iShares Trust


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Currency Hedged MSCI United Kingdom ETF | HEWU | NYSE Arca

iShares MSCI United Kingdom ETF | EWU | NYSE Arca

iShares MSCI United Kingdom Small-Cap ETF | EWUS | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022

	6-Month	12-Month

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

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

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

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

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

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

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

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

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

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


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

Table of Contents


	Page

The Markets in Review		2
Fund Summary		4
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		24
Notes to Financial Statements		27
Statement Regarding Liquidity Risk Management Program		36
Supplemental Information		37
General Information		38
Glossary of Terms Used in this Report		39


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

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	7.05	%		19.91	%	4.59	%	5.89	%		19.91	%	25.13	%	46.50	%
Fund Market	6.94			19.84		4.60		5.88			19.84		25.22		46.41
Index	8.21			21.88		5.56		6.58			21.88		31.05		52.95

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

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

Expense Example


Actual							Hypothetical 5% Return

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

$	1,000.00	$	1,070.50	$	0.00		$	1,000.00	$	1,024.80	$	0.00		0.00	%

^(a)

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

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Net Assets
Investment Companies		99.9	%
Forward foreign currency exchange contracts, net cumulative appreciation		0.0	^(a)
Other assets less liabilities		0.1

^(a)

Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)



Sector	Percent of Total Investment^(a)
Consumer Staples		19.4	%
Financials		17.9
Health Care		12.7
Energy		12.1
Industrials		11.1
Materials		10.0
Consumer Discretionary		5.8
Communication Services		4.6
Utilities		4.0
Real Estate		1.4
Information Technology		1.0

^(a)

Excludes money market funds


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


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

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	4.72	%		15.62	%	5.19	%	3.77	%		15.62	%	28.81	%	44.72	%
Fund Market	4.25			15.22		5.08		3.69			15.22		28.12		43.61
Index	5.23			16.60		5.82		4.34			16.60		32.71		52.95

Expense Example


Actual							Hypothetical 5% Return

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

$	1,000.00	$	1,047.20	$	2.49		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Consumer Staples	19.4	%
Financials	17.9
Health Care	12.7
Energy	12.1
Industrials	11.1
Materials	10.0
Consumer Discretionary	5.8
Communication Services	4.6
Utilities	4.0
Real Estate	1.4
Information Technology	1.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Shell PLC	8.2	%
AstraZeneca PLC	7.6
HSBC Holdings PLC	5.7
Unilever PLC	5.2
Diageo PLC	4.7
GlaxoSmithKline PLC	4.2
BP PLC	3.9
British American Tobacco PLC	3.9
Rio Tinto PLC	3.6
Anglo American PLC	2.6


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


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

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(17.25	)%		(5.77	)%	5.36	%	6.61	%		(5.77	)%	29.82	%	89.73	%
Fund Market	(18.07	)		(7.03	)	5.20		6.48			(7.03	)	28.87		87.30
Index	(16.76	)		(4.87	)	6.08		7.31			(4.87	)	34.31		102.49

Expense Example


Actual							Hypothetical 5% Return

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

$	1,000.00	$	827.50	$	2.67		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Industrials	21.8	%
Consumer Discretionary	15.5
Financials	15.0
Real Estate	12.4
Information Technology	7.6
Communication Services	6.8
Health Care	5.9
Materials	5.0
Consumer Staples	4.5
Utilities	3.1
Energy	2.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Meggitt PLC	1.6	%
Rightmove PLC	1.5
B&M European Value Retail SA	1.5
Howden Joinery Group PLC	1.3
Intermediate Capital Group PLC	1.3
DS Smith PLC	1.3
Electrocomponents PLC	1.2
Centrica PLC	1.2
Dechra Pharmaceuticals PLC	1.2
Tritax Big Box REIT PLC	1.2


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

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® Currency Hedged MSCI United Kingdom ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 99.9%
iShares MSCI United Kingdom ETF^(a)		292,793	$	9,805,638


Total Investment Companies — 99.9% (Cost: $9,904,737)				9,805,638


Total Investments in Securities — 99.9% (Cost: $9,904,737)				9,805,638

Other Assets, Less Liabilities — 0.1%			6,434


Net Assets — 100.0%			$ 9,812,072

^(a)

Affiliate of the Fund.

Affiliates

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



Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
iShares MSCI United Kingdom ETF	$	8,253,193	$	6,575,735	$	(5,183,060	)	$	196,358	$	(36,588	)	$	9,805,638		292,793	$	361,069	$	—

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	481,435	GBP	354,000	MS	03/03/22	$	6,541

USD	9,875,268	GBP	7,358,000	MS	04/05/22		1,498


							8,039


GBP	7,398,000	USD	9,926,515	MS	03/03/22		(2,026	)

USD	9,448,437	GBP	7,044,000	MS	03/03/22		(1,158	)

GBP	14,000	USD	18,790	MS	04/05/22		(3	)

USD	166,239	GBP	124,000	MS	04/05/22		(158	)

							(3,345	)


	Net unrealized appreciation					$	4,694

Derivative Financial Instruments Categorized by Risk Exposure

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




		Foreign Currency Exchange Contracts

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	8,039


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	3,345


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® Currency Hedged MSCI United Kingdom ETF

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




		Foreign Currency Exchange Contracts

Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	438,057


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(86,868)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	10,358,131
Average amounts sold — in USD	$	21,070,466

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

Derivative Financial Instruments - Offsetting as of Period End

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



		Assets	Liabilities

Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	8,039	$3,345

Total derivative assets and liabilities in the Statement of Assets and Liabilities		8,039	3,345
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—	—


Total derivative assets and liabilities subject to an MNA		8,039	3,345

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



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

Morgan Stanley & Co. International PLC		$	8,039	$(3,345)			$	—		$	—		$	4,694



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

Morgan Stanley & Co. International PLC		$	3,345	$(3,345)			$	—		$	—		$	—

^(a)

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

^(b)

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

Fair Value Hierarchy as of Period End

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® Currency Hedged MSCI United Kingdom ETF

