iShares Trust


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares MSCI Denmark ETF | EDEN | Cboe BZX

iShares MSCI Finland ETF | EFNL | Cboe BZX

iShares MSCI Germany Small-Cap ETF | EWGS | Cboe BZX

iShares MSCI Ireland ETF | EIRL | NYSE Arca

iShares MSCI Kuwait ETF | KWT | Cboe BZX

iShares MSCI New Zealand ETF | ENZL | NASDAQ

iShares MSCI Norway ETF | ENOR | Cboe BZX

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500^® Index)		(2.62	)%		16.39	%
U.S. small cap equities (Russell 2000^® Index)		(9.46	)		(6.01	)
International equities (MSCI Europe, Australasia, Far East Index)		(6.78	)		2.83
Emerging market equities (MSCI Emerging Markets Index)		(9.81	)		(10.69	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02			0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(3.94	)		(1.67	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.07	)		(2.64	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.09	)		(0.66	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(3.07	)		0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		31
Statements of Operations		33
Statements of Changes in Net Assets		35
Financial Highlights		39
Notes to Financial Statements		46
Statement Regarding Liquidity Risk Management Program		56
Supplemental Information		57
General Information		58
Glossary of Terms Used in this Report		59


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

Investment Objective

The iShares MSCI Denmark ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Danish equities, as represented by the MSCI Denmark IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(14.01	)%		4.76	%		14.73	%		14.37	%		4.76	%		98.80	%		282.98	%
Fund Market		(14.55	)		4.93			14.68			14.29			4.93			98.38			280.28
Index		(13.40	)		5.47			15.14			14.72			5.47			102.33			294.80

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	859.90	$	2.44		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)

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

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Health Care	38.7	%
Industrials	28.1
Financials	10.3
Consumer Staples	6.3
Utilities	5.4
Materials	5.2
Consumer Discretionary	2.9
Information Technology	2.3
Energy	0.8

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Novo Nordisk A/S, Class B	22.8	%
DSV A/S	8.4
Vestas Wind Systems A/S	7.3
Orsted AS	5.4
Genmab A/S	4.5
Coloplast A/S, Class B	4.2
AP Moller - Maersk A/S, Class B	4.0
Carlsberg A/S, Class B	3.5
Novozymes A/S, Class B	3.2
Danske Bank A/S	2.9

^(a)

Excludes money market funds.


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


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

Investment Objective

The iShares MSCI Finland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Finnish equities, as represented by the MSCI Finland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(20.44	)%		(7.36	)%		7.91	%		7.53	%		(7.36	)%		46.30	%		106.59	%
Fund Market		(21.10	)		(7.73	)		7.82			7.45			(7.73	)		45.74			105.24
Index		(19.64	)		(7.01	)		7.54			7.12			(7.01	)		43.81			98.93

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	795.60	$	2.36		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	23.9	%
Materials	19.0
Information Technology	18.4
Financials	12.2
Communication Services	5.4
Energy	4.4
Consumer Staples	4.0
Utilities	3.9
Health Care	3.7
Consumer Discretionary	3.3
Real Estate	1.8

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Nokia Oyj	14.9	%
Sampo Oyj, Class A	11.6
Kone Oyj, Class B	9.9
UPM-Kymmene Oyj	9.0
Stora Enso Oyj, Class R	4.4
Neste Oyj	4.4
Elisa Oyj	4.0
Fortum Oyj	3.9
Kesko Oyj, Class B	3.9
Wartsila OYJ Abp	2.9

^(a)

Excludes money market funds.


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


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

Investment Objective

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

Performance



				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(14.52	)%		(6.81	)%		12.25	%		11.84	%		(6.81	)%		78.20	%		206.14	%
Fund Market		(15.17	)		(7.25	)		12.22			11.77			(7.25	)		77.93			204.37
Index		(13.78	)		(6.04	)		12.37			11.77			(6.04	)		79.13			204.27

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	854.80	$	2.71		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	27.3	%
Information Technology	14.2
Materials	11.6
Health Care	9.8
Communication Services	9.4
Consumer Discretionary	8.5
Real Estate	7.8
Financials	5.8
Consumer Staples	2.8
Energy	1.4
Utilities	1.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Rheinmetall AG	4.3	%
K+S AG	3.3
thyssenkrupp AG	2.9
Evotec SE	2.7
CTS Eventim AG & Co. KGaA	2.7
TAG Immobilien AG	2.5
Aurubis AG	2.4
Hugo Boss AG	2.4
Freenet AG	2.3
Befesa SA	1.9

^(a)

Excludes money market funds.


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(14.54	)%		3.01	%		7.29	%		10.50	%		3.01	%		42.15	%		171.42	%
Fund Market		(16.19	)		1.85			7.04			10.40			1.85			40.53			168.85
Index		(14.18	)		3.82			7.72			11.01			3.82			45.05			184.17

Index performance through November 26, 2013 reflects the performance of the MSCI Ireland Investable Market Index 25/50. Index performance beginning on November 27, 2013 reflects the performance of the MSCI All Ireland Capped Index.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	854.60	$	2.25		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Materials	25.5	%
Consumer Discretionary	21.0
Consumer Staples	19.9
Industrials	13.5
Financials	8.8
Health Care	7.3
Real Estate	4.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
CRH PLC	20.9	%
Flutter Entertainment PLC, Class DI	13.9
Kerry Group PLC, Class A	10.0
ICON PLC	4.7
Glanbia PLC	4.7
Kingspan Group PLC	4.5
Grafton Group PLC	4.4
Smurfit Kappa Group PLC	4.4
Bank of Ireland Group PLC	4.3
Ryanair Holdings PLC	4.1

^(a)

Excludes money market funds.


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


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

Investment Objective

The iShares MSCI Kuwait ETF (the “Fund”) seeks to track the investment results of a broad-based equity index with exposure to Kuwait,as defined by the index provider, as represented by the MSCI All Kuwait Select Size Liquidity Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		14.95	%		41.95	%		35.49	%		41.95	%		57.52	%
Fund Market		15.20			42.43			36.06			42.43			58.51
Index		14.80			42.40			35.94			42.40			58.36

The inception date of the Fund was 9/1/20. The first day of secondary market trading was 9/3/20.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,149.50	$	3.94		$	1,000.00	$	1,021.10	$	3.71		0.74	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	66.3	%
Industrials	13.1
Real Estate	6.8
Communication Services	4.4
Materials	3.5
Consumer Discretionary	2.4
Utilities	1.2
Energy	1.2
Consumer Staples	1.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
National Bank of Kuwait SAKP	22.2	%
Kuwait Finance House KSCP	17.1
Ahli United Bank BSC	5.4
Agility Public Warehousing Co. KSC	4.4
Mobile Telecommunications Co. KSCP	4.4
Gulf Bank KSCP	3.5
Mabanee Co. KPSC	3.3
National Industries Group Holding SAK	2.5
Humansoft Holding Co. KSC	2.4
Warba Bank KSCP	2.3

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® MSCI New Zealand ETF

Investment Objective

The iShares MSCI New Zealand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of New Zealand equities, as represented by the MSCI New Zealand IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(12.91	)%		(12.04	)%		7.89	%		10.15	%		(12.04	)%		46.20	%		162.89	%
Fund Market		(12.44	)		(10.70	)		8.00			10.31			(10.70	)		46.96			166.78
Index		(13.07	)		(12.12	)		8.28			10.54			(12.12	)		48.82			172.30

Index performance through February 11, 2013 reflects the performance of the MSCI New Zealand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI New Zealand IMI 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	870.90	$	2.27		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Health Care	26.5	%
Utilities	22.6
Industrials	15.8
Communication Services	13.4
Real Estate	9.7
Consumer Staples	5.5
Consumer Discretionary	2.8
Energy	2.5
Information Technology	1.2

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Fisher & Paykel Healthcare Corp. Ltd.	17.6	%
Auckland International Airport Ltd.	9.9
Spark New Zealand Ltd.	9.4
Meridian Energy Ltd.	7.2
a2 Milk Co. Ltd. (The)	4.8
Ryman Healthcare Ltd.	4.6
Infratil Ltd.	4.6
Fletcher Building Ltd.	4.5
Contact Energy Ltd.	4.5
Mercury NZ Ltd.	4.4

^(a)

Excludes money market funds.


