iShares Trust


		FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

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

· iShares MSCI United Kingdom ETF | EWU | NYSE Arca

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

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 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. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, 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 a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably 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, 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 shortly following the end of 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, several factors lead us to take 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 in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. 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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		1.26%		(7.69)%

U.S. small cap equities (Russell 2000^® Index)		3.63		(6.02)

International equities (MSCI Europe, Australasia, Far East Index)		12.58		(3.14)

Emerging market equities (MSCI Emerging Markets Index)		(2.29)		(15.28)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.74		2.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(4.81)		(14.06)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.13)		(9.72)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.66		(5.10)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.52		(5.45)

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


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

Table of Contents


		Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		19
Statements of Operations		20
Statements of Changes in Net Assets		21
Financial Highlights		23
Notes to Financial Statements		26
Statement Regarding Liquidity Risk Management Program		35
General Information		36
Glossary of Terms Used in this Report		37


Fund Summary as of February 28, 2023		iShares^® Currency Hedged MSCI United Kingdom ETF

Investment Objective

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

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception	1 Year			5 Years			Since Inception

Fund NAV		10.92	%		13.13	%		6.58	%	6.81%		13.13	%		37.51	%		65.74	%
Fund Market		10.87			13.20			6.58		6.81		13.20			37.52			65.73
Index		10.65			12.31			7.14		7.31		12.31			41.18			71.77

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,109.20	$ 0.00			$ 1,000.00	$ 1,024.80	$ 0.00		0.00	%

^(a)

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

Portfolio Information


PORTFOLIO COMPOSITION

Investment Type		Percent of Net Assets

Investment Companies		99.2%
Short-term Investments		0.2
Forward foreign currency exchange contracts, net cumulative appreciation		2.4
Other assets less liabilities		(1.8)


SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector		Percent of Total Investment^(a)

Consumer Staples		19.4%
Financials		19.1
Energy		14.7
Health Care		12.6
Industrials		10.2
Materials		9.4
Consumer Discretionary		5.8
Utilities		3.7
Communication Services		3.3
Real Estate		1.0
Information Technology		0.8

^(a)

Excludes money market funds.


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI United Kingdom ETF

Investment Objective

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

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		13.21	%		(1.08	)%		2.32	%	2.99%		(1.08	)%		12.15	%		34.31	%
Fund Market		13.33			(0.37	)		2.43		2.99		(0.37	)		12.77			34.27
Index		13.86			(0.08	)		3.04		3.61		(0.08	)		16.14			42.61

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,132.10	$ 2.70			$ 1,000.00	$ 1,022.30	$ 2.56		0.51	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Consumer Staples	19.4	%
Financials	19.1
Energy	14.7
Health Care	12.6
Industrials	10.2
Materials	9.4
Consumer Discretionary	5.8
Utilities	3.7
Communication Services	3.3
Real Estate	1.0
Information Technology	0.8


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Shell PLC	9.4	%
AstraZeneca PLC	8.9
HSBC Holdings PLC	6.7
Unilever PLC	5.6
BP PLC	5.2
Diageo PLC	4.2
British American Tobacco PLC	3.5
Rio Tinto PLC	3.4
GSK PLC	3.1
Glencore PLC	2.7

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2023		iShares^® MSCI United Kingdom Small-Cap ETF

Investment Objective

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

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		9.32	%		(16.20	)%		(2.34	)%	3.23%		(16.20	)%		(11.17	)%		37.37	%
Fund Market		9.30			(15.50	)		(2.34	)	3.16		(15.50	)		(11.19	)		36.46
Index		10.02			(15.47	)		(1.63	)	3.92		(15.47	)		(7.89	)		46.82

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,093.20	$ 3.06			$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Industrials	20.5	%
Financials	17.3
Consumer Discretionary	15.6
Real Estate	11.8
Information Technology	6.8
Health Care	5.9
Communication Services	5.9
Materials	5.2
Consumer Staples	4.4
Utilities	3.8
Energy	2.8


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Centrica PLC	1.9	%
Weir Group PLC (The)	1.5
B&M European Value Retail SA	1.5
DS Smith PLC	1.5
Rightmove PLC	1.5
RS GROUP PLC	1.4
Beazley PLC	1.4
Intermediate Capital Group PLC	1.3
IMI PLC	1.3
Howden Joinery Group PLC	1.2

^(a)

Excludes money market funds.


6		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® Currency Hedged MSCI United Kingdom ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 99.2%
iShares MSCI United Kingdom ETF^(a)(b)		273,965	$	8,843,590


Total Investment Companies (Cost: $9,198,859)				8,843,590


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(a)(c)(d)		15,575		15,584


Total Short-Term Securities — 0.2% (Cost: $15,584)				15,584


Total Investments in Securities — 99.4% (Cost: $9,214,443)				8,859,174

Other Assets Less Liabilities — 0.6%				53,843


Net Assets — 100.0%			$	8,913,017

^(a)

Affiliate of the Fund.

^(b)

All or a portion of this security is on loan.

^(c)

Annualized 7-day yield as of period end.

^(d)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	15,631	^(a)	$	—		$	(47	)	$	—	$	15,584		15,575	$	18,352	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		700,000		—			(700,000	)^(a)		—			—		—		—		205			—
iShares MSCI United Kingdom ETF		15,793,013		2,883,610			(11,303,674	)		(232,117	)		1,702,758		8,843,590		273,965		206,751			—


									$	(232,164	)	$	1,702,758	$	8,859,174			$	225,308		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



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

USD	261,807		GBP	216,000	Bank of America N.A.		03/02/23	$	1,992
USD	4,822		GBP	4,000	HSBC Bank PLC		03/02/23		11
USD	10,763,940		GBP	8,738,000	JPMorgan Chase Bank N.A.		03/02/23		253,439
USD	8,305,153		GBP	6,856,000	BNP Paribas SA		04/04/23		53,453
USD	263,594		GBP	219,000	HSBC Bank PLC		04/04/23		11
USD	511,193		GBP	422,000	UBS AG		04/04/23		3,285