Fair Value Hierarchy as of Period End (continued)

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




		Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	9,805,638	$	—		$	—	$	9,805,638

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	8,039		$	—	$	8,039
Liabilities
Forward Foreign Currency Exchange Contracts		—		(3,345	)		—		(3,345	)

	$	—	$	4,694		$	—	$	4,694

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI United Kingdom ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 1.7%
BAE Systems PLC		4,403,686	$	42,279,743
Rolls-Royce Holdings PLC^(a)		11,628,692		16,041,325


				58,321,068

Banks — 10.6%
Barclays PLC		23,258,952		56,834,623
HSBC Holdings PLC		28,235,442		196,018,399
Lloyds Banking Group PLC		98,514,026		63,492,790
NatWest Group PLC		7,852,252		24,060,556
Standard Chartered PLC		3,646,685		25,988,466


				366,394,834

Beverages — 4.8%
Coca-Cola HBC AG, Class DI		277,051		7,038,907
Diageo PLC		3,234,361		160,237,809


				167,276,716

Capital Markets — 2.9%
3i Group PLC		1,348,931		24,030,017
abrdn plc		3,009,820		8,342,401
Hargreaves Lansdown PLC		490,951		7,440,955
London Stock Exchange Group PLC		456,871		39,910,725
Schroders PLC		171,528		7,022,029
St. James’s Place PLC		749,910		14,059,267


				100,805,394

Chemicals — 0.8%
Croda International PLC		193,598		19,378,948
Johnson Matthey PLC		267,041		6,710,607


				26,089,555

Commercial Services & Supplies — 0.5%
Rentokil Initial PLC		2,584,393		17,538,623


Diversified Financial Services — 0.3%
M&G PLC		3,588,379		9,878,361


Diversified Telecommunication Services — 0.9%
BT Group PLC		12,359,574		30,838,284


Electric Utilities — 1.0%
SSE PLC		1,477,349		33,528,026


Electronic Equipment, Instruments & Components — 0.5%
Halma PLC		527,708		17,020,718


Equity Real Estate Investment Trusts (REITs) — 1.4%
British Land Co PLC/The		1,215,070		8,586,557
Land Securities Group PLC		972,182		10,301,936
Segro PLC		1,670,171		29,046,021


				47,934,514

Food & Staples Retailing — 1.8%
J Sainsbury PLC		2,413,595		8,901,628
Ocado Group PLC^(a)		673,495		12,384,837
Tesco PLC		10,697,655		41,442,237


				62,728,702

Food Products — 0.4%
Associated British Foods PLC		495,712		12,683,230


Health Care Equipment & Supplies — 0.6%
Smith & Nephew PLC		1,219,777		21,816,798


Health Care Providers & Services — 0.0%
NMC Health PLC^(b)		122,262		2


Security	Shares		Value


Hotels, Restaurants & Leisure — 3.0%
Compass Group PLC		2,475,085	$	55,944,473
Entain PLC^(a)		812,903		18,276,017
InterContinental Hotels Group PLC^(a)		254,341		17,710,497
Whitbread PLC^(a)		278,765		10,881,677


				102,812,664

Household Durables — 1.3%
Barratt Developments PLC		1,422,128		11,583,538
Berkeley Group Holdings PLC		155,074		8,064,825
Persimmon PLC		443,705		14,279,993
Taylor Wimpey PLC		5,033,005		10,095,130


			44,023,486

Household Products — 2.4%
Reckitt Benckiser Group PLC		991,034		83,917,885


Industrial Conglomerates — 1.0%
DCC PLC		136,022		10,674,121
Melrose Industries PLC		6,083,458		12,035,916
Smiths Group PLC		547,058		11,160,297


			33,870,334

Insurance — 4.0%
Admiral Group PLC		270,016		10,756,245
Aviva PLC		5,265,260		29,503,232
Legal & General Group PLC		8,266,890		30,566,224
Phoenix Group Holdings PLC		965,644		8,003,544
Prudential PLC		3,803,412		57,501,752


			136,330,997

Interactive Media & Services — 0.3%
Auto Trader Group PLC^(c)		1,323,263		11,703,035


Machinery — 0.5%
Spirax-Sarco Engineering PLC		102,524		16,337,659


Media — 1.4%
Informa PLC^(a)		2,089,224		16,542,135
Pearson PLC		1,044,180		9,033,097
WPP PLC		1,621,464		22,805,710


			48,380,942

Metals & Mining — 8.8%
Anglo American PLC		1,775,605		90,132,778
Antofagasta PLC		544,228		11,019,443
Glencore PLC		13,762,349		80,922,687
Rio Tinto PLC		1,558,332		121,849,135


			303,924,043

Multi-Utilities — 2.2%
National Grid PLC		5,018,447		75,875,747


Multiline Retail — 0.5%
Next PLC		184,785		16,919,353


Oil, Gas & Consumable Fuels — 12.0%
BP PLC		27,415,542		133,626,429
Shell PLC		10,682,233		281,698,931


			415,325,360

Paper & Forest Products — 0.4%
Mondi PLC		674,884		14,160,048


Personal Products — 5.2%
Unilever PLC		3,564,592		179,056,482


Pharmaceuticals — 12.0%
AstraZeneca PLC		2,149,293		261,238,673


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI United Kingdom ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Pharmaceuticals (continued)
GlaxoSmithKline PLC		6,981,166	$	145,586,157
Hikma Pharmaceuticals PLC		239,627		6,671,204


				413,496,034

Professional Services — 4.3%
Experian PLC		1,280,254		50,012,414
Intertek Group PLC		224,354		16,104,540
RELX PLC		2,684,076		81,738,139


				147,855,093

Software — 0.5%
AVEVA Group PLC		166,249		5,505,139
Sage Group PLC/The		1,421,283		13,333,684


				18,838,823

Specialty Retail — 0.5%
JD Sports Fashion PLC		3,559,625		7,160,680
Kingfisher PLC		2,897,960		11,821,808


