iShares Trust


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares MSCI China Multisector Tech ETF | TCHI | NASDAQ

iShares MSCI Japan Equal Weighted ETF | EWJE | NASDAQ

iShares MSCI Japan Value ETF | EWJV | NASDAQ

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

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		7

Shareholder Expenses		7

Schedules of Investments		8

Financial Statements

Statements of Assets and Liabilities		20

Statements of Operations		21

Statements of Changes in Net Assets		22

Financial Highlights		24

Notes to Financial Statements		27

Board Review and Approval of Investment Advisory Contract		33

Statement Regarding Liquidity Risk Management Program		35

Supplemental Information		36

General Information		37

Glossary of Terms Used in this Report		38


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

Investment Objective

The iShares MSCI China Multisector Tech ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities in technology and technology-related industries, as represented by the MSCI China Technology Sub-Industries Select Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Cumulative Total Returns
	Since Inception
Fund NAV		(5.71	)%
Fund Market		(5.36	)
Index		(5.52	)

The inception date of the Fund was 1/25/22. The first day of secondary market trading was 1/27/22.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (01/25/22)	^(a)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(b)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio
	$ 1,000.00		$ 942.90	$ 0.53			$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Commencement of operations.

^(b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 34/365 for actual expenses and 181/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology		44.1%
Consumer Discretionary		22.4
Communication Services		20.9
Industrials		9.7
Financials		2.8
Health Care		0.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Sunny Optical Technology Group Co. Ltd.	4.1	%
NetEase Inc.	4.1
JDcom Inc, Class A	4.0
Baidu Inc.	3.9
Xiaomi Corp., Class B	3.7
Contemporary Amperex Technology Co. Ltd., Class A	3.7
Pinduoduo Inc.	3.6
Tencent Holdings Ltd.	3.5
Alibaba Group Holding Ltd.	3.4
Meituan, Class B	3.2


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 Japan Equal Weighted ETF

Investment Objective

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

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(8.24	)%		(6.02	)%		4.62	%		(6.02	)%		14.44	%
Fund Market		(7.66	)		(6.54	)		4.82			(6.54	)		15.12
Index		(9.25	)		(6.93	)		4.13			(6.93	)		12.85

The inception date of the Fund was 3/5/19. The first day of secondary market trading was 3/7/19.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	917.60	$	0.71		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)

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

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Industrials	23.6	%
Consumer Discretionary	13.6
Information Technology	13.5
Consumer Staples	10.2
Financials	8.6
Health Care	7.9
Materials	7.3
Communication Services	6.3
Real Estate	5.8
Utilities	2.0
Energy	1.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Nintendo Co. Ltd.	0.7	%
Tokyo Electron Ltd.	0.7
USS Co. Ltd.	0.6
GMO Payment Gateway Inc.	0.5
Nippon Yusen KK	0.5
Oriental Land Co. Ltd./Japan	0.5
FANUC Corp.	0.5
Kobayashi Pharmaceutical Co. Ltd.	0.5
Trend Micro Inc/Japan	0.5
Rinnai Corp.	0.5


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


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

Investment Objective

The iShares MSCI Japan Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations, as represented by the MSCI Japan Value Index (USD) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(0.74	)%		2.48	%		6.35	%		2.48	%		20.20	%
Fund Market		(0.57	)		1.28			6.48			1.28			20.66
Index		(0.97	)		2.49			6.26			2.49			19.88

The inception date of the Fund was 3/5/19. The first day of secondary market trading was 3/7/19.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 992.60	$ 0.74			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Industrials	20.9	%
Consumer Discretionary	19.8
Financials	17.8
Communication Services	10.2
Consumer Staples	6.8
Real Estate	6.4
Health Care	6.0
Materials	5.0
Information Technology	3.9
Utilities	1.7
Energy	1.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Toyota Motor Corp.	10.1	%
Mitsubishi UFJ Financial Group Inc.	3.8
SoftBank Group Corp.	2.8
KDDI Corp.	2.8
Honda Motor Co. Ltd.	2.6
Takeda Pharmaceutical Co. Ltd.	2.5
Sumitomo Mitsui Financial Group Inc.	2.4
Mitsubishi Corp.	2.2
Seven & i Holdings Co. Ltd.	2.0
SoftBank Corp.	1.9


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


About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		7

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Capital Markets — 1.0%
East Money Information Co. Ltd., Class A		18,800	$	80,131
Hithink RoyalFlush Information Network Co. Ltd., Class A		800		13,739


				93,870
Communications Equipment — 2.3%
Addsino Co. Ltd., Class A		3,200		7,627
Beijing BDStar Navigation Co. Ltd., Class A^(a)		800		4,732
BYD Electronic International Co. Ltd.		20,000		56,436
Fiberhome Telecommunication Technologies Co. Ltd., Class A		1,600		4,372
Guangzhou Haige Communications Group Inc. Co., Class A		2,400		3,798
Hengtong Optic-Electric Co. Ltd., Class A		3,600		8,449
Shenzhen Sunway Communication Co. Ltd., Class A		2,000		6,766
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,200		6,545
Yealink Network Technology Corp. Ltd., Class A		1,600		19,395
Zhongji Innolight Co. Ltd., Class A		1,600		9,754
ZTE Corp., Class A		6,800		31,468
ZTE Corp., Class H		22,400		55,184


				214,526

Consumer Finance — 1.8%
360 DigiTech Inc., ADR		2,604		48,825
Lufax Holding Ltd., ADR^(a)		18,048		116,770


				165,595

Diversified Consumer Services — 1.2%
China Education Group Holdings Ltd.		4,000		3,427
New Oriental Education & Technology Group Inc., ADR^(a)		45,616		68,880
TAL Education Group, ADR^(a)		12,780		36,295


				108,602

Electrical Equipment — 7.3%
Contemporary Amperex Technology Co. Ltd., Class A		4,000		342,637
Eve Energy Co. Ltd., Class A		3,600		51,663
Fangda Carbon New Material Co. Ltd., Class A		7,200		11,805
Ginlong Technologies Co. Ltd., Class A		400		16,151
Gotion High-tech Co. Ltd., Class A^(a)		3,200		21,958
Hongfa Technology Co. Ltd., Class A		1,200		11,993
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,200		15,455
Ningbo Ronbay New Energy Technology Co. Ltd.		832		19,428
Sieyuan Electric Co. Ltd.		1,600		12,004
Sungrow Power Supply Co. Ltd., Class A		800		15,491
Sunwoda Electronic Co. Ltd., Class A		3,200		18,771
TBEA Co. Ltd., Class A		6,800		21,912
Zhejiang Chint Electrics Co. Ltd., Class A		3,600		28,693
Zhejiang HangKe Technology Inc. Co., Class A		800		9,853
Zhuzhou CRRC Times Electric Co. Ltd.		16,400		85,485