F U N D S U M M A R Y		9


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

Investment Objective

The iShares MSCI Norway ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Norwegian equities, as represented by the MSCI Norway IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.67	%		14.33	%		8.17	%		2.78	%		14.33	%		48.11	%		31.50	%
Fund Market		1.96			14.19			8.17			2.75			14.19			48.12			31.17
Index		3.12			15.05			8.67			3.13			15.05			51.51			36.14

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,026.70	$	2.66		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Energy	21.8	%
Financials	20.1
Consumer Staples	16.3
Materials	12.9
Industrials	11.6
Communication Services	9.8
Information Technology	4.6
Utilities	1.1
Other (each representing less than 1%)	1.8

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Equinor ASA	16.0	%
DNB Bank ASA	10.9
Norsk Hydro ASA	6.6
Mowi ASA	5.9
Telenor ASA	5.4
Yara International ASA	4.4
Orkla ASA	3.7
Tomra Systems ASA	2.9
Gjensidige Forsikring ASA	2.6
Nordic Semiconductor ASA	2.4

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		11

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Denmark ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 8.3%
DSV A/S		71,256	$	13,115,141


Banks — 6.6%
Danske Bank A/S		269,191		4,559,561
Jyske Bank A/S, Registered^(a)		31,974		1,733,427
Ringkjoebing Landbobank A/S		14,507		1,803,361
Spar Nord Bank A/S		79,127		1,050,774
Sydbank AS		39,163		1,274,161

				10,421,284

Beverages — 4.9%
Carlsberg A/S, Class B		37,524		5,502,881
Royal Unibrew A/S		21,419		2,270,848

				7,773,729

Biotechnology — 5.4%
Bavarian Nordic A/S^(a)(b)		35,984		904,095
Genmab A/S^(a)		20,917		7,030,126
Zealand Pharma A/S^(a)		35,617		546,261

				8,480,482

Building Products — 0.9%
Rockwool International A/S, Class B		4,000		1,371,242


Chemicals — 5.2%
Chr Hansen Holding A/S		42,417		3,092,381
Novozymes A/S, Class B		77,478		5,085,082

				8,177,463

Commercial Services & Supplies — 0.9%
ISS A/S^(a)		81,430		1,486,402


Construction & Engineering — 0.5%
Per Aarsleff Holding A/S		19,791		781,983


Electric Utilities — 5.3%
Orsted AS^(c)		65,461		8,471,576


Electrical Equipment — 8.0%
NKT A/S^(a)		26,304		1,103,368
Vestas Wind Systems A/S		356,624		11,499,945

				12,603,313

Energy Equipment & Services — 0.6%
Drilling Co. of 1972 A/S (The)^(a)		23,648		929,177


Food Products — 0.6%
Schouw & Co. A/S		10,668		930,146


Health Care Equipment & Supplies — 8.0%
Ambu A/S, Class B^(b)		76,180		1,404,817
Coloplast A/S, Class B		43,690		6,572,639
Demant A/S^(a)		47,524		2,008,394
GN Store Nord AS		50,992		2,695,595

				12,681,445

Health Care Technology — 0.1%
NNIT A/S^(c)		16,915		242,354


Insurance — 3.7%
Alm Brand A/S		607,278		989,874
Topdanmark AS		26,439		1,510,194
Tryg A/S		145,601		3,294,340

				5,794,408


Security	Shares		Value

IT Services — 0.2%
Trifork Holding AG, NVS^(a)		12,023	$	365,521


Life Sciences Tools & Services — 0.7%
Chemometec A/S		9,380		1,094,896


Machinery — 1.2%
FLSmidth & Co. A/S		38,377		1,101,763
Nilfisk Holding A/S^(a)		25,302		849,409

				1,951,172

Marine — 7.3%
AP Moller - Maersk A/S, Class A		1,108		3,322,302
AP Moller - Maersk A/S, Class B, NVS		2,001		6,330,187
D/S Norden A/S		32,443		846,302
Dfds A/S^(a)		22,739		1,056,916

				11,555,707

Oil, Gas & Consumable Fuels — 0.2%
TORM PLC, Class A^(a)(b)		32,926		266,750


Pharmaceuticals — 24.2%
ALK-Abello A/S^(a)		3,520		1,347,001
H Lundbeck A/S		44,253		1,073,848
Novo Nordisk A/S, Class B		346,390		35,845,616

				38,266,465

Road & Rail — 0.4%
NTG Nordic Transport Group A/S, Class A^(a)		9,202		579,380


Software — 2.0%
cBrain A/S		11,984		367,806
Netcompany Group A/S^(c)		18,398		1,212,271
SimCorp A/S		18,375		1,659,447

				3,239,524

Specialty Retail — 0.4%
Matas A/S		44,054		640,254


Textiles, Apparel & Luxury Goods — 2.5%
Pandora A/S		38,759		3,968,817


Tobacco — 0.7%
Scandinavian Tobacco Group A/S, Class A^(c)		50,527		1,139,400


Trading Companies & Distributors — 0.5%
Solar A/S, Class B		6,605		768,534


Total Common Stocks — 99.3% (Cost: $151,780,019)			157,096,565


Short-Term Investments

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		2,366,467		2,366,940


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Denmark ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		60,000	$	60,000

				2,426,940


Total Short-Term Investments — 1.5% (Cost: $2,427,107)		2,426,940


Total Investments in Securities — 100.8% (Cost: $154,207,126)				159,523,505

Other Assets, Less Liabilities — (0.8)%				(1,216,819	)


Net Assets — 100.0%			$	158,306,686

^(a)	Non-income producing security.

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

^(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.

^(f)	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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,386,728	$	—	$	(1,018,609	)^(a)	$	(1,046	)	$	(133	)	$	2,366,940		2,366,467	$	26,552	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		—		(30,000	)^(a)		—			—			60,000		60,000		4			—

								$	(1,046	)	$	(133	)	$	2,426,940			$	26,556		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

OMX Copenhagen 25 Index

03/18/22

1,173

12,395

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	12,395

^(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).


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Denmark ETF

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(155,909	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	19,655

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,149,411

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

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	640,254	$	156,456,311	$	—	$	157,096,565
Money Market Funds		2,426,940		—		—		2,426,940

	$	3,067,194	$	156,456,311	$	—	$	159,523,505

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	12,395	$	—	$	12,395

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Finland ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.4%
Finnair Oyj^(a)(b)		246,891	$	123,707


Auto Components — 1.4%
Nokian Renkaat Oyj		26,046		490,906


Banks — 0.6%
Aktia Bank Oyj		18,483		210,581


Beverages — 0.1%
Anora Group Oyj		3,306		35,252


Building Products — 0.9%
Uponor Oyj		13,810		307,206


Chemicals — 1.0%
Kemira Oyj		26,030		344,219


Commercial Services & Supplies — 0.6%
Caverion Oyj		32,579		207,872


Communications Equipment — 14.9%
Nokia Oyj^(a)		960,243		5,192,359


Construction & Engineering — 0.5%
YIT Oyj		42,339		183,966


Containers & Packaging — 2.0%
Huhtamaki Oyj		19,507		710,929


Diversified Telecommunication Services — 3.9%
Elisa Oyj		24,794		1,373,765


Electric Utilities — 3.9%
Fortum Oyj		64,460		1,349,006


Entertainment — 0.6%
Remedy Entertainment Oyj		921		34,286
Rovio Entertainment Oyj^(c)		20,662		172,731

				207,017

Food & Staples Retailing — 3.9%
Kesko Oyj, Class B		45,767		1,346,909


Health Care Equipment & Supplies — 0.4%
Revenio Group Oyj		3,142		152,401


Health Care Providers & Services — 0.4%
Oriola Oyj, Class B		70,048		155,275


Insurance — 11.5%
Sampo Oyj, Class A		85,204		4,020,309


IT Services — 1.5%
TietoEVRY Oyj		19,286		538,049


Leisure Products — 0.2%
Harvia Oyj^(b)		1,293		52,147


Machinery — 21.3%
Cargotec Oyj, Class B		8,857		348,517
Kone Oyj, Class B		58,847		3,433,934
Konecranes Oyj		12,990		451,934
Metso Outotec Oyj		119,306		1,005,101
Neles Oyj		22,650		294,767
Valmet Oyj		26,351		914,039


Security	Shares		Value

Machinery (continued)
Wartsila OYJ Abp		90,491	$	1,013,460

				7,461,752

Media — 0.8%
Sanoma Oyj		20,130		293,516


Metals & Mining — 1.3%
Outokumpu Oyj^(a)		79,315		467,531


Multiline Retail — 0.8%
Puuilo Oyj^(a)		5,340		44,173
Tokmanni Group Corp.		12,709		235,869

				280,042

Oil, Gas & Consumable Fuels — 4.4%
Neste Oyj		39,015		1,521,375


Paper & Forest Products — 14.5%
Metsa Board Oyj, Class B		40,822		397,623
Stora Enso Oyj, Class R		81,177		1,545,939
UPM-Kymmene Oyj		90,865		3,139,678

				5,083,240

Pharmaceuticals — 2.9%
Orion Oyj, Class B		21,249		997,829


Professional Services — 0.1%
Talenom Oyj		2,728		28,267


Real Estate Management & Development — 1.8%
Citycon Oyj		24,134		190,609
Kojamo Oyj		19,324		448,052

				638,661

Software — 1.9%
Admicom Oyj		432		29,547
BasWare Oyj^(a)		4,311		109,065
F-Secure Oyj^(a)		36,329		211,002
QT Group Oyj^(a)		2,622		321,893

				671,507

Specialty Retail — 0.8%
Kamux Corp.		3,163		37,945
Musti Group Oyj		8,808		230,629

				268,574

Textiles, Apparel & Luxury Goods — 0.2%
Marimekko Oyj		414		34,494
Spinnova Oyj^(a)		2,389		25,257

				59,751


Total Common Stocks — 99.5% (Cost: $40,256,295)				34,773,920


Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		154,954		154,985


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Finland ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		45,000	$	45,000

				199,985


Total Short-Term Investments — 0.6% (Cost: $199,995)				199,985


Total Investments in Securities — 100.1% (Cost: $40,456,290)				34,973,905

Other Assets, Less Liabilities — (0.1)%				(19,626	)


Net Assets — 100.0%			$	34,954,279

^(a)	Non-income producing security.

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

^(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.

