MARCH 31, 2023



2023 Annual Report





iShares Trust



iShares JPX-Nikkei 400 ETF | JPXN | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.



Rob Kapito

President, BlackRock, Inc.


Rob Kapito

President, BlackRock, Inc.


Total Returns as of March 31, 2023    
       6-Month     12-Month


U.S. large cap equities
(S&P 500® Index)


    15.62%       (7.73)%


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


  9.14   (11.61)


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


  27.27     (1.38)


Emerging market equities
(MSCI Emerging Markets Index)



  14.04   (10.70)


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


  1.93   2.52


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


  4.38     (6.90)


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


  4.89     (4.78)


Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)


  7.00   0.26


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


  7.88     (3.35)


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





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





The Markets in Review


Annual Report:


Market Overview


Fund Summary


About Fund Performance


Disclosure of Expenses


Schedule of Investments


Financial Statements


Statement of Assets and Liabilities


Statement of Operations


Statements of Changes in Net Assets


Financial Highlights


Notes to Financial Statements


Report of Independent Registered Public Accounting Firm


Important Tax Information


Statement Regarding Liquidity Risk Management Program


Supplemental Information


Trustee and Officer Information


General Information





Market Overview


iShares Trust

Global Market Overview

Global equity markets declined during the 12 months ended March 31, 2023 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -7.44% in U.S. dollar terms for the reporting period. In the first half of the reporting period, concerns about the state of the global economy in the face of high inflation and rapidly rising interest rates drove stocks sharply lower. However, stock prices recovered somewhat in the reporting period’s second half, as economic growth proved resilient despite its slower pace.

Inflation was a significant factor in equity markets, and while its impact varied by country, most major economies experienced substantial inflation during the reporting period. This drove a wave of monetary tightening by most of the world’s central banks, which sent interest rates and borrowing costs sharply higher. The U.S. Federal Reserve (“Fed”) raised interest rates eight times, driving an increase in the value of the U.S. dollar relative to most other currencies. Commodities prices were volatile, and as the reporting period began, disruptions in the wake of Russia’s invasion of Ukraine meant high prices for energy commodities and some foods. While oil, gas, and most other commodities declined as markets adjusted to the war’s disruption, elevated prices exacerbated inflationary pressure.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

In addition to its interest rate increases, the Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

European stocks outpaced most other regions of the globe, advancing modestly for the reporting period despite slowing economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices began to decline, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates six times.

While inflation was somewhat more moderate in the Asia-Pacific region, stocks there declined amid higher interest rates and disruption from coronavirus-related lockdowns in China. However, China relaxed its strict anti-coronavirus protocols in December 2022, boosting analysts’ expectations for future growth in the region. Emerging market stocks declined substantially, pressured by slowing economic growth and a stronger U.S. dollar. The Fed’s interest rate increases weighed on emerging market equities by making U.S. assets relatively more attractive.




2 0 2 3   I S H A R E S   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 March 31, 2023      iShares® JPX-Nikkei 400 ETF


Investment Objective

The iShares JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of a broad-based benchmark composed of Japanese equities, as represented by the JPX-Nikkei Index 400 (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.



    Average Annual Total Returns     Cumulative Total Returns  


1 Year



5 Years



10 Years



1 Year



5 Years



10 Years



Fund NAV








    1.07     4.76     (2.28 )%      5.47     59.20

Fund Market

    (2.35     0.75       4.67       (2.35     3.80       57.80  









































Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through September 3, 2015 reflects the performance of the S&P/TOPIX 150TM. Index performance beginning on September 4, 2015 reflects the performance of the JPX-Nikkei Index 400.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example





Hypothetical 5% Return









Account Value

Account Value

Paid During
the Period

Account Value

Account Value

Paid During
the Period






$    1,000.00










$       1,212.70







$        2.65






$        1,000.00






$       1,022.50






$       2.42











Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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 “Disclosure of Expenses” for more information.




F U N D   S U M M A R Y


Fund Summary  as of March 31, 2023  (continued)    iShares® JPX-Nikkei 400 ETF


Portfolio Management Commentary

Stocks in Japan declined for the reporting period as the country’s economy remained relatively stagnant amid rising inflation, global monetary policy tightening, and falling manufacturing output. Japan’s trade deficit reached an all-time high as export growth slowed and import costs increased amid rising fuel costs and weaker currency. Exports to China, the country’s largest trade partner, fell even as that country relaxed its strict COVID-19 restrictions in late 2022.

Industrial stocks detracted the most from the Index’s return. Global economic uncertainty, job openings that remained at or below pre-pandemic levels, and a cooling global employment market — including in the U.S., the world’s largest economy — led to declining revenue in the professional services industry. Consequently, a leading online job-search platform announced significant layoffs. Capital goods stocks dropped amid reduced factory output, reflecting declining global demand for a broad range of industrial parts. In particular, the slow recovery of the auto industry cut profits for makers of electric motors and other components.

Information technology stocks also detracted from the Index’s return. Makers of semiconductors and related equipment encountered weakening demand worldwide, especially for smartphones and personal computers. As demand fell, semiconductor prices also decreased. The passage of the CHIPS and Science Act in the U.S., dedicated to promoting both domestic production of semiconductors and export restrictions to China, also pressured the stocks of Japanese semiconductor producers.

The consumer discretionary sector also detracted from performance. In addition to the slowing export demand, domestic consumption recovered somewhat but remained below pre-pandemic levels. Among other products, videogame sales decreased after surging during the pandemic, and bicycle sales slowed. Meanwhile, automakers reduced their production targets amid persistent problems securing production components, which also raised their costs.