				683,299

Electronic Equipment, Instruments & Components — 12.8%
AAC Technologies Holdings Inc.		22,000		60,153
Avary Holding Shenzhen Co. Ltd., Class A		2,800		15,430
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		400		10,250
BOE Technology Group Co. Ltd., Class A		65,200		48,661
Chaozhou Three-Circle Group Co. Ltd., Class A		3,600		19,938
China Railway Signal & Communication Corp. Ltd., Class A		12,000		9,233
China Zhenhua Group Science & Technology Co. Ltd., Class A		1,200		22,367
Foxconn Industrial Internet Co. Ltd., Class A		13,600		24,104
GoerTek Inc., Class A		6,400		44,809
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,200		16,343
Huagong Tech Co. Ltd., Class A		1,600		6,249
Kingboard Holdings Ltd.		20,000		93,563


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Kingboard Laminates Holdings Ltd.		26,000	$	43,325
Lens Technology Co. Ltd., Class A		10,000		23,134
Leyard Optoelectronic Co. Ltd., Class A		5,200		7,000
Lingyi iTech Guangdong Co., Class A^(a)		14,800		14,125
Luxshare Precision Industry Co. Ltd., Class A		12,800		88,769
Maxscend Microelectronics Co. Ltd., Class A		800		34,378
OFILM Group Co. Ltd., Class A^(a)		7,200		9,157
Raytron Technology Co. Ltd., Class A		800		8,073
Shengyi Technology Co. Ltd., Class A		4,000		12,369
Shennan Circuits Co. Ltd., Class A		800		14,913
Shenzhen Kaifa Technology Co. Ltd., Class A		2,000		4,333
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,600		8,152
Sunny Optical Technology Group Co. Ltd.		16,000		383,423
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		3,200		11,309
Tianma Microelectronics Co. Ltd., Class A		2,800		5,203
Unisplendour Corp. Ltd., Class A		5,600		19,521
Universal Scientific Industrial Shanghai Co. Ltd., Class A		2,800		6,242
Westone Information Industry Inc., Class A		1,600		11,713
Wingtech Technology Co. Ltd., Class A		2,400		44,726
Wuhan Guide Infrared Co. Ltd., Class A		4,400		15,649
Wuhu Token Science Co. Ltd., Class A		4,800		7,374
WUS Printed Circuit Kunshan Co. Ltd., Class A		3,600		9,625
Xiamen Faratronic Co. Ltd.		400		13,573
Zhejiang Dahua Technology Co. Ltd., Class A		5,200		15,484
Zhuzhou Hongda Electronics Corp. Ltd		800		10,662


				1,193,332

Entertainment — 8.2%
Alibaba Pictures Group Ltd.^(a)		40,000		3,999
Beijing Enlight Media Co. Ltd., Class A		6,000		8,990
Bilibili Inc., ADR^(a)		4,984		157,544
Giant Network Group Co. Ltd., Class A		4,000		6,072
iQIYI Inc., ADR^(a)		8,596		35,588
Kingsoft Corp. Ltd.		29,600		110,698
Kunlun Tech Co. Ltd., Class A		2,400		6,725
Mango Excellent Media Co. Ltd., Class A		3,600		19,616
NetEase Inc		19,600		379,097
Perfect World Co. Ltd., Class A		4,400		9,240
Tencent Music Entertainment Group, ADR^(a)		824		4,442
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,000		13,284
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		15,200		15,760


				771,055

Health Care Technology — 0.1%
Winning Health Technology Group Co. Ltd., Class A		4,400		7,998


Household Durables — 4.2%
Ecovacs Robotics Co. Ltd., Class A		800		17,157
Gree Electric Appliances Inc. of Zhuhai, Class A		5,200		30,269
Haier Smart Home Co. Ltd., Class A		10,800		43,784
Haier Smart Home Co. Ltd., Class H		68,000		238,277
Hang Zhou Great Star Industrial Co. Ltd., Class A^(a)		2,400		7,638
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		8,463
Shenzhen MTC Co. Ltd., Class A^(a)		10,800		7,568
TCL Technology Group Corp., Class A		24,400		21,565
Xiamen Intretech Inc., Class A		1,600		7,538
Zhejiang Supor Co. Ltd., Class A		1,200		9,636


				391,895

Interactive Media & Services — 12.6%
Autohome Inc., ADR		2,316		70,847


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
Baidu Inc., ADR^(a)		2,380	$	362,807
Hello Group Inc., ADR		4,768		45,439
JOYY Inc., ADR		1,660		76,841
Kanzhun Ltd.^(a)		2,536		81,913
Kuaishou Technology^(a)(b)		14,400		166,643
Tencent Holdings Ltd.		6,000		323,768
Weibo Corp., ADR^(a)		1,908		52,336


				1,180,594

Internet & Direct Marketing Retail — 16.7%
Alibaba Group Holding Ltd.^(a)		24,400		321,198
Alibaba Health Information Technology Ltd.^(a)		8,000		5,602
China Ruyi Holdings Ltd.^(a)		96,000		28,572
Dada Nexus Ltd., ADR^(a)		1,912		15,889
JD Health International Inc.^(a)(b)		2,200		16,420
JDcom Inc, Class A^(a)		10,400		371,482
Meituan, Class B^(a)(b)		13,600		302,126
Pinduoduo Inc., ADR^(a)		6,520		338,127
Ping An Healthcare and Technology Co. Ltd.^(a)(b)		14,000		43,176
Vipshop Holdings Ltd., ADR^(a)		13,428		116,421


				1,559,013

IT Services — 3.2%
Beijing Sinnet Technology Co. Ltd., Class A		3,600		8,575
China TransInfo Technology Co. Ltd., Class A		4,000		8,837
Chinasoft International Ltd.		80,000		72,992
Chindata Group Holdings Ltd., ADR^(a)		3,712		20,379
DHC Software Co. Ltd., Class A		4,000		5,244
GDS Holdings Ltd., ADR^(a)		2,680		119,314
Kingsoft Cloud Holdings Ltd., ADR^(a)		96		647
Lakala Payment Co. Ltd., Class A		1,600		6,854
TravelSky Technology Ltd., Class H		28,000		52,742


