iShares Trust


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Currency Hedged MSCI Canada ETF | HEWC | NYSE Arca

iShares Currency Hedged MSCI Eurozone ETF | HEZU | NYSE Arca

iShares Currency Hedged MSCI Germany ETF | HEWG | NASDAQ

iShares Currency Hedged MSCI Japan ETF | HEWJ | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

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		8

Shareholder Expenses		8

Schedules of Investments		9

Financial Statements		23

Statements of Assets and Liabilities		23

Statements of Operations		24

Statements of Changes in Net Assets		25

Financial Highlights		27

Notes to Financial Statements		31

Statement Regarding Liquidity Risk Management Program		37

Supplemental Information		38

General Information		39

Glossary of Terms Used in this Report		40


Fund Summary as of February 28, 2022		iShares^® Currency Hedged MSCI Canada ETF

Investment Objective

The iShares Currency Hedged MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Canadian equities while mitigating exposure to fluctuations between the value of the Canadian dollar and the U.S. dollar, as represented by the MSCI Canada 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Canada ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		4.37	%		20.95	%		9.80	%		8.95	%		20.95	%		59.59	%		77.17	%
Fund Market		4.21			20.91			9.81			8.96			20.91			59.67			77.25
Index		4.28			20.37			9.77			8.96			20.37			59.39			77.26

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example


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

^(a)

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

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


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

ALLOCATION BY SECTOR (of the UNDERLYING FUND)


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

^(a)

Excludes money market funds.


4		2 0 2 2 I 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^® Currency Hedged MSCI Eurozone ETF

Investment Objective

The iShares Currency Hedged MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries which use the euro as their official currency while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI EMU 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Eurozone ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(7.16	)%		8.95	%		8.01	%		7.22	%		8.95	%		46.98	%		70.38	%
Fund Market		(7.15	)		8.96			8.01			7.22			8.96			47.00			70.33
Index		(6.02	)		10.31			8.33			7.62			10.31			49.19			75.28

The inception date of the Fund was 7/9/14. The first day of secondary market trading was 7/10/14.

Expense Example


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

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



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

^(a)

Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)



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

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® Currency Hedged MSCI Germany ETF

Investment Objective

The iShares Currency Hedged MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization German equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Germany 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Germany ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(11.09	)%		1.05	%		4.45	%		5.67	%		1.05	%		24.32	%		56.11	%
Fund Market		(11.03	)		1.37			4.45			5.67			1.37			24.33			56.11
Index		(9.71	)		2.81			5.11			6.17			2.81			28.32			62.24

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

Expense Example


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

(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



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

^(a) Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)



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

⁽^a)

Excludes money market funds.


6		2 0 2 2 I 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^® Currency Hedged MSCI Japan ETF

Investment Objective

The iShares Currency Hedged MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the MSCI Japan 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Japan ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.46	)%		1.69	%		7.67	%		7.97	%		1.69	%		44.69	%		85.81	%
Fund Market		(2.40	)		1.78			7.67			7.97			1.78			44.72			85.78
Index		(2.77	)		2.87			8.14			8.15			2.87			47.90			88.33

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

Expense Example


Actual							Hypothetical 5% Return

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

	$ 1,000.00	$	975.40	$	0.00		$	1,000.00	$	1,024.80	$	0.00		0.00	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



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

ALLOCATION BY SECTOR (of the UNDERLYING FUND)



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

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


8		2 0 2 2 I 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^® Currency Hedged MSCI Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 100.0%
iShares MSCI Canada ETF^(a)		528,168	$	20,186,581


Total Investment Companies — 100.0% (Cost: $18,070,279)				20,186,581


Total Investments in Securities — 100.0% (Cost: $18,070,279)				20,186,581

Other Assets, Less Liabilities — (0.0)%				(3,632	)


Net Assets — 100.0%			$	20,182,949

^(a)	Affiliate of the Fund.

Affiliates

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



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

BlackRock Cash Funds: Treasury, SL Agency Shares^(a)	$	420,000	$	—	$	(420,000	)^(b)	$	—	$	—		$	—		—	$	1	$	—
iShares MSCI Canada ETF		16,587,362		6,527,545		(3,446,556	)		623,096		(104,866	)		20,186,581		528,168		232,839		—


								$	623,096	$	(104,866	)	$	20,186,581			$	232,840	$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty		Settlement Date	Unrealized Appreciation (Depreciation)

CAD	26,323,000	USD	20,751,696		MS	03/02/22	$	16,024
USD	1,676,601	CAD	2,124,000		MS	03/02/22		856

								16,880

USD	19,027,515	CAD	24,199,000		MS	03/02/22		(64,460	)
USD	20,241,720	CAD	25,670,000		MS	04/04/22		(13,732	)

							(78,192)

	Net unrealized depreciation						$	(61,312	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Foreign Currency Exchange Contracts

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® Currency Hedged MSCI Canada ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)



	Foreign Currency Exchange Contracts

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	78,192

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



	Foreign Currency Exchange Contracts


Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	220,101


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(204,288	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	16,880	$	78,192

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

Total derivative assets and liabilities subject to an MNA		16,880		78,192

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets

Morgan Stanley & Co. International PLC	$	16,880	$	(16,880	)	$	—	$	—	$	—



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(b)(c)

Morgan Stanley & Co. International PLC	$	78,192	$	(16,880	)	$	—	$	—	$	61,312

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default.