									312,191

GBP	2,090,000		USD	2,558,818	Bank of America N.A.		03/02/23		(44,862	)
GBP	6,856,000		USD	8,300,216	BNP Paribas SA		03/02/23		(53,478	)


8		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® Currency Hedged MSCI United Kingdom ETF

Forward Foreign Currency Exchange Contracts (continued)



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

GBP	12,000		USD	14,512	HSBC Bank PLC		03/02/23	$	(78	)
GBP	64,000		USD	77,305	Morgan Stanley & Co. International PLC		04/04/23		(277	)


									(98,695	)


									$213,496

Derivative Financial Instruments Categorized by Risk Exposure

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




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	312,191	$	—	$	—	$	312,191


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	98,695	$	—	$	—	$	98,695

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	341,751		$	—	$	—	$	341,751


Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(793,351	)	$	—	$	—	$	(793,351	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	12,085,057
Average amounts sold — in USD	$	23,107,497

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

Derivative Financial Instruments - Offsetting as of Period End

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



	Assets		Liabilities

Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	312,191	$	98,695


Total derivative assets and liabilities in the Statement of Assets and Liabilities		312,191		98,695
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA		312,191		98,695

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




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


Bank of America N.A.		$	1,992		$ (1,992	)		$	—		$	—		$	—


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® Currency Hedged MSCI United Kingdom ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)




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


BNP Paribas SA		$	53,453		$	(53,453	)		$	—		$	—		$	—
HSBC Bank PLC			22			(22	)			—			—			—
JPMorgan Chase Bank N.A.			253,439			—				—			—			253,439
UBS AG			3,285			—				—			—			3,285


		$	312,191		$	(55,467	)		$	—		$	—		$	256,724




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


Bank of America N.A.		$	44,862		$	(1,992	)		$	—		$	—		$	42,870
BNP Paribas SA			53,478			(53,453	)			—			—			25
HSBC Bank PLC			78			(22	)			—			—			56
Morgan Stanley & Co. International PLC			277			—				—			—			277


		$	98,695		$	(55,467	)		$	—		$	—		$	43,228

^(a)

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

^(b)

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

^(c)

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

^(d)

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

Fair Value Hierarchy as of Period End

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


Assets
Investments
Long-Term Investments
Investment Companies		$	8,843,590	$	—		$	—	$	8,843,590
Short-Term Securities
Money Market Funds			15,584		—			—		15,584


		$	8,859,174	$	—		$	—	$	8,859,174

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts		$	—	$	312,191		$	—	$	312,191
Liabilities
Foreign Currency Exchange Contracts			—		(98,695	)		—		(98,695	)


		$	—	$	213,496		$	—		213,496

^(a)

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

See notes to financial statements.


10		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI United Kingdom ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.1%
BAE Systems PLC		4,459,350	$	48,161,858
Rolls-Royce Holdings PLC^(a)		12,068,538		21,026,988


				69,188,846

Banks — 11.8%
Barclays PLC		22,888,613		48,033,740
HSBC Holdings PLC		28,826,415		220,811,659
Lloyds Banking Group PLC		97,123,857		61,336,612
NatWest Group PLC, NVS		7,665,340		26,927,886
Standard Chartered PLC		3,552,059		33,610,279


				390,720,176

Beverages — 4.4%
Coca-Cola HBC AG, Class DI^(a)		289,010		7,401,374
Diageo PLC		3,281,932		139,273,474


				146,674,848

Capital Markets — 3.1%
3i Group PLC		1,403,767		27,463,634
abrdn PLC		2,927,956		7,888,547
Hargreaves Lansdown PLC		508,815		5,069,814
London Stock Exchange Group PLC		471,958		42,108,915
Schroders PLC		1,279,962		7,640,044
St. James’s Place PLC		778,174		11,979,657


				102,150,611

Chemicals — 0.7%
Croda International PLC		201,401		15,882,889
Johnson Matthey PLC		261,950		6,872,224


				22,755,113

Commercial Services & Supplies — 0.7%
Rentokil Initial PLC		3,637,957		22,377,550


Diversified Consumer Services — 0.3%
Pearson PLC		933,017		10,320,721


Diversified Financial Services — 0.2%
M&G PLC		3,219,905		8,293,097


Diversified Telecommunication Services — 0.5%
BT Group PLC		10,025,719		16,807,667


Electric Utilities — 1.0%
SSE PLC		1,560,379		32,657,102


Electronic Equipment, Instruments & Components — 0.4%
Halma PLC		546,764		14,230,349


Equity Real Estate Investment Trusts (REITs) — 1.0%
British Land Co. PLC (The)		1,261,567		6,766,700
Land Securities Group PLC		1,011,670		8,353,569
Segro PLC		1,745,845		17,243,846


				32,364,115

Food & Staples Retailing — 1.4%
J Sainsbury PLC		2,514,505		8,109,434
Ocado Group PLC^(a)		825,861		5,457,299
Tesco PLC		10,709,924		32,808,599


				46,375,332

Food Products — 0.4%
Associated British Foods PLC		509,539		12,282,847


Health Care Equipment & Supplies — 0.5%
Smith & Nephew PLC		1,256,945		17,934,783


Security	Shares		Value

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


Hotels, Restaurants & Leisure — 3.0%
Compass Group PLC		2,532,455		58,504,225
Entain PLC		850,069		13,882,207
InterContinental Hotels Group PLC		253,107		17,062,262
Whitbread PLC		288,965		10,717,272


				100,165,966

Household Durables — 1.0%
Barratt Developments PLC		1,462,562		8,223,218
Berkeley Group Holdings PLC		156,625		7,884,289
Persimmon PLC		456,711		7,964,432
Taylor Wimpey PLC		5,051,583		7,472,488


				31,544,427

Household Products — 2.2%
Reckitt Benckiser Group PLC		1,033,151		71,685,179


Industrial Conglomerates — 0.9%
DCC PLC		141,169		7,840,041
Melrose Industries PLC		5,796,843		10,439,127
Smiths Group PLC		518,174		10,988,408