				295,584

Machinery — 2.4%
Haitian International Holdings Ltd.		20,000		53,286
Hefei Meiya Optoelectronic Technology Inc., Class A		1,200		6,886
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,800		29,845
Luoyang Xinqianglian Slewing Bearing Co. Ltd.		400		9,661
North Industries Group Red Arrow Co. Ltd., Class A^(a)		2,800		10,013
Riyue Heavy Industry Co. Ltd., Class A		2,000		8,747
Shenzhen Inovance Technology Co. Ltd., Class A		4,800		48,854
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		1,600		17,248
Wuxi Shangji Automation Co. Ltd., Class A		800		20,198
Yantai Eddie Precision Machinery Co. Ltd., Class A		1,600		7,837
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		4,000		12,798


				225,373

Media — 0.0%
China Literature Ltd.^(a)(b)		800		4,342


Semiconductors & Semiconductor Equipment — 12.9%
Advanced Micro-Fabrication Equipment Inc., Class A^(a)		800		16,321
China Resources Microelectronics Ltd.		2,064		19,170
Daqo New Energy Corp., ADR^(a)		1,768		84,793
Flat Glass Group Co. Ltd., Class A		2,800		21,921
Flat Glass Group Co. Ltd., Class H		12,000		49,622
GCL System Integration Technology Co. Ltd., Class A^(a)		9,200		5,364
Gigadevice Semiconductor Beijing Inc., Class A		1,200		29,384
Hangzhou First Applied Material Co. Ltd., Class A		1,600		30,364
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,800		25,594
Hua Hong Semiconductor Ltd.^(a)(b)		16,000		83,356
Ingenic Semiconductor Co. Ltd., Class A		800		14,194


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
JA Solar Technology Co. Ltd., Class A		3,200	$	48,481
JCET Group Co. Ltd., Class A		3,200		14,296
LONGi Green Energy Technology Co. Ltd., Class A		10,000		124,475
Montage Technology Co. Ltd., Class A		2,400		29,502
National Silicon Industry Group Co. Ltd., Class A^(a)		4,000		15,546
NAURA Technology Group Co. Ltd., Class A		800		38,781
SG Micro Corp., Class A		400		22,139
Shenzhen Goodix Technology Co. Ltd., Class A		800		11,585
Shenzhen SC New Energy Technology Corp., Class A		800		11,221
StarPower Semiconductor Ltd., Class A		400		23,068
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		5,600		42,876
Tianshui Huatian Technology Co. Ltd., Class A		5,600		10,673
TongFu Microelectronics Co. Ltd., Class A		2,800		8,100
Trina Solar Co. Ltd.		3,148		38,518
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,200		42,142
Will Semiconductor Co. Ltd. Shanghai, Class A		1,600		62,789
Xinyi Solar Holdings Ltd		144,000		261,557
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,400		24,874


				1,210,706

Software — 5.9%
360 Security Technology Inc., Class A^(a)		12,800		21,306
Beijing E-Hualu Information Technology Co. Ltd., Class A		1,600		7,133
Beijing Kingsoft Office Software Inc., Class A		800		27,141
Beijing Shiji Information Technology Co. Ltd., Class A		2,000		7,598
Hundsun Technologies Inc., Class A		2,800		23,270
Iflytek Co. Ltd., Class A		4,400		34,383
Kingdee International Software Group Co. Ltd.^(a)		80,000		197,731
Ming Yuan Cloud Group Holdings Ltd.		20,000		39,474
NavInfo Co. Ltd., Class A^(a)		4,400		11,980
Sangfor Technologies Inc., Class A		800		18,555
Shanghai Baosight Software Co. Ltd., Class A		2,400		20,530
Shanghai Baosight Software Co. Ltd., Class B		11,600		50,095
Thunder Software Technology Co. Ltd., Class A		800		17,822
Topsec Technologies Group Inc., Class A		2,400		5,610
Weimob Inc.^(a)(b)		60,000		39,681
Yonyou Network Technology Co. Ltd., Class A		6,400		31,939


				554,248

Specialty Retail — 0.4%
GOME Retail Holdings Ltd.^(a)		352,000		26,194
Suningcom Co Ltd, Class A^(a)		18,000		10,268


				36,462

Technology Hardware, Storage & Peripherals — 7.0%
China Greatwall Technology Group Co. Ltd., Class A		6,400		13,539
GRG Banking Equipment Co. Ltd., Class A		3,600		6,803
Inspur Electronic Information Industry Co. Ltd., Class A		2,800		14,641
Lenovo Group Ltd.		216,000		240,531
Ninestar Corp., Class A		2,400		19,098
Shenzhen Transsion Holding Co. Ltd., Class A		800		17,151
Xiaomi Corp., Class B^(a)(b)		184,800		347,834


				659,597


Total Common Stocks — 100.0% (Cost: $9,860,046)			9,356,091


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		10,000	$	10,000


Total Short-Term Investments — 0.1% (Cost: $10,000)				10,000


Total Investments in Securities — 100.1% (Cost: $9,870,046)				9,366,091

Other Assets, Less Liabilities — (0.1)%				(9,515	)


Net Assets — 100.0%			$	9,356,576

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates

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


Affiliated Issuer	Value at 01/25/22^(a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	10,000^(b)	$	—	$	—	$	—	$	10,000		10,000	$	—	$	—

^(a)

Commencement of operations.

^(b)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	2,096,403	$	7,259,688	$	—	$	9,356,091
Money Market Funds		10,000		—		—		10,000


	$	2,106,403	$	7,259,688	$	—	$	9,366,091

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Japan Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.8%
SG Holdings Co. Ltd.		1,400	$	29,673
Yamato Holdings Co. Ltd.		1,400		27,495


				57,168
Airlines — 0.8%
ANA Holdings Inc.^(a)		1,200		26,422
Japan Airlines Co. Ltd.^(a)		1,400		27,760


				54,182
Auto Components — 2.3%
Aisin Corp.		800		29,139
Bridgestone Corp.		700		28,827
Denso Corp.		400		28,128
Koito Manufacturing Co. Ltd.		600		31,034
Stanley Electric Co. Ltd.		1,000		23,763
Sumitomo Electric Industries Ltd.		2,000		26,550


				167,441
Automobiles — 3.0%
Honda Motor Co. Ltd.		1,000		30,381
Isuzu Motors Ltd.		2,000		27,049
Mazda Motor Corp.^(a)		3,400		25,148
Nissan Motor Co. Ltd.^(a)		5,400		25,754
Subaru Corp.		1,600		26,241
Suzuki Motor Corp.		600		23,891
Toyota Motor Corp.		1,400		25,615
Yamaha Motor Co. Ltd.		1,200		26,975


