# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-25-306145
**Filing Date:** 2025-12
**Character Count:** 1270922
**Document Hash:** 18ac9a4fcbd7fa98016414902e92d619
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306145.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306145

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663

**ORGANIZATION NAME:**
- **EIN:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 251545385

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares Global Tech ETF (Series ID: S000004305)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000012035 | iShares Global Tech ETF | IXN             |

### iShares Global 100 ETF (Series ID: S000004326)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000012056 | iShares Global 100 ETF | IOO             |

### iShares JPX-Nikkei 400 ETF (Series ID: S000004337)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000012067 | iShares JPX-Nikkei 400 ETF | JPXN            |

### iShares Global Energy ETF (Series ID: S000004359)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000012089 | iShares Global Energy ETF | IXC             |

### iShares Global Financials ETF (Series ID: S000004370)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000012100 | iShares Global Financials ETF | IXG             |

### iShares Global Healthcare ETF (Series ID: S000004372)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000012102 | iShares Global Healthcare ETF | IXJ             |

### iShares Global Comm Services ETF (Series ID: S000004373)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000012103 | iShares Global Comm Services ETF | IXP             |

### iShares Global Consumer Discretionary ETF (Series ID: S000008880)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000024194 | iShares Global Consumer Discretionary ETF | RXI             |

### iShares Global Consumer Staples ETF (Series ID: S000008881)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000024195 | iShares Global Consumer Staples ETF | KXI             |

### iShares Global Industrials ETF (Series ID: S000008882)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000024196 | iShares Global Industrials ETF | EXI             |

### iShares Global Utilities ETF (Series ID: S000008883)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000024197 | iShares Global Utilities ETF | JXI             |

### iShares Global Materials ETF (Series ID: S000008884)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000024198 | iShares Global Materials ETF | MXI             |

### iShares Asia 50 ETF (Series ID: S000017778)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000049095 | iShares Asia 50 ETF | AIA             |

### iShares Global Infrastructure ETF (Series ID: S000019356)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000053784 | iShares Global Infrastructure ETF | IGF             |

### iShares Emerging Markets Infrastructure ETF (Series ID: S000022497)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000065073 | iShares Emerging Markets Infrastructure ETF | EMIF            |

### iShares Global Timber & Forestry ETF (Series ID: S000022500)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000065076 | iShares Global Timber & Forestry ETF | WOOD            |

### iShares International Dividend Growth ETF (Series ID: S000053600)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000168437 | iShares International Dividend Growth ETF | IGRO            |

### iShares International Developed Small Cap Value Factor ETF (Series ID: S000070653)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000224636 | iShares International Developed Small Cap Value Factor ETF | ISVL            |

### iShares Blockchain and Tech ETF (Series ID: S000075811)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000235105 | iShares Blockchain and Tech ETF | IBLC            |

### iShares Environmental Infrastructure and Industrials ETF (Series ID: S000077884)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000238488 | iShares Environmental Infrastructure and Industrials ETF | EFRA            |

### iShares Future Metaverse Tech and Communications ETF (Series ID: S000079170)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000240080 | iShares Future Metaverse Tech and Communications ETF | IVRS            |

### iShares Copper and Metals Mining ETF (Series ID: S000080106)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000241778 | iShares Copper and Metals Mining ETF | ICOP            |

### iShares Lithium Miners and Producers ETF (Series ID: S000080108)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000241780 | iShares Lithium Miners and Producers ETF | ILIT            |

?xml version='1.0' encoding='ASCII'? iSHARES TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-09729

Name of Fund:

iShares Trust

Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(415) 670-2000

Date of fiscal year end:

3/31/2026

Date of reporting period:

9/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Asia 50 ETF

### AIA \| NASDAQ

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Asia 50 ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Asia 50 ETF | $29 | 0.50%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1137579069 |
| Number of Portfolio Holdings | &nbsp;&nbsp;57 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 41.5% |
| Financials | 19.3% |
| Consumer Discretionary | 17.8% |
| Communication Services | 17.6% |
| Industrials | 1.7% |
| Health Care | 1.1% |
| Real Estate | 0.5% |
| Energy | 0.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 44.5% |
| Taiwan | 32.5% |
| South Korea | 12.6% |
| Hong Kong | 5.5% |
| Singapore | 4.9% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Asia 50 ETF

Semi-Annual Shareholder Report — September 30, 2025

AIA-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Blockchain and Tech ETF

### IBLC \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Blockchain and Tech ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Blockchain and Tech ETF | $38 | 0.47%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$79928986 |
| Number of Portfolio Holdings | &nbsp;&nbsp;41 |
| Portfolio Turnover Rate | &nbsp;&nbsp;65% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 70.1% |
| Financials | 26.3% |
| Communication Services | 3.5% |
| Consumer Discretionary | 0.1% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Circle Internet Group Inc., Class A | 11.0% |
| Coinbase Global Inc., Class A | 10.7% |
| IREN Ltd. | 8.9% |
| BitMine Immersion Technologies Inc. | 6.3% |
| MARA Holdings Inc. | 5.0% |
| Riot Platforms Inc. | 4.9% |
| Galaxy Digital Inc., Class A | 4.3% |
| Core Scientific Inc. | 3.8% |
| International Business Machines Corp. | 3.6% |
| Applied Digital Corp. | 3.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Blockchain and Tech ETF

Semi-Annual Shareholder Report — September 30, 2025

IBLC-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Copper and Metals Mining ETF

### ICOP \| NASDAQ

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Copper and Metals Mining ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Copper and Metals Mining ETF | $29 | 0.47%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$93789571 |
| Number of Portfolio Holdings | &nbsp;&nbsp;51 |
| Portfolio Turnover Rate | &nbsp;&nbsp;30% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Diversified Metals & Mining | 46.0% |
| Copper | 36.7% |
| Gold | 14.0% |
| Steel | 3.0% |
| Precious Metals & Minerals | 0.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Grupo Mexico SAB de CV, Series B, Class B | 8.9% |
| Anglo American PLC | 8.0% |
| BHP Group Ltd. | 7.6% |
| Freeport-McMoRan Inc. | 6.2% |
| Newmont Corp. | 5.5% |
| Antofagasta PLC | 5.1% |
| Teck Resources Ltd., Class B | 5.1% |
| First Quantum Minerals Ltd. | 4.8% |
| Evolution Mining Ltd. | 4.5% |
| Lundin Mining Corp. | 4.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Copper and Metals Mining ETF

Semi-Annual Shareholder Report — September 30, 2025

ICOP-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Emerging Markets Infrastructure ETF

### EMIF \| NASDAQ

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Emerging Markets Infrastructure ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Emerging Markets Infrastructure ETF | $34 | 0.60%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7700574 |
| Number of Portfolio Holdings | &nbsp;&nbsp;31 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Utilities | 40.8% |
| Industrials | 39.6% |
| Energy | 19.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 34.7% |
| Brazil | 22.3% |
| Mexico | 20.1% |
| United Arab Emirates | 6.4% |
| Thailand | 6.2% |
| Qatar | 5.6% |
| South Korea | 4.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Emerging Markets Infrastructure ETF

