385,428		422,076


Food & Staples Retailing — 5.2%
Cia Brasileira de Distribuicao		270,969		1,242,331
Grupo Mateus SA^(a)		926,139		1,067,037
Sendas Distribuidora SA		1,354,659		3,526,255


				5,835,623

Food Products — 8.1%
Camil Alimentos SA		217,141		385,118
M. Dias Branco SA		142,106		627,575
Marfrig Global Foods SA		637,596		2,743,852
Minerva SA		501,076		1,054,601
Sao Martinho SA		296,797		2,294,412
SLC Agricola SA		178,092		1,512,934
Tres Tentos Agroindustrial SA^(a)		207,130		402,514


				9,021,006

Health Care Providers & Services — 4.3%
CM Hospitalar SA		167,917		543,663
Fleury SA		319,871		1,110,281
Hospital Mater Dei SA^(a)		148,837		452,678
Instituto Hermes Pardini SA		87,848		313,680
Odontoprev SA		445,429		992,807
Oncoclinicas do Brasil Servicos Medicos SA^(a)		249,180		481,503


Security	Shares		Value

Health Care Providers & Services (continued)
Qualicorp Consultoria e Corretora de Seguros SA		380,981	$	945,867


				4,840,479

Hotels, Restaurants & Leisure — 2.1%
CVC Brasil Operadora e Agencia de Viagens SA^(a)		377,163		904,020
Smartfit Escola de Ginastica e Danca SA^(a)		393,197		1,400,476


				2,304,496

Household Durables — 3.0%
Cyrela Brazil Realty SA Empreendimentos e Participacoes, NVS		502,707		1,467,786
Ez Tec Empreendimentos e Participacoes SA		190,313		641,620
MRV Engenharia e Participacoes SA		526,285		1,209,658


				3,319,064

Independent Power and Renewable Electricity Producers — 4.5%
AES Brasil Energia SA		412,574		917,738
Eneva SA^(a)		1,167,568		3,034,727
Omega Energia SA^(a)		493,245		1,036,909


				4,989,374

Insurance — 3.7%
IRB Brasil Resseguros S/A^(a)		1,594,467		940,763
Sul America SA		463,989		3,160,449


				4,101,212

Interactive Media & Services — 0.8%
Infracommerce CXAAS SA^(a)		186,629		527,652
Meliuz SA^(b)		875,840		396,515


				924,167

IT Services — 2.2%
Cielo SA, NVS		2,049,959		1,020,098
Locaweb Servicos de Internet SA^(a)(b)		741,443		1,441,507


				2,461,605

Machinery — 0.5%
Iochpe Maxion SA, NVS		219,089		552,184


Marine — 0.4%
Hidrovias do Brasil SA^(a)		701,241		408,143


Metals & Mining — 0.9%
Cia Brasileira de Aluminio^(a)		249,768		953,731


Oil, Gas & Consumable Fuels — 2.2%
3R Petroleum Oleo E Gas SA^(a)		271,761		1,801,061
Enauta Participacoes SA		178,278		597,705


				2,398,766

Paper & Forest Products — 1.4%
Dexco SA		574,181		1,529,815


Professional Services — 0.3%
Boa Vista Servicos SA		356,441		355,005


Real Estate Management & Development — 7.4%
Aliansce Sonae Shopping Centers SA		243,313		1,037,609
BR Malls Participacoes SA^(a)		1,464,054		2,653,826
BR Properties SA		357,775		520,014
Iguatemi SA^(a)		233,594		862,374
Iguatemi SA		289,924		148,739
JHSF Participacoes SA		517,787		549,660
LOG Commercial Properties e Participacoes SA		77,084		412,464
Multiplan Empreendimentos Imobiliarios SA, NVS		473,842		2,014,210


				8,198,896


18		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares® MSCI Brazil Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Road & Rail — 4.8%
Cia. de Locacao das Americas, NVS		554,463	$	2,705,494
Movida Participacoes SA		242,998		767,457
SIMPAR SA		477,776		970,397
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		409,545		871,330