				211,054
Banks — 3.3%
Chiba Bank Ltd/The		4,000		25,144
Concordia Financial Group Ltd.		6,400		26,037
Japan Post Bank Co. Ltd.		3,000		26,323
Mitsubishi UFJ Financial Group Inc.		4,200		25,784
Mizuho Financial Group Inc.		2,080		27,412
Resona Holdings Inc.		5,800		25,939
Shizuoka Bank Ltd/The		3,400		25,137
Sumitomo Mitsui Financial Group Inc.		800		28,370
Sumitomo Mitsui Trust Holdings Inc.		800		28,425


				238,571
Beverages — 1.5%
Asahi Group Holdings Ltd.		600		24,203
Ito En Ltd.		400		23,005
Kirin Holdings Co. Ltd.		1,600		26,601
Suntory Beverage & Food Ltd.		800		31,879


				105,688
Building Products — 1.4%
AGC Inc.		600		26,618
Daikin Industries Ltd.		100		18,480
Lixil Corp.		1,200		26,745
TOTO Ltd.		600		25,258


				97,101
Capital Markets — 1.5%
Daiwa Securities Group Inc.		4,400		26,015
Japan Exchange Group Inc.		1,400		26,217
Nomura Holdings Inc.		6,000		27,378
SBI Holdings Inc/Japan		1,000		26,232


				105,842
Chemicals — 5.3%
Asahi Kasei Corp.		2,800		26,278


Security	Shares		Value

Chemicals (continued)
JSR Corp.		800	$	25,166
Kansai Paint Co. Ltd.		1,400		28,099
Mitsubishi Chemical Holdings Corp.		3,800		26,995
Mitsubishi Gas Chemical Co. Inc.		1,600		28,387
Mitsui Chemicals Inc.		1,000		25,565
Nippon Paint Holdings Co. Ltd.		3,200		28,640
Nippon Sanso Holdings Corp.		1,400		27,361
Nissan Chemical Corp.		400		22,736
Nitto Denko Corp.		400		29,191
Shin-Etsu Chemical Co. Ltd.		200		31,238
Sumitomo Chemical Co. Ltd.		5,600		26,736
Toray Industries Inc.		4,800		27,373
Tosoh Corp.		1,600		24,829


				378,594
Commercial Services & Supplies — 1.6%
Dai Nippon Printing Co. Ltd.		1,000		26,105
Secom Co. Ltd.		400		29,379
Sohgo Security Services Co. Ltd.		800		28,883
TOPPAN INC.		1,400		27,586


				111,953
Construction & Engineering — 1.5%
Kajima Corp.		2,000		26,917
Obayashi Corp.		3,400		28,468
Shimizu Corp.		4,200		27,801
Taisei Corp.		800		26,601


				109,787
Diversified Financial Services — 1.1%
Mitsubishi HC Capital Inc.		5,400		28,083
ORIX Corp.		1,400		27,752
Tokyo Century Corp.		600		26,305


				82,140
Diversified Telecommunication Services — 0.4%
Nippon Telegraph & Telephone Corp.		1,000		28,741


Electric Utilities — 1.2%
Chubu Electric Power Co. Inc.		2,800		27,968
Kansai Electric Power Co Inc/The		2,800		28,232
Tokyo Electric Power Co. Holdings Inc.^(a)		9,000		28,251


				84,451
Electrical Equipment — 1.0%
Fuji Electric Co. Ltd.		600		30,871
Mitsubishi Electric Corp.		2,200		26,610
Nidec Corp.		200		17,387


				74,868
Electronic Equipment, Instruments & Components — 4.0%
Azbil Corp.		800		30,367
Hamamatsu Photonics KK		600		30,403
Hirose Electric Co. Ltd.		200		30,073
Ibiden Co. Ltd.		600		29,303
Kyocera Corp.		400		23,021
Murata Manufacturing Co. Ltd.		400		27,186
Omron Corp.		400		27,219
Shimadzu Corp.		800		28,813
TDK Corp.		800		32,379
Yokogawa Electric Corp.		1,800		29,042


				287,806
Entertainment — 2.9%
Capcom Co. Ltd.		1,000		24,271


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Japan Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Koei Tecmo Holdings Co. Ltd		620	$	21,530
Konami Holdings Corp.		400		22,757
Nexon Co. Ltd.		1,400		30,586
Nintendo Co. Ltd.		100		50,645
Square Enix Holdings Co. Ltd.		600		29,261
Toho Co. Ltd./Tokyo		600		25,023


				204,073
Equity Real Estate Investment Trusts (REITs) — 3.1%
Daiwa House REIT Investment Corp.		10		27,120
GLP J-Reit		18		26,874
Japan Metropolitan Fund Invest		34		27,518
Japan Real Estate Investment Corp.		6		32,051
Nippon Building Fund Inc.		4		22,921
Nippon Prologis REIT Inc.		10		29,401
Nomura Real Estate Master Fund Inc.		20		26,375
Orix JREIT Inc.		20		27,980


				220,240
Food & Staples Retailing — 2.7%
Aeon Co. Ltd.		1,200		27,184
Cosmos Pharmaceutical Corp.		200		27,730
Kobe Bussan Co. Ltd.		800		26,488
Lawson Inc.		600		25,017
Seven & i Holdings Co. Ltd.		600		29,195
Tsuruha Holdings Inc.		400		32,158
Welcia Holdings Co. Ltd.		1,000		26,667


				194,439
Food Products — 2.8%
Ajinomoto Co. Inc.		1,000		29,141
Kikkoman Corp.		400		29,819
MEIJI Holdings Co. Ltd.		400		24,007
Nisshin Seifun Group Inc.		2,000		28,388
Nissin Foods Holdings Co. Ltd.		400		31,959
Toyo Suisan Kaisha Ltd.		600		25,222
Yakult Honsha Co. Ltd.		600		32,562


				201,098
Gas Utilities — 0.8%
Osaka Gas Co. Ltd.		1,600		29,282
Tokyo Gas Co. Ltd.		1,400		28,516


				57,798
Health Care Equipment & Supplies — 2.0%
Asahi Intecc Co. Ltd.		1,400		30,230
Hoya Corp.		200		26,054
Olympus Corp.		1,400		28,435
Sysmex Corp.		400		32,020
Terumo Corp.		800		25,983


				142,722
Health Care Providers & Services — 0.4%
Medipal Holdings Corp.		1,600		29,283


Health Care Technology — 0.4%
M3 Inc.		800		30,099


Hotels, Restaurants & Leisure — 0.9%
McDonald’s Holdings Co. Japan Ltd.		600		25,799
Oriental Land Co. Ltd./Japan		200		36,973