Semi-Annual Shareholder Report — September 30, 2025

EMIF-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Environmental Infrastructure and Industrials ETF

### EFRA \| NASDAQ

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Environmental Infrastructure and Industrials ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Environmental Infrastructure and Industrials ETF | $25 | 0.47%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5496061 |
| Number of Portfolio Holdings | &nbsp;&nbsp;71 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 53.5% |
| Utilities | 32.4% |
| Materials | 9.0% |
| Information Technology | 5.1% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Westinghouse Air Brake Technologies Corp. | 6.3% |
| Xylem Inc./New York | 6.2% |
| American Water Works Co. Inc. | 6.0% |
| Veolia Environnement SA | 6.0% |
| Pentair PLC | 5.9% |
| Smurfit WestRock PLC | 5.7% |
| Stantec Inc. | 4.0% |
| Clean Harbors Inc. | 3.8% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 3.7% |
| Essential Utilities Inc. | 3.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Environmental Infrastructure and Industrials ETF

Semi-Annual Shareholder Report — September 30, 2025

EFRA-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Future Metaverse Tech and Communications ETF

### IVRS \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Future Metaverse Tech and Communications ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Future Metaverse Tech and Communications ETF | $27 | 0.47%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$8543693 |
| Number of Portfolio Holdings | &nbsp;&nbsp;38 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Software | 37.0% |
| Entertainment | 28.4% |
| Interactive Media & Services | 16.3% |
| Household Durables | 9.7% |
| Semiconductors & Semiconductor Equipment | 4.6% |
| Technology Hardware, Storage & Peripherals | 2.7% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Insurance | 0.2% |
| Leisure Products | 0.0 %(b) |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Meta Platforms Inc., Class A | 5.8% |
| Tencent Holdings Ltd. | 5.3% |
| Electronic Arts Inc. | 5.3% |
| Kuaishou Technology | 5.2% |
| Ubisoft Entertainment SA | 4.9% |
| Sony Group Corp. | 4.9% |
| Garmin Ltd. | 4.8% |
| ROBLOX Corp., Class A | 4.8% |
| Cadence Design Systems Inc. | 4.6% |
| Take-Two Interactive Software Inc. | 4.6% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.1%.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Future Metaverse Tech and Communications ETF

Semi-Annual Shareholder Report — September 30, 2025

IVRS-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global 100 ETF

### IOO \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global 100 ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global 100 ETF | $23 | 0.40%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7335767681 |
| Number of Portfolio Holdings | &nbsp;&nbsp;106 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 46.3% |
| Financials | 10.4% |
| Communication Services | 9.2% |
| Consumer Discretionary | 9.1% |
| Health Care | 8.2% |
| Consumer Staples | 6.3% |
| Industrials | 4.7% |
| Energy | 3.5% |
| Materials | 1.6% |
| Utilities | 0.4% |
| Real Estate | 0.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 80.8% |
| United Kingdom | 3.9% |
| Germany | 3.1% |
| Switzerland | 2.9% |
| France | 2.3% |
| Japan | 2.1% |
| China | 1.5% |
| Netherlands | 1.3% |
| South Korea | 0.9% |
| Spain | 0.8% |
| Australia | 0.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global 100 ETF

Semi-Annual Shareholder Report — September 30, 2025

IOO-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Comm Services ETF

### IXP \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Comm Services ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Comm Services ETF | $22 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$692555598 |
| Number of Portfolio Holdings | &nbsp;&nbsp;73 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Interactive Media & Services | 52.5% |
| Diversified Telecommunication Services | 17.3% |
| Entertainment | 16.4% |
| Wireless Telecommunication Services | 8.1% |
| Media | 5.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 72.1% |
| Japan | 8.3% |
| China | 7.1% |
| Germany | 2.4% |
| United Kingdom | 1.6% |
| Australia | 1.2% |
| Canada | 1.2% |
| France | 1.0% |
| Netherlands | 1.0% |
| Spain | 0.8% |
| Other<sup>#</sup> | 3.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Comm Services ETF

Semi-Annual Shareholder Report — September 30, 2025

IXP-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Consumer Discretionary ETF

### RXI \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Consumer Discretionary ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Consumer Discretionary ETF | $21 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$280436715 |
| Number of Portfolio Holdings | &nbsp;&nbsp;141 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Discretionary Distribution & Retail | 37.1% |
| Automobiles & Components | 23.6% |
| Consumer Services | 22.4% |
| Consumer Durables & Apparel | 16.8% |
| Insurance | 0.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 58.7% |
| Japan | 12.6% |
| China | 8.5% |
| France | 4.8% |
| Germany | 2.7% |
| United Kingdom | 2.4% |
| Switzerland | 1.7% |
| Australia | 1.6% |
| Spain | 1.5% |
| Netherlands | 1.5% |
| Other<sup>#</sup> | 4.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Consumer Discretionary ETF

Semi-Annual Shareholder Report — September 30, 2025

RXI-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Consumer Staples ETF

### KXI \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Consumer Staples ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Consumer Staples ETF | $19 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$858430086 |
| Number of Portfolio Holdings | &nbsp;&nbsp;99 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Staples Merchandise Retail | 23.6% |
| Packaged Foods & Meats | 16.3% |
| Tobacco | 12.0% |
| Soft Drinks & Non-alcoholic Beverages | 12.0% |
| Household Products | 10.7% |
| Personal Care Products | 8.8% |
| Food Retail | 8.1% |
| Brewers | 3.9% |
| Distillers & Vintners | 2.5% |
| Agricultural Products & Services | 1.1% |
| Food Distributors | 1.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 60.8% |
| United Kingdom | 12.2% |
| Japan | 5.7% |
| Switzerland | 5.5% |
| France | 4.8% |
| Canada | 2.4% |
| Netherlands | 1.7% |
| Belgium | 1.6% |
| Australia | 1.1% |
| Mexico | 1.1% |
| Other<sup>#</sup> | 3.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Consumer Staples ETF

Semi-Annual Shareholder Report — September 30, 2025

KXI-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Energy ETF

### IXC \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Energy ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Energy ETF | $19 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1830402245 |
| Number of Portfolio Holdings | &nbsp;&nbsp;54 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Integrated Oil & Gas | 54.6% |
| Oil & Gas Exploration & Production | 17.7% |
| Oil & Gas Storage & Transportation | 14.8% |
| Oil & Gas Refining & Marketing | 7.0% |
| Oil & Gas Equipment & Services | 4.6% |
| Coal & Consumable Fuels | 1.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 60.3% |
| Canada | 14.5% |
| United Kingdom | 10.9% |
| France | 4.7% |
| Brazil | 1.8% |
| Australia | 1.6% |
| Italy | 1.5% |
| Japan | 1.2% |
| Norway | 1.0% |
| Spain | 0.8% |
| Other<sup>#</sup> | 1.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Energy ETF