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

Affiliates



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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	143,228	$	11,801	^(a)	$	—		$	(34	)	$	(10	)	$	154,985		154,954	$	1,186	^(b⁾	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		165,000		—			(120,000	)^(a)		—			—			45,000		45,000		2			—

									$	(34	)	$	(10	)	$	199,985			$	1,188		$	—

^(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
Euro STOXX 50 Index		4		03/18/22	$	175	$	(7,867	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	7,867

^(a⁾


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Finland ETF

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	8,386


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(15,877	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	171,377

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	275,801	$	34,498,119		$	—	$	34,773,920
Money Market Funds		199,985		—			—		199,985

	$	475,786	$	34,498,119		$	—	$	34,973,905

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(7,867	)	$	—	$	(7,867	)

^(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		17

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Germany Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 5.1%
Hensoldt AG		10,129	$	237,174
OHB SE		1,243		48,403
Rheinmetall AG		10,473		1,558,834

				1,844,411

Auto Components — 1.2%
ElringKlinger AG^(a)		6,922		73,504
SAF-Holland SE^(a)		10,948		130,351
Vitesco Technologies Group AG^(a)		5,309		223,132

				426,987

Biotechnology — 0.6%
MorphoSys AG^(a)		8,256		226,667


Building Products — 0.4%
Steico SE		1,359		136,307


Capital Markets — 1.7%
AURELIUS Equity Opportunities SE & Co. KGaA		7,180		215,065
Deutsche Beteiligungs AG		3,175		124,180
flatexDEGIRO AG^(a)(b)		7,937		164,350
MLP SE		15,821		128,610

				632,205

Chemicals — 4.9%
K+S AG, Registered^(a)		46,018		1,180,462
Wacker Chemie AG		3,760		582,536

				1,762,998

Commercial Services & Supplies — 2.9%
Befesa SA^(c)		9,617		669,752
Bilfinger SE		6,413		240,210
Cewe Stiftung & Co. KGaA		1,343		152,480

				1,062,442

Communications Equipment — 0.5%
ADVA Optical Networking Tend^(a)		10,415		176,335


Construction & Engineering — 0.9%
HOCHTIEF AG		5,088		343,155


Diversified Financial Services — 1.5%
GRENKE AG^(b)		6,728		193,043
Hypoport SE^(a)		856		356,664

				549,707

Electrical Equipment — 3.3%
Energiekontor AG		1,535		117,993
Nordex SE^(a)(b)		24,961		439,718
PNE AG		8,368		85,722
SGL Carbon SE^(a)		14,753		95,026
Varta AG^(b)		4,369		440,615

				1,179,074

Electronic Equipment, Instruments & Components — 1.8%
Basler AG		887		112,683
Jenoptik AG		12,371		440,820
LPKF Laser & Electronics AG^(b)		5,912		102,549

				656,052

Entertainment — 3.2%
Borussia Dortmund GmbH & Co. KGaA^(a)		18,716		84,108
CTS Eventim AG & Co. KGaA^(a)		13,849		965,039
Media and Games Invest SE^(a)(b)		21,777		96,700

				1,145,847


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) — 0.5%
Hamborner REIT AG		16,675	$	180,436


Food & Staples Retailing — 1.6%
METRO AG^(a)		30,235		282,380
Shop Apotheke Europe NV^(a)(b)(c)		3,254		310,383

				592,763

Food Products — 1.2%
KWS Saat SE & Co. KGaA		2,786		202,470
Suedzucker AG		17,236		234,820

				437,290

Health Care Equipment & Supplies — 1.5%
Draegerwerk AG & Co. KGaA		723		37,934
Eckert & Ziegler Strahlen- und Medizintechnik AG		3,574		262,910
Stratec SE		1,899		243,865

				544,709

Health Care Providers & Services — 1.2%
Medios AG^(a)		3,039		108,181
Synlab AG^(a)		16,028		327,358

				435,539

Health Care Technology — 1.0%
CompuGroup Medical SE & Co. KgaA		6,447		362,198


Hotels, Restaurants & Leisure — 0.4%
Zeal Network SE^(b)		3,511		146,226


Independent Power and Renewable Electricity Producers — 1.4%
Encavis AG		28,936		491,496


Industrial Conglomerates — 0.6%
Indus Holding AG		4,541		161,952
MBB SE		493		63,324

				225,276

Insurance — 0.3%
Wuestenrot & Wuerttembergische AG		5,653		111,792


Interactive Media & Services — 0.3%
New Work SE		678		121,381


Internet & Direct Marketing Retail — 1.3%
ABOUT YOU Holding SE^(a)(b)		8,979		130,075
Bike24 Holding AG^(a)(b)		4,716		56,565
Global Fashion Group SA^(a)(b)		18,337		53,538
Home24 SE^(a)(b)		6,250		54,328
Takkt AG		7,912		135,871
Westwing Group AG^(a)(b)		2,728		54,705

				485,082

IT Services — 4.3%
Adesso SE		704		159,368
CANCOM SE		9,265		526,630
Datagroup SE^(a)		1,011		98,781
GFT Technologies SE		4,127		188,272
Nagarro SE^(a)		1,987		282,825
S&T AG^(b)		11,956		187,550
Secunet Security Networks AG		314		128,899

				1,572,325

Life Sciences Tools & Services — 4.2%
Evotec SE^(a)		33,739		993,565
Gerresheimer AG^(b)		7,549		542,739

				1,536,304


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Germany Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery — 6.7%
Deutz AG^(a)		29,149	$	166,579
Duerr AG		12,472		449,165
Heidelberger Druckmaschinen AG^(a)		62,419		174,085
JOST Werke AG^(c)		3,414		157,707
Koenig & Bauer AG^(a)		3,400		87,596
Krones AG		3,410		312,309
Norma Group SE		7,684		267,036
Pfeiffer Vacuum Technology AG		952		189,571
Stabilus SA		5,929		348,198
Vossloh AG		2,122		94,195
Wacker Neuson SE		7,612		179,224

				2,425,665

Media — 2.9%
ProSiebenSat.1 Media SE		39,214		536,066
Stroeer SE & Co. KGaA		6,810		513,695

				1,049,761

Metals & Mining — 6.3%
Aurubis AG		7,566		885,272
Salzgitter AG^(a)		8,650		377,846
thyssenkrupp AG^(a)		97,288		1,031,422

				2,294,540

Oil, Gas & Consumable Fuels — 1.4%
CropEnergies AG		6,346		88,841
VERBIO Vereinigte BioEnergie AG		5,306		413,141

				501,982

Pharmaceuticals — 0.9%
Dermapharm Holding SE		4,520		329,434


Professional Services — 0.8%
Amadeus Fire AG		1,379		222,441
Bertrandt AG		1,355		73,281

				295,722

Real Estate Management & Development — 7.2%
ADLER Group SA^(c)		18,422		259,227
Corestate Capital Holding SA^(a)(b)		4,864		63,911
Deutsche EuroShop AG		11,921		224,166
DIC Asset AG		10,859		182,372
Grand City Properties SA		25,413		554,981
Instone Real Estate Group SE^(c)		11,333		217,560
PATRIZIA AG		11,137		214,275
TAG Immobilien AG		35,222		907,846

				2,624,338

Road & Rail — 1.4%
Sixt SE^(a)		3,285		491,057


Semiconductors & Semiconductor Equipment — 3.8%
AIXTRON SE		27,204		582,306
Elmos Semiconductor SE		1,915		123,340
PVA TePla AG^(a)		4,721		129,205
Siltronic AG		3,964		450,492
SMA Solar Technology AG		2,524		99,216

				1,384,559

Software — 3.7%
Atoss Software AG		959		186,038
Northern Data AG^(a)(b)		1,200		71,062
Software AG		12,444		469,484
TeamViewer AG^(a)(c)		38,674		617,167

				1,343,751


Security	Shares		Value

Specialty Retail — 2.4%
Ceconomy AG		38,717	$	153,691
Fielmann AG		6,048		358,247
Hornbach Holding AG & Co. KGaA		2,302		301,528
Mister Spex SE^(a)		3,710		41,598

				855,064

Textiles, Apparel & Luxury Goods — 2.4%
Hugo Boss AG		14,387		877,923


Thrifts & Mortgage Finance — 2.2%
Aareal Bank AG		14,379		439,427
Deutsche Pfandbriefbank AG^(c)		32,289		350,133

				789,560

Trading Companies & Distributors — 1.1%
BayWa AG		3,297		135,622
Kloeckner & Co. SE^(a)		18,043		244,092

				379,714

Transportation Infrastructure — 2.1%
Fraport AG Frankfurt Airport Services Worldwide^(a)		8,893		602,269
Hamburger Hafen und Logistik AG		7,256		143,770

				746,039

Wireless Telecommunication Services — 3.0%
1&1 AG		10,658		254,739
Freenet AG		30,789		819,891

				1,074,630


Total Common Stocks — 96.1% (Cost: $35,557,729)				34,848,743


Preferred Stocks

Auto Components — 0.6%
Schaeffler AG, Preference Shares, NVS		30,027		199,779


Construction Materials — 0.4%
STO SE & Co. KGaA, Preference Shares, NVS		612		139,686


Health Care Equipment & Supplies — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		2,074		117,497


Household Durables — 0.2%
Einhell Germany AG, Preference Shares, NVS		408		86,233


Machinery — 1.1%
Jungheinrich AG, Preference Shares, NVS^(b)		11,530		415,744


Road & Rail — 0.9%
Sixt SE, Preference Shares, NVS		3,977		324,305


Total Preferred Stocks — 3.5% (Cost: $1,383,173)				1,283,244


Short-Term Investments

Money Market Funds — 7.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		2,677,841		2,678,377


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Germany Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

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

				2,688,377


Total Short-Term Investments — 7.4% (Cost: $2,687,974)				2,688,377


Total Investments in Securities — 107.0% (Cost: $39,628,876)				38,820,364

Other Assets, Less Liabilities — (7.0)%				(2,546,349	)


Net Assets — 100.0%			$	36,274,015

^(a)	Non-income producing security.