				62,772
Household Durables — 3.0%
Iida Group Holdings Co. Ltd.		1,400		25,983
Open House Group Co. Ltd.		600		27,281


Security	Shares		Value

Household Durables (continued)
Panasonic Corp.		2,600	$	27,153
Rinnai Corp.		400		32,907
Sekisui Chemical Co. Ltd.		1,600		26,202
Sekisui House Ltd.		1,400		28,543
Sharp Corp./Japan		2,600		24,586
Sony Group Corp.		200		20,434


				213,089
Household Products — 0.8%
Lion Corp.		2,200		28,836
Unicharm Corp.		800		30,155


				58,991
Industrial Conglomerates — 0.9%
Hitachi Ltd.		600		29,671
Toshiba Corp.		800		31,896


				61,567
Insurance — 2.6%
Dai-ichi Life Holdings Inc.		1,200		24,922
Japan Post Holdings Co. Ltd.		3,400		28,103
Japan Post Insurance Co. Ltd.		1,600		27,326
MS&AD Insurance Group Holdings Inc.		800		27,069
Sompo Holdings Inc.		600		26,051
T&D Holdings Inc.		1,800		26,142
Tokio Marine Holdings Inc.		400		22,761


				182,374
Interactive Media & Services — 0.8%
Kakaku.com Inc.		1,200		26,401
Z Holdings Corp.		5,600		27,411


				53,812
Internet & Direct Marketing Retail — 1.2%
Mercari Inc.^(a)		1,000		31,320
Rakuten Group Inc.		3,200		27,202
ZOZO Inc.		1,000		28,475


				86,997
IT Services — 4.1%
Fujitsu Ltd.		200		29,057
GMO Payment Gateway Inc		400		38,691
Itochu Techno-Solutions Corp.		1,000		25,923
NEC Corp.		600		25,959
Nomura Research Institute Ltd.		800		28,082
NTT Data Corp.		1,400		26,592
Obic Co. Ltd.		200		32,167
Otsuka Corp.		800		31,075
SCSK Corp.		1,600		27,393
TIS Inc.		1,200		28,402


				293,341
Leisure Products — 1.1%
Bandai Namco Holdings Inc.		400		29,324
Shimano Inc.		100		23,287
Yamaha Corp.		600		28,151


				80,762
Machinery — 6.3%
Daifuku Co. Ltd.		400		28,931
FANUC Corp.		200		36,740
Hino Motors Ltd.		3,000		28,190
Hitachi Construction Machinery Co. Ltd.		1,000		24,472
Hoshizaki Corp.		400		27,889
Komatsu Ltd.		1,200		27,605
Kubota Corp.		1,600		28,707


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Japan Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Kurita Water Industries Ltd.		600	$	24,795
Makita Corp.		800		28,513
MINEBEA MITSUMI Inc.		1,200		26,341
MISUMI Group Inc.		800		25,646
Mitsubishi Heavy Industries Ltd.		1,000		29,492
Miura Co. Ltd.		1,000		27,408
NGK Insulators Ltd.		1,800		27,954
Toyota Industries Corp.		400		30,424
Yaskawa Electric Corp.		600		24,022


				447,129

Marine — 1.0%
Mitsui OSK Lines Ltd.		400		32,497
Nippon Yusen KK		400		37,476


				69,973
Media — 1.1%
CyberAgent Inc.		2,200		28,788
Dentsu Group Inc.		600		23,940
Hakuhodo DY Holdings Inc.		2,000		26,577


				79,305
Metals & Mining — 1.6%
Hitachi Metals Ltd.^(a)		1,600		28,521
JFE Holdings Inc.		2,000		29,775
Nippon Steel Corp.		1,600		29,294
Sumitomo Metal Mining Co. Ltd.		600		29,930


				117,520
Multiline Retail — 0.7%
Pan Pacific International Holdings Corp.		1,600		26,189
Ryohin Keikaku Co. Ltd.		1,800		26,510


				52,699
Oil, Gas & Consumable Fuels — 1.2%
ENEOS Holdings Inc.		7,400		29,302
Idemitsu Kosan Co. Ltd.		1,000		26,807
Inpex Corp.		2,800		28,861


				84,970
Paper & Forest Products — 0.4%
Oji Holdings Corp.		5,200		26,567


Personal Products — 1.9%
Kao Corp.		600		28,048
Kobayashi Pharmaceutical Co. Ltd.		400		34,260
Kose Corp.		200		22,928
Pola Orbis Holdings Inc.		1,800		28,355
Shiseido Co. Ltd.		400		22,954


				136,545
Pharmaceuticals — 5.1%
Astellas Pharma Inc.		1,600		26,695
Chugai Pharmaceutical Co. Ltd.		700		23,222
Daiichi Sankyo Co. Ltd.		1,200		29,274
Eisai Co. Ltd.		600		29,769
Kyowa Kirin Co. Ltd.		1,000		25,591
Nippon Shinyaku Co. Ltd.		400		26,052
Ono Pharmaceutical Co. Ltd.		1,200		29,544
Otsuka Holdings Co. Ltd.		800		27,579
Santen Pharmaceutical Co. Ltd.		2,400		27,353
Shionogi & Co. Ltd.		400		26,597
Sumitomo Dainippon Pharma Co. Ltd.		2,600		28,534
Taisho Pharmaceutical Holdings Co. Ltd.		600		29,784


Security	Shares		Value

Pharmaceuticals (continued)
Takeda Pharmaceutical Co. Ltd.		1,000	$	30,490


				360,484
Professional Services — 1.5%
Benefit One Inc.		1,200		27,794
Nihon M&A Center Holdings Inc.		1,800		26,624
Persol Holdings Co. Ltd.		1,200		26,882
Recruit Holdings Co. Ltd.		600		25,326


				106,626
Real Estate Management & Development — 2.7%
Daito Trust Construction Co. Ltd.		200		22,128
Daiwa House Industry Co. Ltd.		1,000		28,360
Hulic Co. Ltd.		3,000		27,330
Mitsubishi Estate Co. Ltd.		1,800		27,483
Mitsui Fudosan Co. Ltd.		1,200		26,707
Nomura Real Estate Holdings Inc.		1,200		29,879
Sumitomo Realty & Development Co. Ltd.		1,000		29,418


				191,305
Road & Rail — 4.1%
Central Japan Railway Co.		200		27,023
East Japan Railway Co.		400		23,763
Hankyu Hanshin Holdings Inc.		1,000		29,917
Keio Corp.		600		24,550
Keisei Electric Railway Co. Ltd.		1,000		28,006
Kintetsu Group Holdings Co. Ltd.^(a)		1,000		30,042
Nippon Express Holdings Inc.		400		24,248
Odakyu Electric Railway Co. Ltd.		1,600		26,398
Tobu Railway Co. Ltd.		1,000		24,581
Tokyu Corp.		2,000		26,673
West Japan Railway Co.		600		25,886