				5,314,678

Software — 0.1%
Clear Sale SA^(a)		91,909		163,194


Specialty Retail — 4.2%
C&A Modas Ltda^(a)		176,124		175,395
Grupo SBF SA^(a)		162,980		719,562
Lojas Quero Quero S/A		298,340		463,048
Pet Center Comercio e Participacoes SA		510,565		1,720,934
Via S/A^(a)		2,144,150		1,570,955


				4,649,894

Technology Hardware, Storage & Peripherals — 0.3%
Multilaser Industrial SA^(a)		343,963		378,215


Textiles, Apparel & Luxury Goods — 4.9%
Arezzo Industria e Comercio SA		101,220		1,587,201
Grendene SA		529,449		857,103
GRUPO DE MODA SOMA SA^(a)		723,711		1,818,225
Guararapes Confeccoes SA		167,408		392,900
Vivara Participacoes SA		158,419		801,639


				5,457,068

Trading Companies & Distributors — 0.5%
Armac Locacao Logistica E Servicos SA		173,927		513,316


Transportation Infrastructure — 1.5%
EcoRodovias Infraestrutura e Logistica SA^(a)		583,795		731,319
Santos Brasil Participacoes SA, NVS		795,721		992,671


				1,723,990

Water Utilities — 1.6%
Cia. de Saneamento de Minas Gerais-COPASA		318,798		875,376
Cia. de Saneamento do Parana		247,553		967,423


				1,842,799


Total Common Stocks — 83.6% (Cost: $88,138,031)				92,958,067


Preferred Stocks

Airlines — 3.1%
Azul SA, Preference Shares, NVS^(a)		475,528		2,297,878
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS^(a)		342,622		1,119,556


				3,417,434

Banks — 1.8%
Banco ABC Brasil SA, Preference Shares, NVS		141,659		425,827
Banco do Estado do Rio Grande do Sul SA, Class B,
Preference Shares, NVS		339,607		656,235


Security	Shares		Value

Banks (continued)
Banco Pan SA, Preference Shares, NVS		504,912	$	974,417


				2,056,479

Chemicals — 1.2%
Unipar Carbocloro SA, Class B, Preference Shares, NVS		74,662		1,362,458


Electric Utilities — 1.9%
Cia. Energetica do Ceara, Class A, Preference Shares, NVS		23,687		265,665
Cia. Paranaense de Energia, Preference Shares, NVS		1,368,787		1,828,964


				2,094,629

Independent Power and Renewable Electricity Producers — 1.3%
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		318,340		1,404,476


Machinery — 1.0%
Marcopolo SA, Preference Shares, NVS		811,913		454,339
Randon SA Implementos e Participacoes, Preference Shares, NVS		307,533		627,711


				1,082,050

Metals & Mining — 4.9%
Bradespar SA, Preference Shares, NVS		427,763		2,462,313
Cia Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		64,173		548,494
Metalurgica Gerdau SA, Preference Shares, NVS		1,210,847		2,433,563


				5,444,370

Water Utilities — 0.5%
Cia. de Saneamento do Parana, Preference Shares, NVS		704,259		544,254


Total Preferred Stocks — 15.7% (Cost: $14,435,413)				17,406,150


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		120,000		120,000


Total Short-Term Investments — 0.1% (Cost: $120,000)				120,000


Total Investments in Securities — 99.4% (Cost: $102,693,444)				110,484,217

Other Assets, Less Liabilities — 0.6%				707,774


Net Assets — 100.0%			$	111,191,991

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Brazil Small-Cap ETF

Affiliates


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

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Brazil Index

03/18/22

$544

85,048

Derivative Financial Instruments Categorized by Risk Exposure

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


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

^(a)

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

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(161,763	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	114,240

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

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

Fair Value Hierarchy as of Period End


20		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Brazil Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,780,761	$	89,177,306	$	—	$	92,958,067
Preferred Stocks		—		17,406,150		—		17,406,150
Money Market Funds		120,000		—		—		120,000

	$	3,900,761	$	106,583,456	$	—	$	110,484,217

Derivative financial instruments^(a)
Assets
Futures Contracts	$	85,048	$	—	$	—	$	85,048