Semi-Annual Shareholder Report — September 30, 2025

IXC-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Financials ETF

### IXG \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Financials ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Financials ETF | $21 | 0.39%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$606240967 |
| Number of Portfolio Holdings | &nbsp;&nbsp;219 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Banks | 42.6% |
| Capital Markets | 19.6% |
| Financial Services | 17.8% |
| Insurance | 17.5% |
| Consumer Finance | 2.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 55.4% |
| Canada | 6.5% |
| United Kingdom | 5.3% |
| Japan | 5.2% |
| Australia | 3.9% |
| Germany | 3.0% |
| Switzerland | 2.6% |
| Italy | 2.4% |
| Spain | 2.4% |
| China | 2.2% |
| Other<sup>#</sup> | 11.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Financials ETF

Semi-Annual Shareholder Report — September 30, 2025

IXG-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Healthcare ETF

### IXJ \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Healthcare ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Healthcare ETF | $19 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3870558440 |
| Number of Portfolio Holdings | &nbsp;&nbsp;117 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Pharmaceuticals | 42.3% |
| Health Care Equipment & Supplies | 20.8% |
| Biotechnology | 15.1% |
| Health Care Providers & Services | 14.0% |
| Life Sciences Tools & Services | 7.6% |
| Health Care Technology | 0.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 70.4% |
| Switzerland | 9.0% |
| United Kingdom | 5.3% |
| Japan | 4.1% |
| Denmark | 3.0% |
| France | 2.9% |
| Germany | 1.6% |
| Australia | 1.5% |
| Belgium | 1.1% |
| China | 0.3% |
| Other<sup>#</sup> | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Healthcare ETF

Semi-Annual Shareholder Report — September 30, 2025

IXJ-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Industrials ETF

### EXI \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Industrials ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Industrials ETF | $21 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1047784085 |
| Number of Portfolio Holdings | &nbsp;&nbsp;217 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Capital Goods | 74.2% |
| Transportation | 13.7% |
| Commercial & Professional Services | 12.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 54.5% |
| Japan | 13.1% |
| France | 7.6% |
| Germany | 5.7% |
| United Kingdom | 5.5% |
| Sweden | 3.2% |
| Canada | 2.6% |
| Switzerland | 2.3% |
| Australia | 0.9% |
| Denmark | 0.8% |
| Other<sup>#</sup> | 3.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Industrials ETF

Semi-Annual Shareholder Report — September 30, 2025

EXI-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Infrastructure ETF

### IGF \| NASDAQ

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Infrastructure ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Infrastructure ETF | $20 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$8354092963 |
| Number of Portfolio Holdings | &nbsp;&nbsp;80 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Transportation Infrastructure | 39.0% |
| Electric Utilities | 26.8% |
| Oil, Gas & Consumable Fuels | 20.3% |
| Multi-Utilities | 11.2% |
| Independent Power and Renewable Electricity Producers | 2.1% |
| Water Utilities | 0.4% |
| Gas Utilities | 0.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 40.7% |
| Australia | 8.6% |
| Spain | 8.5% |
| Canada | 8.4% |
| Mexico | 7.1% |
| France | 5.8% |
| China | 4.5% |
| New Zealand | 2.9% |
| Italy | 2.7% |
| Switzerland | 2.3% |
| Other<sup>#</sup> | 8.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Infrastructure ETF

Semi-Annual Shareholder Report — September 30, 2025

IGF-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Materials ETF

### MXI \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Materials ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| iShares Global Materials ETF | $20 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$231287719 |
| Number of Portfolio Holdings | &nbsp;&nbsp;92 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Chemicals | 44.2% |
| Metals & Mining | 42.5% |
| Construction Materials | 6.9% |
| Containers & Packaging | 4.9% |
| Paper & Forest Products | 1.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| United States | 40.2% |
| Canada | 13.4% |
| Australia | 10.1% |
| United Kingdom | 7.5% |
| Japan | 6.2% |
| France | 5.6% |
| Switzerland | 4.6% |
| Germany | 3.8% |
| Brazil | 1.7% |
| Mexico | 1.6% |
| Other<sup>#</sup> | 5.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Materials ETF

Semi-Annual Shareholder Report — September 30, 2025

MXI-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Tech ETF

### IXN \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Tech ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Tech ETF | $23 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6284886927 |
| Number of Portfolio Holdings | &nbsp;&nbsp;124 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Semiconductors & Semiconductor Equipment | 42.1% |
| Software | 32.2% |
| Technology Hardware, Storage & Peripherals | 14.1% |
| IT Services | 4.6% |
| Electronic Equipment, Instruments & Components | 4.0% |
| Communications Equipment | 3.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 81.4% |
| Taiwan | 6.0% |
| Japan | 2.9% |
| South Korea | 2.5% |
| Netherlands | 2.2% |
| Germany | 1.7% |
| Canada | 1.4% |
| China | 0.6% |
| Sweden | 0.3% |
| Australia | 0.3% |
| Other<sup>#</sup> | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Tech ETF

Semi-Annual Shareholder Report — September 30, 2025

IXN-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Timber & Forestry ETF

### WOOD \| NASDAQ

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Timber & Forestry ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Timber & Forestry ETF | $19 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$243237604 |
| Number of Portfolio Holdings | &nbsp;&nbsp;27 |
| Portfolio Turnover Rate | &nbsp;&nbsp;33% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Paper Products | 47.0% |
| Paper & Plastic Packaging Products & Materials | 19.8% |
| Timber REITs | 19.8% |
| Forest Products | 9.4% |
| Homebuilding | 4.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 35.0% |
| Brazil | 10.9% |
| Sweden | 10.7% |
| Japan | 10.4% |
| Finland | 9.9% |
| China | 6.0% |
| United Kingdom | 4.4% |
| Canada | 4.0% |
| Thailand | 4.0% |
| Chile | 2.4% |
| South Africa | 2.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Timber & Forestry ETF

Semi-Annual Shareholder Report — September 30, 2025

WOOD-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Global Utilities ETF

### JXI \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Global Utilities ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Utilities ETF | $21 | 0.40%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$221210250 |
| Number of Portfolio Holdings | &nbsp;&nbsp;72 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Electric Utilities | 60.6% |
| Multi-Utilities | 27.5% |
| Independent Power and Renewable Electricity Producers | 5.1% |
| Gas Utilities | 3.9% |
| Water Utilities | 2.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 65.3% |
| Spain | 6.9% |
| United Kingdom | 6.4% |
| Italy | 5.0% |
| Germany | 3.6% |
| Canada | 3.5% |
| France | 3.0% |
| Japan | 2.4% |
| Australia | 1.1% |
| Brazil | 1.0% |
| Other<sup>#</sup> | 1.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Global Utilities ETF

Semi-Annual Shareholder Report — September 30, 2025

JXI-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares International Developed Small Cap Value Factor ETF

### ISVL \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares International Developed Small Cap Value Factor ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares International Developed Small Cap Value Factor ETF | $17 | 0.30%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$54177231 |
| Number of Portfolio Holdings | &nbsp;&nbsp;494 |
| Portfolio Turnover Rate | &nbsp;&nbsp;74% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 22.6% |
| Financials | 21.6% |
| Materials | 14.6% |
| Real Estate | 11.3% |
| Consumer Discretionary | 9.7% |
| Consumer Staples | 5.1% |
| Energy | 3.9% |
| Information Technology | 3.6% |
| Communication Services | 2.8% |
| Health Care | 2.6% |
| Utilities | 2.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 22.8% |
| United Kingdom | 14.9% |
| Canada | 10.8% |
| Australia | 9.5% |
| Sweden | 6.9% |
| Switzerland | 5.8% |
| Italy | 4.8% |
| Germany | 4.0% |
| Netherlands | 2.4% |
| Spain | 2.2% |
| Other<sup>#</sup> | 15.9% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares International Developed Small Cap Value Factor ETF