				29,267,576

Insurance — 3.7%
Admiral Group PLC		262,308		6,941,198
Aviva PLC		4,042,878		21,719,996
Legal & General Group PLC		8,622,559		26,541,087
Phoenix Group Holdings PLC		1,072,728		8,172,014
Prudential PLC		3,968,941		60,657,103


				124,031,398

Interactive Media & Services — 0.3%
Auto Trader Group PLC^(c)		1,346,873		9,632,940


Machinery — 0.4%
Spirax-Sarco Engineering PLC		106,007		14,887,742


Media — 1.1%
Informa PLC		2,073,895		16,659,694
WPP PLC		1,546,016		19,014,720


				35,674,414

Metals & Mining — 8.3%
Anglo American PLC		1,834,395		63,386,989
Antofagasta PLC		569,277		10,738,716
Glencore PLC		14,869,381		88,649,186
Rio Tinto PLC		1,623,447		111,408,300


				274,183,191

Multi-Utilities — 2.0%
National Grid PLC		5,279,162		66,251,931


Multiline Retail — 0.5%
Next PLC		186,436		15,336,573


Oil, Gas & Consumable Fuels — 14.5%
BP PLC		26,197,615		172,158,362
Shell PLC		10,188,690		308,598,862


				480,757,224

Paper & Forest Products — 0.4%
Mondi PLC		699,754		11,759,592


Personal Products — 6.4%
Haleon PLC^(a)		7,325,436		28,346,906


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI United Kingdom ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Personal Products (continued)
Unilever PLC		3,659,499	$	182,197,226


				210,544,132

Pharmaceuticals — 12.0%
AstraZeneca PLC		2,236,899		291,418,728
GSK PLC		5,871,726		100,588,044
Hikma Pharmaceuticals PLC		236,134		4,926,612


				396,933,384

Professional Services — 4.2%
Experian PLC		1,329,880		44,835,740
Intertek Group PLC		232,989		11,694,287
RELX PLC		2,764,982		83,379,334


				139,909,361

Software — 0.4%
Sage Group PLC (The)		1,467,523		13,222,552


Specialty Retail — 0.5%
JD Sports Fashion PLC		3,688,735		8,030,990
Kingfisher PLC		2,821,653		9,758,283


				17,789,273

Textiles, Apparel & Luxury Goods — 0.5%
Burberry Group PLC		555,544		16,496,628


Tobacco — 4.5%
British American Tobacco PLC		3,065,004		115,997,420
Imperial Brands PLC		1,294,782		31,192,930


				147,190,350

Trading Companies & Distributors — 1.8%
Ashtead Group PLC		631,941		41,815,066
Bunzl PLC		487,387		17,366,036


				59,181,102


Security	Shares		Value


Water Utilities — 0.7%
Severn Trent PLC		359,844	$	11,885,376
United Utilities Group PLC		982,881		12,001,351


				23,886,727

Wireless Telecommunication Services — 1.4%
Vodafone Group PLC		37,623,613		45,049,552


Total Long-Term Investments — 99.2% (Cost: $3,788,160,349)				3,280,514,373


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		1,170,000		1,170,000


Total Short-Term Securities — 0.0% (Cost: $1,170,000)				1,170,000


Total Investments — 99.2% (Cost: $3,789,330,349)				3,281,684,373

Other Assets Less Liabilities — 0.8%				25,186,954


Net Assets — 100.0%			$	3,306,871,327

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	120,000	$	1,050,000	^(a)	$	—	$	—	$	—	$	1,170,000		1,170,000	$	44,370	$	1

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

FTSE 100 Index

268

03/17/23

25,307

520,723


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI United Kingdom ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	520,723	$	—	$	—	$	—	$	520,723

^(a)

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(295,921	)	$	—	$	—	$	—	$	(295,921	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	625,667		$	—	$	—	$	—	$	625,667

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	22,768,936

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	3,280,514,371	$	2	$	3,280,514,373
Short-Term Securities
Money Market Funds		1,170,000		—		—		1,170,000


	$	1,170,000	$	3,280,514,371	$	2	$	3,281,684,373

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	520,723	$	—	$	520,723

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI United Kingdom Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.2%
Avon Protection PLC		3,722	$	43,673
Babcock International Group PLC^(a)		31,596		124,733
Chemring Group PLC		35,730		126,140
QinetiQ Group PLC		72,777		296,443


				590,989

Air Freight & Logistics — 0.7%
International Distributions Services PLC		96,068		270,174
Wincanton PLC		15,674		58,823


				328,997

Airlines — 1.1%
easyJet PLC^(a)		38,078		221,689
JET2 PLC		20,139		312,837


				534,526

Auto Components — 0.1%
TI Fluid Systems PLC^(b)		42,630		62,046


Automobiles — 0.3%
Aston Martin Lagonda Global Holdings PLC^(a)(b)(c)		52,837		127,421


Banks — 1.8%
Bank of Georgia Group PLC		4,478		150,279
Close Brothers Group PLC		18,849		229,446
TBC Bank Group PLC		5,158		153,867
Virgin Money UK PLC		156,885		339,563


				873,155

Beverages — 1.4%
AG Barr PLC		11,796		78,885
Britvic PLC		32,713		327,009
C&C Group PLC^(a)		48,917		87,528
Fevertree Drinks PLC^(c)		13,167		168,674


				662,096

Biotechnology — 0.7%
Genus PLC		8,217		292,806
Oxford Biomedica PLC^(a)		9,159		60,593


				353,399

Building Products — 0.6%
Genuit Group PLC		31,143		117,438
Tyman PLC		24,883		76,024
Volution Group PLC		24,706		108,915