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.2%
AECC Aviation Power Co. Ltd., Class A		438,476	$	3,520,580
AVIC Electromechanical Systems Co. Ltd., Class A		767,200		1,518,114
AviChina Industry & Technology Co. Ltd., Class H		6,576,000		4,082,627
Kuang-Chi Technologies Co. Ltd., Class A^(a)		383,600		1,236,223


				10,357,544

Air Freight & Logistics — 0.7%
SF Holding Co. Ltd., Class A		767,283		7,361,686
Yunda Holding Co. Ltd., Class A		548,557		1,689,574
ZTO Express Cayman Inc., ADR		1,177,652		34,670,075

				43,721,335

Airlines — 0.2%
Air China Ltd., Class A^(a)		1,096,089		1,716,630
Air China Ltd., Class H^(a)(b)		4,384,000		3,371,642
China Eastern Airlines Corp. Ltd., Class A^(a)		2,192,096		1,877,163
China Southern Airlines Co. Ltd., Class A^(a)		2,137,234		2,346,635
China Southern Airlines Co. Ltd., Class H^(a)(b)		4,384,000		2,773,604


				12,085,674

Auto Components — 0.5%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		54,895		1,346,978
Fuyao Glass Industry Group Co. Ltd., Class A		274,098		1,923,745
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		1,753,600		8,603,326
Huayu Automotive Systems Co. Ltd., Class A		602,872		2,431,844
Huizhou Desay Sv Automotive Co. Ltd., Class A		110,100		2,319,283
Mianyang Fulin Precision Machining Co. Ltd., Class A, NVS^(a)		109,600		464,953
Minth Group Ltd		2,192,000		7,925,844
Ningbo Tuopu Group Co. Ltd., Class A		164,400		1,589,059
Sailun Group Co. Ltd., Class A		438,400		840,946
Shandong Linglong Tyre Co. Ltd., Class A		274,028		1,220,099
Shenzhen Kedali Industry Co. Ltd., Class A, NVS		54,800		1,380,034


				30,046,111

Automobiles — 4.9%
BYD Co. Ltd., Class A		274,059		11,020,407
BYD Co. Ltd., Class H		2,191,500		67,908,764
Chongqing Changan Automobile Co. Ltd., Class A		1,067,893		2,208,041
Dongfeng Motor Group Co. Ltd., Class H		7,234,000		6,226,493
Geely Automobile Holdings Ltd.		15,892,000		29,601,116
Great Wall Motor Co. Ltd., Class A		328,800		1,920,330
Great Wall Motor Co. Ltd., Class H		8,494,000		17,882,420
Guangzhou Automobile Group Co. Ltd., Class H		7,672,400		7,596,074
Li Auto Inc., ADR^(a)(b)		1,493,848		45,487,671
NIO Inc., ADR^(a)(b)		3,549,639		81,073,755
SAIC Motor Corp. Ltd., Class A		1,424,876		4,108,704
XPeng Inc., ADR^(a)(b)		1,053,256		38,306,921
Yadea Group Holdings Ltd.^(c)		2,790,000		4,139,059


				317,479,755

Banks — 10.0%
Agricultural Bank of China Ltd., Class A		12,275,200		5,799,260
Agricultural Bank of China Ltd., Class H		67,953,000		25,735,097
Bank of Beijing Co. Ltd., Class A		4,384,099		3,135,197
Bank of Chengdu Co. Ltd., Class A		767,293		1,754,750
Bank of China Ltd., Class A		5,589,600		2,745,087
Bank of China Ltd., Class H		210,983,000		82,136,039
Bank of Communications Co. Ltd., Class A		6,685,622		5,068,152
Bank of Communications Co. Ltd., Class H		21,922,200		15,028,310
Bank of Hangzhou Co. Ltd., Class A		1,150,860		2,615,877