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

^(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.

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

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,634,912	$	—		$	(955,605	)^(a)	$	(523	)	$	(407	)	$	2,678,377		2,677,841	$	40,574	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		0	^(a)		—			—			—			10,000		10,000		1			—

									$	(523	)	$	(407	)	$	2,688,377			$	40,575		$	—

^(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
Euro STOXX 50 Index		3		03/18/22	$	131	$	(2,561	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	2,561

^(a)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Germany Small-Cap ETF

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(19,261	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,827	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	90,945

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	476,618	$	34,372,125		$	—	$	34,848,743
Preferred Stocks		86,233		1,197,011			—		1,283,244
Money Market Funds		2,688,377		—			—		2,688,377

	$	3,251,228	$	35,569,136		$	—	$	38,820,364

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(2,561	)	$	—		$ (2,561)

^(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		21

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Ireland ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 4.1%
Ryanair Holdings PLC, ADR^(a)		26,972	$	2,689,378


Banks — 8.6%
AIB Group PLC^(a)		1,006,623		2,655,751
Bank of Ireland Group PLC^(a)		426,179		2,827,803
Permanent TSB Group Holdings PLC^(a)		55,570		107,297

				5,590,851

Beverages — 2.8%
C&C Group PLC^(a)		637,820		1,803,680


Building Products — 4.5%
Kingspan Group PLC		30,250		2,954,282


Construction Materials — 20.8%
CRH PLC		298,841		13,584,782


Containers & Packaging — 4.4%
Smurfit Kappa Group PLC		57,042		2,848,805


Equity Real Estate Investment Trusts (REITs) — 4.0%
Hibernia REIT PLC		1,074,391		1,397,406
Irish Residential Properties REIT PLC		728,661		1,202,640

				2,600,046

Food Products — 17.0%
Dole PLC		45,341		695,077
Glanbia PLC		218,374		3,057,025
Kerry Group PLC, Class A		54,907		6,541,571
Origin Enterprises PLC		203,894		825,529

				11,119,202

Health Care Providers & Services — 2.2%
Uniphar PLC^(a)		376,733		1,410,855


Hotels, Restaurants & Leisure — 16.2%
Dalata Hotel Group PLC^(a)		325,622		1,538,912
Flutter Entertainment PLC, Class DI^(a)		62,736		9,034,490

				10,573,402

Household Durables — 4.8%
Cairn Homes PLC^(a)		1,156,576		1,641,762
Glenveagh Properties PLC^(a)(b)		1,086,805		1,487,813

				3,129,575


Security	Shares		Value

Insurance — 0.2%
FBD Holdings PLC^(a)		10,028	$	117,499


Life Sciences Tools & Services — 4.7%
ICON PLC^(a)		12,981		3,089,608


Marine — 0.4%
Irish Continental Group PLC^(a)		63,408		286,518


Metals & Mining — 0.3%
Kenmare Resources PLC		33,403		189,389


Pharmaceuticals — 0.4%
GH Research PLC^(a)		16,890		278,685


Trading Companies & Distributors — 4.4%
Grafton Group PLC		199,776		2,868,810


Total Common Stocks — 99.8% (Cost: $59,066,145)				65,135,367


Short-Term Investments

Money Market Funds — 0.1%

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		30,000		30,000


Total Short-Term Investments — 0.1% (Cost: $30,000)				30,000


Total Investments in Securities — 99.9% (Cost: $59,096,145)				65,165,367

Other Assets, Less Liabilities — 0.1%				92,192


Net Assets — 100.0%			$	65,257,559

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000	$	0	^(a)	$	—	$	—	$	—	$	30,000		30,000	$	1	$	—

^(a)

Represents net amount purchased (sold).


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Ireland ETF

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
Euro STOXX 50 Index		2		03/18/22	$	88	$	(6,851	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	6,851

^(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,191	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,851	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	105,982

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	16,152,020	$	48,983,347		$	—	$	65,135,367
Money Market Funds		30,000		—			—		30,000

	$	16,182,020	$	48,983,347		$	—	$	65,165,367

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(6,851	)	$	—	$	(6,851	)

^(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		23

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Kuwait ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 4.4%
Agility Public Warehousing Co. KSC		261,755	$	890,839


Airlines — 1.6%
Jazeera Airways Co. KSCP^(a)		54,778		315,123


Banks — 58.5%
Ahli United Bank BSC		1,106,352		1,098,712
Ahli United Bank KSCP^(a)		21,912		22,935
Al Ahli Bank of Kuwait KSCP^(a)		392,906		388,338
Boubyan Bank KSCP^(a)		8,170		22,242
Burgan Bank SAK		493,673		446,018
Gulf Bank KSCP		677,605		695,677
Kuwait Finance House KSCP		1,105,217		3,457,351
Kuwait International Bank KSCP^(a)		420,489		321,142
Kuwait Projects Co. Holding KSCP		650,338		420,815
National Bank of Kuwait SAKP		1,275,838		4,472,402
Warba Bank KSCP^(a)		509,571		467,658

				11,813,290

Capital Markets — 3.3%
Boursa Kuwait Securities Co. KPSC		53,211		421,137
Noor Financial Investment Co. KSC		216,371		239,615

				660,752

Chemicals — 3.5%
Boubyan Petrochemicals Co. KSCP		129,298		401,843
Qurain Petrochemical Industries Co.		228,960		297,724

				699,567

Construction & Engineering — 0.6%
Combined Group Contracting Co. SAK		83,724		116,120


Diversified Consumer Services — 2.4%
Humansoft Holding Co. KSC		39,887		485,509


Diversified Financial Services — 4.5%
A’ayan Leasing & Investment Co. KSCP^(a)		510,516		272,635
Alimtiaz Investment Group KSC^(a)		673,571		299,125
National Investments Co. KSCP		286,146		342,729

				914,489


Security	Shares		Value

Electrical Equipment — 2.1%
Gulf Cable & Electrical Industries Co. KSCP		87,196	$	426,970


Energy Equipment & Services — 1.2%
Heavy Engineering & Ship Building Co. KSCP		116,821		233,411


Food Products — 1.1%
Mezzan Holding Co. KSCC		112,987		221,017


Independent Power and Renewable Electricity Producers — 1.2%
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		341,482		249,232


Industrial Conglomerates — 2.5%
National Industries Group Holding SAK^(a)		535,128		510,233


Real Estate Management & Development — 6.8%
Kuwait Real Estate Co. KSC^(a)		578,634		324,860
Mabanee Co. KPSC^(a)		240,877		674,583
National Real Estate Co. KPSC^(a)		506,494		370,656

				1,370,099

Trading Companies & Distributors — 1.9%
ALAFCO Aviation Lease & Finance Co. KSCP^(a)		250,663		186,094
Integrated Holding Co. KCSC^(a)		161,918		207,531

				393,625

Wireless Telecommunication Services — 4.3%
Mobile Telecommunications Co. KSCP		428,479		878,480


Total Common Stocks — 99.9% (Cost: $14,028,926)				20,178,756


Total Investments in Securities — 99.9% (Cost: $14,028,926)				20,178,756

Other Assets, Less Liabilities — 0.1%				21,194


Net Assets — 100.0%			$	20,199,950

^(a)Non-income producing security.

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost	Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22	Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)	$ 10,000	$	—	$(10,000)^(b)	$	—	$	—	$	—	—	$	1	$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Kuwait ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,482,086	$	18,696,670	$	—	$	20,178,756

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		25

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI New Zealand ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 1.3%
Air New Zealand Ltd.^(a)(b)		1,651,153	$	1,676,062


Building Products — 4.6%
Fletcher Building Ltd.		1,298,286		5,930,356


Diversified Telecommunication Services — 13.4%
Chorus Ltd.		1,050,870		5,211,230
Spark New Zealand Ltd.		4,009,046		12,308,975

				17,520,205

Electric Utilities — 15.4%
Contact Energy Ltd.		1,073,891		5,926,021
Genesis Energy Ltd.		1,325,458		2,470,698
Infratil Ltd.		1,108,091		5,975,474
Mercury NZ Ltd.		1,486,926		5,792,035

				20,164,228

Equity Real Estate Investment Trusts (REITs) — 9.7%
Argosy Property Ltd.		2,274,403		2,124,444
Goodman Property Trust		2,649,959		4,338,413
Kiwi Property Group Ltd.		3,905,814		2,859,471
Precinct Properties New Zealand Ltd.		3,081,780		3,348,264

				12,670,592

Food Products — 5.5%
a2 Milk Co. Ltd. (The)^(a)(b)		1,536,840		6,223,003
Synlait Milk Ltd.^(a)		425,117		969,327