				18,982,488

Textiles, Apparel & Luxury Goods — 0.4%
Burberry Group PLC		562,759		14,590,194


Tobacco — 4.7%
British American Tobacco PLC		3,024,470		132,553,114
Imperial Brands PLC		1,310,550		28,656,830


				161,209,944

Trading Companies & Distributors — 3.1%
Ashtead Group PLC		619,089		40,229,561
Bunzl PLC		468,321		18,506,997
Ferguson PLC		307,485		46,853,931


				105,590,489

Water Utilities — 0.8%
Severn Trent PLC		345,324		13,285,644


Security	Shares		Value


Water Utilities (continued)
United Utilities Group PLC		948,507	$	13,613,594


				26,899,238

Wireless Telecommunication Services — 1.9%
Vodafone Group PLC		37,878,664		66,679,262


Total Common Stocks — 99.4% (Cost: $3,684,828,054)				3,429,634,425


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		1,600,000		1,600,000


Total Short-Term Investments — 0.1% (Cost: $1,600,000)				1,600,000


Total Investments in Securities — 99.5% (Cost: $3,686,428,054)				3,431,234,425

Other Assets, Less Liabilities — 0.5%				17,678,224


Net Assets — 100.0%			$	3,448,912,649

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

Affiliates




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

BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,420,000	$	180,000	^(a)	$	—	$	—	$	—	$	1,600,000		1,600,000	$	85	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

FTSE 100 Index

181

03/18/22

18,003

377,572


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI United Kingdom ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	377,572

^(a)

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

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




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	377,998


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	286,272

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long			$24,954,036

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	—	$	3,429,634,423	$	2	$	3,429,634,425
Money Market Funds		1,600,000		—		—		1,600,000

	$	1,600,000	$	3,429,634,423	$	2	$	3,431,234,425

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	377,572	$	—		$377,572

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI United Kingdom Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 3.3%
Avon Protection PLC		5,473	$	91,629
Babcock International Group PLC^(a)		43,434		191,317
Chemring Group PLC		48,609		198,753
Meggitt PLC^(a)		135,189		1,361,619
QinetiQ Group PLC		99,419		386,703
Senior PLC^(a)		71,461		133,887
Ultra Electronics Holdings PLC		12,372		528,420


				2,892,328

Air Freight & Logistics — 0.8%
Royal Mail PLC		138,160		726,107


Airlines — 1.0%
easyJet PLC^(a)		52,103		418,066
JET2 PLC^(a)		27,899		475,969


				894,035

Auto Components — 0.2%
AB Dynamics PLC		2,778		40,255
TI Fluid Systems PLC^(b)		39,947		116,366


				156,621

Automobiles — 0.2%
Aston Martin Lagonda Global Holdings PLC^(a)(b)		11,981		162,545


Banks — 1.4%
Bank of Georgia Group PLC		6,736		119,099
Close Brothers Group PLC		25,897		404,603
TBC Bank Group PLC		7,089		114,086
Virgin Money UK PLC		224,447		555,470


				1,193,258

Beverages — 1.5%
AG Barr PLC		15,821		109,728
Britvic PLC		46,295		530,997
C&C Group PLC^(a)		67,505		190,896
Fevertree Drinks PLC		18,017		452,821


				1,284,442

Biotechnology — 1.4%
Abcam PLC^(a)		37,259		623,212
Avacta Group PLC^(a)(c)		42,637		28,885
Genus PLC		11,372		500,853
Oxford Biomedica PLC^(a)		9,934		98,465


				1,251,415

Building Products — 0.8%
Genuit Group PLC		42,554		291,938
Tyman PLC		33,717		155,053
Volution Group PLC		34,008		226,850


				673,841

Capital Markets — 8.3%
AJ Bell PLC		52,896		217,800
Alpha FX Group PLC		4,902		110,806
Ashmore Group PLC		79,601		266,483
Brewin Dolphin Holdings PLC		52,147		205,607
Bridgepoint Group PLC^(a)(b)		49,716		225,759
CMC Markets PLC^(b)		23,010		72,077
IG Group Holdings PLC		67,187		702,135
Impax Asset Management Group PLC		14,809		192,611
IntegraFin Holdings PLC		48,387		277,975
Intermediate Capital Group PLC		50,080		1,147,800
Investec PLC		120,428		659,626


Security	Shares		Value


Capital Markets (continued)
IP Group PLC		173,470	$	215,561
JTC PLC^(b)		22,539		234,583
Jupiter Fund Management PLC		76,020		216,779
Liontrust Asset Management PLC		10,734		217,047
Man Group PLC/Jersey		241,484		621,876
Ninety One PLC		58,837		196,535
Numis Corp. PLC		12,713		43,825
Polar Capital Holdings PLC^(c)		12,826		97,304
Quilter PLC^(b)		288,509		501,761
Rathbones Group PLC		10,737		236,561
Sanne Group PLC		28,228		345,734
TP ICAP Group PLC		135,504		217,953


			7,224,198

Chemicals — 1.2%
Elementis PLC^(a)		99,949		172,183
Essentra PLC		51,834		211,141
Synthomer PLC		64,506		248,557
Victrex PLC		15,091		390,789


			1,022,670

Commercial Services & Supplies — 2.4%
Biffa PLC^(b)		52,507		229,214
Clipper Logistics PLC		13,366		159,761
HomeServe PLC		52,425		473,430
Johnson Service Group PLC^(a)		78,346		165,932
Mitie Group PLC		244,930		183,071
Renewi PLC^(a)		13,678		113,030
Restore PLC		20,999		126,766
Serco Group PLC		211,870		377,310
Smart Metering Systems PLC		21,682		208,720


			2,037,234

Communications Equipment — 0.4%
Spirent Communications PLC		105,131		343,983


Construction & Engineering — 0.9%
Balfour Beatty PLC		110,321		350,397
Keller Group PLC		12,409		131,312
Kier Group PLC^(a)		75,736		94,322
Morgan Sindall Group PLC		6,772		209,442