Security	Shares		Value

Banks (continued)
Bank of Jiangsu Co. Ltd., Class A		2,959,255	$	3,123,877
Bank of Nanjing Co. Ltd., Class A		1,968,804		3,048,451
Bank of Ningbo Co. Ltd., Class A		1,095,332		6,622,977
Bank of Shanghai Co. Ltd., Class A		2,740,010		3,036,893
China Bohai Bank Co. Ltd., Class H^(c)		8,768,000		1,458,603
China CITIC Bank Corp. Ltd., Class H		22,469,800		10,558,854
China Construction Bank Corp., Class A		1,361,514		1,302,576
China Construction Bank Corp., Class H		257,015,000		192,752,140
China Everbright Bank Co. Ltd., Class A		7,343,200		3,891,343
China Everbright Bank Co. Ltd., Class H		7,124,000		2,649,471
China Merchants Bank Co. Ltd., Class A		3,342,868		26,424,452
China Merchants Bank Co. Ltd., Class H		10,412,650		87,771,415
China Minsheng Banking Corp. Ltd., Class A		5,918,470		3,667,913
China Minsheng Banking Corp. Ltd., Class H		13,702,660		5,337,166
China Zheshang Bank Co. Ltd., Class A		3,161,900		1,718,201
Huaxia Bank Co. Ltd., Class A		2,740,061		2,445,872
Industrial & Commercial Bank of China Ltd., Class A		10,466,800		7,732,521
Industrial & Commercial Bank of China Ltd., Class H		149,607,000		89,308,655
Industrial Bank Co. Ltd., Class A		3,267,100		11,445,864
Ping An Bank Co. Ltd., Class A		3,233,255		8,090,653
Postal Savings Bank of China Co. Ltd., Class A		4,438,800		3,932,180
Postal Savings Bank of China Co. Ltd., Class H^(c)		21,372,000		17,548,204
Shanghai Pudong Development Bank Co. Ltd., Class A		4,877,298		6,492,072


				644,378,122

Beverages — 3.0%
Anhui Gujing Distillery Co. Ltd., Class A		65,596		2,304,752
Anhui Gujing Distillery Co. Ltd., Class B		329,230		4,827,456
China Resources Beer Holdings Co. Ltd		3,924,000		31,114,972
Chongqing Brewery Co. Ltd., Class A^(a)		109,600		2,327,239
Jiangsu King’s Luck Brewery JSC Ltd., Class A		219,203		1,818,593
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		219,276		5,751,399
JiuGui Liquor Co. Ltd., Class A		55,400		1,505,406
Kweichow Moutai Co. Ltd., Class A		203,005		57,732,441
Luzhou Laojiao Co. Ltd., Class A		239,700		8,278,794
Nongfu Spring Co. Ltd., Class H^(c)		4,712,800		29,556,393
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		144,540		1,041,605
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		219,286		10,206,223
Sichuan Swellfun Co. Ltd., Class A		76,752		1,214,431
Tsingtao Brewery Co. Ltd., Class A		109,663		1,635,032
Tsingtao Brewery Co. Ltd., Class H		1,428,000		13,738,560
Wuliangye Yibin Co. Ltd., Class A		657,677		19,908,674


				192,961,970

Biotechnology — 1.3%
3SBio Inc.^(a)(c)		3,562,000		2,830,969
Akeso Inc.^(a)(b)(c)		748,000		1,975,277
BeiGene Ltd., ADR^(a)(b)		126,588		26,649,306
Beijing Tiantan Biological Products Corp. Ltd., Class A		219,272		952,435
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		54,800		2,184,435
BGI Genomics Co. Ltd., Class A		109,699		1,483,944
Chongqing Zhifei Biological Products Co. Ltd., Class A		274,040		5,608,519
Hualan Biological Engineering Inc., Class A		315,872		1,289,763
I-Mab, ADR^(a)(b)		96,996		2,397,741
Imeik Technology Development Co. Ltd., Class A		30,300		2,341,794
Innovent Biologics Inc.^(a)(c)		3,148,500		14,209,119
Legend Biotech Corp., ADR^(a)		94,256		3,731,595
Shanghai RAAS Blood Products Co. Ltd., Class A		1,479,600		1,567,026