				7,192,330

Health Care Equipment & Supplies — 17.6%
Fisher & Paykel Healthcare Corp. Ltd.		1,225,144		23,022,919


Health Care Providers & Services — 8.9%
Oceania Healthcare Ltd.		2,009,841		1,434,426
Ryman Healthcare Ltd.^(b)		888,590		6,044,089
Summerset Group Holdings Ltd.		519,239		4,162,623

				11,641,138

Hotels, Restaurants & Leisure — 2.8%
SKYCITY Entertainment Group Ltd.		1,819,719		3,656,990


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 7.2%
Meridian Energy Ltd.		2,778,049	$	9,431,733


IT Services — 1.2%
Pushpay Holdings Ltd.^(a)(b)		2,494,204		1,582,846


Oil, Gas & Consumable Fuels — 2.5%
Z Energy Ltd.		1,328,905		3,272,859


Transportation Infrastructure — 9.9%
Auckland International Airport Ltd.^(a)		2,681,242		12,982,636


Total Common Stocks — 100.0% (Cost: $148,898,929)				130,744,894


Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(c)(d)(e)		1,107,046		1,107,267
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		50,000		50,000

				1,157,267


Total Short-Term Investments — 0.9% (Cost: $1,157,299)				1,157,267


Total Investments in Securities — 100.9% (Cost: $150,056,228)				131,902,161

Other Assets, Less Liabilities — (0.9)%				(1,203,978	)


Net Assets — 100.0%			$	130,698,183

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,794,552	$	—		$	(5,686,694	)^(a)	$	(559	)	$	(32	)	$	1,107,267		1,107,046	$	22,806	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		0	^(a)		—			—			—			50,000		50,000		3			—

									$	(559	)	$	(32	)	$	1,157,267			$	22,809		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI New Zealand ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(11,818	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(447	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	133,354

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,712,884	$	124,032,010	$	—	$	130,744,894
Money Market Funds		1,157,267		—		—		1,157,267

	$	7,870,151	$	124,032,010	$	—	$	131,902,161

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		27

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Norway ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.6%
Kongsberg Gruppen ASA		23,826	$	840,321


Airlines — 0.4%
Norwegian Air Shuttle ASA^(a)(b)		160,600		197,178


Banks — 14.7%
DNB Bank ASA		246,912		5,527,930
Sbanken ASA^(b)(c)		21,378		220,914
SpareBank 1 Nord Norge		25,412		311,316
Sparebank 1 Oestlandet		10,818		170,222
SpareBank 1 SMN		34,594		571,663
SpareBank 1 SR-Bank ASA		47,706		706,896

				7,508,941

Biotechnology — 0.4%
Nykode Therapeutics AS^(a)		34,357		181,220


Chemicals — 6.1%
Borregaard ASA		25,312		559,703
Elkem ASA^(c)		76,668		289,487
Yara International ASA		44,124		2,247,231

				3,096,421

Commercial Services & Supplies — 3.4%
Aker Carbon Capture ASA^(a)		72,453		139,525
Aker Horizons Holding AS^(a)		30,969		63,156
Quantafuel ASA^(a)(b)		30,771		56,879
Tomra Systems ASA		31,590		1,486,670

				1,746,230

Construction & Engineering — 0.9%
Veidekke ASA		28,773		444,529


Containers & Packaging — 0.1%
Elopak ASA^(a)		32,306		73,284


Diversified Telecommunication Services — 5.4%
Telenor ASA		185,552		2,745,355


Electric Utilities — 0.2%
Fjordkraft Holding ASA^(c)		25,901		107,834


Electrical Equipment — 1.4%
NEL ASA^(a)(b)		389,155		713,213


Energy Equipment & Services — 2.1%
Aker Solutions ASA^(a)		65,608		208,246
BW Offshore Ltd		23,792		75,604
Subsea 7 SA		59,955		411,517
TGS ASA		31,273		353,520

				1,048,887

Entertainment — 0.4%
Kahoot! ASA^(a)		69,267		216,862


Food Products — 16.2%
Atlantic Sapphire ASA^(a)(b)		19,415		68,739
Austevoll Seafood ASA		24,306		343,197
Bakkafrost P/F		13,397		910,418
Grieg Seafood ASA^(a)		13,615		171,473
Leroy Seafood Group ASA		79,370		692,930
Mowi ASA		116,480		2,999,221
Norway Royal Salmon ASA^(b)		2,935		67,417
Orkla ASA		200,367		1,876,910


Security	Shares		Value

Food Products (continued)
Salmar ASA		15,696	$	1,153,253

				8,283,558

Independent Power and Renewable Electricity Producers — 0.9%
Scatec ASA^(c)		31,745		457,437


Industrial Conglomerates — 1.5%
Aker ASA, Class A		6,931		574,628
Bonheur ASA		5,102		201,996

				776,624

Insurance — 5.4%
Gjensidige Forsikring ASA		53,394		1,320,681
Protector Forsikring ASA		15,389		194,462
Storebrand ASA		124,642		1,233,478

				2,748,621

Interactive Media & Services — 1.5%
Adevinta ASA^(a)		73,948		792,191


IT Services — 0.7%
Atea ASA		22,407		351,331


Machinery — 0.3%
Hexagon Composites ASA^(a)		29,566		94,901
Hexagon Purus ASA^(a)		15,270		41,543

				136,444

Marine — 2.0%
Golden Ocean Group Ltd.		34,711		449,632
MPC Container Ships AS		70,987		223,826
Stolt-Nielsen Ltd		6,842		121,538
Wallenius Wilhelmsen ASA^(a)		28,203		212,909

				1,007,905

Media — 2.4%
Schibsted ASA, Class A		19,485		559,959
Schibsted ASA, Class B		25,938		671,414

				1,231,373

Metals & Mining — 6.6%
Norsk Hydro ASA		356,381		3,384,224


Multiline Retail — 0.5%
Europris ASA^(c)		42,264		269,429


Oil, Gas & Consumable Fuels — 19.7%
Aker BP ASA		33,594		1,052,184
BW Energy Ltd.^(a)		20,637		54,628
BW LPG Ltd.^(c)		20,816		124,047
DNO ASA		117,017		148,452
Equinor ASA		259,472		8,156,631
Flex LNG Ltd.		7,931		198,983
Frontline Ltd./Bermuda^(a)		26,318		252,101
Hafnia Ltd.^(a)		24,675		59,338

				10,046,364

Professional Services — 0.1%
Meltwater Holding BV^(a)(b)		35,476		74,360


Real Estate Management & Development — 0.8%
Entra ASA^(c)		16,993		359,490
Selvaag Bolig ASA		11,251		64,541

				424,031

Semiconductors & Semiconductor Equipment — 2.7%
Nordic Semiconductor ASA^(a)		46,230		1,235,504


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Norway ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
REC Silicon ASA^(a)		72,914	$	129,265

				1,364,769

Software — 1.2%
Crayon Group Holding ASA^(a)(c)		17,035		381,928
LINK Mobility Group Holding ASA^(a)		46,764		87,627
Pexip Holding ASA^(a)(b)		19,498		84,528
Volue ASA^(a)		13,406		63,973

				618,056

Specialty Retail — 0.1%
XXL ASA^(c)		37,016		50,067


Total Common Stocks — 99.7% (Cost: $50,170,144)				50,937,059


Short-Term Investments

Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		1,132,833		1,133,060
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		70,000		70,000

				1,203,060


Total Short-Term Investments — 2.4% (Cost: $1,203,152)				1,203,060


Total Investments in Securities — 102.1% (Cost: $51,373,296)				52,140,119

Other Assets, Less Liabilities — (2.1)%			(1,071,409)


Net Assets — 100.0%			$	51,068,710

^(a)	Non-income producing security.

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

^(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.

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

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	775,553	$	357,844	^(a)	$	—	$	(245	)	$	(92	)	$	1,133,060		1,132,833	$	16,468	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		50,000	^(a)		—		—			—			70,000		70,000		2			—

								$	(245	)	$	(92	)	$	1,203,060			$	16,470		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Norway ETF

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

Euro STOXX 50 Index

03/18/22

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	46

^(a)

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	31,037

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	279

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	45,635

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	2,974,351	$	47,962,708	$	—	$	50,937,059
Money Market Funds		1,203,060		—		—		1,203,060

	$	4,177,411	$	47,962,708	$	—	$	52,140,119

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	46	$	—	$	46

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

February 28, 2022


	iShares MSCI Denmark ETF		iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	157,096,565	$	34,773,920		$	36,131,987		$	65,135,367
Affiliated^(c)		2,426,940		199,985			2,688,377			30,000
Cash		4,444		—			5,980			902
Foreign currency, at value^(d)		113,494		5,819			142,788			87,553
Foreign currency collateral pledged:
Futures contracts^(e)		96,186		7,849			23,546			7,848
Receivables:
Investments sold		1,535,017		1,698,961			238,865			5,093,668
Securities lending income — Affiliated		1,060		187			7,292			—
Variation margin on futures contracts		61,312		—			—			—
Dividends		—		821			—			6
Tax reclaims		896,194		236,778			1,155			23,043