				302,377

Capital Markets — 9.0%
AJ Bell PLC		38,777		152,056
Alpha FX Group PLC		3,962		88,642
Ashmore Group PLC		58,182		189,166
Bridgepoint Group PLC^(b)		31,144		93,383
CMC Markets PLC^(b)		15,729		46,637
Draper Esprit PLC^(a)		17,333		80,936
IG Group Holdings PLC		49,673		479,528
Impax Asset Management Group PLC		10,770		103,446
IntegraFin Holdings PLC		37,138		126,599
Intermediate Capital Group PLC		36,375		612,374
Investec PLC		87,238		556,991
IP Group PLC		129,270		101,614
JTC PLC^(b)		16,877		157,146
Jupiter Fund Management PLC		55,420		97,794
Liontrust Asset Management PLC		8,120		116,798
Man Group PLC/Jersey		160,424		512,333
Ninety One PLC		50,444		127,785


Security	Shares		Value

Capital Markets (continued)
Polar Capital Holdings PLC		8,874	$	56,573
Quilter PLC^(b)		167,271		185,307
Rathbones Group PLC		7,516		188,269
TP ICAP Group PLC		98,842		229,462


				4,302,839

Chemicals — 1.1%
Elementis PLC^(a)		72,853		111,521
Essentra PLC		37,714		101,466
Synthomer PLC		47,102		86,722
Victrex PLC		10,891		229,887


				529,596

Commercial Services & Supplies — 1.7%
Finablr PLC^(a)(b)(d)		61,710		1
Johnson Service Group PLC		55,577		74,472
Mitie Group PLC		170,807		166,008
Renewi PLC^(a)		10,006		82,686
Restore PLC		15,552		59,300
Serco Group PLC		146,143		274,229
Smart Metering Systems PLC		15,857		164,605


				821,301

Communications Equipment — 0.4%
Spirent Communications PLC		76,831		196,846


Construction & Engineering — 1.2%
Balfour Beatty PLC		74,081		325,067
Keller Group PLC		9,075		88,528
Kier Group PLC^(a)		56,087		52,959
Morgan Sindall Group PLC		5,318		114,886


				581,440

Construction Materials — 1.1%
Breedon Group PLC		190,489		162,704
Forterra PLC^(b)		26,670		70,576
Ibstock PLC^(b)		49,190		100,527
Marshalls PLC		28,801		116,194
RHI Magnesita NV		3,247		100,922


				550,923

Consumer Finance — 0.2%
Provident Financial PLC		30,353		80,979


Containers & Packaging — 1.5%
DS Smith PLC		172,631		701,245


Distributors — 1.1%
Inchcape PLC		46,934		513,121


Diversified Consumer Services — 0.2%
Auction Technology Group PLC^(a)		11,317		94,336


Diversified Financial Services — 0.9%
Burford Capital Ltd.		23,330		189,141
Plus500 Ltd.		11,787		254,495


				443,636

Diversified Telecommunication Services — 0.5%
Gamma Communications PLC		10,256		143,843
Helios Towers PLC^(a)		92,703		122,375


				266,218

Electrical Equipment — 0.8%
Ceres Power Holdings PLC^(a)(c)		15,663		80,734
DiscoverIE Group PLC		12,099		124,430
ITM Power PLC^(a)(c)		54,399		64,066


14		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI United Kingdom Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment (continued)
Volex PLC		14,815	$	40,095
XP Power Ltd.		2,350		66,145


				375,470

Electronic Equipment, Instruments & Components — 2.0%
Oxford Instruments PLC		6,869		205,733
Renishaw PLC		4,561		219,104
Spectris PLC		13,132		556,612


				981,449

Energy Equipment & Services — 0.7%
Hunting PLC		17,393		69,145
John Wood Group PLC^(a)		87,003		204,534
Petrofac Ltd.^(a)(c)		55,856		53,144


				326,823

Entertainment — 0.2%
Team17 Group PLC^(a)		13,628		77,864


Equity Real Estate Investment Trusts (REITs) — 9.9%
Assura PLC		370,204		228,216
Balanced Commercial Property Trust Ltd.		88,013		92,633
Big Yellow Group PLC		21,980		319,293
Capital & Counties Properties PLC		90,285		137,270
Civitas Social Housing PLC		74,836		56,658
CLS Holdings PLC^(c)		22,149		39,590
Custodian Reit PLC		52,511		57,983
Derwent London PLC		12,631		394,745
Empiric Student Property PLC		75,289		78,336
Great Portland Estates PLC		26,937		184,039
Hammerson PLC		500,765		183,158
Home Reit PLC^(d)		103,572		45,034
Impact Healthcare Reit PLC		41,008		50,313
LondonMetric Property PLC		117,356		266,699
LXI REIT PLC		203,589		276,568
Picton Property Income Ltd. (The)		69,252		63,474
Primary Health Properties PLC		159,065		206,721
PRS REIT PLC (The)		65,961		69,662
Regional REIT Ltd.^(b)		52,786		39,112
Safestore Holdings PLC		26,499		321,903
Shaftesbury PLC		24,063		120,574
Supermarket Income Reit PLC		155,948		171,255
Target Healthcare REIT PLC		76,740		72,830
Tritax Big Box REIT PLC		233,640		419,765
UK Commercial Property REIT Ltd.		98,004		67,068
UNITE Group PLC (The)		42,714		504,213
Urban Logistics REIT PLC		59,059		100,876
Warehouse REIT PLC		51,193		66,134
Workspace Group PLC		17,977		110,605


				4,744,727

Food & Staples Retailing — 1.0%
Marks & Spencer Group PLC^(a)		246,654		474,298


Food Products — 1.9%
Cranswick PLC		6,737		253,642
Greencore Group PLC^(a)		64,061		62,762
Premier Foods PLC		81,030		110,924
Tate & Lyle PLC		50,238		484,683


				912,011

Health Care Equipment & Supplies — 1.3%
Advanced Medical Solutions Group PLC		27,129		81,581


Security	Shares		Value

Health Care Equipment & Supplies (continued)
ConvaTec Group PLC^(b)		205,134	$	553,749


				635,330

Health Care Providers & Services — 1.3%
CVS Group PLC		8,918		199,902
Mediclinic International PLC		50,661		303,391
Spire Healthcare Group PLC^(a)(b)		35,221		101,889