^(c)

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


10		2 0 2 2 I 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^® Currency Hedged MSCI Canada ETF

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	20,186,581	$	—		$	—	$	20,186,581

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	16,880		$	—	$	16,880
Liabilities
Forward Foreign Currency Exchange Contracts		—		(78,192	)		—		(78,192	)


	$	—	$	(61,312	)	$	—	$	(61,312	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® Currency Hedged MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 99.8%
iShares MSCI Eurozone ETF^(a)		11,132,204	$	488,481,112


Total Investment Companies — 99.8% (Cost: $538,979,455)				488,481,112


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(a)(b)		220,000		220,000


Total Short-Term Investments — 0.0% (Cost: $220,000)				220,000


Total Investments in Securities — 99.8% (Cost: $539,199,455)				488,701,112

Other Assets, Less Liabilities — 0.2%				882,449


Net Assets — 100.0%			$	489,583,561

^(a)

Affiliate of the Fund.

^(b)

Annualized 7-day yield as of period end.

Affiliates



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

BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,160,000	$	—	$	(940,000	)^(a)	$	—	$	—		$	220,000		220,000	$	16	$	—
iShares MSCI Eurozone ETF		744,520,226		196,456,630		(368,504,276	)		32,929,129		(116,920,597	)		488,481,112		11,132,204		8,509,478		—


								$	32,929,129	$	(116,920,597	)	$	488,701,112			$	8,509,494	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

USD	1,848,021	EUR	1,639,000	BB	03/03/22	$	10,224
USD	82,685	EUR	73,000	BNP	03/03/22		831
USD	140,017	EUR	123,000	BOA	03/03/22		2,098
USD	1,788,748	EUR	1,579,000	DBS	03/03/22		18,228
USD	12,714,755	EUR	11,224,000	JPM	03/03/22		129,381
USD	54,286,676	EUR	48,335,734	MS	03/03/22		88,233
USD	479,823,581	EUR	427,793,611	SSB	03/03/22		142,282
USD	3,658,572	EUR	3,201,000	UBS	03/03/22		69,319
USD	50,668,334	EUR	45,051,734	MS	04/05/22		83,127
USD	475,261,181	EUR	422,521,611	SSB	04/05/22		843,419

							1,387,142

EUR	11,025,000	USD	12,525,035	BB	03/03/22		(162,797	)


12		2 0 2 2 I 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^® Currency Hedged MSCI Eurozone ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

EUR	109,000	USD	123,653	BNP	03/03/22	$	(1,433	)
EUR	50,000	USD	57,219	BSCH	03/03/22		(1,155	)
EUR	9,239,000	USD	10,363,029	CITI	03/03/22		(3,417	)
EUR	59,000	USD	67,422	JPM	03/03/22		(1,266	)
EUR	45,051,734	USD	50,603,955	MS	03/03/22		(87,833	)
EUR	422,521,611	USD	474,576,274	SSB	03/03/22		(806,422	)
EUR	5,913,000	USD	6,714,731	UBS	03/03/22		(84,535	)
EUR	3,118,000	USD	3,501,940	JPM	04/05/22		(972	)
EUR	19,566,000	USD	22,006,956	MS	04/05/22		(37,765	)
USD	2,798,758	EUR	2,494,000	MS	04/05/22		(1,567	)

							(1,189,162	)

	Net unrealized appreciation					$	197,980

Derivative Financial Instruments Categorized by Risk Exposure

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



	Foreign Currency Exchange Contracts

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,387,142


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	1,189,162

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



	Foreign Currency Exchange Contracts


Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	41,297,276


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(3,293,072	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	681,529,290
Average amounts sold — in USD	$	1,341,522,324

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® Currency Hedged MSCI Eurozone ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	1,387,142	$	1,189,162

Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,387,142		1,189,162
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		1,387,142		1,189,162



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)

Bank of America N.A.	$	2,098	$	—		$	—	$	—	$	2,098
Barclays Bank PLC		10,224		(10,224	)		—		—		—
BNP Paribas SA		831		(831	)		—		—		—
Deutsche Bank Securities Inc.		18,228		—			—		—		18,228
JPMorgan Chase Bank N.A.		129,381		(2,238	)		—		—		127,143
Morgan Stanley & Co. International PLC		171,360		(127,165	)		—		—		44,195
State Street Bank and Trust Co.		985,701		(806,422	)		—		—		179,279
UBS AG		69,319		(69,319	)		—		—		—