			785,473

Construction Materials — 1.2%
Breedon Group PLC		261,226		289,108
Forterra PLC^(b)		39,024		125,380
Ibstock PLC^(b)		70,372		167,487
Marshalls PLC		34,372		292,708
RHI Magnesita NV		4,843		180,026


			1,054,709

Consumer Finance — 0.2%
Funding Circle Holdings PLC^(a)(b)		29,494		29,239
Provident Financial PLC^(a)		43,575		168,187


			197,426

Containers & Packaging — 1.3%
DS Smith PLC		236,917		1,091,680


Distributors — 0.8%
Inchcape PLC		66,407		664,223


Diversified Financial Services — 0.7%
Burford Capital Ltd.		32,011		311,086


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI United Kingdom Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Diversified Financial Services (continued)
Plus500 Ltd.		15,658	$	292,179


			603,265

Diversified Telecommunication Services — 0.6%
Gamma Communications PLC		14,269		280,437
Helios Towers PLC^(a)		126,042		246,188


			526,625

Electrical Equipment — 0.7%
Ceres Power Holdings PLC^(a)		16,358		153,401
ITM Power PLC^(a)		73,746		323,287
Luceco PLC^(b)		14,223		46,941
Volex PLC		21,057		81,832


			605,461

Electronic Equipment, Instruments & Components — 1.4%
Renishaw PLC		6,322		397,106
Spectris PLC		19,116		718,235
Strix Group PLC		35,310		115,816


			1,231,157

Energy Equipment & Services — 0.5%
Hunting PLC		24,952		77,763
John Wood Group PLC^(a)		118,276		286,885
Petrofac Ltd.^(a)		77,628		111,448


			476,096

Entertainment — 0.3%
Cineworld Group PLC^(a)(c)		162,835		86,796
Frontier Developments PLC^(a)(c)		3,828		66,245
Team17 Group PLC^(a)		18,071		134,544


			287,585

Equity Real Estate Investment Trusts (REITs) — 10.0%
Assura PLC		508,135		418,268
Big Yellow Group PLC		30,226		574,714
BMO Commercial Property Trust Ltd.		131,182		190,477
Capital & Counties Properties PLC		126,291		280,016
Civitas Social Housing PLC		106,394		126,028
Custodian REIT PLC		70,676		97,087
Derwent London PLC		17,450		711,394
Empiric Student Property PLC		106,172		125,338
Great Portland Estates PLC		39,263		354,929
Hammerson PLC^(c)		550,536		272,748
Home Reit PLC		96,383		146,753
LondonMetric Property PLC		160,254		557,936
LXI REIT Plc		157,612		293,051
Picton Property Income Ltd. (The)		93,289		123,306
Primary Health Properties PLC		231,121		418,686
Regional REIT Ltd.^(b)		72,507		86,082
Safestore Holdings PLC		36,489		623,134
Secure Income REIT Plc		47,323		262,982
Shaftesbury PLC		33,008		260,406
Target Healthcare REIT PLC		106,565		155,694
Tritax Big Box REIT PLC		322,262		1,015,405
UK Commercial Property REIT Ltd.		133,265		135,479
UNITE Group PLC (The)		58,605		838,287
Urban Logistics REIT PLC		80,726		199,261
Warehouse REIT PLC		69,308		148,391
Workspace Group PLC		23,340		242,642


			8,658,494

Food & Staples Retailing — 1.0%
Marks & Spencer Group PLC^(a)		337,753		787,218


Security	Shares		Value


Food & Staples Retailing (continued)
Naked Wines PLC^(a)(c)		10,394	$	58,949


			846,167

Food Products — 1.9%
Bakkavor Group PLC^(b)		24,025		40,738
Cranswick PLC		9,156		429,806
Greencore Group PLC^(a)		90,465		162,135
Hotel Chocolat Group PLC^(a)		9,203		56,174
Premier Foods PLC		105,446		155,233
Tate & Lyle PLC		81,041		813,529


			1,657,615

Health Care Equipment & Supplies — 0.9%
Advanced Medical Solutions Group PLC		33,260		128,622
ConvaTec Group PLC^(b)		278,710		673,823


			802,445

Health Care Providers & Services — 0.8%
CVS Group PLC		11,737		264,519
Mediclinic International PLC^(a)		69,667		307,091
Spire Healthcare Group PLC^(a)(b)		48,212		149,994


			721,604

Health Care Technology — 0.4%
Craneware PLC		4,884		118,917
EMIS Group PLC		9,791		161,518
Renalytix PLC^(a)		7,843		37,766


			318,201

Hotels, Restaurants & Leisure — 5.1%
888 Holdings PLC		63,951		207,784
Carnival PLC^(a)		25,952		487,087
Domino’s Pizza Group PLC		69,742		340,355
Greggs PLC		17,620		605,854
Gym Group PLC (The)^(a)(b)		28,357		80,647
J D Wetherspoon PLC^(a)		16,592		193,328
Marston’s PLC^(a)		113,203		117,397
Mitchells & Butlers PLC^(a)		47,324		149,804
On the Beach Group PLC^(a)(b)		28,208		107,847
Patisserie Holdings PLC^(d)		6,053		—
Playtech Plc^(a)		52,684		471,406
Rank Group PLC^(a)		45,572		96,711
Restaurant Group PLC (The)^(a)		131,149		170,944
SSP Group Plc^(a)		129,878		482,887
Trainline PLC^(a)(b)		82,588		225,572
TUI AG^(a)		196,602		629,093
Young & Co‘s Brewery PLC, Series A		3,957		77,384


			4,444,100

Household Durables — 2.7%
Bellway PLC		21,312		819,757
Countryside Properties PLC^(a)(b)		84,439		342,455
Crest Nicholson Holdings PLC		44,143		181,174
IG Design Group Plc		12,838		15,672
Redrow PLC		48,404		369,008
Victoria PLC^(a)		11,044		106,968
Vistry Group PLC		38,525		518,194