				605,182

Health Care Technology — 0.4%
Craneware PLC		3,376		56,851
EMIS Group PLC		7,167		161,382


				218,233

Hotels, Restaurants & Leisure — 4.1%
888 Holdings PLC^(a)		48,097		40,878
Carnival PLC^(a)		18,243		172,407
Domino’s Pizza Group PLC		47,962		165,227
Greggs PLC		12,817		418,573
J D Wetherspoon PLC^(a)		12,183		82,430
Mitchells & Butlers PLC^(a)		33,418		65,241
Patisserie Holdings PLC, NVS^(d)		6,053		—
Playtech PLC^(a)		28,817		195,150
Rank Group PLC^(a)		26,087		28,075
SSP Group PLC^(a)		99,457		311,179
Trainline PLC^(a)(b)		60,145		184,987
TUI AG^(a)(c)		14,580		285,730
Young & Co’s Brewery PLC, Series A		2,848		38,848


				1,988,725

Household Durables — 2.5%
Bellway PLC		15,509		413,474
Crest Nicholson Holdings PLC		32,014		94,080
Redrow PLC		35,552		218,478
Victoria PLC^(a)(c)		7,873		55,684
Vistry Group PLC		43,416		427,967


				1,209,683

Independent Power and Renewable Electricity Producers — 0.8%
Drax Group PLC		50,327		384,866


Insurance — 4.2%
Beazley PLC		84,115		691,568
Direct Line Insurance Group PLC		164,691		356,531
Hiscox Ltd.		43,375		593,887
Just Group PLC		129,658		136,464
Lancashire Holdings Ltd.		30,456		224,163


				2,002,613

Interactive Media & Services — 1.9%
Moneysupermarket.com Group PLC		67,398		186,947
Rightmove PLC		103,549		696,890
Trustpilot Group PLC^(a)(b)		28,379		35,003


				918,840

Internet & Direct Marketing Retail — 0.9%
AO World PLC^(a)(c)		55,607		47,088
ASOS PLC^(a)(c)		8,775		91,726
boohoo Group PLC^(a)		127,845		77,121
Deliveroo PLC^(a)(b)		109,283		108,710
Moonpig Group PLC^(a)		27,590		38,657
THG PLC^(a)		94,687		65,938


				429,240

IT Services — 2.9%
Capita PLC^(a)		208,644		72,329
Computacenter PLC		10,763		292,924


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI United Kingdom Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Kainos Group PLC		10,123	$	169,374
Keywords Studios PLC		9,234		322,200
NCC Group PLC		38,822		79,572
Network International Holdings PLC^(a)(b)		62,346		213,430
Softcat PLC		16,218		236,276


				1,386,105

Leisure Products — 0.9%
Games Workshop Group PLC		4,124		457,795


Life Sciences Tools & Services — 0.4%
Ergomed PLC^(a)		5,018		67,950
Oxford Nanopore Technologies PLC^(a)		41,078		103,207


				171,157

Machinery — 4.8%
Bodycote PLC		24,114		192,597
IMI PLC		32,635		610,216
Judges Scientific PLC		682		77,933
Morgan Advanced Materials PLC		35,960		133,850
Rotork PLC		107,840		420,014
Vesuvius PLC		26,984		134,245
Weir Group PLC (The)		32,519		739,789


				2,308,644

Marine — 0.3%
Clarkson PLC		3,428		136,277


Media — 2.9%
Ascential PLC^(a)		55,285		179,815
Future PLC		14,419		242,683
ITV PLC		453,165		481,877
Next Fifteen Communications Group PLC		10,418		129,824
Reach PLC		36,839		40,723
S4 Capital PLC^(a)		46,786		115,326
Tremor International Ltd.^(a)(c)		11,016		42,140
YouGov PLC		13,311		143,720


				1,376,108

Metals & Mining — 1.4%
Atalaya Mining PLC		13,879		60,267
Centamin PLC		144,955		177,652
Central Asia Metals PLC		22,343		71,085
Ferrexpo PLC		37,239		65,980
Greatland Gold PLC^(a)		567,436		53,579
Hill & Smith PLC		10,060		167,231
Hochschild Mining PLC		38,174		29,326
Pan African Resources PLC		218,440		35,571
SolGold PLC^(a)(c)		141,175		28,087


				688,778

Multi-Utilities — 2.3%
Centrica PLC		738,571		932,029
Telecom Plus PLC		7,957		167,876


				1,099,905

Multiline Retail — 1.5%
B&M European Value Retail SA		119,453		706,126


Oil, Gas & Consumable Fuels — 2.1%
Capricorn Energy PLC^(a)		39,321		117,959
Diversified Energy Co. PLC		105,601		132,357
Energean PLC		15,599		226,285
EnQuest PLC^(a)		192,487		43,973
Genel Energy PLC		18,893		28,472
Gulf Keystone Petroleum Ltd.		26,941		67,174


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Harbour Energy PLC		53,646	$	187,178
Pantheon Resources PLC^(a)(c)		92,926		63,824
Serica Energy PLC		25,758		80,227
Tullow Oil PLC^(a)		144,388		60,444


				1,007,893

Personal Products — 0.1%
PZ Cussons PLC		29,685		65,057


Pharmaceuticals — 1.7%
Alliance Pharma PLC^(c)		64,515		52,769
Dechra Pharmaceuticals PLC		14,288		469,323
Indivior PLC, NVS^(a)		17,145		314,124


				836,216

Professional Services — 1.9%
Alpha Financial Markets Consulting PLC		14,287		75,615
Hays PLC		201,048		285,333
Marlowe PLC^(a)		10,291		59,417
Pagegroup PLC		41,155		220,280
RWS Holdings PLC		38,852		166,463
SThree PLC		16,005		87,980


				895,088

Real Estate Management & Development — 1.9%
Grainger PLC		92,653		283,077
Helical PLC		13,676		58,398
IWG PLC^(a)		94,817		208,764
Savills PLC		18,105		218,202
Sirius Real Estate Ltd.		147,326		148,680