	$	1,387,142	$	(1,016,199	)	$	—	$	—	$	370,943



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(c)(d)

Banco Santander Central Hispano	$	1,155	$	—		$	—	$	—	$	1,155
Barclays Bank PLC		162,797		(10,224	)		—		—		152,573
BNP Paribas SA		1,433		(831	)		—		—		602
Citibank N.A.		3,417		—			—		—		3,417
JPMorgan Chase Bank N.A.		2,238		(2,238	)		—		—		—
Morgan Stanley & Co. International PLC		127,165		(127,165	)		—		—		—
State Street Bank and Trust Co.		806,422		(806,422	)		—		—		—
UBS AG		84,535		(69,319	)		—		—		15,216

	$	1,189,162	$	(1,016,199	)	$	—	$	—	$	172,963

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)

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

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End


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^® Currency Hedged MSCI Eurozone ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	488,481,112	$	—		$	—	$	488,481,112
Money Market Funds		220,000		—			—		220,000

	$	488,701,112	$	—		$	—	$	488,701,112

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,387,142		$	—	$	1,387,142
Liabilities
Forward Foreign Currency Exchange Contracts		—		(1,189,162	)		—		(1,189,162	)


	$	—	$	197,980		$	—	$	197,980

^(a)

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® Currency Hedged MSCI Germany ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 99.8%
iShares MSCI Germany ETF^(a)		1,715,876	$	49,897,674


Total Investment Companies — 99.8% (Cost: $60,394,563)				49,897,674


Short-Term Investments

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


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


Total Investments in Securities — 99.8% (Cost: $60,414,563)				49,917,674

Other Assets, Less Liabilities — 0.2%				89,777


Net Assets — 100.0%			$	50,007,451

^(a)

Affiliate of the Fund.

^(b)

Annualized 7-day yield as of period end.

Affiliates



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

BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000	$	—	$	(10,000	)^(a)	$	—		$	—		$	20,000		20,000	$	2	$	—
iShares MSCI Germany ETF		63,381,021		112,060,033		(115,259,432	)		(268,822	)		(10,015,126	)		49,897,674		1,715,876		556,163		—


								$	(268,822	)	$	(10,015,126	)	$	49,917,674			$	556,165	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

USD	1,630,846	EUR	1,442,000	BNP	03/03/22	$	13,944
USD	114,172	EUR	100,000	CBA	03/03/22		2,043
USD	3,141,755	EUR	2,765,000	JPM	03/03/22		41,384
USD	9,121,824	EUR	8,107,400	MS	03/03/22		31,066
USD	50,544,666	EUR	45,062,600	SSB	03/03/22		16,359
USD	1,588,172	EUR	1,402,000	UBS	03/03/22		16,121
USD	5,942,111	EUR	5,283,400	MS	04/05/22		9,779
USD	48,621,063	EUR	43,225,600	SSB	04/05/22		86,286

							216,982

EUR	42,000	USD	47,876	BNP	03/03/22		(781	)
EUR	2,882,000	USD	3,296,430	CBA	03/03/22		(64,868	)
EUR	176,000	USD	197,412	CITI	03/03/22		(66	)


16		2 0 2 2 I 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^® Currency Hedged MSCI Germany ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

EUR	1,376,000	USD	1,559,029	JPM	03/03/22	$	(16,132	)
EUR	5,283,400	USD	5,934,530	MS	03/03/22		(10,299	)
EUR	43,225,600	USD	48,550,994	SSB	03/03/22		(82,500	)
EUR	5,894,000	USD	6,719,796	UBS	03/03/22		(110,905	)
EUR	2,797,000	USD	3,145,940	MS	04/05/22		(5,399	)
USD	153,741	EUR	137,000	MS	04/05/22		(86	)

							(291,036	)

	Net unrealized depreciation					$	(74,054	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Foreign Currency Exchange Contracts

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	216,982


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	291,036

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



	Foreign Currency Exchange Contracts


Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	3,824,055


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(348,252	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	73,441,134
Average amounts sold — in USD	$	133,393,160

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	216,982	$	291,036

Total derivative assets and liabilities in the Statement of Assets and Liabilities		216,982		291,036
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		216,982		291,036


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^® Currency Hedged MSCI Germany ETF



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)

BNP Paribas SA	$	13,944	$	(781	)	$	—	$	—	$	13,163
Commonwealth Bank of Australia		2,043		(2,043	)		—		—		—
JPMorgan Chase Bank N.A.		41,384		(16,132	)		—		—		25,252
Morgan Stanley & Co. International PLC		40,845		(15,784	)		—		—		25,061
State Street Bank and Trust Co.		102,645		(82,500	)		—		—		20,145
UBS AG		16,121		(16,121	)		—		—		—