Semi-Annual Shareholder Report — September 30, 2025

ISVL-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares International Dividend Growth ETF

### IGRO \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares International Dividend Growth ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares International Dividend Growth ETF | $8 | 0.15%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1187837054 |
| Number of Portfolio Holdings | &nbsp;&nbsp;420 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.4% |
| Industrials | 15.1% |
| Health Care | 15.0% |
| Utilities | 12.7% |
| Consumer Staples | 8.2% |
| Information Technology | 8.1% |
| Materials | 5.8% |
| Energy | 3.9% |
| Consumer Discretionary | 3.2% |
| Communication Services | 1.7% |
| Real Estate | 0.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Canada | 20.5% |
| Japan | 19.8% |
| Switzerland | 11.5% |
| United Kingdom | 8.3% |
| France | 6.5% |
| Germany | 4.5% |
| Italy | 4.3% |
| China | 3.4% |
| India | 3.1% |
| Denmark | 3.0% |
| Other<sup>#</sup> | 15.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares International Dividend Growth ETF

Semi-Annual Shareholder Report — September 30, 2025

IGRO-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares JPX-Nikkei 400 ETF

### JPXN \| NYSE Arca

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares JPX-Nikkei 400 ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| iShares JPX-Nikkei 400 ETF | $26 | 0.48%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$102955564 |
| Number of Portfolio Holdings | &nbsp;&nbsp;392 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Industrials | 25.9% |
| Consumer Discretionary | 15.1% |
| Information Technology | 14.3% |
| Financials | 13.2% |
| Communication Services | 9.0% |
| Health Care | 6.2% |
| Consumer Staples | 5.6% |
| Materials | 5.0% |
| Real Estate | 2.9% |
| Utilities | 1.5% |
| Energy | 1.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| SoftBank Group Corp. | 2.5% |
| Mizuho Financial Group Inc. | 1.7% |
| Mitsui & Co. Ltd. | 1.7% |
| Mitsubishi Corp. | 1.7% |
| Mitsubishi UFJ Financial Group Inc. | 1.7% |
| Sumitomo Mitsui Financial Group Inc. | 1.6% |
| Sony Group Corp. | 1.6% |
| Toyota Motor Corp. | 1.6% |
| ITOCHU Corp. | 1.5% |
| Advantest Corp. | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by the Japan Exchange Group, Inc., JPX Market Innovation & Research, Inc., or Nikkei, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares JPX-Nikkei 400 ETF

Semi-Annual Shareholder Report — September 30, 2025

JPXN-09/25-SAR

![TSR - BLK iShares Logo](g205668images_5368.jpg)

### iShares Lithium Miners and Producers ETF

### ILIT \| NASDAQ

#### Semi-Annual Shareholder Report — September 30, 2025

------

This semi-annual shareholder report contains important information about iShares Lithium Miners and Producers ETF (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Lithium Miners and Producers ETF | $29 | 0.47%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7222013 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;39% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Diversified Metals & Mining | 43.7% |
| Specialty Chemicals | 28.3% |
| Electrical Components & Equipment | 11.3% |
| Commodity Chemicals | 10.7% |
| Technology Hardware, Storage & Peripherals | 4.0% |
| Automotive Parts & Equipment | 2.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Pilbara Minerals Ltd. | 8.5% |
| Liontown Resources Ltd. | 8.4% |
| Mineral Resources Ltd. | 7.6% |
| Lithium Americas Corp. | 7.5% |
| Albemarle Corp. | 7.2% |
| Sociedad Quimica y Minera de Chile SA | 6.7% |
| Ganfeng Lithium Group Co. Ltd., Class A | 4.8% |
| CosmoAM&T Co. Ltd. | 4.0% |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | 3.8% |
| Tianqi Lithium Corp., Class A | 3.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g205668images_5369.jpg)

iShares Lithium Miners and Producers ETF

Semi-Annual Shareholder Report — September 30, 2025

ILIT-09/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant– Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

September 30, 2025

![](g205668img706d53dc1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares Copper and Metals Mining ETF \| ICOP \| NASDAQ |
| • iShares Environmental Infrastructure and Industrials ETF \| EFRA \| NASDAQ |
| • iShares Global 100 ETF \| IOO \| NYSE Arca |
| • iShares Global Infrastructure ETF \| IGF \| NASDAQ |
| • iShares Global Timber & Forestry ETF \| WOOD \| NASDAQ |
| • iShares Lithium Miners and Producers ETF \| ILIT \| NASDAQ |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_d6cbf1d6-b52a-48b8-8b11-2d0ecf13253c_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_d6cbf1d6-b52a-48b8-8b11-2d0ecf13253c_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 19 |
| [Statements of Operations](#xx_d6cbf1d6-b52a-48b8-8b11-2d0ecf13253c_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 21 |
| [Statements of Changes in Net Assets](#xx_d6cbf1d6-b52a-48b8-8b11-2d0ecf13253c_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 23 |
| [Financial Highlights](#xx_d6cbf1d6-b52a-48b8-8b11-2d0ecf13253c_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 26 |
| [Notes to Financial Statements](#xx_d6cbf1d6-b52a-48b8-8b11-2d0ecf13253c_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 32 |
| [Additional Information](#xx_d6cbf1d6-b52a-48b8-8b11-2d0ecf13253c_SAI-Footer-iSharesReport-1248_1)  | &nbsp;&nbsp; 41 |
| [Board Review and Approval of Investment Advisory Contract](#xx_d6cbf1d6-b52a-48b8-8b11-2d0ecf13253c_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 42 |
| [Glossary of Terms Used in these Financial Statements](#xx_d6cbf1d6-b52a-48b8-8b11-2d0ecf13253c_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 47 |