Portfolio Information









Percent of
Total Investments






Information Technology


Consumer Discretionary




Health Care


Consumer Staples


Communication Services




Real Estate














Excludes money market funds.









Percent of
Total Investments




Daiichi Sankyo Co. Ltd.


Keyence Corp.


Sumitomo Mitsui Financial Group Inc.


Shin-Etsu Chemical Co. Ltd.


Takeda Pharmaceutical Co. Ltd.


Sony Group Corp.


Mitsubishi UFJ Financial Group Inc.


Tokyo Electron Ltd.


Mitsui & Co. Ltd.


Mitsubishi Corp.











2 0 2 3   I S H A R E S   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 the 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. 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.

Disclosure of Expenses

Shareholders of the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides 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 the Period.”

The expense example also provides 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 the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example 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 example is 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  /  D I S C L O S U R E   O F   E X P E N S E S


Schedule of Investments  

March 31, 2023


iShares® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security   Shares     Value  

Common Stocks


Air Freight & Logistics — 0.6%


AZ-COM MARUWA Holdings Inc.

    600     $ 9,037  

Mitsui-Soko Holdings Co. Ltd.

    600       17,823  

Nippon Express Holdings Inc.

    1,200       72,409  

Sankyu Inc.

    600       22,266  

SBS Holdings Inc.

    600       15,246  

Senko Group Holdings Co. Ltd.

    1,200       8,570  

SG Holdings Co. Ltd.

    6,600       97,866  

Yamato Holdings Co. Ltd.

    4,800       82,393  



Automobile Components — 2.6%            

Aisin Corp.

    3,000       82,687  

Bridgestone Corp.

    11,400       463,099  

Denso Corp.

    7,200       406,421  

Koito Manufacturing Co. Ltd.

    4,200       79,616  

NGK Spark Plug Co. Ltd.

    2,400       49,663  

Nifco Inc./Japan

    1,200       34,119  

Sumitomo Electric Industries Ltd.

    12,600       161,871  

Sumitomo Rubber Industries Ltd.

    3,600       32,571  

Toyo Tire Corp.

    1,800       21,069  

Toyoda Gosei Co. Ltd.

    1,200       20,705  

Toyota Boshoku Corp.

    1,800       29,125  

TS Tech Co. Ltd.

    1,800       22,858  

Yokohama Rubber Co. Ltd. (The)

    1,800       38,121  




Automobiles — 3.9%


Honda Motor Co. Ltd.

    28,800       761,794  

Isuzu Motors Ltd.

    10,200       121,900  

Subaru Corp.

    10,800       172,407  

Suzuki Motor Corp.

    6,600       240,355  

Toyota Motor Corp.

    52,820       751,914  

Yamaha Motor Co. Ltd.

    5,400       141,322  




Banks — 5.9%


Aozora Bank Ltd.

    2,400       43,485  

Chiba Bank Ltd. (The)

    9,600       61,961  

Concordia Financial Group Ltd.

    19,200       70,770  

Fukuoka Financial Group Inc.

    3,000       57,723  

Mebuki Financial Group Inc.

    16,200       39,610  

Mitsubishi UFJ Financial Group Inc.

    135,000       865,170  

Mizuho Financial Group Inc.

    49,850       706,253  

Resona Holdings Inc.

    43,800       211,297  

Seven Bank Ltd.

    11,400       22,781  

Shinsei Bank Ltd.(a)

    1,200       21,137  

Sumitomo Mitsui Financial Group Inc.

    25,200       1,008,443  

Sumitomo Mitsui Trust Holdings Inc.

    6,604       226,887  




Beverages — 1.1%


Asahi Group Holdings Ltd.

    7,800       290,300  

Kirin Holdings Co. Ltd.

    15,600       246,804  

Suntory Beverage & Food Ltd.

    2,400       89,396  

Takara Holdings Inc.

    2,400       18,554  




Biotechnology — 0.1%


PeptiDream Inc.(a)

    1,800       25,753  

Takara Bio Inc.

    1,200       15,743  



Security   Shares     Value  

Building Products — 1.8%


AGC Inc.

    3,600     $ 134,211  

Daikin Industries Ltd.

    4,200       753,507  

Nichias Corp.

    1,200       24,185  

Sanwa Holdings Corp.

    3,600       38,622  


    2,400       80,409  



Capital Markets — 1.0%            

Daiwa Securities Group Inc.

    24,600       115,487  

GMO Financial Holdings Inc.

    600       2,619  

JAFCO Group Co. Ltd.

    1,200       17,188  

Japan Exchange Group Inc.

    9,600       146,821  

Monex Group Inc.

    4,200       15,276  

Nomura Holdings Inc.

    63,600       245,198  




Chemicals — 4.5%


Aica Kogyo Co. Ltd.

    1,200       27,575  

Air Water Inc.

    3,000       37,699  

Asahi Kasei Corp.

    21,600       151,289  

Daicel Corp.

    4,800       36,270  

Denka Co. Ltd.

    1,200       24,834  

Kansai Paint Co. Ltd.

    3,000       40,658  

KH Neochem Co. Ltd.

    600       10,912  

Kuraray Co. Ltd.

    5,400       49,668  

Mitsubishi Chemical Group Corp.

    23,400       139,171  

Mitsubishi Gas Chemical Co. Inc.

    2,400       35,712  

Mitsui Chemicals Inc.

    3,000       77,462  

Nippon Paint Holdings Co. Ltd.

    15,600       146,688  

Nippon Sanso Holdings Corp.

    3,600       65,040  

Nissan Chemical Corp.

    1,800       81,751  

Nitto Denko Corp.

    2,400       155,331  

NOF Corp.