			2,353,228

Independent Power and Renewable Electricity Producers — 0.9%
ContourGlobal PLC^(b)		34,819		87,901
Drax Group PLC		69,094		651,885


			739,786

Insurance — 3.4%
Beazley PLC		105,433		637,696


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI United Kingdom Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Insurance (continued)
Direct Line Insurance Group PLC		229,598	$	910,917
Hiscox Ltd.		59,902		737,087
Just Group PLC^(a)		178,392		200,286
Lancashire Holdings Ltd.		41,710		262,625
Sabre Insurance Group PLC^(b)		44,109		122,175
Saga PLC^(a)		18,586		69,615


			2,940,401

Interactive Media & Services — 1.9%
Moneysupermarket.com Group PLC		92,240		258,683
Rightmove PLC		146,422		1,311,567
Trustpilot Group PLC^(a)(b)		31,702		63,013


			1,633,263

Internet & Direct Marketing Retail — 1.3%
AO World PLC^(a)(c)		54,540		69,837
ASOS PLC^(a)(c)		12,158		318,816
Auction Technology Group PLC^(a)		14,433		187,109
boohoo Group PLC^(a)(c)		173,813		208,944
Deliveroo PLC^(a)(b)		119,416		203,812
Moonpig Group PLC^(a)		26,276		93,250
Victorian Plumbing Group PLC^(a)		20,125		21,166


			1,102,934

IT Services — 2.4%
Capita PLC^(a)		289,380		108,366
Computacenter PLC		12,801		468,566
Finablr PLC^(a)(b)(d)		61,710		1
Kainos Group PLC		13,951		285,546
Keywords Studios PLC		12,475		403,988
NCC Group PLC		53,086		133,647
Network International Holdings PLC^(a)(b)		80,324		241,817
Softcat PLC		20,730		433,269


			2,075,200

Leisure Products — 0.7%
Games Workshop Group PLC		5,671		568,881


Life Sciences Tools & Services — 0.4%
Clinigen Group Plc		21,715		266,823
Ergomed PLC^(a)		6,244		97,530


			364,353

Machinery — 3.8%
Bodycote PLC		33,328		332,940
IMI PLC		44,976		881,088
Judges Scientific PLC		853		83,841
Morgan Advanced Materials PLC		49,031		199,956
Rotork PLC		148,341		607,893
Vesuvius PLC		37,280		198,074
Weir Group PLC (The)		44,793		944,263


			3,248,055

Marine — 0.3%
Clarkson PLC		4,969		221,207


Media — 3.6%
Ascential PLC^(a)		76,343		332,099
Euromoney Institutional Investor PLC		18,779		225,859
Future PLC		19,791		700,304
ITV PLC^(a)		625,682		921,847
Reach PLC		51,047		155,791
S4 Capital PLC^(a)		48,117		300,257
Tremor International Ltd.^(a)(c)		18,168		142,591


Security	Shares		Value


Media (continued)
YouGov PLC		18,205	$	323,592


			3,102,340

Metals & Mining — 1.3%
Atalaya Mining PLC		13,448		78,476
Centamin PLC		198,694		263,735
Central Asia Metals PLC		31,180		87,421
Eurasia Mining PLC^(a)		322,142		44,944
Ferrexpo PLC		50,568		114,700
Greatland Gold PLC^(a)		672,870		122,220
Hill & Smith Holdings PLC		13,905		263,223
Hochschild Mining PLC		56,444		87,509
Petropavlovsk PLC^(a)		403,142		43,265
SolGold PLC^(a)(c)		155,188		62,208


			1,167,701

Multi-Utilities — 1.4%
Centrica PLC^(a)		1,015,193		1,045,636
Telecom Plus PLC		10,830		210,663


			1,256,299

Multiline Retail — 1.5%
B&M European Value Retail SA		155,371		1,260,184


Oil, Gas & Consumable Fuels — 1.8%
Capricorn Energy PLC^(a)		85,782		253,971
Diversified Energy Co. PLC		138,675		219,518
Energean PLC^(a)		19,783		275,474
Harbour Energy PLC^(a)		72,481		383,829
Pantheon Resources PLC^(a)		89,787		170,874
Serica Energy PLC		28,465		105,836
Tullow Oil PLC^(a)		213,044		153,344


			1,562,846

Personal Products — 0.1%
PZ Cussons PLC		37,918		106,737


Pharmaceuticals — 1.9%
Alliance Pharma PLC		80,259		110,682
Dechra Pharmaceuticals PLC		18,674		1,029,862
Indivior PLC^(a)		123,928		466,829


			1,607,373

Professional Services — 1.6%
Hays PLC		290,361		528,399
Pagegroup PLC		57,023		433,322
RWS Holdings PLC		50,176		309,631
SThree PLC		21,774		129,331


			1,400,683

Real Estate Management & Development — 2.3%
CLS Holdings PLC		32,426		88,520
Grainger PLC		127,897		477,474
Helical PLC		19,457		110,018
IWG PLC^(a)		129,812		486,774
Savills PLC		24,586		419,626
Sirius Real Estate Ltd.		191,688		321,310
Watkin Jones PLC		34,844		112,184


			2,015,906

Road & Rail — 1.0%
Firstgroup PLC^(a)		128,616		172,085
Go-Ahead Group PLC (The)^(a)		7,993		71,305
National Express Group PLC^(a)		94,933		301,687
Redde Northgate PLC		40,168		203,860


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI United Kingdom Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Road & Rail (continued)
Stagecoach Group PLC^(a)		73,079	$	84,311


			833,248

Semiconductors & Semiconductor Equipment — 0.2%
Alphawave IP Group PLC^(a)		46,693		117,134
IQE PLC^(a)		134,768		76,565


			193,699

Software — 3.2%
Argo Blockchain PLC^(a)		77,307		73,111
Avast PLC^(b)(c)		116,050		978,611
Blue Prism Group Plc^(a)		14,136		241,215
Bytes Technology Group PLC		37,066		228,930
dotdigital group Plc		45,570		91,698
FD Technologies PLC^(a)		3,765		76,616
GB Group PLC		39,345		296,627
Ideagen PLC		45,279		136,669
Kape Technologies PLC^(a)(c)		18,487		81,345
Learning Technologies Group PLC		101,365		239,871
Micro Focus International PLC		58,406		303,561