22		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Shenzhen Kangtai Biological Products Co. Ltd., Class A		109,655	$	1,465,816
Walvax Biotechnology Co. Ltd., Class A		274,097		2,042,843
Zai Lab Ltd., ADR^(a)		207,144		11,330,777


				82,061,359

Building Products — 0.1%
Beijing New Building Materials PLC, Class A		328,870		1,559,796
China Lesso Group Holdings Ltd.		3,288,000		5,062,154
Guangdong Kinlong Hardware Products Co. Ltd., Class A		55,400		930,000
Zhuzhou Kibing Group Co. Ltd., Class A		438,400		1,096,101


				8,648,051

Capital Markets — 1.9%
Changjiang Securities Co. Ltd., Class A		1,589,236		1,742,979
China Cinda Asset Management Co. Ltd., Class H		21,927,000		3,958,120
China Galaxy Securities Co. Ltd., Class A		787,800		1,265,152
China Galaxy Securities Co. Ltd., Class H		9,042,000		5,175,488
China International Capital Corp. Ltd., Class A		164,400		1,110,186
China International Capital Corp. Ltd., Class H^(c)		3,860,400		9,392,052
China Merchants Securities Co. Ltd., Class A		1,260,468		3,171,520
CITIC Securities Co. Ltd., Class A		1,974,251		7,316,832
CITIC Securities Co. Ltd., Class H		6,856,300		16,610,767
CSC Financial Co. Ltd., Class A		767,299		3,141,560
Dongxing Securities Co. Ltd., Class A		767,211		1,255,245
East Money Information Co. Ltd., Class A		1,698,881		7,241,092
Everbright Securities Co. Ltd., Class A		657,699		1,388,883
First Capital Securities Co. Ltd., Class A		876,889		886,896
Founder Securities Co. Ltd., Class A		1,808,499		2,064,363
GF Securities Co. Ltd., Class A		1,072,999		3,177,999
GF Securities Co. Ltd., Class H		2,849,600		4,278,053
Guosen Securities Co. Ltd., Class A		1,315,233		2,163,650
Guotai Junan Securities Co. Ltd., Class A		1,477,359		3,924,260
Guoyuan Securities Co. Ltd., Class A		986,420		1,109,144
Haitong Securities Co. Ltd., Class A		1,698,859		3,033,145
Haitong Securities Co. Ltd., Class H		6,795,200		5,847,192
Hithink RoyalFlush Information Network Co. Ltd., Class A		86,587		1,487,076
Huatai Securities Co. Ltd., Class A		1,534,493		3,867,532
Huatai Securities Co. Ltd., Class H^(c)		3,616,800		5,921,795
Huaxi Securities Co. Ltd., Class A		822,073		1,160,486
Industrial Securities Co. Ltd., Class A		1,315,240		1,710,772
Noah Holdings Ltd., ADR^(a)		93,708		2,657,559
Orient Securities Co. Ltd., Class A		1,150,864		2,251,113
SDIC Capital Co. Ltd., Class A		1,407,414		1,655,976
Sealand Securities Co. Ltd., Class A		1,698,860		1,055,796
Shanxi Securities Co. Ltd., Class A		929,431		871,611
Shenwan Hongyuan Group Co. Ltd., Class A		4,702,579		3,424,276
Sinolink Securities Co. Ltd., Class A		602,826		971,330
SooChow Securities Co. Ltd., Class A		1,133,435		1,414,180
Western Securities Co. Ltd., Class A		1,260,430		1,521,626
Zheshang Securities Co. Ltd., Class A		712,400		1,307,275


				120,532,981

Chemicals — 1.1%
Beijing Easpring Material Technology Co. Ltd., Class A .		92,000		1,260,464
Do-Fluoride New Materials Co. Ltd., Class A, NVS		109,600		788,290
Dongyue Group Ltd.		4,451,000		6,457,242
Guangzhou Tinci Materials Technology Co. Ltd., Class A		164,800		2,796,865
Hengli Petrochemical Co. Ltd., Class A		1,041,210		4,141,555