Total assets		162,231,212		36,924,320			39,239,990			70,378,387



LIABILITIES
Bank overdraft		—		1,786			—			—
Collateral on securities loaned, at value		2,369,097		155,003			2,677,551			—
Payables:
Investments purchased		1,491,362		1,624,286			268,140			5,087,049
Variation margin on futures contracts		—		531			3,578			1,282
Capital shares redeemed		—		—			—			5,089
Investment advisory fees		64,067		12,583			16,706			27,408
Professional fees		—		50,000			—			—
IRS compliance fee for foreign withholding tax claims		—		125,852			—			—

Total liabilities		3,924,526		1,970,041			2,965,975			5,120,828


NET ASSETS	$	158,306,686	$	34,954,279		$	36,274,015		$	65,257,559


NET ASSETS CONSIST OF:
Paid-in capital	$	153,628,211	$	42,883,893		$	39,720,694		$	67,145,001
Accumulated earnings (loss)		4,678,475		(7,929,614	)		(3,446,679	)		(1,887,442	)

NET ASSETS	$	158,306,686	$	34,954,279		$	36,274,015		$	65,257,559


Shares outstanding		1,600,000		850,000			500,000			1,250,000


Net asset value	$	98.94	$	41.12		$	72.55		$	52.21


Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited


Par value		None		None			None			None


^(a)Securities loaned, at value	$	2,396,206	$	120,240		$	2,533,640		$	—
^(b)Investments, at cost — Unaffiliated	$	151,780,019	$	40,256,295		$	36,940,902		$	59,066,145
^(c)Investments, at cost — Affiliated	$	2,427,107	$	199,995		$	2,687,974		$	30,000
^(d)Foreign currency, at cost	$	112,810	$	5,066		$	144,175		$	88,093
^(e)Foreign currency collateral pledged, at cost	$	100,895	$	8,718		$	23,894		$	7,957

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022


	iShares MSCI Kuwait ETF		iShares MSCI New Zealand ETF			iShares MSCI Norway ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	20,178,756	$	130,744,894		$	50,937,059
Affiliated^(c)		—		1,157,267			1,203,060
Cash		—		3,235			—
Foreign currency, at value^(d)		26,427		46,233			660,962
Foreign currency collateral pledged:
Futures contracts^(e)		—		—			7,849
Receivables:
Investments sold		2,272,306		1,661,673			120,743
Securities lending income — Affiliated		—		188			4,862
Capital shares sold		—		—			118,754
Dividends		—		—			15,878
Tax reclaims		—		—			2,843

Total assets		22,477,489		133,613,490			53,072,010


LIABILITIES
Bank overdraft		11,379		—			52,784
Collateral on securities loaned, at value		—		1,108,298			1,133,391
Payables:
Investments purchased		435,154		1,758,124			797,133
Variation margin on futures contracts		—		2			1,311
Capital shares redeemed		1,818,947		—			—
Investment advisory fees		12,059		48,883			18,681

Total liabilities		2,277,539		2,915,307			2,003,300


NET ASSETS	$	20,199,950	$	130,698,183		$	51,068,710


NET ASSETS CONSIST OF:
Paid-in capital	$	14,378,929	$	176,734,360		$	56,468,401
Accumulated earnings (loss)		5,821,021		(46,036,177	)		(5,399,691	)

NET ASSETS	$	20,199,950	$	130,698,183		$	51,068,710


Shares outstanding		550,000		2,400,000			1,750,000


Net asset value	$	36.73	$	54.46		$	29.18


Shares authorized		Unlimited		Unlimited			Unlimited


Par value		None		None			None


^(a)Securities loaned, at value	$	—	$	1,033,271		$	1,122,980
^(b)Investments, at cost — Unaffiliated	$	14,028,926	$	148,898,929		$	50,170,144
^(c)Investments, at cost — Affiliated	$	—	$	1,157,299		$	1,203,152
^(d)Foreign currency, at cost	$	26,404	$	45,748		$	662,626
^(e)Foreign currency collateral pledged, at cost	$	—	$	—		$	7,841

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022


	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	278,292		$	117,166		$	70,956		$	295,431
Dividends — Affiliated		262			13			260			1
Securities lending income — Affiliated — net		26,294			1,175			40,315			—
Foreign taxes withheld		(41,898	)		(65	)		(9,333	)		(11,881	)
IRS Compliance fee for foreign withholding tax claims		—			(1,249	)		—			—

Total investment income		262,950			117,040			102,198			283,551


EXPENSES
Investment advisory fees		449,121			76,812			116,480			202,606
Professional fees		217			217			217			217

Total expenses		449,338			77,029			116,697			202,823

Net investment income (loss)		(186,388	)		40,011			(14,499	)		80,728


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(837,087	)		(812,114	)		(130,042	)		(2,032,171	)
Investments — Affiliated		(1,046	)		(34	)		(523	)		—
In-kind redemptions — Unaffiliated		2,693,149			746,224			—			4,811,414
Futures contracts		(155,909	)		8,386			(19,261	)		(2,191	)
Foreign currency transactions		(27,996	)		(1,235	)		(12,673	)		(12,988	)

Net realized gain (loss)		1,671,111			(58,773	)		(162,499	)		2,764,064

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(26,731,976	)		(7,093,032	)		(5,997,829	)		(15,323,961	)
Investments — Affiliated		(133	)		(10	)		(407	)		—
Futures contracts		19,655			(15,877	)		(3,827	)		(6,851	)
Foreign currency translations		(50,489	)		(12,081	)		(1,804	)		(2,764	)

Net change in unrealized appreciation (depreciation)		(26,762,943	)		(7,121,000	)		(6,003,867	)		(15,333,576	)

Net realized and unrealized loss		(25,091,832	)		(7,179,773	)		(6,166,366	)		(12,569,512	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,278,220	)	$	(7,139,762	)	$	(6,180,865	)	$	(12,488,784	)

See notes to financial statements.


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

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022


		iShares MSCI Kuwait ETF			iShares MSCI New Zealand ETF			iShares MSCI Norway ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	23,430		$	1,711,237		$	815,051
Dividends — Affiliated		1			23			106
Securities lending income — Affiliated — net		—			22,786			16,364
Foreign taxes withheld		—			(233,973	)		(177,790	)

Total investment income		23,431			1,500,073			653,731


EXPENSES
Investment advisory fees		72,687			339,757			135,047
Commitment fees		93			—			—
Professional fees		—			217			217

Total expenses		72,780			339,974			135,264

Net investment income (loss)		(49,349	)		1,160,099			518,467


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		605,368			(695,990	)		(878,046	)
Investments — Affiliated		—			(559	)		(245	)
In-kind redemptions — Unaffiliated		—			523,991			3,923,077
Futures contracts		—			(11,818	)		31,037
Foreign currency transactions		(767	)		(10,246	)		(33,239	)

Net realized gain (loss)		604,601			(194,622	)		3,042,584

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		2,278,907			(19,798,592	)		(3,047,477	)
Investments — Affiliated		—			(32	)		(92	)
Futures contracts		—			(447	)		279
Foreign currency translations		(1,077	)		(3,951	)		2,419

Net change in unrealized appreciation (depreciation)		2,277,830			(19,803,022	)		(3,044,871	)

Net realized and unrealized gain (loss)		2,882,431			(19,997,644	)		(2,287	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,833,082		$	(18,837,545	)	$	516,180

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI Denmark ETF						iShares MSCI Finland ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(186,388	)	$	1,236,501		$	40,011		$	796,078
Net realized gain (loss)		1,671,111			25,780,084			(58,773	)		5,459,015
Net change in unrealized appreciation (depreciation)		(26,762,943	)		23,679,075			(7,121,000	)		2,768,929

Net increase (decrease) in net assets resulting from operations		(25,278,220	)		50,695,660			(7,139,762	)		9,024,022


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(45,539	)		(1,262,684	)		(160,905	)		(1,012,192	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		16,762,636			7,535,488			11,056,514			(11,952,774	)


NET ASSETS
Total increase (decrease) in net assets		(8,561,123	)		56,968,464			3,755,847			(3,940,944	)
Beginning of period		166,867,809			109,899,345			31,198,432			35,139,376

End of period	$	158,306,686		$	166,867,809		$	34,954,279		$	31,198,432

^(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		35

Statements of Changes in Net Assets (continued)


	iShares MSCI Germany Small-Cap ETF						iShares MSCI Ireland ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(14,499	)	$	515,265		$	80,728		$	382,349
Net realized gain (loss)		(162,499	)		2,938,871			2,764,064			897,808
Net change in unrealized appreciation (depreciation)		(6,003,867	)		8,182,752			(15,333,576	)		21,766,178

Net increase (decrease) in net assets resulting from operations		(6,180,865	)		11,636,888			(12,488,784	)		23,046,335


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(186,923	)		(638,366	)		(195,746	)		(400,086	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			(219,216	)		(4,687,449	)		6,863,827


NET ASSETS
Total increase (decrease) in net assets		(6,367,788	)		10,779,306			(17,371,979	)		29,510,076
Beginning of period		42,641,803			31,862,497			82,629,538			53,119,462

End of period	$	36,274,015		$	42,641,803		$	65,257,559		$	82,629,538

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares MSCI Kuwait ETF						iShares MSCI New Zealand ETF
		Six Months Ended 02/28/22 (unaudited)			Period From 09/01/20 to 08/31/21	^(a)		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(49,349	)	$	304,140		$	1,160,099		$	2,806,128
Net realized gain (loss)		604,601			248,230			(194,622	)		23,039,126
Net change in unrealized appreciation (depreciation)		2,277,830			3,870,920			(19,803,022	)		(15,378,739	)

Net increase (decrease) in net assets resulting from operations		2,833,082			4,423,290			(18,837,545	)		10,466,515


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(1,120,625	)		(314,726	)		(2,132,042	)		(3,787,802	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(174,527	)		14,553,456			8,811,694			(31,025,621	)


NET ASSETS
Total increase (decrease) in net assets		1,537,930			18,662,020			(12,157,893	)		(24,346,908	)
Beginning of period		18,662,020			—			142,856,076			167,202,984

End of period	$	20,199,950		$	18,662,020		$	130,698,183		$	142,856,076

^(a)	Commencement of operations.