    1,200       56,076  

Shin-Etsu Chemical Co. Ltd.

    30,000       973,831  

Sumitomo Chemical Co. Ltd.

    26,400       88,888  

Teijin Ltd.

    3,600       37,988  

Tokai Carbon Co. Ltd.

    3,000       28,656  

Tokuyama Corp.

    1,200       19,115  

Toray Industries Inc.

    23,400       133,865  

Tosoh Corp.

    4,800       65,229  

UBE Corp.

    1,800       27,960  

Zeon Corp.

    2,400       25,443  




Commercial Services & Supplies — 0.5%


Aeon Delight Co. Ltd.

    600       13,783  

Japan Elevator Service Holdings Co. Ltd.

    1,200       19,586  

Pilot Corp.

    600       19,522  

Secom Co. Ltd.

    3,600       221,859  

Sohgo Security Services Co. Ltd.

    1,200       32,320  




Construction & Engineering — 1.1%


COMSYS Holdings Corp.

    1,800       33,244  

EXEO Group Inc.

    1,800       32,581  

Hazama Ando Corp.

    3,000       19,405  

INFRONEER Holdings Inc.

    3,600       27,824  

Kajima Corp.

    7,800       94,126  

Kandenko Co. Ltd.

    1,800       12,716  

Kumagai Gumi Co. Ltd.

    600       12,045  

Kyudenko Corp.

    600       15,261  


    1,800       22,417  

Nishimatsu Construction Co. Ltd.

    600       15,513  




2 0 2 3   I S H A R E S   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  (continued)

March 31, 2023


iShares® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security   Shares     Value  
Construction & Engineering (continued)            

Obayashi Corp.

    12,600     $ 96,421  

Penta-Ocean Construction Co. Ltd.

    4,800       22,936  

Shimizu Corp.

    10,200       57,806  

SHO-BOND Holdings Co. Ltd.

    600       24,844  

Taisei Corp.

    3,600       111,380  

Toda Corp.

    4,200       21,943  




Construction Materials — 0.1%


Taiheiyo Cement Corp.

    2,400       45,104  




Consumer Finance — 0.2%


Acom Co. Ltd.

    6,600       15,914  

AEON Financial Service Co. Ltd.

    2,400       22,411  

Marui Group Co. Ltd.

    3,000       45,921  

Orient Corp.

    900       7,498  




Containers & Packaging — 0.1%


FP Corp.

    600       14,906  

Rengo Co. Ltd.

    3,000       19,485  




Distributors — 0.0%



    600       22,798  




Financial Services — 1.1%


Fuyo General Lease Co. Ltd.

    600       40,824  

GMO Payment Gateway Inc.

    600       51,946  

Mitsubishi HC Capital Inc.

    13,800       71,260  

Mizuho Leasing Co. Ltd.

    600       15,919  

ORIX Corp.

    22,800       375,927  

Tokyo Century Corp.

    600       20,031  

Zenkoku Hosho Co. Ltd.

    600       22,641  




Diversified Telecommunication Services — 1.6%


Internet Initiative Japan Inc.

    1,800       37,531  

Nippon Telegraph & Telephone Corp.

    27,600       824,763  

Usen-Next Holdings Co. Ltd.

    600       11,645  




Electric Utilities — 0.6%


Chubu Electric Power Co. Inc.

    13,200       139,252  

Hokkaido Electric Power Co. Inc.(a)

    3,600       13,212  

Kansai Electric Power Co. Inc. (The)

    13,800       134,397  

Kyushu Electric Power Co. Inc.(a)

    7,800       44,574  




Electrical Equipment — 1.7%


Fuji Electric Co. Ltd.

    2,400       94,777  

Mitsubishi Electric Corp.

    36,600       437,375  

Nidec Corp.

    8,400       437,144  




Electronic Equipment, Instruments & Components — 5.5%


Anritsu Corp.

    3,000       27,732  

Azbil Corp.

    3,000       82,168  

Daiwabo Holdings Co. Ltd.

    1,800       29,730  

Dexerials Corp.

    1,200       24,534  

Hamamatsu Photonics KK

    3,000       161,825  

Horiba Ltd.

    600       36,010  

Ibiden Co. Ltd.

    1,800       72,186  

Keyence Corp.

    2,144       1,050,792  

Kyocera Corp.

    5,400       281,696  

Murata Manufacturing Co. Ltd.

    10,800       658,209  
Security   Shares     Value  
Electronic Equipment, Instruments & Components (continued)  

Omron Corp.

    3,600     $ 210,697  

Shimadzu Corp.

    4,200       131,849  

Taiyo Yuden Co. Ltd.

    1,800       60,693  

TDK Corp.

    5,400       193,839  

Yokogawa Electric Corp.

    4,200       68,391  




Entertainment — 2.4%


Capcom Co. Ltd.

    3,600       128,846  

GungHo Online Entertainment Inc.

    1,290       23,632  

Koei Tecmo Holdings Co. Ltd.

    2,480       44,822  

Konami Group Corp.

    1,800       82,616  

Nexon Co. Ltd.

    9,000       214,909  

Nintendo Co. Ltd.

    17,400       675,843  

Square Enix Holdings Co. Ltd.

    1,800       86,500  

Toho Co. Ltd./Tokyo

    2,400       92,014  




Consumer Staples Distribution & Retail — 1.9%


Cosmos Pharmaceutical Corp.

    400       36,020  

Create SD Holdings Co. Ltd.

    600       15,250  

Kobe Bussan Co. Ltd.

    3,000       83,767  

Kusuri no Aoki Holdings Co. Ltd.

    600       30,431  

Lawson Inc.

    1,200       50,805  

Life Corp.