	$	216,982	$	(133,361	)	$	—	$	—	$	83,621



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(c)(d)

BNP Paribas SA	$	781	$	(781	)	$	—	$	—	$	—
Citibank N.A.		66		—			—		—		66
Commonwealth Bank of Australia		64,868		(2,043	)		—		—		62,825
JPMorgan Chase Bank N.A.		16,132		(16,132	)		—		—		—
Morgan Stanley & Co. International PLC		15,784		(15,784	)		—		—		—
State Street Bank and Trust Co.		82,500		(82,500	)		—		—		—
UBS AG		110,905		(16,121	)		—		—		94,784

	$	291,036	$	(133,361	)	$	—	$	—	$	157,675

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)

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

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	49,897,674	$	—		$	—	$	49,897,674
Money Market Funds		20,000		—			—		20,000

	$	49,917,674	$	—		$	—	$	49,917,674

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	216,982		$	—	$	216,982
Liabilities
Forward Foreign Currency Exchange Contracts		—		(291,036	)		—		(291,036	)


	$	—	$	(74,054	)	$	—	$	(74,054	)

^(a)

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® Currency Hedged MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 100.1%
iShares MSCI Japan ETF^(a)		8,232,037	$	518,124,409


Total Investment Companies — 100.1% (Cost: $565,842,661)				518,124,409


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(a)(b)		290,000		290,000


Total Short-Term Investments — 0.1% (Cost: $290,000)				290,000


Total Investments in Securities — 100.2% (Cost: $566,132,661)				518,414,409

Other Assets, Less Liabilities — (0.2)%				(997,902	)


Net Assets — 100.0%			$	517,416,507

^(a)

Affiliate of the Fund.

^(b)

Annualized 7-day yield as of period end.

Affiliates



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

BlackRock Cash Funds: Treasury, SL Agency Shares	$	210,000	$	80,000	^(a)	$	—		$	—		$	—		$	290,000		290,000	$	24	$	—
iShares MSCI Japan ETF		534,387,175		384,819,377			(336,345,935	)		(6,140,304	)		(58,595,904	)		518,124,409		8,232,037		9,920,083		—


									$	(6,140,304	)	$	(58,595,904	)	$	518,414,409			$	9,920,107	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

JPY	54,519,500,800	USD	473,385,014	BNP	03/03/22	$	849,887
JPY	216,292,000	USD	1,878,068	BNY	03/03/22		3,336
JPY	5,257,640,000	USD	45,639,723	BOA	03/03/22		93,571
JPY	449,223,000	USD	3,871,677	BSCH	03/03/22		35,864
JPY	281,195,000	USD	2,445,905	JPM	03/03/22		55
JPY	6,675,092,200	USD	57,957,218	MS	03/03/22		105,707
USD	3,790,465	JPY	433,766,000	ANZ	03/03/22		17,375
JPY	192,112,000	USD	1,669,334	RBS	04/05/22		3,013
USD	10,029,078	JPY	1,151,619,000	BOA	04/05/22		4,158

							1,112,966

JPY	4,384,000	USD	38,179	CBA	03/03/22		(45	)
JPY	657,098,000	USD	5,717,873	UBS	03/03/22		(2,142	)


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^® Currency Hedged MSCI Japan ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

USD	521,491,578	JPY	60,075,829,800	BOA	03/03/22	$	(1,074,747	)
USD	1,859,778	JPY	214,056,000	CITI	03/03/22		(2,176	)
USD	3,801,439	JPY	439,260,000	JPM	03/03/22		(19,440	)
USD	59,869,521	JPY	6,897,513,200	MS	03/03/22		(128,121	)
JPY	654,075,000	USD	5,695,798	HSBC	04/05/22		(2,031	)
USD	464,374,847	JPY	53,445,661,800	BNP	04/05/22		(873,221	)
USD	57,997,003	JPY	6,675,092,200	MS	04/05/22		(110,122	)

							(2,212,045	)

	Net unrealized depreciation					$	(1,099,079	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Foreign Currency Exchange Contracts

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,112,966


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	2,212,045

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



	Foreign Currency Exchange Contracts


Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	31,043,874


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(2,517,472	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	595,649,675
Average amounts sold — in USD	$	1,141,269,536

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	1,112,966	$	2,212,045

Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,112,966		2,212,045
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		1,112,966		2,212,045


20		2 0 2 2 I 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^® Currency Hedged MSCI Japan ETF



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)

Australia and New Zealand Bank Group	$	17,375	$	—		$	—	$	—	$	17,375
Banco Santander Central Hispano		35,864		—			—		—		35,864
Bank of America N.A.		97,729		(97,729	)		—		—		—
Bank of New York		3,336		—			—		—		3,336
BNP Paribas SA		849,887		(849,887	)		—		—		—
JPMorgan Chase Bank N.A.		55		(55	)		—		—		—
Morgan Stanley & Co. International PLC		105,707		(105,707	)		—		—		—
Royal Bank of Scotland PLC		3,013		—			—		—		3,013