^(b)	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		37

Statements of Changes in Net Assets (continued)


	iShares MSCI Norway ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	518,467		$	889,347
Net realized gain (loss)		3,042,584			(293,143	)
Net change in unrealized appreciation (depreciation)		(3,044,871	)		6,244,495

Net increase in net assets resulting from operations		516,180			6,840,699


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(475,398	)		(908,885	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		5,160,405			8,572,191


NET ASSETS
Total increase in net assets		5,201,187			14,504,005
Beginning of period		45,867,523			31,363,518

End of period	$	51,068,710		$	45,867,523

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

See notes to financial statements.


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


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


Net asset value, beginning of period	$	115.08		$	84.54		$	60.99		$	67.75		$	67.57		$	56.39


Net investment income (loss)^(a)		(0.12	)		0.76			0.50			0.97			0.90			0.94
Net realized and unrealized gain (loss)^(b)		(15.99	)		30.62			23.52			(5.99	)		0.77			11.07


Net increase (decrease) from investment operations		(16.11	)		31.38			24.02			(5.02	)		1.67			12.01


Distributions^(c)
From net investment income		(0.03	)		(0.84	)		(0.47	)		(1.74	)		(1.49	)		(0.83	)


Total distributions		(0.03	)		(0.84	)		(0.47	)		(1.74	)		(1.49	)		(0.83	)


Net asset value, end of period	$	98.94		$	115.08		$	84.54		$	60.99		$	67.75		$	67.57


Total Return^(d)
Based on net asset value		(14.01	)%^(e)		37.21	%		39.52	%		(7.41	)%		2.58	%		21.43	%


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


Net investment income (loss)		(0.22	)%^(g)		0.77	%		0.71	%		1.59	%		1.34	%		1.66	%


Supplemental Data
Net assets, end of period (000)	$	158,307		$	166,868		$	109,899		$	33,544		$	40,649		$	67,567


Portfolio turnover rate^(h)		5	%^(e)		11	%		21	%		14	%		13	%		14	%

^(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		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


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


Net asset value, beginning of period	$	52.00		$	41.34		$	35.63		$	41.83		$	39.79		$	33.19


Net investment income^(a)		0.06			1.10			0.85			1.30			1.39			1.02
Net realized and unrealized gain (loss)^(b)		(10.65	)		10.93			6.25			(5.98	)		2.16			6.74


Net increase (decrease) from investment operations		(10.59	)		12.03			7.10			(4.68	)		3.55			7.76


Distributions^(c)
From net investment income		(0.29	)		(1.37	)		(1.39	)		(1.52	)		(1.51	)		(1.16	)


Total distributions		(0.29	)		(1.37	)		(1.39	)		(1.52	)		(1.51	)		(1.16	)


Net asset value, end of period	$	41.12		$	52.00		$	41.34		$	35.63		$	41.83		$	39.79


Total Return^(d)
Based on net asset value		(20.44	)%^(e)		29.37	%		20.61	%		(11.24	)%		9.08	%		23.32	%


Ratios to Average Net Assets^(f)
Total expenses		0.53	%^(g)		0.55	%		0.53	%		0.53	%		0.53	%		0.55	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.53	%		0.53	%		0.53	%		N/A			0.53	%


Net investment income		0.28	%^(g)		2.39	%		2.36	%		3.40	%		3.38	%		2.84	%


Supplemental Data
Net assets, end of period (000)	$	34,954		$	31,198		$	35,139		$	26,725		$	39,735		$	45,753


Portfolio turnover rate^(h)		7	%^(e)		12	%		22	%		16	%		11	%		12	%

^(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.


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Germany Small-Cap ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period	$	85.28		$	63.72		$	52.75		$	63.43		$	57.18		$	43.23


Net investment income (loss)^(a)		(0.03	)		0.99			0.38			1.07			1.33			0.78
Net realized and unrealized gain (loss)^(b)		(12.33	)		21.79			10.74			(10.06	)		6.19			13.87


Net increase (decrease) from investment operations		(12.36	)		22.78			11.12			(8.99	)		7.52			14.65


Distributions^(c)
From net investment income		(0.37	)		(1.22	)		(0.15	)		(1.69	)		(1.27	)		(0.70	)


Total distributions		(0.37	)		(1.22	)		(0.15	)		(1.69	)		(1.27	)		(0.70	)


Net asset value, end of period	$	72.55		$	85.28		$	63.72		$	52.75		$	63.43		$	57.18


Total Return^(d)
Based on net asset value		(14.52	)%^(e)		35.96	%		21.12	%		(14.08	)%		13.22	%		34.12	%


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


Net investment income (loss)		(0.07	)%^(g)		1.30	%		0.69	%		1.95	%		2.09	%		1.65	%


Supplemental Data
Net assets, end of period (000)	$	36,274		$	42,642		$	31,862		$	36,927		$	60,260		$	40,025


Portfolio turnover rate^(h)		12	%^(e)		24	%		25	%		13	%		14	%		14	%

^(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		41

Financial Highlights (continued)

(For a share outstanding throughout each period)


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


Net asset value, beginning of period	$	61.21		$	42.50		$	39.39		$	46.25		$	43.80		$	38.94


Net investment income^(a)		0.06			0.32			0.43			0.61			0.61			0.47
Net realized and unrealized gain (loss)^(b)		(8.93	)		18.74			3.34			(6.80	)		2.62			4.94


Net increase (decrease) from investment operations		(8.87	)		19.06			3.77			(6.19	)		3.23			5.41


Distributions^(c)
From net investment income		(0.13	)		(0.35	)		(0.66	)		(0.67	)		(0.78	)		(0.55	)


Total distributions		(0.13	)		(0.35	)		(0.66	)		(0.67	)		(0.78	)		(0.55	)


Net asset value, end of period	$	52.21		$	61.21		$	42.50		$	39.39		$	46.25		$	43.80


Total Return^(d)
Based on net asset value		(14.54	)%^(e)		44.90	%		9.59	%		(13.44	)%		7.38	%		13.99	%


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


Net investment income		0.20	%^(g)		0.62	%		1.06	%		1.49	%		1.31	%		1.19	%


Supplemental Data
Net assets, end of period (000)	$	65,258		$	82,630		$	53,119		$	55,151		$	69,381		$	67,883


Portfolio turnover rate^(h)		13	%^(e)		40	%		47	%		24	%		20	%		14	%

^(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.


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Kuwait ETF
		Six Months Ended 02/28/22 (unaudited)			Period From 09/01/20 to 08/31/21	^(a)


Net asset value, beginning of period	$	33.93		$	25.22


Net investment income (loss)^(b)		(0.09	)		0.66
Net realized and unrealized gain^(c)		4.93			8.62


Net increase from investment operations		4.84			9.28


Distributions^(d)
From net investment income		(2.04	)		(0.57	)


Total distributions		(2.04	)		(0.57	)


Net asset value, end of period	$	36.73		$	33.93


Total Return^(e)
Based on net asset value		14.95	%^(f)		37.03	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.74	%^(h)		0.74	%^(h)


Net investment income (loss)		(0.50	)%^(h)		2.24	%^(h)


Supplemental Data
Net assets, end of period (000)	$	20,200		$	18,662


Portfolio turnover rate⁽ⁱ⁾		9	%^(f)		16	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		43

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI New Zealand ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period	$	63.49		$	60.80		$	51.80		$	49.11		$	46.26		$	46.90


Net investment income^(a)		0.50			1.04			1.06			1.58			1.71			1.96
Net realized and unrealized gain (loss)^(b)		(8.64	)		2.97			9.49			2.70			2.86			(0.39	)


Net increase (decrease) from investment operations		(8.14	)		4.01			10.55			4.28			4.57			1.57


Distributions^(c)
From net investment income		(0.89	)		(1.32	)		(1.55	)		(1.59	)		(1.72	)		(2.21	)


Total distributions		(0.89	)		(1.32	)		(1.55	)		(1.59	)		(1.72	)		(2.21	)


Net asset value, end of period	$	54.46		$	63.49		$	60.80		$	51.80		$	49.11		$	46.26


Total Return^(d)
Based on net asset value		(12.91	)%^(e)		6.58	%		20.71	%		9.00	%		10.02	%		3.95	%


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


Net investment income		1.69	%^(g)		1.64	%		1.96	%		3.16	%		3.58	%		4.45	%


Supplemental Data
Net assets, end of period (000)	$	130,698		$	142,856		$	167,203		$	165,751		$	142,406		$	175,790


Portfolio turnover rate^(h)		4	%^(e)		16	%		12	%		15	%		14	%		9	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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.