    600       11,713  

MatsukiyoCocokara & Co.

    2,400       127,132  

Seven & i Holdings Co. Ltd.

    12,600       569,194  

Sugi Holdings Co. Ltd.

    600       25,790  

Sundrug Co. Ltd.

    1,200       32,922  

Tsuruha Holdings Inc.

    600       40,130  

Welcia Holdings Co. Ltd.

    1,800       38,536  

Yaoko Co. Ltd.

    600       31,243  




Food Products — 2.0%


Ajinomoto Co. Inc.

    8,400       292,218  

Calbee Inc.

    1,800       37,588  

Kagome Co. Ltd.

    1,800       41,978  

Kewpie Corp.

    1,800       30,240  

Kikkoman Corp.

    2,400       122,528  

MEIJI Holdings Co. Ltd.

    4,800       114,160  

Morinaga & Co. Ltd./Japan

    600       16,994  

Morinaga Milk Industry Co. Ltd.

    600       21,581  

NH Foods Ltd.

    1,200       34,711  

Nichirei Corp.

    1,800       36,427  

Nippon Suisan Kaisha Ltd.

    4,800       19,679  

Nissin Foods Holdings Co. Ltd.

    1,200       109,728  

Prima Meat Packers Ltd.

    600       9,969  

Toyo Suisan Kaisha Ltd.

    1,800       75,224  

Yakult Honsha Co. Ltd.

    2,400       174,385  




Gas Utilities — 0.5%


Nippon Gas Co. Ltd.

    1,800       26,123  

Osaka Gas Co. Ltd.

    7,200       118,280  

Tokyo Gas Co. Ltd.

    7,200       135,311  




Health Care Equipment & Supplies — 3.3%


Asahi Intecc Co. Ltd.

    4,200       74,207  

Hoya Corp.

    7,600       839,893  

Nihon Kohden Corp.

    1,800       48,841  

Olympus Corp.

    22,200       389,893  

Sysmex Corp.

    3,000       196,895  



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


Schedule of Investments  (continued)

March 31, 2023


iShares® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security   Shares     Value  
Health Care Equipment & Supplies (continued)            

Terumo Corp.

    10,800     $ 292,089  



Health Care Providers & Services — 0.3%            

Alfresa Holdings Corp.

    3,600       46,126  

BML Inc.

    600       14,007  

H.U. Group Holdings Inc.

    1,200       24,164  

Medipal Holdings Corp.

    3,600       49,062  

Ship Healthcare Holdings Inc.

    1,200       22,107  



Health Care Technology — 0.3%            

M3 Inc.

    7,200       181,217  



Hotels, Restaurants & Leisure — 0.3%            

Food & Life Companies Ltd.

    2,400       62,630  

McDonald’s Holdings Co. Japan Ltd.

    1,800       74,833  

Zensho Holdings Co. Ltd.

    1,800       53,344  



Household Durables — 3.3%            

Casio Computer Co. Ltd.

    2,400       23,624  

ES-Con Japan Ltd.

    600       3,941  

Haseko Corp.

    3,600       41,845  

Iida Group Holdings Co. Ltd.

    3,000       48,980  

Open House Group Co. Ltd.

    1,200       45,000  

Panasonic Holdings Corp.

    42,000       375,779  

Pressance Corp.

    600       8,101  

Rinnai Corp.

    1,800       44,084  

Sekisui Chemical Co. Ltd.

    7,200       102,258  

Sekisui House Ltd.

    10,800       220,117  

Sharp Corp./Japan(a)

    4,200       29,696  

Sony Group Corp.

    9,600       874,400  

Sumitomo Forestry Co. Ltd.

    2,400       47,677  



Household Products — 0.7%            

Lion Corp.

    4,200       45,384  

Pigeon Corp.

    2,400       37,186  

Unicharm Corp.

    7,200       295,961  



Independent Power and Renewable Electricity Producers — 0.1%  

Electric Power Development Co. Ltd.

    2,400       38,577  

eRex Co. Ltd.

    600       8,328  

RENOVA Inc.(a)

    1,200       18,095  

West Holdings Corp.

    600       14,746  



Industrial Conglomerates — 1.4%            

Hitachi Ltd.

    14,400       791,434  

TOKAI Holdings Corp.

    1,800       11,861  



Insurance — 2.8%            

Dai-ichi Life Holdings Inc.

    17,400       319,872  

MS&AD Insurance Group Holdings Inc.

    7,200       223,134  

Sompo Holdings Inc.

    6,000       237,751  

T&D Holdings Inc.

    9,600       118,981  

Tokio Marine Holdings Inc.

    34,800       669,724  



Interactive Media & Services — 0.4%            

Infocom Corp.

    600       10,632  

Kakaku.com Inc.

    3,000       41,182  
Security   Shares     Value  
Interactive Media & Services (continued)            

Z Holdings Corp.

    50,400     $ 142,907  



IT Services — 2.9%            


    1,200       29,487  

Change Inc.

    1,200       21,389  

Digital Garage Inc.

    600       19,820  

DTS Corp.

    600       14,619  

Fujitsu Ltd.

    3,600       486,469  

GMO internet group Inc.

    1,200       23,389  

Information Services International-Dentsu Ltd.

    600       23,667  

Itochu Techno-Solutions Corp.

    1,800       44,352  

NEC Corp.

    4,800       185,305  

NEC Networks & System Integration Corp.

    1,200       14,659  

NET One Systems Co. Ltd.

    1,200       28,795  

Nomura Research Institute Ltd.

    7,264       169,888  

NS Solutions Corp.

    600       16,074  

NSD Co. Ltd.