---

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Copper and Metals Mining ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Metals & Mining — 99.6%** | **Metals & Mining — 99.6%** | **Metals & Mining — 99.6%** |
| Al Masane Al Kobra Mining Co. | &nbsp;&nbsp; 12737 | $249787 |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 4991900 | 2163751 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 198331 | 7478527 |
| Antofagasta PLC | &nbsp;&nbsp; 128600 | 4782622 |
| Atalaya Mining PLC | &nbsp;&nbsp; 39560 | 333590 |
| Avino Silver & Gold Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 53770 | 282044 |
| Baiyin Nonferrous Group Co. Ltd., Class A | &nbsp;&nbsp; 161300 | 95203 |
| Barrick Mining Corp. | &nbsp;&nbsp; 96406 | 3166428 |
| BHP Group Ltd. | &nbsp;&nbsp; 254715 | 7115514 |
| Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 205754 | 1747512 |
| Central Asia Metals PLC | &nbsp;&nbsp; 65561 | 133670 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 468000 | 899051 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 75300 | 166586 |
| Develop Global Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 83224 | 233182 |
| ERO Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 37522 | 760038 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 594821 | 4240199 |
| FireFly Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 237339 | 209909 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 198331 | 4486211 |
| Foran Mining Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 119897 | 335129 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 148507 | 5824445 |
| Glencore PLC | &nbsp;&nbsp; 690553 | 3180428 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 947964 | 8267606 |
| Hudbay Minerals Inc. | &nbsp;&nbsp; 142300 | 2155410 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 217024 | 2301699 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 44800 | 223482 |
| Jinchuan Group International Resources Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1037000 | 72492 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 49075 | 2164207 |
| Lundin Mining Corp. | &nbsp;&nbsp; 269013 | 4012869 |
| MAC Copper Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26310 | 321245 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1421600 | 1231253 |
| Newmont Corp. | &nbsp;&nbsp; 60885 | 5133214 |
| NGEx Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 46882 | 874174 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 22900 | 308686 |
| North Copper Co. Ltd., Class A | &nbsp;&nbsp; 41600 | 93460 |
| Northern Dynasty Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 198582 | 241146 |
| Pengxin International Mining Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 48800 | 45860 |
| Rio Tinto PLC, ADR | &nbsp;&nbsp; 45244 | 2986556 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Sandfire Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 165204 | $1558289 |
| Solaris Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 35858 | 228799 |
| SolGold PLC<sup>(a)</sup> | &nbsp;&nbsp; 597751 | 120909 |
| South32 Ltd. | &nbsp;&nbsp; 323874 | 587092 |
| Southern Copper Corp. | &nbsp;&nbsp; 32422 | 3934734 |
| Taseko Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 114317 | 484638 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 107596 | 4719937 |
| Vale SA, Class B, ADR | &nbsp;&nbsp; 257169 | 2792855 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 51600 | 159822 |
| Yunnan Copper Co. Ltd., Class A | &nbsp;&nbsp; 43600 | 107243 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 88500 | 365673 |
|  |  | 93377176 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $73,492,030)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $73,492,030)** | 93377176 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 2707757 | 2709110 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 60000 | 60000 |
| **Total Short-Term Securities — 2.9%** <br>**(Cost: $2,769,014)** | **Total Short-Term Securities — 2.9%** <br>**(Cost: $2,769,014)** | 2769110 |
| **Total Investments — 102.5%** <br>**(Cost: $76,261,044)** | **Total Investments — 102.5%** <br>**(Cost: $76,261,044)** | 96146286 |
| **Liabilities in Excess of Other Assets — (2.5)%** | **Liabilities in Excess of Other Assets — (2.5)%** | (2356715)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $93789571 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $2076047<br> $633131 <br><sup>(a)</sup><br>| $— | $(138)<br>| $70 | $2709110 | 2707757 | $2558 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 30000<br> 30000 <br><sup>(a)</sup><br>|  |  |  | 60000 | 60000 | 916 |  |
|  |  |  | $(138) | $70 | $2769110 |  | $3474 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Copper and Metals Mining ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini Russell 2000 Index | 33 | 12/19/25 | &nbsp;&nbsp; $405 | $1312 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1312 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31510 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31510 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4536 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $235454 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $55416059 | &nbsp;&nbsp; $37888625 | &nbsp;&nbsp; $72492 | &nbsp;&nbsp; $93377176 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2769110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2769110 |
|  | &nbsp;&nbsp; $58185169 | &nbsp;&nbsp; $37888625 | &nbsp;&nbsp; $72492 | &nbsp;&nbsp; $96146286 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Copper and Metals Mining ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1312 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Environmental Infrastructure and Industrials ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Building Products — 5.4%** | **Building Products — 5.4%** | **Building Products — 5.4%** |
| Advanced Drainage Systems Inc. | &nbsp;&nbsp; 1259 | $174623 |
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 18000 | 11280 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 13717 | 37086 |
| TOTO Ltd. | &nbsp;&nbsp; 2700 | 71009 |
| Zhejiang Weixing New Building Materials Co. Ltd., Class A | &nbsp;&nbsp; 2000 | 2801 |
|  |  | 296799 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp; 643 | 35487 |
| Umicore SA | &nbsp;&nbsp; 3349 | 59800 |
|  |  | 95287 |
| **Commercial Services & Supplies — 7.4%** | **Commercial Services & Supplies — 7.4%** | **Commercial Services & Supplies — 7.4%** |
| Befesa SA<sup>(b)</sup> | &nbsp;&nbsp; 664 | 22526 |
| Beijing Originwater Technology Co. Ltd., Class A | &nbsp;&nbsp; 4600 | 2827 |
| Clean Harbors Inc.<sup>(a)</sup> | &nbsp;&nbsp; 903 | 209694 |
| Cleanaway Co. Ltd. | &nbsp;&nbsp; 1000 | 6628 |
| ION Exchange India Ltd. | &nbsp;&nbsp; 1213 | 5514 |
| Tetra Tech Inc. | &nbsp;&nbsp; 4679 | 156185 |
|  |  | 403374 |
| **Construction & Engineering — 5.5%** | **Construction & Engineering — 5.5%** | **Construction & Engineering — 5.5%** |
| NBCC India Ltd. | &nbsp;&nbsp; 18235 | 22003 |
| Stantec Inc. | &nbsp;&nbsp; 2042 | 220222 |
| Sweco AB, Class B | &nbsp;&nbsp; 3617 | 60418 |
|  |  | 302643 |
| **Containers & Packaging — 5.7%** | **Containers & Packaging — 5.7%** | **Containers & Packaging — 5.7%** |
| Smurfit WestRock PLC | &nbsp;&nbsp; 7386 | 314422 |
| **Electronic Equipment, Instruments & Components — 5.1%** | **Electronic Equipment, Instruments & Components — 5.1%** | **Electronic Equipment, Instruments & Components — 5.1%** |