	$	1,112,966	$	(1,053,378	)	$	—	$	—	$	59,588



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(c)(d)

Bank of America N.A.	$	1,074,747	$	(97,729	)	$	—	$	—	$	977,018
BNP Paribas SA		873,221		(849,887	)		—		—		23,334
Citibank N.A.		2,176		—			—		—		2,176
Commonwealth Bank of Australia		45		—			—		—		45
HSBC Bank PLC		2,031		—			—		—		2,031
JPMorgan Chase Bank N.A.		19,440		(55	)		—		—		19,385
Morgan Stanley & Co. International PLC		238,243		(105,707	)		—		—		132,536
UBS AG		2,142		—			—		—		2,142

	$	2,212,045	$	(1,053,378	)	$	—	$	—	$	1,158,667

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)

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

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® Currency Hedged MSCI Japan ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	518,124,409	$	—		$	—	$	518,124,409
Money Market Funds		290,000		—			—		290,000

	$	518,414,409	$	—		$	—	$	518,414,409

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,112,966		$	—	$	1,112,966
Liabilities
Forward Foreign Currency Exchange Contracts		—		(2,212,045	)		—		(2,212,045	)


	$	—	$	(1,099,079	)	$	—	$	(1,099,079	)

^(a)

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 Assets and Liabilities (unaudited)

February 28, 2022


	iShares Currency Hedged MSCI Canada ETF		iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF

ASSETS
Investments in securities, at value:
Affiliated^(a)	$	20,186,581	$	488,701,112		$	49,917,674		$	518,414,409
Cash		10,226		7,684			7,304			427
Receivables:
Investments sold		47,917		691,771			157,686			94,083
Capital shares sold		—		—			—			8,392
Dividends		—		—			1			8
Unrealized appreciation on:
Forward foreign currency exchange contracts		16,880		1,387,142			216,982			1,112,966

Total assets		20,261,604		490,787,709			50,299,647			519,630,285


LIABILITIES
Payables:
Capital shares redeemed		—		3,009			—			—
Investment advisory fees		463		11,977			1,160			1,733
Unrealized depreciation on:
Forward foreign currency exchange contracts		78,192		1,189,162			291,036			2,212,045

Total liabilities		78,655		1,204,148			292,196			2,213,778


NET ASSETS	$	20,182,949	$	489,583,561		$	50,007,451		$	517,416,507


NET ASSETS CONSIST OF:
Paid-in capital	$	17,917,235	$	503,843,148		$	100,925,580		$	595,638,115
Accumulated earnings (loss)		2,265,714		(14,259,587	)		(50,918,129	)		(78,221,608	)

NET ASSETS	$	20,182,949	$	489,583,561		$	50,007,451		$	517,416,507


Shares outstanding		610,000		14,300,000			1,700,000			13,900,000

Net asset value	$	33.09	$	34.24		$	29.42		$	37.22

Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited

Par value		None		None			None			None


^(a) Investments, at cost — Affiliated	$	18,070,279	$	539,199,455		$	60,414,563		$	566,132,661

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022


	iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF

INVESTMENT INCOME
Dividends — Affiliated	$	232,840		$	8,509,494		$	556,165		$	9,920,107

Total investment income		232,840			8,509,494			556,165			9,920,107


EXPENSES
Investment advisory fees		55,226			2,002,081			160,642			1,640,256
Commitment fees		—			2,983			305			3,286
Professional fees		217			217			217			217

Total expenses		55,443			2,005,281			161,164			1,643,759

Less:
Investment advisory fees waived		(52,773	)		(1,908,407	)		(149,971	)		(1,634,275	)

Total expenses after fees waived		2,670			96,874			11,193			9,484

Net investment income		230,170			8,412,620			544,972			9,910,623


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(980	)		(721,707	)		(160,265	)		(1,190,024	)
In-kind redemptions — Affiliated		624,076			33,650,836			(108,557	)		(4,950,280	)
Forward foreign currency exchange contracts		220,101			41,297,276			3,824,055			31,043,874

Net realized gain		843,197			74,226,405			3,555,233			24,903,570

Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(104,866	)		(116,920,597	)		(10,015,126	)		(58,595,904	)
Forward foreign currency exchange contracts		(204,288	)		(3,293,072	)		(348,252	)		(2,517,472	)

Net change in unrealized appreciation (depreciation)		(309,154	)		(120,213,669	)		(10,363,378	)		(61,113,376	)

Net realized and unrealized gain (loss)		534,043			(45,987,264	)		(6,808,145	)		(36,209,806	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	764,213		$	(37,574,644	)	$	(6,263,173	)	$	(26,299,183	)