    1,200       21,646  

NTT Data Corp.

    11,400       149,870  

Obic Co. Ltd.

    1,200       190,072  

Otsuka Corp.

    1,800       63,927  

SCSK Corp.

    3,000       43,926  

TIS Inc.

    4,200       111,072  



Leisure Products — 0.9%            

Bandai Namco Holdings Inc.

    9,000       194,032  

Shimano Inc.

    1,400       242,740  

Yamaha Corp.

    2,400       92,698  



Machinery — 6.3%            

Amada Co. Ltd.

    6,000       56,241  

Daifuku Co. Ltd.

    5,400       100,263  

DMG Mori Co. Ltd.

    2,400       40,574  

Ebara Corp.

    1,200       55,877  


    17,000       613,907  

Fuji Corp./Aichi

    1,800       30,479  

Hitachi Construction Machinery Co. Ltd.

    1,200       27,969  

Hoshizaki Corp.

    2,400       88,666  

IHI Corp.

    2,400       60,286  

Komatsu Ltd.

    16,800       417,062  

Kubota Corp.

    18,600       282,001  

Makita Corp.

    4,200       104,600  


    6,000       114,579  

MISUMI Group Inc.

    5,400       135,693  

Mitsubishi Heavy Industries Ltd.

    6,000       221,046  

Miura Co. Ltd.

    1,800       46,165  

Nabtesco Corp.

    2,400       59,031  

NGK Insulators Ltd.

    4,200       55,694  

SMC Corp.

    1,200       636,140  

Sumitomo Heavy Industries Ltd.

    2,400       58,853  

Takeuchi Manufacturing Co. Ltd.

    600       13,319  

Toyota Industries Corp.

    2,400       133,706  

Yaskawa Electric Corp.

    4,200       184,212  



Marine Transportation — 0.8%            

Kawasaki Kisen Kaisha Ltd.

    3,000       68,807  

Mitsui OSK Lines Ltd.

    6,000       150,466  

Nippon Yusen KK

    9,600       224,240  







2 0 2 3   I S H A R E S   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  (continued)

March 31, 2023


iShares® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security   Shares     Value  
Media — 0.2%            

CyberAgent Inc.

    8,400     $ 71,172  

Hakuhodo DY Holdings Inc.

    4,800       54,420  

ValueCommerce Co. Ltd.

    600       7,739  



Metals & Mining — 1.3%            

Asahi Holdings Inc.

    1,200       18,338  

Dowa Holdings Co. Ltd.

    900       28,942  

JFE Holdings Inc.

    9,600       121,847  

Mitsui Mining & Smelting Co. Ltd.

    1,200       29,195  

Nippon Steel Corp.

    16,200       382,020  

Sumitomo Metal Mining Co. Ltd.

    4,200       160,708  

Tokyo Steel Manufacturing Co. Ltd.

    1,200       12,394  



Broadline Retail — 0.4%            

Izumi Co. Ltd.

    600       14,260  

Pan Pacific International Holdings Corp.

    7,800       150,901  

Ryohin Keikaku Co. Ltd.

    4,800       54,697  

Seria Co. Ltd.

    1,200       23,796  



Oil, Gas & Consumable Fuels — 1.0%            

Cosmo Energy Holdings Co. Ltd.

    1,200       38,876  

ENEOS Holdings Inc.

    63,600       223,141  

Idemitsu Kosan Co. Ltd.

    4,200       91,950  

Inpex Corp.

    18,000       190,485  

Iwatani Corp.

    600       26,255  



Paper & Forest Products — 0.1%            

Daio Paper Corp.

    1,800       14,077  

Oji Holdings Corp.

    14,400       57,015  



Personal Care Products — 1.6%            

Fancl Corp.

    1,800       33,134  

Kao Corp.

    8,400       326,972  

Kobayashi Pharmaceutical Co. Ltd.

    1,200       73,391  

Kose Corp.

    600       71,315  

Rohto Pharmaceutical Co. Ltd.

    3,600       75,340  

Shiseido Co. Ltd.

    7,200       337,560  



Pharmaceuticals — 6.8%            

Astellas Pharma Inc.

    33,640       477,934  

Chugai Pharmaceutical Co. Ltd.

    10,800       266,680  

Daiichi Sankyo Co. Ltd.

    30,609       1,116,544  

Eisai Co. Ltd.

    4,200       238,558  

JCR Pharmaceuticals Co. Ltd.

    1,200       12,860  

Kaken Pharmaceutical Co. Ltd.

    600       16,754  

Kyowa Kirin Co. Ltd.

    4,200       91,692  

Nippon Shinyaku Co. Ltd.

    600       26,475  

Ono Pharmaceutical Co. Ltd.

    6,600       137,532  

Otsuka Holdings Co. Ltd.

    8,400       266,697  

Santen Pharmaceutical Co. Ltd.

    7,200       61,519  

Shionogi & Co. Ltd.

    4,800       216,506  

Sumitomo Pharma Co., Ltd.

    2,400       14,706  

Takeda Pharmaceutical Co. Ltd.

    27,000       886,776  

Towa Pharmaceutical Co. Ltd.

    600       8,592  



Professional Services — 2.0%            

BayCurrent Consulting Inc.

    3,000       124,554  

Bell System24 Holdings Inc.

    600       6,558  
Security   Shares     Value  
Professional Services (continued)  

Benefit One Inc.

    1,800     $ 25,685  

dip Corp.

    600       16,083  

en Japan Inc.

    600       10,355  

Fullcast Holdings Co. Ltd.

    600       10,985  

Meitec Corp.

    1,200       21,485  

Persol Holdings Co. Ltd.