			2,748,254

Specialty Retail — 2.5%
Currys PLC		190,393		239,017
Dunelm Group PLC		20,901		336,707
Frasers Group PLC^(a)		34,739		293,774
Halfords Group PLC		34,212		127,589
Pets at Home Group Plc		86,673		419,010
Vivo Energy PLC^(b)		75,737		137,162
WH Smith PLC^(a)		22,718		491,544
Wickes Group PLC		44,610		108,707


			2,153,510

Textiles, Apparel & Luxury Goods — 0.6%
Coats Group PLC		249,571		203,387
Dr. Martens Plc		77,344		290,759


			494,146

Thrifts & Mortgage Finance — 0.9%
OSB Group PLC		77,644		521,318
Paragon Banking Group PLC		43,204		290,894


			812,212

Trading Companies & Distributors — 5.2%
Diploma PLC		21,517		763,534
Electrocomponents PLC		81,445		1,074,361


Security	Shares		Value


Trading Companies & Distributors (continued)
Grafton Group PLC		39,356	$	565,158
Howden Joinery Group PLC		102,143		1,161,877
SIG PLC^(a)		125,173		65,589
Travis Perkins PLC		38,264		742,802
Yellow Cake PLC^(a)(b)		30,106		141,578


			4,514,899

Water Utilities — 0.8%
Penno Group PLC		47,125		654,970


Wireless Telecommunication Services — 0.4%
Airtel Africa PLC^(b)		161,424		307,718


Total Common Stocks — 99.7% (Cost: $95,758,299)				86,275,036


Short-Term Investments

Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(e)(f)(g)		1,907,993		1,908,375
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(e)(f)		30,000		30,000


			1,938,375


Total Short-Term Investments — 2.2% (Cost: $1,937,972)				1,938,375


Total Investments in Securities — 101.9% (Cost: $97,696,271)				88,213,411

Other Assets, Less Liabilities — (1.9)%				(1,656,376	)


Net Assets — 100.0%			$	86,557,035

^(a)	Non-income producing security.

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

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

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

^(e)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI United Kingdom Small-Cap ETF

Affiliates




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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,279,475	$	—	$	(370,662	)^(a)	$	(290	)	$	(148	)	$	1,908,375		1,907,993	$	42,187	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		—		(20,000	)^(a)		—			—			30,000		30,000		3			—

								$	(290	)	$	(148	)	$	1,938,375			$	42,190		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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

Long Contracts
FTSE 250 Index		5		03/18/22	$	281	$	(14,704	)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	14,704

^(a)

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




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(35,606	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(49,204	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	654,684

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

Fair Value Hierarchy as of Period End


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI United Kingdom Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	15,237,083	$	71,037,952		$	1	$	86,275,036
Money Market Funds		1,938,375		—			—		1,938,375

	$	17,175,458	$	71,037,952		$	1	$	88,213,411

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(14,704	)	$	—	$	(14,704	)

^(a)

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

See notes to financial statements.


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

Statement of Assets and Liabilities (unaudited)

February 28, 2022


	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	—		$	3,429,634,425		$	86,275,036
Affiliated^(c)		9,805,638			1,600,000			1,938,375
Cash		4,990			8,270			9,440
Foreign currency, at value^(d)		—			3,157,135			125,330
Foreign currency collateral pledged:
Futures contracts^(e)		—			1,311,021			30,854
Receivables:
Investments sold		—			8,573,787			334,443
Securities lending income — Affiliated		—			—			986
Variation margin on futures contracts		—			—			1,581
Capital shares sold		—			988,368			—
Dividends		—			14,519,283			100,439
Tax reclaims		—			85,390			28,901
Unrealized appreciation on:
Forward foreign currency exchange contracts		8,039			—			—


Total assets		9,818,667			3,459,877,679			88,845,385


LIABILITIES
Collateral on securities loaned, at value		—			—			1,909,134
Payables:
Investments purchased		3,250			9,602,147			338,637
Variation margin on futures contracts		—			92,370			—
Investment advisory fees		—			1,270,513			40,579
Unrealized depreciation on:
Forward foreign currency exchange contracts		3,345			—			—


Total liabilities		6,595			10,965,030			2,288,350


NET ASSETS	$	9,812,072		$	3,448,912,649		$	86,557,035


NET ASSETS CONSIST OF:
Paid-in capital	$	16,298,037		$	4,038,960,009		$	105,996,604
Accumulated loss		(6,485,965	)		(590,047,360	)		(19,439,569	)


NET ASSETS	$	9,812,072		$	3,448,912,649		$	86,557,035


Shares outstanding		410,000			102,400,000			2,150,000


Net asset value	$	23.93		$	33.68		$	40.26


Shares authorized		Unlimited			Unlimited			Unlimited


Par value		None			None			None


^(a)Securities loaned, at value	$	—		$	—		$	1,742,129
^(b)Investments, at cost — Unaffiliated	$	—		$	3,684,828,054		$	95,758,299
^(c)Investments, at cost — Affiliated	$	9,904,737		$	1,600,000		$	1,937,972
^(d)Foreign currency, at cost	$	—		$	3,121,753		$	125,928
^(e)Foreign currency collateral pledged, at cost	$	—		$	1,373,317		$	31,408

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022


	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	43,858,848		$	1,121,545
Dividends — Affiliated		361,069			85			126
Securities lending income — Affiliated — net		—			—			42,064
Foreign taxes withheld		—			(209,869	)		(29,206	)


Total investment income		361,069			43,649,064			1,134,529


EXPENSES
Investment advisory fees		38,429			7,706,702			318,016
Professional fees		217			217			217