				291,087
Semiconductors & Semiconductor Equipment — 2.6%
Advantest Corp.		400		32,146
Lasertec Corp.		100		18,537
Renesas Electronics Corp.^(a)		2,200		25,918
Rohm Co. Ltd.		400		31,901
SUMCO Corp.		1,600		26,702
Tokyo Electron Ltd.		100		49,078


				184,282
Software — 0.9%
Oracle Corp. Japan		400		28,570
Trend Micro Inc/Japan		600		33,520


				62,090
Specialty Retail — 1.3%
Hikari Tsushin Inc.		200		24,852
Nitori Holdings Co. Ltd.		200		30,096
USS Co. Ltd.		2,400		39,869


				94,817
Technology Hardware, Storage & Peripherals — 1.9%
Brother Industries Ltd.		1,400		25,481
Canon Inc.		1,200		28,240
FUJIFILM Holdings Corp.		400		25,426
Ricoh Co. Ltd.		3,000		25,592
Seiko Epson Corp.		1,800		27,685


				132,424
Tobacco — 0.4%
Japan Tobacco Inc.		1,400		25,748


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Japan Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors — 2.8%
ITOCHU Corp.		800	$	26,071
Marubeni Corp.		2,800		29,391
Mitsubishi Corp.		800		26,899
Mitsui & Co. Ltd.		1,200		29,919
MonotaRO Co. Ltd.		1,600		30,117
Sumitomo Corp.		1,800		29,368
Toyota Tsusho Corp.		600		24,909

				196,674
Wireless Telecommunication Services — 1.1%
KDDI Corp.		800		26,033
SoftBank Corp.		2,200		27,796
SoftBank Group Corp.		600		26,925

				80,754


Total Common Stocks — 99.8% (Cost: $6,915,422)				7,109,843


Total Investments in Securities — 99.8% (Cost: $6,915,422)				7,109,843

Other Assets, Less Liabilities — 0.2%				12,137


Net Assets — 100.0%			$	7,121,980

^(a)	Non-income producing security.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Mini TOPIX Index		1		03/10/22	$	16	$	(890	)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	890

^(a)

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

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




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	82


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(953	)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Japan Equal Weighted ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	28,110

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	—	$	7,109,843		$	—	$	7,109,843


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(890	)	$	—	$	(890	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Japan Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.2%
ANA Holdings Inc.^(a)		3,500	$	77,064
Japan Airlines Co. Ltd.^(a)		3,500		69,400


				146,464

Auto Components — 2.2%
Aisin Corp.		7,200		262,255
Bridgestone Corp.		28,000		1,153,066
Stanley Electric Co. Ltd.		7,000		166,339
Sumitomo Electric Industries Ltd.		38,500		511,092


				2,092,752

Automobiles — 14.7%
Honda Motor Co. Ltd.		80,500		2,445,662
Isuzu Motors Ltd.		14,000		189,344
Mazda Motor Corp.^(a)		28,000		207,098
Nissan Motor Co. Ltd.^(a)		115,500		550,841
Subaru Corp.		31,500		516,625
Suzuki Motor Corp.		8,700		346,416
Toyota Motor Corp.		521,500		9,541,457
Yamaha Motor Co. Ltd.		7,300		164,101


				13,961,544

Banks — 9.7%
Chiba Bank Ltd/The		24,600		154,634
Concordia Financial Group Ltd.		52,600		213,992
Japan Post Bank Co. Ltd.		21,000		184,261
Mitsubishi UFJ Financial Group Inc.		588,500		3,612,792
Mizuho Financial Group Inc.		119,050		1,568,974
Resona Holdings Inc.		101,600		454,385
Shizuoka Bank Ltd/The		21,000		155,256
Sumitomo Mitsui Financial Group Inc.		63,000		2,234,122
Sumitomo Mitsui Trust Holdings Inc.		17,500		621,810


				9,200,226

Beverages — 2.0%
Asahi Group Holdings Ltd.		21,900		883,432
Kirin Holdings Co. Ltd.		42,000		698,269
Suntory Beverage & Food Ltd.		7,000		278,944


				1,860,645

Building Products — 0.9%
AGC Inc.		10,500		465,807
Lixil Corp.		10,500		234,017
TOTO Ltd.		3,500		147,339


				847,163

Capital Markets — 1.5%
Daiwa Securities Group Inc.		70,000		413,875
Nomura Holdings Inc.		150,500		686,743
SBI Holdings Inc/Japan		12,100		317,406


				1,418,024

Chemicals — 2.9%
Asahi Kasei Corp.		63,000		591,244
Mitsubishi Chemical Holdings Corp.		42,000		298,361
Mitsubishi Gas Chemical Co. Inc.		7,000		124,194
Mitsui Chemicals Inc.		10,500		268,428
Nitto Denko Corp.		7,000		510,849
Sumitomo Chemical Co. Ltd.		73,500		350,906
Toray Industries Inc.		66,600		379,799
Tosoh Corp.		14,000		217,253


				2,741,034


Security	Shares		Value

Commercial Services & Supplies — 0.8%
Dai Nippon Printing Co. Ltd.		10,500	$	274,099
Secom Co. Ltd.		3,500		257,062
TOPPAN INC.		14,000		275,861


				807,022

Construction & Engineering — 1.1%
Kajima Corp.		21,100		283,974
Obayashi Corp.		31,500		263,749
Shimizu Corp.		28,000		185,337
Taisei Corp.		10,500		349,140


				1,082,200

Diversified Financial Services — 1.5%
Mitsubishi HC Capital Inc.		31,500		163,814
ORIX Corp.		59,500		1,179,476
Tokyo Century Corp.		1,800		78,915


				1,422,205

Diversified Telecommunication Services — 1.8%
Nippon Telegraph & Telephone Corp.		59,600		1,712,957


Electric Utilities — 0.9%
Chubu Electric Power Co. Inc.		31,500		314,643
Kansai Electric Power Co Inc/The		35,000		352,896
Tokyo Electric Power Co. Holdings Inc.^(a)		73,600		231,030


				898,569

Electrical Equipment — 1.5%
Fuji Electric Co. Ltd.		7,000		360,162
Mitsubishi Electric Corp.		91,000		1,100,692