				917,121

Road & Rail — 0.7%
Firstgroup PLC		93,895		119,153
National Express Group PLC^(a)		65,092		97,366
Redde Northgate PLC		27,435		133,156


				349,675

Semiconductors & Semiconductor Equipment — 0.1%
Alphawave IP Group PLC^(a)		34,024		37,501


Software — 1.3%
Bytes Technology Group PLC		26,928		129,432
Darktrace PLC^(a)		40,802		128,752
FD Technologies PLC^(a)		2,946		66,194
GB Group PLC		30,248		121,535
Kape Technologies PLC^(a)		21,241		75,116
Learning Technologies Group PLC		73,945		125,501


				646,530

Specialty Retail — 3.3%
Currys PLC		134,760		131,299
Dunelm Group PLC		13,804		208,714
Frasers Group PLC^(a)		20,960		201,489
Halfords Group PLC		27,206		68,984
Pets at Home Group PLC		61,126		285,387
Watches of Switzerland Group PLC^(a)(b)		30,091		301,042
WH Smith PLC		16,457		313,469
Wickes Group PLC		32,813		58,967


				1,569,351

Textiles, Apparel & Luxury Goods — 0.7%
Coats Group PLC		200,607		176,632
Dr. Martens PLC		75,648		144,489


				321,121


16		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI United Kingdom Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Thrifts & Mortgage Finance — 1.2%
OSB Group PLC		53,799	$	360,979
Paragon Banking Group PLC		29,473		211,469


				572,448

Trading Companies & Distributors — 5.4%
Diploma PLC		15,651		522,942
Grafton Group PLC		26,865		307,182
Howden Joinery Group PLC		69,564		599,114
RS GROUP PLC		59,132		695,276
SIG PLC^(a)		86,881		44,563
Travis Perkins PLC		26,701		322,875
Yellow Cake PLC^(a)(b)		21,785		105,038


				2,596,990

Water Utilities — 0.7%
Penno Group PLC		32,770		324,447


Wireless Telecommunication Services — 0.4%
Airtel Africa PLC^(b)		118,026		170,481


Total Long-Term Investments — 99.6% (Cost: $67,022,678)				47,843,654


Short-Term Securities

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(e)(f)(g)		953,008		953,580


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(e)(f)		20,000	$	20,000


Total Short-Term Securities — 2.1% (Cost: $972,706)				973,580


Total Investments — 101.7% (Cost: $67,995,384)				48,817,234

Liabilities in Excess of Other Assets — (1.7)%				(793,991	)


Net Assets — 100.0%			$	48,023,243

^(a)	Non-income producing security.

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

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

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

^(e)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	685,192	$	267,987	^(a)	$	—		$	122	$	279	$	953,580		953,008	$	28,083	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		—			0	^(a)		—		—		20,000		20,000		365			—


									$	122	$	279	$	973,580			$	28,448		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

FTSE 250 Index

03/17/23

143

4,076


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI United Kingdom Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	4,076	$	—	$	—	$	—	$	4,076

^(a)

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(5,253	)	$	—	$	—	$	—	$	(5,253	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	16,370		$	—	$	—	$	—	$	16,370

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	187,136

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	15,367,133	$	32,431,486	$	45,035	$	47,843,654
Short-Term Securities
Money Market Funds		973,580		—		—		973,580


	$	16,340,713	$	32,431,486	$	45,035	$	48,817,234

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	4,076	$	—	$	4,076

^(a)

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

See notes to financial statements.


18		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

February 28, 2023


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


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	—		$	3,280,514,373		$	47,843,654
Investments, at value — affiliated^(c)		8,859,174			1,170,000			973,580
Cash		4,404			1,388			3,133
Foreign currency collateral pledged for futures contracts^(d)		—			1,470,219			9,623
Foreign currency, at value^(e)		—			9,919,090			84,194
Receivables:
Investments sold		—			17,033,066			398,005
Securities lending income — affiliated		947			—			6,247
Capital shares sold		6,564			—			—
Dividends — unaffiliated		—			15,729,133			56,386
Dividends — affiliated		—			3,999			41
Tax reclaims		—			125,065			19,263
Unrealized appreciation on forward foreign currency exchange contracts		312,191			—			—


Total assets		9,183,280			3,325,966,333			49,394,126


LIABILITIES
Collateral on securities loaned, at value		15,584			—			954,268
Payables:
Investments purchased		155,984			17,579,962			393,521
Investment advisory fees		—			1,283,823			22,233
Variation margin on futures contracts		—			231,221			861
Unrealized depreciation on forward foreign currency exchange contracts		98,695			—			—


Total liabilities		270,263			19,095,006			1,370,883


NET ASSETS	$	8,913,017		$	3,306,871,327		$	48,023,243


NET ASSETS CONSIST OF
Paid-in capital	$	14,205,672		$	4,351,422,163		$	81,676,008
Accumulated loss		(5,292,655	)		(1,044,550,836	)		(33,652,765	)


NET ASSETS	$	8,913,017		$	3,306,871,327		$	48,023,243


NET ASSETVALUE
Shares outstanding		340,000			102,600,000			1,450,000


Net asset value	$	26.21		$	32.23		$	33.12


Shares authorized		Unlimited			Unlimited			Unlimited


Par value		None			None			None


^(a)Investments, at cost — unaffiliated	$	—		$	3,788,160,349		$	67,022,678
^(b)Securities loaned, at value	$	15,107		$	—		$	777,809
^(c)Investments, at cost — affiliated	$	9,214,443		$	1,170,000		$	972,706
^(d)Foreign currency collateral pledged, at cost	$	—		$	1,539,968		$	10,141
^(e)Foreign currency, at cost	$	—		$	10,057,842		$	83,975

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		19

Statements of Operations (unaudited)

Six Months Ended February 28, 2023


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


INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	41,596,481		$	636,289
Dividends — affiliated		206,956			44,370			365
Securities lending income — affiliated — net		18,352			—			28,083
Foreign taxes withheld		—			(60,542	)		(20,757	)