    4,200       84,567  

Recruit Holdings Co. Ltd.

    25,200       693,227  

SMS Co. Ltd.

    1,200       29,185  

TechnoPro Holdings Inc.

    2,400       66,566  

Transcosmos Inc.(a)

    600       14,242  

UT Group Co. Ltd.(a)

    600       11,216  



Real Estate Management & Development — 2.3%            

Aeon Mall Co. Ltd.

    1,800       23,626  

Daito Trust Construction Co. Ltd.

    1,200       119,556  

Daiwa House Industry Co. Ltd.

    9,600       226,188  

Hulic Co. Ltd.

    7,800       64,157  

Katitas Co. Ltd.

    1,200       23,485  

Mitsubishi Estate Co. Ltd.

    21,600       256,925  

Mitsui Fudosan Co. Ltd.

    15,000       281,766  

Nomura Real Estate Holdings Inc.

    2,400       53,145  

Relo Group Inc.

    1,800       28,731  

Starts Corp. Inc.

    600       11,551  

Sumitomo Realty & Development Co. Ltd.

    6,000       135,489  

Tokyo Tatemono Co. Ltd.

    3,600       43,953  

Tokyu Fudosan Holdings Corp.

    10,200       48,990  



Ground Transportation — 0.6%            

Central Japan Railway Co.

    2,900       346,027  



Semiconductors & Semiconductor Equipment — 4.0%        

Advantest Corp.

    3,000       278,119  

Disco Corp.

    1,800       209,397  

Ferrotec Holdings Corp.

    1,200       30,357  

Japan Material Co. Ltd.

    1,200       21,465  

Lasertec Corp.

    1,700       302,055  

Optorun Co. Ltd.

    600       10,086  

Renesas Electronics Corp.(a)

    23,400       338,851  

SCREEN Holdings Co. Ltd.

    600       53,222  

Shinko Electric Industries Co. Ltd.

    1,200       37,328  


    6,600       99,290  

Tokyo Electron Ltd.

    6,900       842,945  

Tokyo Seimitsu Co. Ltd.

    600       23,293  

Ulvac Inc.

    600       26,211  



Software — 0.3%            

Justsystems Corp.

    600       16,042  

Oracle Corp. Japan

    600       43,332  

Rakus Co. Ltd.

    1,800       26,142  

Systena Corp.

    6,000       13,194  

Trend Micro Inc./Japan

    1,800       88,309  



Specialty Retail — 1.5%            

ABC-Mart Inc.

    600       33,203  

Fast Retailing Co. Ltd.

    1,600       350,260  

Hikari Tsushin Inc.

    600       84,316  

Kohnan Shoji Co. Ltd.

    600       14,714  

K’s Holdings Corp.

    3,000       26,340  

Nextage Co. Ltd.

    600       12,541  

Nitori Holdings Co. Ltd.

    1,500       181,143  



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


Schedule of Investments  (continued)

March 31, 2023


iShares® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security   Shares     Value  
Specialty Retail (continued)  

Nojima Corp.

    1,200     $ 12,689  

T-Gaia Corp.

    600       7,564  

USS Co. Ltd.

    3,600       62,458  

Workman Co. Ltd.

    600       25,453  


    2,400       54,892  



Technology Hardware, Storage & Peripherals — 0.9%        

Brother Industries Ltd.

    4,800       72,316  

Elecom Co. Ltd.

    1,200       11,413  

FUJIFILM Holdings Corp.

    6,600       335,036  

MCJ Co. Ltd.

    1,200       8,448  

Seiko Epson Corp.

    4,800       68,583  

Wacom Co. Ltd.

    3,000       15,715  



Textiles, Apparel & Luxury Goods — 0.1%            

Goldwin Inc.

    600       57,245  



Tobacco — 0.9%            

Japan Tobacco Inc.

    22,800       481,617  



Trading Companies & Distributors — 6.4%            

Hanwa Co. Ltd.

    600       17,937  


    22,800       742,515  

Kanematsu Corp.

    1,200       14,903  

Marubeni Corp.

    30,000       407,991  

Mitsubishi Corp.

    23,400       840,913  

Mitsui & Co. Ltd.

    27,000       841,586  

MonotaRO Co. Ltd.

    5,400       68,016  

Nippon Steel Trading Corp.

    600       42,102  

Sojitz Corp.

    3,620       75,643  
Security   Shares     Value  

Trading Companies & Distributors (continued)


Sumitomo Corp.

    22,800     $ 403,910  

Toyota Tsusho Corp.

    3,000       127,912  



Wireless Telecommunication Services — 3.7%            

KDDI Corp.

    23,400       721,603  

SoftBank Corp.

    57,000       657,997  

SoftBank Group Corp.

    17,400       684,055  







Total Long-Term Investments — 98.7%
(Cost: $52,285,012)






Short-Term Securities

Money Market Funds — 0.1%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(b)(c)

    20,000       20,000  




Total Short-Term Securities — 0.1%
(Cost: $20,000)






Total Investments — 98.8%
(Cost: $52,305,012)



Other Assets Less Liabilities — 1.2%






Net Assets — 100.0%


  $   56,417,966  






Non-income producing security.


Affiliate of the Fund.


Annualized 7-day yield as of period end.


Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:



Affiliated Issuer     
Value at
at Cost
from Sale
Net Realized
Gain (Loss)

Change in
Value at

Held at















BlackRock Cash Funds: Institutional, SL Agency Shares(a)

   $ 97,990      $      $ (98,640 )(b)    $ 653      $ (3   $             $ 551 (c)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     30,000               (10,000 )(b)                    20,000        20,000        557        















           $ 653      $ (3   $ 20,000         $ 1,108     $  


















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


Represents net amount purchased (sold).