Security	Shares		Value

Chemicals (continued)
Hengyi Petrochemical Co. Ltd., Class A		986,476	$	1,573,061
Hoshine Silicon Industry Co. Ltd., Class A		67,900		1,615,124
Huabao International Holdings Ltd.^(b)		2,497,000		1,432,549
Huafon Chemical Co. Ltd., Class A		919,200		1,405,890
Hubei Xingfa Chemicals Group Co. Ltd., Class A, NVS		219,200		1,437,904
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,751,370		1,378,521
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A^(a)		657,600		941,932
Jiangsu Eastern Shenghong Co. Ltd., Class A		714,100		2,167,059
Kingfa Sci & Tech Co. Ltd., Class A		602,800		1,030,452
LB Group Co. Ltd., Class A		438,400		1,851,779
Ningbo Shanshan Co. Ltd.		54,700		259,004
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,192,700		3,322,140
Rongsheng Petrochemical Co. Ltd., Class A		1,698,842		5,105,393
Satellite Chemical Co. Ltd., Class A		317,764		2,278,582
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		438,470		2,463,164
Shanghai Putailai New Energy Technology Co. Ltd., Class A		109,600		2,549,567
Shenzhen Capchem Technology Co. Ltd., Class A		54,800		841,684
Shenzhen Senior Technology Co. Ltd., Class A, NVS		109,600		665,006
Sinoma Science & Technology Co. Ltd., Class A		274,000		1,303,318
Skshu Paint Co. Ltd., Class A		72,200		1,016,568
Tongkun Group Co. Ltd., Class A		493,264		1,719,902
Transfar Zhilian Co. Ltd., Class A		876,893		1,073,556
Wanhua Chemical Group Co. Ltd., Class A		548,073		8,298,102
Weihai Guangwei Composites Co. Ltd., Class A		109,600		1,277,108
Yunnan Energy New Material Co. Ltd., Class A		160,404		6,647,487
Zhejiang Longsheng Group Co. Ltd., Class A		1,041,271		2,035,525
Zhejiang Yongtai Technology Co. Ltd., Class A, NVS^(a)		164,400		977,071


				72,111,864

Commercial Services & Supplies — 0.1%
Beijing Originwater Technology Co. Ltd., Class A		1,096,097		1,162,417
China Everbright Environment Group Ltd.		9,864,148		7,082,215
Shanghai M&G Stationery Inc., Class A		164,400		1,417,125


				9,661,757

Communications Equipment — 0.3%
BYD Electronic International Co. Ltd.		1,919,000		5,415,056
Fiberhome Telecommunication Technologies Co. Ltd., Class A		253,277		692,136
Guangzhou Haige Communications Group Inc. Co., Class A		876,884		1,387,586
Yealink Network Technology Corp. Ltd., Class A		139,094		1,686,105
Zhongji Innolight Co. Ltd., Class A		164,477		1,002,713
ZTE Corp., Class A		632,156		2,925,415
ZTE Corp., Class H		2,082,440		5,130,187


				18,239,198

Construction & Engineering — 1.0%
China Communications Services Corp. Ltd., Class H		7,672,800		4,209,459
China Conch Venture Holdings Ltd.		4,658,000		22,415,405
China Energy Engineering Corp. Ltd.^(a)		4,704,200		2,010,724
China National Chemical Engineering Co. Ltd., Class A		1,096,095		1,818,781
China Railway Group Ltd., Class A		3,836,098		3,784,774
China Railway Group Ltd., Class H		10,412,000		6,113,467
China State Construction Engineering Corp. Ltd., Class A		7,014,498		5,666,631
China State Construction International Holdings Ltd		5,480,000		7,717,574
Metallurgical Corp. of China Ltd., Class A		3,890,800		2,523,493
Power Construction Corp. of China Ltd., Class A		2,794,897		3,412,536


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
Sichuan Road & Bridge Co. Ltd., Class A		712,400	$	1,411,712


				61,084,556

Construction Materials — 0.7%
Anhui Conch Cement Co. Ltd., Class A		744,191		4,764,108
Anhui Conch Cement Co. Ltd., Class H		3,288,000		17,645,135
China Jushi Co. Ltd., Class A		822,005		2,231,635
China National Building Material Co. Ltd., Class H		10,960,000		14,059,797
China Resources Cement Holdings Ltd.		6,576,000		5,627,016