				1,460,854

Electronic Equipment, Instruments & Components — 1.1%
Hirose Electric Co. Ltd.		600		90,217
Kyocera Corp.		14,600		840,274
Yokogawa Electric Corp.		7,000		112,940


				1,043,431

Entertainment — 0.1%
Toho Co. Ltd./Tokyo		1,900		79,240


Equity Real Estate Investment Trusts (REITs) — 2.4%
Daiwa House REIT Investment Corp.		108		292,899
GLP J-Reit		210		313,532
Japan Metropolitan Fund Invest		350		283,270
Japan Real Estate Investment Corp.		61		325,847
Nippon Building Fund Inc.		73		418,313
Nippon Prologis REIT Inc.		70		205,803
Nomura Real Estate Master Fund Inc.		210		276,940
Orix JREIT Inc.		140		195,863


				2,312,467

Food & Staples Retailing — 2.0%
Seven & i Holdings Co. Ltd.		38,500		1,873,322


Food Products — 1.1%
Ajinomoto Co. Inc.		10,500		305,980
MEIJI Holdings Co. Ltd.		7,000		420,126
Nisshin Seifun Group Inc.		10,500		149,037
Nissin Foods Holdings Co. Ltd.		500		39,949
Toyo Suisan Kaisha Ltd.		3,500		147,129


				1,062,221

Gas Utilities — 0.7%
Osaka Gas Co. Ltd.		17,500		320,272
Tokyo Gas Co. Ltd .		17,500		356,446


				676,718


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 Japan Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services — 0.2%
Medipal Holdings Corp.		10,500	$	192,171


Household Durables — 2.3%
Iida Group Holdings Co. Ltd.		7,000		129,914
Panasonic Corp.		108,500		1,133,099
Sekisui Chemical Co. Ltd.		17,500		286,579
Sekisui House Ltd.		31,500		642,225


				2,191,817

Household Products — 0.1%
Lion Corp.		7,000		91,750


Industrial Conglomerates — 2.5%
Hitachi Ltd.		31,500		1,557,760
Toshiba Corp.		19,300		769,487


				2,327,247

Insurance — 5.0%
Dai-ichi Life Holdings Inc.		49,000		1,017,639
Japan Post Holdings Co. Ltd.		119,100		984,445
Japan Post Insurance Co. Ltd.		10,500		179,327
MS&AD Insurance Group Holdings Inc.		21,000		710,571
Sompo Holdings Inc.		15,400		668,638
T&D Holdings Inc.		24,600		357,277
Tokio Marine Holdings Inc.		15,200		864,896


				4,782,793

Interactive Media & Services — 0.3%
Z Holdings Corp.		66,500		325,507


Internet & Direct Marketing Retail — 0.1%
Rakuten Group Inc.		14,000		119,009


Machinery — 2.3%
Hino Motors Ltd.		14,000		131,555
Hitachi Construction Machinery Co. Ltd.		7,000		171,301
Hoshizaki Corp.		1,000		69,721
Kubota Corp.		31,500		565,163
Mitsubishi Heavy Industries Ltd.		17,500		516,120
NGK Insulators Ltd.		14,000		217,418
Toyota Industries Corp.		7,000		532,428


				2,203,706

Marine — 1.2%
Mitsui OSK Lines Ltd.		5,500		446,832
Nippon Yusen KK		7,000		655,837


				1,102,669

Media — 0.5%
Dentsu Group Inc.		10,500		418,952
Hakuhodo DY Holdings Inc.		7,000		93,019


				511,971

Metals & Mining — 1.9%
Hitachi Metals Ltd.^(a)		3,700		65,954
JFE Holdings Inc.		24,500		364,745
Nippon Steel Corp.		42,000		768,977
Sumitomo Metal Mining Co. Ltd.		11,900		593,601


				1,793,277

Multiline Retail — 0.2%
Ryohin Keikaku Co. Ltd.		14,000		206,187


Oil, Gas & Consumable Fuels — 1.5%
ENEOS Holdings Inc.		150,500		595,949
Idemitsu Kosan Co. Ltd.		10,592		283,935


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Inpex Corp.		49,000	$	505,068


				1,384,952

Paper & Forest Products — 0.2%
Oji Holdings Corp.		38,500		196,702


Personal Products — 0.5%
Kao Corp.		8,000		373,975
Pola Orbis Holdings Inc.		3,500		55,135


				429,110

Pharmaceuticals — 5.8%
Astellas Pharma Inc.		91,000		1,518,264
Otsuka Holdings Co. Ltd.		18,600		641,220
Santen Pharmaceutical Co. Ltd.		17,500		199,449
Shionogi & Co. Ltd.		8,200		545,237
Sumitomo Dainippon Pharma Co. Ltd.		10,500		115,234
Taisho Pharmaceutical Holdings Co. Ltd.		1,900		94,317
Takeda Pharmaceutical Co. Ltd.		77,000		2,347,753


				5,461,474

Real Estate Management & Development — 4.0%
Daito Trust Construction Co. Ltd.		3,500		387,239
Daiwa House Industry Co. Ltd.		28,000		794,088
Hulic Co. Ltd.		10,500		95,656
Mitsubishi Estate Co. Ltd.		59,500		908,462
Mitsui Fudosan Co. Ltd.		45,500		1,012,650
Nomura Real Estate Holdings Inc.		7,000		174,290
Sumitomo Realty & Development Co. Ltd.		14,000		411,857


				3,784,242

Road & Rail — 3.6%
Central Japan Railway Co.		7,000		945,814
East Japan Railway Co		14,800		879,249
Hankyu Hanshin Holdings Inc.		10,500		314,129
Keio Corp.		3,500		143,210
Keisei Electric Railway Co. Ltd.		3,500		98,020
Kintetsu Group Holdings Co. Ltd.^(a)		3,500		105,148
Nippon Express Holdings Inc.		3,500		212,169
Odakyu Electric Railway Co. Ltd.		7,200		118,789
Tokyu Corp.		10,500		140,032
West Japan Railway Co.		10,700		461,640


				3,418,200

Semiconductors & Semiconductor Equipment — 0.1%
Rohm Co. Ltd.		1,100		87,729


Software — 0.2%
Trend Micro Inc/Japan		3,500		195,533


Specialty Retail — 0.2%
USS Co. Ltd.		10,500		174,427


Technology Hardware, Storage & Peripherals — 2.5%
Brother Industries Ltd.		10,500		191,109
Canon Inc.		49,000		1,153,114
FUJIFILM Holdings Corp.		11,400		724,631
Ricoh Co. Ltd.		10,500		89,574
Seiko Epson Corp.		14,000		215,326