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





Number of














Long Contracts


Mini TOPIX Index

    45       06/08/23     $ 682     $ 8,496  







2 0 2 3   I S H A R E S   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  (continued)

March 31, 2023


iShares® JPX-Nikkei 400 ETF


Derivative Financial Instruments Categorized by Risk Exposure

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



Assets — Derivative Financial Instruments



Futures contracts


Unrealized appreciation on futures contracts(a)

  $     $     $ 8,496     $     $     $     $ 8,496  
























Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statement 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 March 31, 2023, the effect of derivative financial instruments in the Statement of Operations was as follows:



Net Realized Gain (Loss) from



Futures contracts

  $     $     $ 10,449     $     $     $     $ 10,449  






















Net Change in Unrealized Appreciation (Depreciation) on



Futures contracts

  $     $     $ 7,669     $     $     $     $ 7,669  






















Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts


Average notional value of contracts — long

   $ 442,737  

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

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

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


      Level 1        Level 2        Level 3        Total  





Long-Term Investments


Common Stocks

   $ 74,833        $ 55,618,538        $        $ 55,693,371  

Short-Term Securities


Money Market Funds

     20,000                            20,000  












   $ 94,833        $ 55,618,538        $        $ 55,713,371  













Derivative Financial Instruments(a)




Equity Contracts

   $        $ 8,496        $        $ 8,496  















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


Statement of Assets and Liabilities

March 31, 2023




400 ETF




Investments, at value — unaffiliated(a)

  $ 55,693,371  

Investments, at value — affiliated(b)




Foreign currency collateral pledged for futures contracts(c)


Foreign currency, at value(d)




Investments sold


Securities lending income — affiliated


Dividends — unaffiliated


Dividends — affiliated


Variation margin on futures contracts





Total assets









Investment advisory fees





Total liabilities






  $ 56,417,966  






Paid-in capital

  $ 77,967,449  

Accumulated loss






  $ 56,417,966  






Shares outstanding





Net asset value

  $ 62.69  




Shares authorized





Par value





(a) Investments, at cost — unaffiliated

  $ 52,285,012  

(b) Investments, at cost — affiliated

  $ 20,000  

(c)  Foreign currency collateral pledged, at cost

  $ 4,250  

(d) Foreign currency, at cost

  $ 93,340  

See notes to financial statements.




2 0 2 3   I S H A R E S   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


Statement of Operations

Year Ended March 31, 2023




400 ETF







Dividends — unaffiliated

  $ 1,544,248  

Dividends — affiliated


Securities lending income — affiliated — net


Foreign taxes withheld





Total investment income







Investment advisory





Total expenses





Net investment income







Net realized gain (loss) from:


Investments — unaffiliated


Investments — affiliated


Foreign currency transactions


Futures contracts


In-kind redemptions — unaffiliated(a)








Net change in unrealized appreciation (depreciation) on:


Investments — unaffiliated


Investments — affiliated


Foreign currency translations


Futures contracts








Net realized and unrealized loss






  $ (3,425,973






See Note 2 of the Notes to Financial Statements.

See notes to financial statements.



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



Statements of Changes in Net Assets


JPX-Nikkei 400 ETF





Year Ended










Year Ended











Net investment income

  $ 1,120,612     $ 1,349,510  

Net realized gain (loss)

    658,670       (1,794,704

Net change in unrealized appreciation (depreciation)

    (5,205,255     (7,233,344







Net decrease in net assets resulting from operations

    (3,425,973     (7,678,538









Decrease in net assets resulting from distributions to shareholders

    (865,818     (2,229,146









Net decrease in net assets derived from capital share transactions










Total decrease in net assets

    (21,636,549     (9,907,684

Beginning of year

    78,054,515       87,962,199  







End of year

  $ 56,417,966     $ 78,054,515  









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

See notes to financial statements.




2 0 2 3   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights  

(For a share outstanding throughout each period)



    iShares JPX-Nikkei 400 ETF  


Year Ended






Year Ended






Year Ended






Year Ended









Year Ended







Net asset value, beginning of year

  $ 65.05     $ 73.30     $ 53.52     $ 58.88     $ 65.42  
















Net investment income(a)

    1.16       1.12       0.88       0.96       1.06  

Net realized and unrealized gain (loss)(b)

    (2.66     (7.51     19.82       (5.10     (6.73
















Net increase (decrease) from investment operations

    (1.50     (6.39     20.70       (4.14     (5.67
















Distributions from net investment income(c)

    (0.86     (1.86     (0.92     (1.22     (0.87
















Net asset value, end of year

  $ 62.69     $ 65.05     $ 73.30     $ 53.52     $ 58.88  
















Total Return(d)


Based on net asset value

    (2.28 )%      (8.94 )%      38.91     (7.29 )%      (8.67 )% 
















Ratios to Average Net Assets(e)


Total expenses

    0.48     0.48     0.48     0.48     0.48
















Net investment income

    1.99     1.57     1.36     1.61     1.73
















Supplemental Data


Net assets, end of year (000)

  $ 56,418     $ 78,055     $ 87,962     $ 80,279     $ 114,817  
















Portfolio turnover rate(f)

    12     11     10     7     11


















Based on average shares outstanding.


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.


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


Where applicable, assumes the reinvestment of distributions.


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


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


Notes to Financial Statements  




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 fund (the “Fund”):



iShares ETF






JPX-Nikkei 400











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. The 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 Fund is 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.

Foreign Currency Translation: The 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.

The 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 Statement 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. The 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 Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 March 31, 2023, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund. 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, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.