Total expenses		38,646			7,706,919			318,233

Less:
Investment advisory fees waived		(38,645	)		—			—

Total expenses after fees waived		1			7,706,919			318,233

Net investment income		361,068			35,942,145			816,296


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(21,969,892	)		(1,924,359	)
Investments — Affiliated		(36,090	)		—			(290	)
In-kind redemptions — Unaffiliated		—			192,600,841			3,272,811
In-kind redemptions — Affiliated		232,448			—			—
Futures contracts		—			377,998			(35,606	)
Forward foreign currency exchange contracts		438,057			—			—
Foreign currency transactions		—			(704,030	)		10,413

Net realized gain		634,415			170,304,917			1,322,969

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		—			(76,645,219	)		(22,808,978	)
Investments — Affiliated		(36,588	)		—			(148	)
Futures contracts		—			286,272			(49,204	)
Forward foreign currency exchange contracts		(86,868	)		—			—
Foreign currency translations		—			193,355			(1,907	)


Net change in unrealized appreciation (depreciation)		(123,456	)		(76,165,592	)		(22,860,237	)


Net realized and unrealized gain (loss)		510,959			94,139,325			(21,537,268	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	872,027		$	130,081,470		$	(20,720,972	)

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares Currency Hedged MSCI United Kingdom ETF							iShares MSCI United Kingdom ETF

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

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	361,068		$	243,737		$	35,942,145		$	121,383,125
Net realized gain (loss)			634,415			(1,213,157	)		170,304,917			37,132,219
Net change in unrealized appreciation (depreciation)			(123,456	)		3,026,264			(76,165,592	)		562,344,983


Net increase in net assets resulting from operations			872,027			2,056,844			130,081,470			720,860,327


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(361,072	)		(243,738	)		(74,784,609	)		(95,207,591	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			1,034,934			(3,967,299	)		(185,565,674	)		762,464,858


NET ASSETS
Total increase (decrease) in net assets			1,545,889			(2,154,193	)		(130,268,813	)		1,388,117,594
Beginning of period			8,266,183			10,420,376			3,579,181,462			2,191,063,868


End of period		$	9,812,072		$	8,266,183		$	3,448,912,649		$	3,579,181,462

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares MSCI United Kingdom Small-Cap ETF

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

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	816,296		$	1,778,892
Net realized gain		1,322,969			340,262
Net change in unrealized appreciation (depreciation)		(22,860,237	)		26,611,588

Net increase (decrease) in net assets resulting from operations		(20,720,972	)		28,730,742


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,131,766	)		(1,264,047	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(20,149,897	)		42,435,550


NET ASSETS
Total increase (decrease) in net assets		(44,002,635	)		69,902,245
Beginning of period		130,559,670			60,657,425


End of period	$	86,557,035		$	130,559,670

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI United Kingdom ETF


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


Net asset value, beginning of period		$	22.96			$	18.95			$	23.43			$	23.83			$	23.84			$	24.87


Net investment income^(a)			0.68				0.59				0.74				0.92				1.11				0.48
Net realized and unrealized gain (loss)^(b)			0.92				4.04				(4.46	)			(0.26	)			(0.05	)			2.39

Net increase (decrease) from investment operations			1.60				4.63				(3.72	)			0.66				1.06				2.87


Distributions^(c)
From net investment income			(0.63	)			(0.62	)			(0.76	)			(1.06	)			(1.07	)			(0.84	)
From net realized gain			—				—				—				—				—				(3.06	)


Total distributions			(0.63	)			(0.62	)			(0.76	)			(1.06	)			(1.07	)			(3.90	)


Net asset value, end of period		$	23.93			$	22.96			$	18.95			$	23.43			$	23.83			$	23.84


Total Return^(d)
Based on net asset value			7.05	%^(e)			24.59	%			(16.34	)%			2.92	%			4.42	%			13.48	%


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


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


Net investment income			5.83	%^(g)			2.82	%			3.31	%			3.96	%			4.62	%			1.99	%


Supplemental Data
Net assets, end of period (000)		$	9,812			$	8,266			$	10,420			$	35,146			$	22,643			$	19,073


Portfolio turnover rate⁽ⁱ⁾			8	%^(e)			15	%			15	%			11	%			17	%			20	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Rounds to less than 0.01%.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI United Kingdom ETF


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


Net asset value, beginning of period		$	33.05		$	26.88		$	30.27		$	33.62		$	33.76		$	31.36


Net investment income^(b)			0.38			1.20			0.90			1.49			1.29			1.13
Net realized and unrealized gain (loss)^(c)			1.13			5.87			(3.30	)		(3.39	)		0.06			2.43


Net increase (decrease) from investment operations			1.51			7.07			(2.40	)		(1.90	)		1.35			3.56


Distributions^(d)
From net investment income			(0.88	)		(0.90	)		(0.99	)		(1.45	)		(1.49	)		(1.16	)


Total distributions			(0.88	)		(0.90	)		(0.99	)		(1.45	)		(1.49	)		(1.16	)


Net asset value, end of period		$	33.68		$	33.05		$	26.88		$	30.27		$	33.62		$	33.76


Total Return^(e)
Based on net asset value			4.72	%^(f)		26.46	%		(8.25	)%		(5.64	)%		3.90	%		11.60	%


Ratios to Average Net Assets^(g)
Total expenses			0.49	%^(h)		0.50	%		0.51	%		0.50	%		0.47	%		0.49	%


Net investment income			2.30	%^(h)		3.91	%		3.12	%		4.64	%		3.66	%		4.07	%


Supplemental Data
Net assets, end of period (000)		$	3,448,913		$	3,579,181		$	2,191,064		$	2,000,722		$	1,986,971		$	2,764,746


Portfolio turnover rate⁽ⁱ⁾			5	%^(f)		9	%		4	%		11	%		5	%		4	%

^(a)	Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		25

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI United Kingdom Small-Cap ETF


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


Net asset value, beginning of period		$	50.22			$	35.68			$	35.95			$	42.65			$	39.92			$	35.91


Net investment income^(a)			0.34				0.86				0.72				1.05				1.15				0.92

Net realized and unrealized gain (loss)^(b)			(8.91	)			14.32				0.03				(6.69	)			2.93				4.12