| Badger Meter Inc. | &nbsp;&nbsp; 523 | 93397 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 460 | 37351 |
| Osaki Electric Co. Ltd. | &nbsp;&nbsp; 600 | 5189 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 700 | 14752 |
| Shimadzu Corp. | &nbsp;&nbsp; 4500 | 113479 |
| Wasion Holdings Ltd. | &nbsp;&nbsp; 8000 | 13035 |
|  |  | 277203 |
| **Machinery — 30.3%** | **Machinery — 30.3%** | **Machinery — 30.3%** |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 298 | 18474 |
| Franklin Electric Co. Inc. | &nbsp;&nbsp; 704 | 67021 |
| Fujian Longking Co. Ltd., Class A | &nbsp;&nbsp; 1300 | 2757 |
| Guangdong Topstar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 600 | 3030 |
| Lindsay Corp. | &nbsp;&nbsp; 192 | 26987 |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 400 | 8207 |
| Mueller Water Products Inc., Class A | &nbsp;&nbsp; 2752 | 70231 |
| NFI Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 590 | 6253 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 4700 | 78564 |
| Organo Corp. | &nbsp;&nbsp; 400 | 30645 |
| Pentair PLC | &nbsp;&nbsp; 2928 | 324305 |
| TOMRA Systems ASA | &nbsp;&nbsp; 4160 | 62366 |
| Torishima Pump Manufacturing Co. Ltd. | &nbsp;&nbsp; 400 | 5509 |
| Tsukishima Holdings Co. Ltd. | &nbsp;&nbsp; 500 | 9927 |
| Watts Water Technologies Inc., Class A | &nbsp;&nbsp; 485 | 135451 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 1732 | 347214 |
| Xylem Inc./New York | &nbsp;&nbsp; 2317 | 341757 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 44700 | 116947 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 2900 | 11070 |
|  |  | 1666715 |
| **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| ARE Holdings Inc. | &nbsp;&nbsp; 1300 | 18874 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 1000 | $36432 |
| Hangzhou Iron & Steel Co.<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 5905 |
| Sims Ltd. | &nbsp;&nbsp; 2840 | 25081 |
|  |  | 86292 |
| **Multi-Utilities — 6.6%** | **Multi-Utilities — 6.6%** | **Multi-Utilities — 6.6%** |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 8725 | 38053 |
| Veolia Environnement SA | &nbsp;&nbsp; 9569 | 326322 |
|  |  | 364375 |
| **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
| Arcadis NV | &nbsp;&nbsp; 1219 | 61552 |
| **Trading Companies & Distributors — 3.3%** | **Trading Companies & Distributors — 3.3%** | **Trading Companies & Distributors — 3.3%** |
| Core & Main Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3383 | 182107 |
| **Water Utilities — 25.7%** | **Water Utilities — 25.7%** | **Water Utilities — 25.7%** |
| Aguas Andinas SA, Class A | &nbsp;&nbsp; 46232 | 17560 |
| American States Water Co. | &nbsp;&nbsp; 682 | 50004 |
| American Water Works Co. Inc. | &nbsp;&nbsp; 2348 | 326818 |
| Beijing Capital Eco-Environment Protection Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9300 | 4154 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 70000 | 21513 |
| California Water Service Group | &nbsp;&nbsp; 1055 | 48414 |
| Chengdu Xingrong Environment Co. Ltd., Class A | &nbsp;&nbsp; 3800 | 3556 |
| China Water Affairs Group Ltd. | &nbsp;&nbsp; 20000 | 15246 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp; 8168 | 202840 |
| Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp; 3439 | 22286 |
| Cia De Sanena Do Parana | &nbsp;&nbsp; 5398 | 37577 |
| Essential Utilities Inc. | &nbsp;&nbsp; 4998 | 199420 |
| H2O America | &nbsp;&nbsp; 561 | 27321 |
| Jiangxi Hongcheng Environment Co. Ltd. | &nbsp;&nbsp; 1600 | 1982 |
| Manila Water Co. Inc. | &nbsp;&nbsp; 18100 | 11911 |
| Penno Group PLC | &nbsp;&nbsp; 8402 | 53002 |
| Severn Trent PLC | &nbsp;&nbsp; 4725 | 164744 |
| United Utilities Group PLC | &nbsp;&nbsp; 12178 | 188134 |
| VA Tech Wabag Ltd. | &nbsp;&nbsp; 791 | 12787 |
| Zhongshan Public Utilities Group Co. Ltd., Class A | &nbsp;&nbsp; 2100 | 3652 |
|  |  | 1412921 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $4,124,185)** | **Total Common Stocks — 99.4%** <br>**(Cost: $4,124,185)** | 5463690 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| Marcopolo SA, Preference Shares, NVS | &nbsp;&nbsp; 12016 | 20116 |
| **Total Preferred Stocks — 0.4%** <br>**(Cost: $12,901)** | **Total Preferred Stocks — 0.4%** <br>**(Cost: $12,901)** | 20116 |
| **Total Investments — 99.8%** <br>**(Cost: $4,137,086)** | **Total Investments — 99.8%** <br>**(Cost: $4,137,086)** | 5483806 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 12255 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5496061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> 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.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Environmental Infrastructure and Industrials ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $—<br> $0 <br><sup>(b)</sup><br>| $— | $— | $— | $— |  | $14 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> | —<br> 0 <br><sup>(b)</sup><br>|  |  |  |  |  | 15 |  |
|  |  |  | $— | $— | $— |  | $29 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3317 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3317 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $270 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $270 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $10959 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $3700733 | &nbsp;&nbsp; $1762957 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5463690 |
| Preferred Stocks | &nbsp;&nbsp; 20116 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20116 |
|  | &nbsp;&nbsp; $3720849 | &nbsp;&nbsp; $1762957 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5483806 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global 100 ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| BHP Group Ltd. | &nbsp;&nbsp; 1067137 | $29810683 |
| **China — 1.5%** | **China — 1.5%** | **China — 1.5%** |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1294000 | 110261214 |
| **France — 2.3%** | **France — 2.3%** | **France — 2.3%** |
| AXA SA | &nbsp;&nbsp; 361915 | 17355648 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 96645 | 10471641 |
| Engie SA | &nbsp;&nbsp; 370291 | 7959971 |
| L'Oreal SA | &nbsp;&nbsp; 48302 | 20986600 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 53634 | 33005367 |
| Sanofi SA | &nbsp;&nbsp; 224249 | 21235025 |
| Schneider Electric SE | &nbsp;&nbsp; 113731 | 32012124 |
| TotalEnergies SE | &nbsp;&nbsp; 441760 | 26906989 |
|  |  | 169933365 |
| **Germany — 3.1%** | **Germany — 3.1%** | **Germany — 3.1%** |
| Allianz SE, Registered | &nbsp;&nbsp; 81185 | 34156713 |
| BASF SE | &nbsp;&nbsp; 187396 | 9363099 |
| Bayer AG, Registered | &nbsp;&nbsp; 207661 | 6913278 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 409030 | 14486116 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 733819 | 25000818 |
| E.ON SE | &nbsp;&nbsp; 468908 | 8832105 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 152012 | 9581313 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 27973 | 17860039 |
| SAP SE | &nbsp;&nbsp; 214421 | 57414944 |
| Siemens AG, Registered | &nbsp;&nbsp; 154920 | 41824991 |
|  |  | 225433416 |
| **Japan — 2.1%** | **Japan — 2.1%** | **Japan — 2.1%** |
| Bridgestone Corp. | &nbsp;&nbsp; 123600 | 5712561 |
| Canon Inc. | &nbsp;&nbsp; 201150 | 5870177 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 855600 | 8829214 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 2537100 | 40926896 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 502560 | 6743557 |