44		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


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


Net asset value, beginning of period	$	28.67		$	22.40		$	22.63		$	27.67		$	25.07		$	20.36


Net investment income^(a)		0.30			0.69			0.34			0.67			0.72			0.69
Net realized and unrealized gain (loss)^(b)		0.45			6.30			(0.15	)		(4.91	)		2.56			4.70


Net increase (decrease) from investment operations		0.75			6.99			0.19			(4.24	)		3.28			5.39


Distributions^(c)
From net investment income		(0.24	)		(0.72	)		(0.42	)		(0.80	)		(0.68	)		(0.68	)


Total distributions		(0.24	)		(0.72	)		(0.42	)		(0.80	)		(0.68	)		(0.68	)


Net asset value, end of period	$	29.18		$	28.67		$	22.40		$	22.63		$	27.67		$	25.07


Total Return^(d)
Based on net asset value		2.67	%^(e)		31.42	%		1.04	%		(15.42	)%		13.21	%		27.10	%


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


Net investment income		2.03	%^(g)		2.61	%		1.58	%		2.66	%		2.67	%		3.11	%


Supplemental Data
Net assets, end of period (000)	$	51,069		$	45,868		$	31,364		$	22,632		$	30,434		$	32,589


Portfolio turnover rate^(h)		13	%^(e)		12	%		16	%		13	%		13	%		10	%

^(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		45

Notes to Financial Statements (unaudited)

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
MSCI Denmark		Non-diversified
MSCI Finland		Non-diversified
MSCI Germany Small-Cap		Diversified
MSCI Ireland		Non-diversified
MSCI Kuwait		Non-diversified
MSCI New Zealand		Non-diversified
MSCI Norway		Non-diversified

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.

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

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

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

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


46		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

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


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		47

Notes to Financial Statements (unaudited) (continued)

SECURITIES AND OTHER INVESTMENTS

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

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

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

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



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

MSCI Denmark
Barclays Capital, Inc	$	57,318	$	56,302		$	—	$	(1,016	)^(b)
BNP Paribas SA		895,051		895,051			—		—
BofA Securities, Inc		881,486		848,355			—		(33,131	)^(b)
Morgan Stanley		509,278		490,137			—		(19,141	)^(b)
UBS AG		53,073		52,132			—		(941	)^(b)

	$	2,396,206	$	2,341,977		$	—	$	(54,229	)


MSCI Finland
Barclays Capital, Inc	$	28,796	$	28,796		$	—	$	—
Morgan Stanley		91,444		91,444			—		—

	$	120,240	$	120,240		$	—	$	—


MSCI Germany Small-Cap
Barclays Capital, Inc	$	193,781	$	193,781		$	—	$	—
BNP Paribas SA		202		202			—		—
BofA Securities, Inc		397,955		397,955			—		—
Citigroup Global Markets, Inc.		40,102		40,102			—		—
Goldman Sachs & Co. LLC		834,543		834,543			—		—
Morgan Stanley		996,706		996,706			—		—
UBS AG		70,351		70,351			—		—

	$	2,533,640	$	2,533,640		$	—	$	—


MSCI New Zealand
Credit Suisse Securities (USA) LLC	$	641,406	$	641,406		$	—	$	—
Morgan Stanley		391,865		391,865			—		—

	$	1,033,271	$	1,033,271		$	—	$	—


48		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)



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

MSCI Norway
Barclays Capital, Inc	$	65,207	$	65,207		$	—	$	—
Goldman Sachs & Co. LLC		609,974		547,109			—		(62,865	)^(b)
Morgan Stanley		204,187		204,187			—		—
SG Americas Securities LLC		243,612		243,612			—		—

	$	1,122,980	$	1,060,115		$	—	$	(62,865	)

^(a)

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

^(b)

The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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.

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.

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


iShares ETF	Investment Advisory Fee
MSCI Denmark		0.53	%
MSCI Finland		0.53
MSCI Germany Small-Cap		0.59
MSCI Kuwait		0.74
MSCI Norway		0.53


N O T E S T O F I N A N C I A L S T A T E M E N T S		49

Notes to Financial Statements (unaudited) (continued)

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


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

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

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

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

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

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

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


iShares ETF	Fees Paid to BTC
MSCI Denmark	$	6,651
MSCI Finland		285
MSCI Germany Small-Cap		9,519
MSCI New Zealand		5,765
MSCI Norway		3,791

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


50		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

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



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Denmark	$	1,128,815	$	923,980	$	23,536
MSCI Finland		1,482,495		79,447		(18,535	)
MSCI Germany Small-Cap		515,083		935,101		(236,099	)
MSCI Ireland		632,463		1,431,043		(338,098	)
MSCI New Zealand		1,009,372		338,527		(39,765	)
MSCI Norway		271,524		759,530		(154,032	)

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.

PURCHASES AND SALES

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


iShares ETF	Purchases		Sales
MSCI Denmark	$	7,980,111	$	9,730,397
MSCI Finland		2,025,439		2,060,255
MSCI Germany Small-Cap		5,218,560		4,600,423
MSCI Ireland		10,118,706		10,727,633
MSCI Kuwait		1,725,018		3,080,035
MSCI New Zealand		5,471,187		6,035,314
MSCI Norway		7,796,761		6,672,275

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


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Denmark	$	27,228,406	$	10,602,513
MSCI Finland		18,244,717		7,232,675
MSCI Ireland		8,972,650		13,664,355
MSCI New Zealand		11,662,713		2,888,018
MSCI Norway		22,325,313		18,078,456

INCOME TAX INFORMATION

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

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

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


iShares ETF	Non-Expiring
MSCI Denmark	$	1,855,801
MSCI Finland		2,246,283
MSCI Germany Small-Cap		1,629,412
MSCI Ireland		9,782,016
MSCI New Zealand		25,824,419
MSCI Norway		8,910,431


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		51

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


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Denmark	$	154,455,117	$	18,991,457	$	(13,910,674	)	$	5,080,783
MSCI Finland		40,569,599		316,550		(5,920,111	)		(5,603,561	)
MSCI Germany Small-Cap		40,453,868		5,195,160		(6,831,225	)		(1,636,065	)
MSCI Ireland		59,989,735		9,046,848		(3,878,067	)		5,168,781
MSCI Kuwait		14,838,968		6,219,182		(879,394	)		5,339,788
MSCI New Zealand		152,330,285		4,851,848		(25,279,972	)		(20,428,124	)
MSCI Norway		51,646,978		5,030,656		(4,537,469	)		493,187

LINE OF CREDIT

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

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

10.

PRINCIPAL RISKS

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

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

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

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

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


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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

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

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

11.

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.


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		53

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


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

MSCI Denmark
Shares sold		250,000		$	27,447,329			1,000,000		$	91,288,280
Shares redeemed		(100,000	)		(10,684,693	)		(850,000	)		(83,752,792	)

Net increase		150,000		$	16,762,636			150,000		$	7,535,488

MSCI Finland
Shares sold		400,000		$	18,329,774			350,000		$	15,197,344
Shares redeemed		(150,000	)		(7,273,260	)		(600,000	)		(27,150,118	)

Net increase (decrease)		250,000		$	11,056,514			(250,000	)	$	(11,952,774	)

MSCI Germany Small-Cap
Shares sold		—		$	—			100,000		$	7,312,000
Shares redeemed		—			—			(100,000	)		(7,531,216	)

Net decrease		—		$	—			—		$	(219,216	)

MSCI Ireland
Shares sold		150,000		$	9,005,152			200,000		$	11,938,016
Shares redeemed		(250,000	)		(13,692,601	)		(100,000	)		(5,074,189	)

Net increase (decrease)		(100,000	)	$	(4,687,449	)		100,000		$	6,863,827


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

MSCI Kuwait
Shares sold		50,000		$	1,655,850			550,000		$	14,553,456
Shares redeemed		(50,000)			(1,830,377	)		—			—

Net increase (decrease)		—		$	(174,527	)		550,000		$	14,553,456


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

MSCI New Zealand
Shares sold		200,000		$	11,701,014			1,100,000		$	70,195,179
Shares redeemed		(50,000	)		(2,889,320	)		(1,600,000	)		(101,220,800	)

Net increase (decrease)		150,000		$	8,811,694			(500,000	)	$	(31,025,621	)

MSCI Norway
Shares sold		850,000		$	25,549,393			700,000		$	19,084,489
Shares redeemed		(700,000	)		(20,388,988	)		(500,000	)		(10,512,298	)

Net increase		150,000		$	5,160,405			200,000		$	8,572,191

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.

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Finland ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund


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Notes to Financial Statements (unaudited) (continued)

has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13.

SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		55

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 MSCI Denmark ETF, iShares MSCI Finland ETF, iShares MSCI Germany Small-Cap ETF, iShares MSCI Ireland ETF, iShares MSCI Kuwait ETF, iShares MSCI New Zealand ETF and iShares MSCI Norway ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

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

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

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

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

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

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

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

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

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


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

February 28, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Denmark^(a)	$	0.004070	$	—	$	0.024392	$	0.028462		14	%		—	%		86	%		100	%
MSCI Germany Small-Cap^(a)		0.312507		—		0.061339		0.373846		84			—			16			100
MSCI Kuwait^(a)		1.641295		—		0.396205		2.037500		81			—			19			100

^(a)

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


S U P P L E M E N T A L I N F O R M A T I O N		57

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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		59

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-808-0222