18   2 0 2 3   I S H A R E S   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  (continued)




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

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



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



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



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

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

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

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

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



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



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



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

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




Securities Lending: The 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 the 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



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


Notes to Financial Statements  (continued)


collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the 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 Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund 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 Fund, 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 Fund 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.

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, the 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. The 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 the Fund.




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 Fund 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 Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement 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 Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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.




Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the 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 Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.48%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The 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 the 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




2 0 2 3   I S H A R E S   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  (continued)


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. The 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, the 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, the 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.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the year ended March 31, 2023, the Fund paid BTC $201 for securities lending agent services.

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

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

For the year ended March 31, 2023, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF










Net Realized
Gain (Loss)




JPX-Nikkei 400



















The 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 Statement 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.




For the year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF











JPX-Nikkei 400






















For the year ended March 31, 2023, in-kind transactions were as follows:


iShares ETF  








JPX-Nikkei 400
























The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the 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 Fund as of March 31, 2023, 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 Fund’s 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


Notes to Financial Statements  (continued)


U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF    Paid-in Capital    


Earnings (Loss)   


JPX-Nikkei 400

   $ 1,929,955     $    (1,929,955)   


The tax character of distributions paid was as follows:



iShares ETF   Year Ended


Year Ended




JPX-Nikkei 400


Ordinary income

  $ 865,818     $ 2,229,146  







As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF

Ordinary Income

Capital Loss
Net Unrealized
Gains (Losses)

JPX-Nikkei 400

  $ 535,936      $ (24,591,227    $ 2,505,808      $ (21,549,483



Amounts available to offset future realized capital gains.


The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.


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

As of March 31, 2023, 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
     Gross Unrealized
     Net Unrealized   

JPX-Nikkei 400

  $ 53,215,126      $ 10,119,869      $ (7,613,128    $ 2,506,741     




In the normal course of business, the 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 Fund and its investments. The 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 the 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 Fund 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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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




2 0 2 3   I S H A R E S   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  (continued)


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.

Counterparty Credit Risk: The Fund 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 Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

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 Fund 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 Fund.

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 the Fund’s portfolio are disclosed in its Schedule of Investments.

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

The Fund invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund’s investments.

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




Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

Transactions in capital shares were as follows:



    Year Ended
    Year Ended
iShares ETF   Shares     Amount     Shares      Amount  

JPX-Nikkei 400


Shares redeemed

    (300,000   $ (17,344,758          $  













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



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


Notes to Financial Statements  (continued)


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 Statement of Assets and Liabilities.




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




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Report of Independent Registered Public Accounting Firm


To the Board of Trustees of

iShares Trust and Shareholders of iShares JPX-Nikkei 400 ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares JPX-Nikkei 400 ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of March 31, 2023, the related statement of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2023 and the financial highlights for each of the five years in the period ended March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.


/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

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



R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M


Important Tax Information (unaudited)


The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:


iShares ETF   Qualified Dividend 

JPX-Nikkei 400

  $ 1,468,770   

The Fund intends to pass through to its shareholders the following amount, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2023:


iShares ETF   Foreign Source
Income Earned
Taxes Paid 

JPX-Nikkei 400

  $ 1,544,388      $ 171,142   




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Statement Regarding Liquidity Risk Management Program (unaudited)


In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares JPX-Nikkei 400 ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the 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 the 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, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the 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 the 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. The Committee also considered that ETFs generally do not engage in borrowing.



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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.



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.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.



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


Supplemental Information (unaudited)


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 the 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.

March 31, 2023


     Total Cumulative Distributions
for the Fiscal Year
    % Breakdown of the Total Cumulative
Distributions for the Fiscal Year
iShares ETF   Net
    Net Realized
Capital Gains
    Return of
    Total Per
    Net Realized
Capital Gains
    Return of
    Total Per

JPX-Nikkei 400

  $ 0.858656     $     $     $ 0.858656       100             100

Premium/Discount Information

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




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Trustee and Officer Information (unaudited)


The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


     Interested Trustees     


(Year of



Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Robert S. Kapito(a)


   Trustee (since 2009).    President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).    Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji(b)


   Trustee (since 2019).    Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).    Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).



Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.




Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.



     Independent Trustees     


(Year of



Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

John E. Kerrigan


   Trustee (since 2005); Independent Board Chair (since 2022).    Chief Investment Officer, Santa Clara University (since 2002).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin


   Trustee (since 2015); Risk Committee Chair (since 2016).    Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).    Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani


   Trustee (since 2017); Audit Committee Chair (since 2019).    Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).



T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N


Trustee and Officer Information  (unaudited (continued)


     Independent Trustees (continued)     


(Year of



Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Cecilia H. Herbert


   Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).    Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton


   Trustee (since 2017); 15(c) Committee Chair (since 2017).    Senior Managing Director of New York Life Insurance Company (2010-2015).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

John E. Martinez


   Trustee (since 2003); Securities Lending Committee Chair (since 2019).    Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).    Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan


   Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).    Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).    Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


(Year of



Principal Occupation(s)

During Past 5 Years

Dominik Rohé


   President (since 2019).   

Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).

Trent Walker


   Treasurer and Chief Financial Officer (since 2020).   

Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park


   Chief Compliance Officer (since 2006).   

Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa Rolland


   Secretary (since 2022).   

Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre


   Executive Vice President (since 2022).   

Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).




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Trustee and Officer Information  (unaudited)  (continued)


     Officers (continued)     


(Year of



Principal Occupation(s)

During Past 5 Years

Jennifer Hsui


   Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro


   Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).



Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.


Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.




T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N


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 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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the 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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Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Fund’s 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 the Japan Exchange Group, Inc., JPX Market Innovation & Research, Inc. or Nikkei, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.