				2,373,754

Tobacco — 1.2%
Japan Tobacco Inc.		59,500		1,094,274


Trading Companies & Distributors — 6.8%
ITOCHU Corp.		28,000		912,481


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Japan Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Trading Companies & Distributors (continued)
Marubeni Corp.		77,000	$	808,241
Mitsubishi Corp.		63,000		2,118,292
Mitsui & Co. Ltd.		49,000		1,221,702
Sumitomo Corp.		56,000		913,674
Toyota Tsusho Corp.		10,500		435,907


				6,410,297

Wireless Telecommunication Services — 7.4%
KDDI Corp.		80,500		2,619,570
SoftBank Corp.		140,100		1,770,077
SoftBank Group Corp.		59,500		2,670,121


				7,059,768


Total Common Stocks — 99.7% (Cost: $94,617,391)				94,617,624


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(b)(c)		20,000		20,000


Total Short-Term Investments — 0.0% (Cost: $20,000)				20,000


Total Investments in Securities — 99.7% (Cost: $94,637,391)				94,637,624

Other Assets, Less Liabilities — 0.3%				296,664


Net Assets — 100.0%			$	94,934,288

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates

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



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

BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	20,000	^(a)	$	—	$	—	$	—	$	20,000		20,000	$	2	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Mini TOPIX Index		20		03/10/22	$	329	$	(11,652	)


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 Japan Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	11,652

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(1,961	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(13,085	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	456,718

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	—	$	94,617,624		$	—	$	94,617,624
Money Market Funds		20,000		—			—		20,000


	$	20,000	$	94,617,624		$	—	$	94,637,624

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(11,652	)	$	—	$	(11,652	)

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

February 28, 2022


	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Equal Weighted ETF			iShares MSCI Japan Value ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	9,356,091		$	7,109,843		$	94,617,624
Affiliated^(b)		10,000			—			20,000
Cash		5,356			866			7,247
Foreign currency, at value^(c)		151,399			5,673			178,391
Foreign currency collateral pledged:
Futures contracts^(d)		—			796			14,280
Receivables:
Investments sold		322,499			390,879			526,906
Variation margin on futures contracts		—			320			6,096
Dividends		621			15,857			186,346
Tax reclaims		—			743			171

Total assets		9,845,966			7,524,977			95,557,061


LIABILITIES
Payables:
Investments purchased		485,023			402,171			612,258
Investment advisory fees		4,367			826			10,515

Total liabilities		489,390			402,997			622,773


NET ASSETS	$	9,356,576		$	7,121,980		$	94,934,288


NET ASSETS CONSIST OF:
Paid-in capital	$	9,892,974		$	7,211,200		$	96,403,304
Accumulated loss		(536,398	)		(89,220	)		(1,469,016	)

NET ASSETS	$	9,356,576		$	7,121,980		$	94,934,288


Shares outstanding		400,000			200,000			3,500,000

Net asset value	$	23.39		$	35.61		$	27.12

Shares authorized		Unlimited			Unlimited			Unlimited

Par value		None			None			None


^(a)Investments, at cost — Unaffiliated	$	9,860,046		$	6,915,422		$	94,617,391
^(b)Investments, at cost — Affiliated	$	10,000		$	—		$	20,000
^(c)Foreign currency, at cost	$	151,559		$	5,675		$	177,804
^(d)Foreign currency collateral pledged, at cost	$	—		$	798		$	14,244

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022


		iShares MSCI China Multisector Tech ETF	^(a)		iShares MSCI Japan Equal Weighted ETF			iShares MSCI Japan Value ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	620		$	81,545		$	808,982
Dividends — Affiliated		—			—			2
Foreign taxes withheld		—			(8,143	)		(80,790	)


Total investment income		620			73,402			728,194


EXPENSES
Investment advisory fees		5,298			5,700			54,467


Total expenses		5,298			5,700			54,467


Net investment income (loss)		(4,678	)		67,702			673,727


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(27,592	)		(16,413	)		(362,164	)
Futures contracts		—			82			(1,961	)
Foreign currency transactions		7			(1,025	)		(16,551	)


Net realized loss		(27,585	)		(17,356	)		(380,676	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(503,955	)		(690,458	)		(1,628,292	)
Futures contracts		—			(953	)		(13,085	)
Foreign currency translations		(180	)		15			760


Net change in unrealized appreciation (depreciation)		(504,135	)		(691,396	)		(1,640,617	)


Net realized and unrealized loss		(531,720	)		(708,752	)		(2,021,293	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(536,398	)	$	(641,050	)	$	(1,347,566	)

^(a) For the period from January 25, 2022 (commencement of operations) to February 28, 2022.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		21

Statements of Changes in Net Assets


	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Equal Weighted ETF

	Period From 01/25/22^(a) to 02/28/22 (unaudited)			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(4,678	)	$	67,702		$	134,256
Net realized loss		(27,585	)		(17,356	)		(163,375	)
Net change in unrealized appreciation (depreciation)		(504,135	)		(691,396	)		1,181,460


Net increase (decrease) in net assets resulting from operations		(536,398	)		(641,050	)		1,152,341


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		—			(131,155	)		(116,528	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		9,892,974			—			—


NET ASSETS
Total increase (decrease) in net assets		9,356,576			(772,205	)		1,035,813
Beginning of period		—			7,894,185			6,858,372

End of period	$	9,356,576		$	7,121,980		$	7,894,185

^(a)	Commencement of operations.

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares MSCI Japan Value ETF

	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	673,727		$	607,492
Net realized loss		(380,676	)		(111,985	)
Net change in unrealized appreciation (depreciation)		(1,640,617	)		1,980,603


Net increase (decrease) in net assets resulting from operations		(1,347,566	)		2,476,110


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,096,497	)		(537,816	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		53,017,656			35,457,668


NET ASSETS
Total increase in net assets		50,573,593			37,395,962
Beginning of period		44,360,695			6,964,733

End of period	$	94,934,288		$	44,360,695

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		23

Financial Highlights

(For a share outstanding throughout the period)


	iShares MSCI China Multisector Tech ETF

		Period From 01/25/22 to 02/28/22 (unaudited)	^(a)


Net asset value, beginning of period	$	24.81

Net investment loss^(b)		(0.01	)
Net realized and unrealized loss^(c)		(1.41	)

Net decrease from investment operations		(1.42	)


Net asset value, end of period	$	23.39


Total Return^(d)
Based on net asset value		(5.71	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.59	%^(g)

Net investment loss		(0.52	)%^(g)


Supplemental Data
Net assets, end of period (000)	$	9,357

Portfolio turnover rate^(h)		5	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


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