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares Currency Hedged MSCI Canada ETF								iShares Currency Hedged MSCI Eurozone ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	230,170			$	216,856			$	8,412,620			$	15,085,514
Net realized gain (loss)			843,197				(97,038	)			74,226,405				33,361,588
Net change in unrealized appreciation (depreciation)			(309,154	)			2,839,398				(120,213,669	)			125,904,966

Net increase (decrease) in net assets resulting from operations			764,213				2,959,216				(37,574,644	)			174,352,068


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(461,090	)			(217,525	)			(7,003,856	)			(15,122,753	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			3,310,143				2,272,139				(210,507,858	)			15,471,012


NET ASSETS
Total increase (decrease) in net assets			3,613,266				5,013,830				(255,086,358	)			174,700,327
Beginning of period			16,569,683				11,555,853				744,669,919				569,969,592

End of period		$	20,182,949			$	16,569,683			$	489,583,561			$	744,669,919

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		25

Statements of Changes in Net Assets (continued)


	iShares Currency Hedged MSCI Germany ETF								iShares Currency Hedged MSCI Japan ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	544,972			$	1,850,036			$	9,910,623			$	5,002,260
Net realized gain			3,555,233				6,348,167				24,903,570				46,915,341
Net change in unrealized appreciation (depreciation)			(10,363,378	)			5,384,005				(61,113,376	)			20,601,765

Net increase (decrease) in net assets resulting from operations			(6,263,173	)			13,582,208				(26,299,183	)			72,519,366


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(546,227	)			(1,854,347	)			(9,917,510	)			(5,002,254	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(6,577,521	)			(24,290,125	)			18,234,792				220,624,947


NET ASSETS
Total increase (decrease) in net assets			(13,386,921	)			(12,562,264	)			(17,981,901	)			288,142,059
Beginning of period			63,394,372				75,956,636				535,398,408				247,256,349

End of period		$	50,007,451			$	63,394,372			$	517,416,507			$	535,398,408

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI Canada ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	32.49		$	25.68		$	26.41		$	26.79		$	24.70		$	23.54

Net investment income^(a)			0.42			0.53			0.71			0.59			0.56			0.24
Net realized and unrealized gain^(b)			1.00			6.80			0.30			0.30			2.10			1.38


Net increase from investment operations			1.42			7.33			1.01			0.89			2.66			1.62


Distributions^(c)
From net investment income			(0.82	)		(0.52	)		(1.37	)		(0.64	)		(0.57	)		(0.46	)
From net realized gain			—			—			(0.37	)		(0.63	)		—			—


Total distributions			(0.82	)		(0.52	)		(1.74	)		(1.27	)		(0.57	)		(0.46	)


Net asset value, end of period		$	33.09		$	32.49		$	25.68		$	26.41		$	26.79		$	24.70


Total Return^(d)
Based on net asset value			4.37	%^(e)		28.81	%		4.08	%		3.84	%		10.82	%		6.86	%


Ratios to Average Net Assets^(f)
Total expenses			0.62	%^(g)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%


Total expenses after fees waived			0.03	%^(g)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%


Net investment income			2.58	%^(g)		1.84	%		2.75	%		2.31	%		2.12	%		0.98	%


Supplemental Data
Net assets, end of period (000)		$	20,183		$	16,570		$	11,556		$	38,290		$	5,357		$	2,470


Portfolio turnover rate^(h)			5	%^(e)		10	%		15	%		12	%		10	%		8	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		27

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI Eurozone ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	37.33		$	28.36		$	29.86		$	29.76		$	28.83		$	24.73

Net investment income^(a)			0.48			0.83			0.35			0.76			0.79			0.64
Net realized and unrealized gain (loss)^(b)			(3.11	)		9.00			(0.64	)		0.24			1.03			4.07


Net increase (decrease) from investment operations			(2.63	)		9.83			(0.29	)		1.00			1.82			4.71


Distributions^(c)
From net investment income			(0.46	)		(0.86	)		(0.38	)		(0.90	)		(0.89	)		(0.61	)
From net realized gain			—			—			(0.83	)		(0.00	)^(d)		—			—
Return of capital			—			—			(0.00	)^(d)		—			—			(0.00	)^(d)


Total distributions			(0.46	)		(0.86	)		(1.21	)		(0.90	)		(0.89	)		(0.61	)


Net asset value, end of period		$	34.24		$	37.33		$	28.36		$	29.86		$	29.76		$	28.83


Total Return^(e)
Based on net asset value			(7.16	)%^(f)		35.04	%		(1.21	)%		3.41	%		6.36	%		19.13	%


Ratios to Average Net Assets^(g)
Total expenses			0.62	%^(h)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%


Total expenses after fees waived			0.03	%^(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%