				44,327,691

Consumer Finance — 0.2%
360 DigiTech Inc., ADR		235,092		4,407,975
Lufax Holding Ltd., ADR^(a)		1,409,072		9,116,696


				13,524,671

Distributors — 0.0%
Wuchan Zhongda Group Co. Ltd., Class A		1,041,203		934,591


Diversified Consumer Services — 0.2%
China Education Group Holdings Ltd.		2,192,000		1,877,942
New Oriental Education & Technology Group Inc., ADR^(a)(b)		4,228,368		6,384,835
TAL Education Group, ADR^(a)		1,145,320		3,252,709


				11,515,486

Diversified Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		2,137,282		1,319,990
Far East Horizon Ltd.		4,816,000		4,104,440


				5,424,430

Diversified Telecommunication Services — 0.2%
China Tower Corp. Ltd., Class H^(c)		108,514,000		12,647,687


Electrical Equipment — 1.3%
Contemporary Amperex Technology Co. Ltd., Class A		388,571		33,284,719
Dongfang Electric Corp. Ltd., Class A		438,400		1,136,314
Eve Energy Co. Ltd., Class A		337,236		4,839,593
Fangda Carbon New Material Co. Ltd., Class A		876,847		1,437,679
Ginlong Technologies Co. Ltd., Class A		54,800		2,212,679
Gotion High-tech Co. Ltd., Class A^(a)		311,900		2,140,252
Hongfa Technology Co. Ltd., Class A		164,400		1,643,018
Jiangsu Zhongtian Technology Co. Ltd., Class A		438,400		1,303,015
Ming Yang Smart Energy Group Ltd., Class A		328,800		1,352,034
NARI Technology Co. Ltd., Class A		931,677		5,258,569
Ningbo Ronbay New Energy Technology Co. Ltd.		54,700		1,277,268
Shanghai Electric Group Co. Ltd., Class A		1,150,800		805,409
Sungrow Power Supply Co. Ltd., Class A		242,600		4,697,706
Sunwoda Electronic Co. Ltd., Class A		328,808		1,928,726
Suzhou Maxwell Technologies Co. Ltd., Class A		16,620		1,451,060
TBEA Co. Ltd., Class A		712,457		2,295,758
Titan Wind Energy Suzhou Co. Ltd., Class A		274,000		905,562
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		636,720		1,519,818
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,006,920		3,283,683
Zhejiang Chint Electrics Co. Ltd., Class A		383,668		3,057,963
Zhuzhou CRRC Times Electric Co. Ltd.		1,479,600		7,712,446


				83,543,271

Electronic Equipment, Instruments & Components — 1.8%
AAC Technologies Holdings Inc.^(b)		1,918,000		5,244,196
Avary Holding Shenzhen Co. Ltd., Class A		261,800		1,442,712
BOE Technology Group Co. Ltd., Class A		6,192,400		4,621,635
Chaozhou Three-Circle Group Co. Ltd., Class A		382,977		2,121,019


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
China Zhenhua Group Science & Technology Co. Ltd., Class A		54,800	$	1,021,405
Foxconn Industrial Internet Co. Ltd., Class A		1,479,686		2,622,519
GoerTek Inc., Class A		548,000		3,836,796
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		109,619		1,492,927
Kingboard Holdings Ltd.		1,918,000		8,972,688
Kingboard Laminates Holdings Ltd.		2,740,000		4,565,790
Lens Technology Co. Ltd., Class A		876,888		2,028,556
Lingyi iTech Guangdong Co., Class A^(a)		1,479,600		1,412,133
Luxshare Precision Industry Co. Ltd., Class A		1,150,824		7,981,061
Maxscend Microelectronics Co. Ltd., Class A		55,520		2,385,854
Raytron Technology Co. Ltd., Class A		70,314		709,567
Shengyi Technology Co. Ltd., Class A		493,200		1,525,147
Shennan Circuits Co. Ltd., Class A		72,424		1,350,085
Shenzhen Kaifa Technology Co. Ltd., Class A		313,104		678,395
Sunny Optical Technology Group Co. Ltd.		1,918,000		45,962,857
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		219,200		774,667
Tianma Microelectronics Co. Ltd., Class A		657,636		1,222,051
Unisplendour Corp. Ltd., Class A		485,127		1,691,112
Universal Scientific Industrial Shanghai Co. Ltd., Class A		306,200		682,553
Westone Information Industry Inc., Class A		109,600		802,364
Wingtech Technology Co. Ltd., Class A		219,200		4,084,969
Wuhan Guide Infrared Co. Ltd., Class A		449,264		1,597,820
Wuhu Token Science Co. Ltd., Class A		383,600		589,291
WUS Printed Circuit Kunshan Co. Ltd., Class A		602,818		1,611,727
Zhejiang Dahua Technology Co. Ltd., Class A		657,600		1,958,177