Total investment income		225,308			41,580,309			643,980


EXPENSES
Investment advisory		40,918			7,958,371			137,460


Total expenses		40,918			7,958,371			137,460

Less:
Investment advisory fees waived		(41,017	)		—			—


Total expenses after fees waived		(99	)		7,958,371			137,460


Net investment income		225,407			33,621,938			506,520


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(10,942,062	)		(1,624,205	)
Investments — affiliated		(175,923	)		—			122
Capital gain distributions from underlying funds — affiliated		—			1			—
Forward foreign currency exchange contracts		341,751			—			—
Foreign currency transactions		—			(1,669,374	)		19,532
Futures contracts		—			(295,921	)		(5,253	)
In-kind redemptions — unaffiliated^(a)		—			15,470,773			485,322
In-kind redemptions — affiliated^(a)		(56,241	)		—			—


		109,587			2,563,417			(1,124,482	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		—			347,052,974			4,978,255
Investments — affiliated		1,702,758			—			279
Forward foreign currency exchange contracts		(793,351	)		—			—
Foreign currency translations		—			1,015,264			7,807
Futures contracts		—			625,667			16,370


		909,407			348,693,905			5,002,711


Net realized and unrealized gain		1,018,994			351,257,322			3,878,229


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,244,401		$	384,879,260		$	4,384,749

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


20		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


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


	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22				Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	225,407			$	688,168			$	33,621,938		$	131,753,890
Net realized gain			109,587				1,841,564				2,563,417			200,034,166
Net change in unrealized appreciation (depreciation)			909,407				(1,080,231	)			348,693,905			(677,452,421	)


Net increase (decrease) in net assets resulting from operations			1,244,401				1,449,501				384,879,260			(345,664,365	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(213,989	)			(688,249	)			(48,407,453	)		(144,252,025	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(7,955,509	)			6,810,679				(329,442,495	)		210,576,943


NET ASSETS
Total increase (decrease) in net assets			(6,925,097	)			7,571,931				7,029,312			(279,339,447	)
Beginning of period			15,838,114				8,266,183				3,299,842,015			3,579,181,462


End of period		$	8,913,017			$	15,838,114			$	3,306,871,327		$	3,299,842,015

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares MSCI United Kingdom Small-Cap ETF


		Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	506,520			$	1,925,857
Net realized loss			(1,124,482	)			(2,383,431	)
Net change in unrealized appreciation (depreciation)			5,002,711				(37,540,449	)


Net increase (decrease) in net assets resulting from operations			4,384,749				(37,998,023	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(296,954	)			(3,896,752	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(3,304,472	)			(41,424,975	)


NET ASSETS
Total increase (decrease) in net assets			783,323				(83,319,750	)
Beginning of period			47,239,920				130,559,670


End of period		$	48,023,243			$	47,239,920

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

See notes to financial statements.


22		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI United Kingdom ETF


	Six Months Ended 02/28/23				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			(unaudited	)			08/31/22				08/31/21				08/31/20				08/31/19				08/31/18


Net asset value, beginning of period		$	24.00			$	22.96			$	18.95			$	23.43			$	23.83			$	23.84

Net investment income^(a)			0.42				1.08				0.59				0.74				0.92				1.11

Net realized and unrealized gain (loss)^(b)			2.18				1.00				4.04				(4.46	)			(0.26	)			(0.05	)


Net increase (decrease) from investment operations			2.60				2.08				4.63				(3.72	)			0.66				1.06


Distributions from net investment income^(c)			(0.39	)			(1.04	)			(0.62	)			(0.76	)			(1.06	)			(1.07	)


Net asset value, end of period		$	26.21			$	24.00			$	22.96			$	18.95			$	23.43			$	23.83


Total Return^(d)
Based on net asset value			10.92	%^(e)			9.18	%			24.59	%			(16.34	)%			2.92	%			4.42	%


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


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


Net investment income			3.42	%^(g)			4.50	%			2.82	%			3.31	%			3.96	%			4.62	%


Supplemental Data
Net assets, end of period (000)		$	8,913			$	15,838			$	8,266			$	10,420			$	35,146			$	22,643


Portfolio turnover rate⁽ⁱ⁾			9	%			12	%			15	%			15	%			11	%			17	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Rounds to less than 0.01%.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		23

Financial Highlights (continued)

(For a share outstanding throughout each period)


			iShares MSCI United Kingdom ETF


	Six Months Ended
				02/28/23			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)					08/31/22			08/31/21			08/31/20			08/31/19			08/31/18


Net asset value, beginning of period			$	28.90		$	33.05		$	26.88		$	30.27		$	33.62		$	33.76


Net investment income^(a)				0.32			1.26			1.20			0.90			1.49			1.29

Net realized and unrealized gain (loss)^(b)				3.48			(3.95	)		5.87			(3.30	)		(3.39	)		0.06


Net increase (decrease) from investment operations				3.80			(2.69	)		7.07			(2.40	)		(1.90	)		1.35


Distributions from net investment income^(c)				(0.47	)		(1.46	)		(0.90	)		(0.99	)		(1.45	)		(1.49	)


Net asset value, end of period			$	32.23		$	28.90		$	33.05		$	26.88		$	30.27		$	33.62


Total Return^(d)
Based on net asset value				13.21	%^(e)		(8.50	)%		26.46	%		(8.25	)%		(5.64	)%		3.90	%


Ratios to Average Net Assets^(f)

Total expenses				0.51	%^(g)		0.50	%		0.50	%		0.51	%		0.50	%		0.47	%


Net investment income				2.14	%^(g)		3.90	%		3.91	%		3.12	%		4.64	%		3.66	%


Supplemental Data
Net assets, end of period (000)			$	3,306,871		$	3,299,842		$	3,579,181		$	2,191,064		$	2,000,722		$	1,986,971


Portfolio turnover rate^(h)				2	%		7	%		9	%		4	%		11	%		5	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