| Sony Financial Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1290500 | 1431126 |
| Sony Group Corp. | &nbsp;&nbsp; 1292500 | 37155112 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2493500 | 47891309 |
|  |  | 154559952 |
| **Netherlands — 1.3%** | **Netherlands — 1.3%** | **Netherlands — 1.3%** |
| ASML Holding NV | &nbsp;&nbsp; 82787 | 80732801 |
| ING Groep NV | &nbsp;&nbsp; 622748 | 16325812 |
|  |  | 97058613 |
| **South Korea — 0.8%** | **South Korea — 0.8%** | **South Korea — 0.8%** |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1046666 | 62747945 |
| **Spain — 0.8%** | **Spain — 0.8%** | **Spain — 0.8%** |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1210052 | 23317272 |
| Banco Santander SA | &nbsp;&nbsp; 3133230 | 32881118 |
|  |  | 56198390 |
| **Switzerland — 2.9%** | **Switzerland — 2.9%** | **Switzerland — 2.9%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 326041 | 23593410 |
| Nestle SA, Registered | &nbsp;&nbsp; 541722 | 49749166 |
| Novartis AG, Registered | &nbsp;&nbsp; 399690 | 51391472 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 6071 | 2100505 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 147702 | 49182324 |
| Swiss Re AG | &nbsp;&nbsp; 61142 | 11355714 |
| UBS Group AG, Registered | &nbsp;&nbsp; 640070 | 26315544 |
|  |  | 213688135 |
| **United Kingdom — 3.9%** | **United Kingdom — 3.9%** | **United Kingdom — 3.9%** |
| Anglo American PLC, NVS | &nbsp;&nbsp; 248411 | 9366908 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| AstraZeneca PLC | &nbsp;&nbsp; 325924 | $49931881 |
| Barclays PLC | &nbsp;&nbsp; 2992588 | 15397820 |
| BP PLC | &nbsp;&nbsp; 3357198 | 19275852 |
| Diageo PLC | &nbsp;&nbsp; 466047 | 11151416 |
| GSK PLC | &nbsp;&nbsp; 861520 | 18498524 |
| HSBC Holdings PLC | &nbsp;&nbsp; 3655961 | 51596995 |
| National Grid PLC | &nbsp;&nbsp; 1032032 | 14828917 |
| Prudential PLC | &nbsp;&nbsp; 553693 | 7751538 |
| Rio Tinto PLC | &nbsp;&nbsp; 223656 | 14739468 |
| Shell PLC | &nbsp;&nbsp; 1233517 | 43963770 |
| Unilever PLC | &nbsp;&nbsp; 516090 | 30505352 |
|  |  | 287008441 |
| **United States — 80.6%** | **United States — 80.6%** | **United States — 80.6%** |
| 3M Co. | &nbsp;&nbsp; 112988 | 17533478 |
| Abbott Laboratories | &nbsp;&nbsp; 365769 | 48991100 |
| Accenture PLC, Class A | &nbsp;&nbsp; 131582 | 32448121 |
| Alphabet Inc., Class A | &nbsp;&nbsp; 1223293 | 297382528 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 982951 | 239397716 |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2042832 | 448544622 |
| American Tower Corp. | &nbsp;&nbsp; 98418 | 18927750 |
| Aon PLC, Class A | &nbsp;&nbsp; 45414 | 16193724 |
| Apple Inc. | &nbsp;&nbsp; 3123773 | 795406319 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 427748 | 19291435 |
| Broadcom Inc. | &nbsp;&nbsp; 988293 | 326047744 |
| Caterpillar Inc. | &nbsp;&nbsp; 98876 | 47178683 |
| Chevron Corp. | &nbsp;&nbsp; 405101 | 62908134 |
| Cisco Systems Inc. | &nbsp;&nbsp; 836187 | 57211914 |
| Citigroup Inc. | &nbsp;&nbsp; 387492 | 39330438 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 814356 | 54008090 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 170397 | 13621536 |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 88086 | 6861899 |
| Eli Lilly & Co. | &nbsp;&nbsp; 167344 | 127683472 |
| Emerson Electric Co. | &nbsp;&nbsp; 118423 | 15534729 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 897375 | 101179031 |
| Ford Motor Co. | &nbsp;&nbsp; 824120 | 9856475 |
| General Electric Co. | &nbsp;&nbsp; 224234 | 67454072 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 63720 | 50743422 |
| Honeywell International Inc. | &nbsp;&nbsp; 134928 | 28402344 |
| HP Inc. | &nbsp;&nbsp; 196896 | 5361478 |
| Intel Corp. | &nbsp;&nbsp; 917033 | 30766457 |
| International Business Machines Corp. | &nbsp;&nbsp; 195430 | 55142529 |
| Johnson & Johnson | &nbsp;&nbsp; 506933 | 93995517 |
| Johnson Controls International PLC | &nbsp;&nbsp; 138605 | 15239620 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 578799 | 182570569 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 69679 | 8663887 |
| Linde PLC | &nbsp;&nbsp; 98962 | 47006950 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 103588 | 20876090 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 173759 | 98835857 |
| McDonald's Corp. | &nbsp;&nbsp; 150130 | 45623006 |
| Merck & Co. Inc. | &nbsp;&nbsp; 527175 | 44245798 |
| Microsoft Corp. | &nbsp;&nbsp; 1564616 | 810392857 |
| Morgan Stanley | &nbsp;&nbsp; 255370 | 40593615 |
| Nike Inc., Class B | &nbsp;&nbsp; 248034 | 17295411 |
| Nvidia Corp. | &nbsp;&nbsp; 5135988 | 958272641 |
| PepsiCo Inc. | &nbsp;&nbsp; 288183 | 40472420 |
| Pfizer Inc. | &nbsp;&nbsp; 1194995 | 30448473 |
| Philip Morris International Inc. | &nbsp;&nbsp; 327230 | 53076706 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 492859 | 75727785 |
| Qualcomm Inc. | &nbsp;&nbsp; 227019 | 37766881 |
| RTX Corp. | &nbsp;&nbsp; 280861 | 46996471 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 43781 | 40290779 |
| Texas Instruments Inc. | &nbsp;&nbsp; 190713 | 35039699 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global 100 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 79253 | $38439290 |
| Walmart Inc. | &nbsp;&nbsp; 923894 | 95216516 |
|  |  | 5910496078 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,782,679,816)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,782,679,816)** | 7317196232 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 11210000 | 11210000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $11,210,000)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $11,210,000)** | 11210000 |
| **Total Investments — 99.9%** <br>**(Cost: $3,793,889,816)** | **Total Investments — 99.9%** <br>**(Cost: $3,793,889,816)** | 7328406232 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 7361449 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7335767681 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $7600000<br> $3610000 <br><sup>(a)</sup><br>| $— | $— | $— | $11210000 | 11210000 | $234201 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini S&P 500 Index | 40 | 12/19/25 | &nbsp;&nbsp; $13478 | $180602 |
| Euro STOXX 50 Index | 27 | 12/19/25 | &nbsp;&nbsp; 1756 | 32837 |
|  |  |  |  | $213439 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global 100 ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $213439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $213439 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2490543 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2490543 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $419613 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $419613 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $15218784 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $5911927204 | &nbsp;&nbsp; $1405269028 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7317196232 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 11210000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11210000 |
|  | &nbsp;&nbsp; $5923137204 | &nbsp;&nbsp; $1405269028 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7328406232 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $213439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $213439 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Infrastructure ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Argentina — 0.3%** | **Argentina — 0.3%** | **Argentina — 0.3%** |