Net increase (decrease) from investment operations			(8.57	)			15.18				0.75				(5.64	)			4.08				5.04


Distributions^(c)
From net investment income			(1.39	)			(0.64	)			(1.02	)			(1.06	)			(1.35	)			(1.03	)


Total distributions			(1.39	)			(0.64	)			(1.02	)			(1.06	)			(1.35	)			(1.03	)


Net asset value, end of period		$	40.26			$	50.22			$	35.68			$	35.95			$	42.65			$	39.92


Total Return^(d)
Based on net asset value			(17.25	)%^(e)			42.88	%			1.90	%			(13.17	)%			10.22	%			14.40	%


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


Net investment income			1.51	%^(g)			1.94	%			1.99	%			2.76	%			2.68	%			2.50	%


Supplemental Data
Net assets, end of period (000)		$	86,557			$	130,560			$	60,657			$	61,109			$	57,571			$	31,935


Portfolio turnover rate^(h)			9	%^(e)			15	%			25	%			20	%			20	%			19	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


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

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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



iShares ETF	Diversification Classification

Currency Hedged MSCI United Kingdom		Diversified
MSCI United Kingdom		Non-diversified
MSCI United Kingdom Small-Cap		Diversified

Currently the iShares Currency Hedged MSCI United Kingdom ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI United Kingdom ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI United Kingdom ETF.

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		27

Notes to Financial Statements (unaudited) (continued)

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

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

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

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

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

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

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

•

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

•

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

•

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is


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

Notes to Financial Statements (unaudited) (continued)

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI United Kingdom Small-Cap
Barclays Capital, Inc.	$	129,267	$	129,267		$	—	$	—
Citigroup Global Markets, Inc.		56,000		56,000			—		—
J.P. Morgan Securities LLC		110,045		110,045			—		—
Jefferies LLC		929,677		929,677			—		—
Macquarie Bank Ltd.		299,123		299,123			—		—
Morgan Stanley		135,561		135,561			—		—
Scotia Capital (USA), Inc.		82,456		82,456			—		—

	$	1,742,129	$	1,742,129		$	—	$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities


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		29

Notes to Financial Statements (unaudited) (continued)

in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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

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

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

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

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

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


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) (continued)

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



iShares ETF	Investment Advisory Fee
Currency Hedged MSCI United Kingdom		0.62	%
MSCI United Kingdom Small-Cap		0.59

For its investment advisory services to the iShares MSCI United Kingdom ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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

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

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



iShares ETF	Amounts waived
Currency Hedged MSCI United Kingdom	$	38,645

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


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

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC
MSCI United Kingdom Small-Cap	$	9,485

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI United Kingdom	$	12,471,850	$	3,113,704	$	(1,073,498	)
MSCI United Kingdom Small-Cap		931,120		1,209,824		(168,825	)

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

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	PURCHASES AND SALES

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



iShares ETF	Purchases		Sales
Currency Hedged MSCI United Kingdom	$	1,212,992	$	907,931
MSCI United Kingdom		179,107,042		163,386,415
MSCI United Kingdom Small-Cap		9,997,523		10,143,238

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



iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI United Kingdom	$	5,362,743	$	4,275,128
MSCI United Kingdom		642,846,233		843,097,763
MSCI United Kingdom Small-Cap		—		19,952,013

8.	INCOME TAX INFORMATION

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

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

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



iShares ETF	Non-Expiring
Currency Hedged MSCI United Kingdom	$	6,862,396
MSCI United Kingdom		494,263,919
MSCI United Kingdom Small-Cap		8,929,580

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.


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Notes to Financial Statements (unaudited) (continued)

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



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI United Kingdom	$	9,976,753	$	8,039	$	(174,460	)	$	(166,421	)
MSCI United Kingdom		3,710,448,497		227,014,166		(505,850,666)			(278,836,500	)
MSCI United Kingdom Small-Cap		100,023,666		6,806,161		(18,631,120	)		(11,824,959	)

9.	PRINCIPAL RISKS

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

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

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.


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)

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:



	Six Months Ended 02/28/22						Year Ended 08/31/21

iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI United Kingdom
Shares sold		230,000		$	5,327,329			60,000		$	1,246,734
Shares redeemed		(180,000	)		(4,292,395	)		(250,000	)		(5,214,033	)


Net increase (decrease)		50,000		$	1,034,934			(190,000	)	$	(3,967,299	)

MSCI United Kingdom
Shares sold		19,700,000		$	664,818,518			40,300,000		$	1,197,285,969
Shares redeemed		(25,600,000	)		(850,384,192	)		(13,500,000	)		(434,821,111	)


Net increase (decrease)		(5,900,000	)	$	(185,565,674	)		26,800,000		$	762,464,858

MSCI United Kingdom Small-Cap
Shares sold		—		$	—			1,300,000		$	58,198,236
Shares redeemed		(450,000	)		(20,149,897	)		(400,000	)		(15,762,686	)


Net increase (decrease)		(450,000	)	$	(20,149,897	)		900,000		$	42,435,550

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units


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Notes to Financial Statements (unaudited) (continued)

may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

11.

SUBSEQUENT EVENTS

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


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

Statement Regarding Liquidity Risk Management Program (unaudited)

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

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

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

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

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.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

February 28, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI United Kingdom^(a)	$	0.619703	$	—	$	0.013757	$	0.633460		98	%		—	%		2	%		100	%
MSCI United Kingdom^(a)		0.856680		—		0.019018		0.875698		98			—			2			100
MSCI United Kingdom Small-Cap^(a)		1.362637		—		0.029259		1.391896		98			—			2			100

(a)

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


S U P P L E M E N T A L I N F O R M A T I O N		37

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report



Portfolio Abbreviations - Equity

REIT		Real Estate Investment Trust

Currency Abbreviations

GBP		British Pound

USD		United States Dollar



Counterparty Abbreviations

MS		Morgan Stanley & Co. International PLC


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		39

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-813-0222