Net investment income			2.61	%^(h)		2.52	%		1.18	%		2.63	%		2.61	%		2.32	%


Supplemental Data
Net assets, end of period (000)		$	489,584		$	744,670		$	569,970		$	868,987		$	1,660,448		$	1,791,673


Portfolio turnover rate⁽ⁱ⁾			2	%^(f)		14	%		10	%		5	%		11	%		9	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Rounds to less than $0.01.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


28		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI Germany ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	33.37		$	28.13		$	26.21		$	27.64		$	26.82		$	24.03

Net investment income^(a)			0.29			0.85			0.21			0.55			0.53			0.74
Net realized and unrealized gain (loss)^(b)			(3.96	)		5.31			2.06			(1.25	)		1.02			2.62


Net increase (decrease) from investment operations			(3.67	)		6.16			2.27			(0.70	)		1.55			3.36


Distributions^(c)
From net investment income			(0.28	)		(0.92	)		(0.35	)		(0.73	)		(0.73	)		(0.57	)
Return of capital			—			—			(0.00	)^(d)		(0.00	)^(d)		—			—


Total distributions			(0.28	)		(0.92	)		(0.35	)		(0.73	)		(0.73	)		(0.57	)


Net asset value, end of period		$	29.42		$	33.37		$	28.13		$	26.21		$	27.64		$	26.82


Total Return^(e)
Based on net asset value			(11.09	)%^(f)		22.12	%		8.71	%		(2.65	)%		5.83	%		13.88	%


Ratios to Average Net Assets^(g)
Total expenses			0.53	%^(h)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%


Total expenses after fees waived			0.04	%^(h)		0.03	%		0.02	%		0.04	%		0.06	%		0.05	%


Net investment income			1.80	%^(h)		2.78	%		0.77	%		2.09	%		1.87	%		2.75	%


Supplemental Data
Net assets, end of period (000)		$	50,007		$	63,394		$	75,957		$	154,620		$	330,346		$	791,051


Portfolio turnover rate⁽ⁱ⁾			2	%^(f)		16	%		12	%		5	%		11	%		9	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Rounds to less than $0.01.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		29

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI Japan ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	38.66		$	31.50		$	29.13		$	32.36		$	29.56		$	24.73

Net investment income^(a)			0.63			0.51			0.72			0.45			0.46			0.52
Net realized and unrealized gain (loss)^(b)			(1.55	)		7.06			2.35			(3.04	)		2.81			4.78


Net increase (decrease) from investment operations			(0.92	)		7.57			3.07			(2.59	)		3.27			5.30


Distributions^(c)
From net investment income			(0.52	)		(0.41	)		(0.70	)		(0.64	)		(0.47	)		(0.47	)


Total distributions			(0.52	)		(0.41	)		(0.70	)		(0.64	)		(0.47	)		(0.47	)


Net asset value, end of period		$	37.22		$	38.66		$	31.50		$	29.13		$	32.36		$	29.56


Total Return^(d)
Based on net asset value			(2.46	)%^(e)		24.08	%		10.52	%		(8.06	)%		11.07	%		21.50	%


Ratios to Average Net Assets^(f)
Total expenses			0.53	%^(g)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%


Total expenses after fees waived			0.00	%^(g)(h)		0.00	%^(h)		0.00	%^(h)		0.00	%^(h)		0.01	%		0.00	%^(h)


Net investment income			3.20	%^(g)		1.38	%		2.31	%		1.47	%		1.41	%		1.84	%


Supplemental Data
Net assets, end of period (000)		$	517,417		$	535,398		$	247,256		$	329,138		$	1,004,834		$	1,198,726


Portfolio turnover rate⁽ⁱ⁾			2	%^(e)		7	%		9	%		9	%		9	%		11	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Rounds to less than 0.01%.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


30		2 0 2 2 I 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

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification

Currency Hedged MSCI Canada		Diversified
Currency Hedged MSCI Eurozone		Diversified
Currency Hedged MSCI Germany		Diversified
Currency Hedged MSCI Japan		Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, each Fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.


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

Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

•

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

•

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

•

Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

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

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

4.	DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign


32		2 0 2 2 I 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

Notes to Financial Statements (unaudited) (continued)

currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fee
Currency Hedged MSCI Canada		0.62%
Currency Hedged MSCI Eurozone		0.62
Currency Hedged MSCI Germany		0.53
Currency Hedged MSCI Japan		0.53

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI Canada ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Canada ETF (“EWC”), after taking into account any fee waivers by EWC, plus 0.03%.

For the iShares Currency Hedged MSCI Eurozone ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Eurozone ETF (“EZU”), after taking into account any fee waivers by EZU, plus 0.03%.

For the iShares Currency Hedged MSCI Germany ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%.


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

Notes to Financial Statements (unaudited) (continued)

For the iShares Currency Hedged MSCI Japan ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%. BFA has also contractually agreed to waive an additional portion of its investment advisory fee for the Fund through December 31, 2025 such that the Fund’s total annual operating expenses after fee waiver will be equal to the greater of the acquired fund fees and expenses or 0.48%.