24		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


			iShares MSCI United Kingdom Small-Cap ETF


	Six Months Ended
				02/28/23			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)					08/31/22			08/31/21			08/31/20			08/31/19			08/31/18


Net asset value, beginning of period			$	30.48		$	50.22		$	35.68		$	35.95		$	42.65		$	39.92


Net investment income^(a)				0.33			0.92			0.86			0.72			1.05			1.15

Net realized and unrealized gain (loss)^(b)				2.50			(18.83	)		14.32			0.03			(6.69	)		2.93


Net increase (decrease) from investment operations				2.83			(17.91	)		15.18			0.75			(5.64	)		4.08


Distributions from net investment income^(c)				(0.19	)		(1.83	)		(0.64	)		(1.02	)		(1.06	)		(1.35	)


Net asset value, end of period			$	33.12		$	30.48		$	50.22		$	35.68		$	35.95		$	42.65


Total Return^(d)
Based on net asset value				9.32	%^(e)		(36.56	)%		42.88	%		1.90	%		(13.17	)%		10.22	%


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


Net investment income				2.17	%^(g)		2.23	%		1.94	%		1.99	%		2.76	%		2.68	%


Supplemental Data
Net assets, end of period (000)			$	48,023		$	47,240		$	130,560		$	60,657		$	61,109		$	57,571


Portfolio turnover rate^(h)				10	%		17	%		15	%		25	%		20	%		20	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


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

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

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



iShares ETF	Diversification Classification

Currency Hedged MSCI United Kingdom		Diversified

MSCI United Kingdom		Non-diversified

MSCI United Kingdom Small-Cap		Diversified

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

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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


26		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each 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 each Fund’s assets and liabilities:

•

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

•

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

•

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

•

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

•

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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 each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the 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 each Fund has the ability to access;

•

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

•

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


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

Notes to Financial Statements (unaudited) (continued)

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.

4.	*SECURITIES AND OTHER INVESTMENTS*

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by 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 each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

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

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



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


Currency Hedged MSCI United Kingdom
Credit Suisse Securities (USA) LLC	$	15,107	$	(15,107	)	$	—		$	—


MSCI United Kingdom Small-Cap
Barclays Capital, Inc.	$	156,430	$	(156,430	)	$	—		$	—
BofA Securities, Inc.		46,578		(46,578	)		—			—
J.P. Morgan Securities LLC		244,414		(244,414	)		—			—
Jefferies LLC		60,485		(60,485	)		—			—
Morgan Stanley		266,317		(266,317	)		—			—
UBS AG		3,585		(3,585	)		—			—


	$	777,809	$	(777,809	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

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


28		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

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

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

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

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

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

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		29

Notes to Financial Statements (unaudited) (continued)

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

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




iShares ETF	Investment Advisory Fees


Currency Hedged MSCI United Kingdom		0.62%
MSCI United Kingdom Small-Cap		0.59

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




Aggregate Average Daily Net Assets	Investment Advisory Fees


First $7 billion		0.59%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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

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

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts Waived

Currency Hedged MSCI United Kingdom	$	41,017

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

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

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement,


30		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts

Currency Hedged MSCI United Kingdom	$	4,146
MSCI United Kingdom Small-Cap		6,164

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

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

For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF

Purchases

Sales

Net Realized

Gain (Loss)

MSCI United Kingdom

$42,930,061

$2,007,026

$(1,087,956)

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

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

7.	*PURCHASES AND SALES*

For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Currency Hedged MSCI United Kingdom	$	1,155,186	$	1,466,972
MSCI United Kingdom		113,118,531		70,821,976
MSCI United Kingdom Small-Cap		5,265,262		4,717,163

For the six months ended February 28, 2023, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Currency Hedged MSCI United Kingdom	$	1,728,425	$	9,836,702
MSCI United Kingdom		—		364,287,728
MSCI United Kingdom Small-Cap		—		3,271,436

8.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 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 Funds’ financial statements.

As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Amounts

Currency Hedged MSCI United Kingdom	$	4,113,809
MSCI United Kingdom		533,266,947
MSCI United Kingdom Small-Cap		12,550,279


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

Notes to Financial Statements (unaudited) (continued)

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 February 28, 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 Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Currency Hedged MSCI United Kingdom	$	9,365,674	$	312,191	$	(605,195	)	$	(293,004	)
MSCI United Kingdom		3,812,393,929		82,585,113		(612,773,946	)		(530,188,833	)
MSCI United Kingdom Small-Cap		68,773,269		1,735,895		(21,687,854	)		(19,951,959	)

9.	*PRINCIPAL RISKS*

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

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

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

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 company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into


32		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

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

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

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:



	Six Months Ended 02/28/23						Year Ended 08/31/22


iShares ETF	Shares			Amount			Shares			Amount


Currency Hedged MSCI United Kingdom
Shares sold		70,000		$	1,727,890			760,000		$	17,906,170
Shares redeemed		(390,000	)		(9,683,399	)		(460,000	)		(11,095,491	)


		(320,000	)	$	(7,955,509	)		300,000		$	6,810,679


MSCI United Kingdom
Shares sold		1,300,000		$	40,850,646			43,500,000		$	1,432,434,045
Shares redeemed		(12,900,000	)		(370,293,141	)		(37,600,000	)		(1,221,857,102	)


		(11,600,000	)	$	(329,442,495	)		5,900,000		$	210,576,943


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

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 02/28/23						Year Ended 08/31/22


iShares ETF	Shares			Amount			Shares			Amount


MSCI United Kingdom Small-Cap
Shares sold		—		$	16			50,000		$	1,854,361
Shares redeemed		(100,000	)		(3,304,488	)		(1,100,000	)		(43,279,336	)


		(100,000	)	$	(3,304,472	)		(1,050,000	)	$	(41,424,975	)

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

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

11.

SUBSEQUENT EVENTS

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


34		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. 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		35

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


36		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviation

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

Currency Abbreviations

GBP		British Pound

USD		United States Dollar


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

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-813-0223