				114,990,073

Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H		5,480,000		6,247,181
Offshore Oil Engineering Co. Ltd., Class A		856,198		670,444
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		164,492		1,178,455


				8,096,080

Entertainment — 2.4%
Alibaba Pictures Group Ltd.^(a)(b)		38,360,000		3,835,205
Beijing Enlight Media Co. Ltd., Class A		582,100		872,170
Bilibili Inc., ADR^(a)(b)		443,880		14,031,047
Giant Network Group Co. Ltd., Class A		767,271		1,164,725
iQIYI Inc., ADR^(a)(b)		770,488		3,189,820
Kingsoft Corp. Ltd.		2,630,400		9,837,189
Kunlun Tech Co. Ltd., Class A		274,061		767,913
Mango Excellent Media Co. Ltd., Class A		328,880		1,792,055
NetEase Inc.		5,485,560		106,100,043
Perfect World Co. Ltd., Class A		404,000		848,423
Tencent Music Entertainment Group, ADR^(a)		1,799,632		9,700,016
Wuhu Sanqi Interactive Entertainment Network
Technology Group Co. Ltd., Class A		438,400		1,455,899
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		1,534,498		1,591,036


				155,185,541

Food & Staples Retailing — 0.1%
DaShenLin Pharmaceutical Group Co. Ltd., Class A		164,436		929,637
Sun Art Retail Group Ltd.		5,480,000		1,977,086
Yifeng Pharmacy Chain Co. Ltd., Class A		174,398		1,370,798
Yonghui Superstores Co. Ltd., Class A		2,411,234		1,396,494


				5,674,015

Food Products — 2.4%
Angel Yeast Co. Ltd., Class A		164,424		1,304,155


24		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Anjoy Foods Group Co Ltd., Class A		55,400	$	1,086,763
Beijing Dabeinong Technology Group Co. Ltd., Class A		876,800		1,153,395
China Feihe Ltd.^(c)		9,317,000		11,117,599
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		1,366,667		2
China Mengniu Dairy Co. Ltd.		8,533,000		55,485,129
Chongqing Fuling Zhacai Group Co. Ltd., Class A		164,423		917,780
Dali Foods Group Co. Ltd.^(c)		6,302,000		3,319,151
Foshan Haitian Flavouring & Food Co. Ltd., Class A		548,014		8,636,851
Guangdong Haid Group Co. Ltd., Class A		308,097		3,225,302
Henan Shuanghui Investment & Development Co. Ltd., Class A		555,708		2,543,144
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		986,423		6,187,244
Jiangxi Zhengbang Technology Co. Ltd., Class A		712,400		780,020
Juewei Food Co. Ltd., Class A		109,600		920,622
Muyuan Foods Co. Ltd., Class A		876,816		7,978,279
New Hope Liuhe Co. Ltd., Class A^(a)		822,099		2,011,126
Tingyi Cayman Islands Holding Corp.		5,480,000		12,123,963
Tongwei Co. Ltd., Class A		767,299		5,262,316
Uni-President China Holdings Ltd.		4,384,000		4,558,810
Want Want China Holdings Ltd.^(b)		12,605,000		13,418,344