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



iShares ETF	Amounts waived
Currency Hedged MSCI Canada	$	52,773
Currency Hedged MSCI Eurozone		1,908,407
Currency Hedged MSCI Germany		149,971
Currency Hedged MSCI Japan		1,634,275

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

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

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

6.	PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales
Currency Hedged MSCI Canada	$	889,716	$	1,063,332
Currency Hedged MSCI Eurozone		53,785,473		14,567,138
Currency Hedged MSCI Germany		4,640,560		1,237,800
Currency Hedged MSCI Japan		43,584,727		13,253,423

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


iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Canada	$	5,637,829	$	2,383,225
Currency Hedged MSCI Eurozone		142,671,156		353,937,138
Currency Hedged MSCI Germany		107,419,472		114,021,632
Currency Hedged MSCI Japan		341,234,648		323,092,511

7.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring
Currency Hedged MSCI Canada	$	258,109
Currency Hedged MSCI Eurozone		35,252,249
Currency Hedged MSCI Germany		43,562,482
Currency Hedged MSCI Japan		52,181,274


34		2 0 2 2 I 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

Notes to Financial Statements (unaudited) (continued)

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI Canada	$	18,070,747	$	2,133,182	$	(78,660	)	$	2,054,522
Currency Hedged MSCI Eurozone		540,050,547		1,387,142		(52,538,597	)		(51,151,455)
Currency Hedged MSCI Germany		60,479,047		216,982		(10,852,409	)		(10,635,427)
Currency Hedged MSCI Japan		566,833,960		1,112,966		(50,631,596	)		(49,518,630)

8.	LINE OF CREDIT

The iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Germany ETF and iShares Currency Hedged MSCI Japan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

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

9.	PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

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

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

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

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


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

Notes to Financial Statements (unaudited) (continued)

rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:



	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount

Currency Hedged MSCI Canada
Shares sold		170,000		$	5,641,360			190,000		$	6,100,407
Shares redeemed		(70,000	)		(2,331,217	)		(130,000	)		(3,828,268	)

Net increase		100,000		$	3,310,143			60,000		$	2,272,139


Currency Hedged MSCI Eurozone
Shares sold		3,850,000		$	142,422,797			16,600,000		$	546,988,458
Shares redeemed		(9,500,000	)		(352,930,655	)		(16,750,000	)		(531,517,446	)

Net increase (decrease)		(5,650,000	)	$	(210,507,858	)		(150,000	)	$	15,471,012


Currency Hedged MSCI Germany
Shares sold		3,300,000		$	107,577,286			10,850,000		$	325,501,335
Shares redeemed		(3,500,000	)		(114,154,807	)		(11,650,000	)		(349,791,460	)

Net decrease		(200,000	)	$	(6,577,521	)		(800,000	)	$	(24,290,125	)


Currency Hedged MSCI Japan
Shares sold		8,550,000		$	341,872,623			16,600,000		$	599,727,410
Shares redeemed		(8,500,000	)		(323,637,831	)		(10,600,000	)		(379,102,463	)

Net increase		50,000		$	18,234,792			6,000,000		$	220,624,947

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

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

11.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged MSCI Canada ETF, iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Germany ETF and iShares Currency Hedged MSCI Japan ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

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

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

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

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

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

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

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

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		37

Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

February 28, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI Canada^(a)	$	0.699218	$	—	$	0.124157	$	0.823375		85	%		—	%		15	%		100%
Currency Hedged MSCI Eurozone^(a)		0.450168		—		0.010612		0.460780		98			—			2			100
Currency Hedged MSCI Germany^(a)		0.275359		—		0.005627		0.280986		98			—			2			100
Currency Hedged MSCI Japan^(a)		0.394374		—		0.122163		0.516537		76			—			24			100

^(a)

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


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General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


G E N E R A L I N F O R M A T I O N		39

Glossary of Terms Used in this Report


Counterparty Abbreviations

ANZ		Australia and New Zealand Bank Group

BB		Barclays Bank PLC

BNP		BNP Paribas SA

BNY		Bank of New York

BOA		Bank of America N.A.

BSCH		Banco Santander Central Hispano

CBA		Commonwealth Bank of Australia

CITI		Citibank N.A.

Currency Abbreviations

CAD		Canadian Dollar

EUR		Euro

JPY		Japanese Yen

USD		United States Dollar


Counterparty Abbreviations (continued)

DBS		Deutsche Bank Securities Inc.

HSBC		HSBC Bank PLC

JPM		JPMorgan Chase Bank N.A.

MS		Morgan Stanley & Co. International PLC

RBS		Royal Bank of Scotland PLC

SSB		State Street Bank and Trust Co.

UBS		UBS AG


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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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

iS-SAR-801-0222