| Corp. America Airports SA<sup>(a)</sup> | &nbsp;&nbsp; 1208489 | $21897821 |
| **Australia — 8.6%** | **Australia — 8.6%** | **Australia — 8.6%** |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 32010182 | 103950067 |
| Dalrymple Bay Infrastructure Ltd. | &nbsp;&nbsp; 16581125 | 47961840 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 59248625 | 160921169 |
| Transurban Group | &nbsp;&nbsp; 44406547 | 405158779 |
|  |  | 717991855 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| Centrais Eletricas Brasileiras SA, ADR<sup>(b)</sup> | &nbsp;&nbsp; 1964411 | 19486957 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP, ADR<br>| &nbsp;&nbsp; 1053346 | 26217782 |
|  |  | 45704739 |
| **Cameroon, United Republic of — 0.2%** | **Cameroon, United Republic of — 0.2%** | **Cameroon, United Republic of — 0.2%** |
| Golar LNG Ltd. | &nbsp;&nbsp; 394346 | 15935522 |
| **Canada — 8.4%** | **Canada — 8.4%** | **Canada — 8.4%** |
| Enbridge Inc. | &nbsp;&nbsp; 7163070 | 361370371 |
| Gibson Energy Inc. | &nbsp;&nbsp; 543054 | 10094709 |
| Keyera Corp. | &nbsp;&nbsp; 755961 | 25361658 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 1846468 | 74657436 |
| South Bow Corp. | &nbsp;&nbsp; 696718 | 19714561 |
| TC Energy Corp. | &nbsp;&nbsp; 3468880 | 188611159 |
| Westshore Terminals Investment Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1053777 | 18853954 |
|  |  | 698663848 |
| **China — 4.5%** | **China — 4.5%** | **China — 4.5%** |
| Anhui Expressway Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 13686000 | 20116923 |
| Beijing Capital International Airport Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 63768000 | 22751121 |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 27993000 | 10391484 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 7108800 | 6951030 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 7259000 | 7744588 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 36906000 | 69098416 |
| China Resources Power Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5372000 | 12304660 |
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 44396000 | 32438384 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 6906000 | 6276842 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 10054000 | 6998453 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 39904000 | 46252428 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 9004000 | 8042150 |
| Shenzhen Expressway Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 19652000 | 18611690 |
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 44213500 | 44360970 |
| Yuexiu Transport Infrastructure Ltd. | &nbsp;&nbsp; 22646000 | 13339077 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 50242000 | 46420239 |
|  |  | 372098455 |
| **France — 5.8%** | **France — 5.8%** | **France — 5.8%** |
| Aeroports de Paris SA | &nbsp;&nbsp; 1284807 | 170210640 |
| Engie SA | &nbsp;&nbsp; 4307172 | 92589240 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 127915 | 23753911 |
| Getlink SE | &nbsp;&nbsp; 10730210 | 197859141 |
|  |  | 484412932 |
| **Germany — 2.3%** | **Germany — 2.3%** | **Germany — 2.3%** |
| E.ON SE | &nbsp;&nbsp; 5398923 | 101691282 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | &nbsp;&nbsp; 997580 | 86332658 |
|  |  | 188023940 |
| **Italy — 2.7%** | **Italy — 2.7%** | **Italy — 2.7%** |
| Enav SpA<sup>(c)</sup> | &nbsp;&nbsp; 8091575 | 41126432 |
| Enel SpA | &nbsp;&nbsp; 19500742 | 184799564 |
|  |  | 225925996 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan — 1.3%** | **Japan — 1.3%** | **Japan — 1.3%** |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 3289100 | $104820591 |
| **Mexico — 7.0%** | **Mexico — 7.0%** | **Mexico — 7.0%** |
| Grupo Aeroportuario del Centro Norte SAB de <br> CV, ADR<br>| &nbsp;&nbsp; 1046892 | 108740672 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> ADR<sup>(b)</sup><br>| &nbsp;&nbsp; 1282036 | 304086119 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | &nbsp;&nbsp; 543835 | 175838170 |
|  |  | 588664961 |
| **New Zealand — 2.8%** | **New Zealand — 2.8%** | **New Zealand — 2.8%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 51979280 | 237598161 |
| **Singapore — 1.6%** | **Singapore — 1.6%** | **Singapore — 1.6%** |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 177260300 | 35452060 |
| SATS Ltd. | &nbsp;&nbsp; 29485018 | 77550797 |
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 7734700 | 21226279 |
|  |  | 134229136 |
| **Spain — 8.5%** | **Spain — 8.5%** | **Spain — 8.5%** |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 14955512 | 408873379 |
| Iberdrola SA | &nbsp;&nbsp; 15726063 | 297683971 |
|  |  | 706557350 |
| **Switzerland — 2.3%** | **Switzerland — 2.3%** | **Switzerland — 2.3%** |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 639146 | 195699607 |
| **United Kingdom — 2.1%** | **United Kingdom — 2.1%** | **United Kingdom — 2.1%** |
| National Grid PLC | &nbsp;&nbsp; 12470855 | 179189473 |
| **United States — 40.5%** | **United States — 40.5%** | **United States — 40.5%** |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 1383161 | 155605612 |
| Antero Midstream Corp. | &nbsp;&nbsp; 1081444 | 21023271 |
| Cheniere Energy Inc. | &nbsp;&nbsp; 773270 | 181702985 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 917238 | 92200764 |
| Constellation Energy Corp. | &nbsp;&nbsp; 725196 | 238640248 |
| Dominion Energy Inc. | &nbsp;&nbsp; 2130316 | 130311430 |
| DT Midstream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 331979 | 37533546 |
| Duke Energy Corp. | &nbsp;&nbsp; 1962047 | 242803316 |
| Entergy Corp. | &nbsp;&nbsp; 1106099 | 103077366 |
| Exelon Corp. | &nbsp;&nbsp; 2534662 | 114085137 |
| Kinder Morgan Inc. | &nbsp;&nbsp; 6481002 | 183477167 |
| NextEra Energy Inc. | &nbsp;&nbsp; 5206146 | 393011961 |
| ONEOK Inc. | &nbsp;&nbsp; 2264476 | 165238814 |
| PG&E Corp. | &nbsp;&nbsp; 5617625 | 84713785 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 1255884 | 104816079 |
| Sempra | &nbsp;&nbsp; 1614804 | 145300064 |
| Sky Harbour Group Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 820814 | 8101434 |
| Southern Co. (The) | &nbsp;&nbsp; 2758556 | 261428352 |
| Targa Resources Corp. | &nbsp;&nbsp; 739535 | 123901694 |
| Vistra Corp. | &nbsp;&nbsp; 710991 | 139297357 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 776445 | 88972832 |
| Williams Companies Inc. (The) | &nbsp;&nbsp; 3960829 | 250918517 |
| Xcel Energy Inc. | &nbsp;&nbsp; 1480796 | 119426197 |
|  |  | 3385587928 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $6,860,022,110)** | **Total Common Stocks — 99.4%** <br>**(Cost: $6,860,022,110)** | 8303002315 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Infrastructure ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Cia Energetica de Minas Gerais, Preference Shares, <br> ADR<sup>(b)</sup><br>| &nbsp;&nbsp; 4747632 | $10017504 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $7,931,728)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $7,931,728)** | 10017504 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $6,867,953,838)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $6,867,953,838)** | 8313019819 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 21265281 | 21275913 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.09%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 15250000 | 15250000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $36,524,871)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $36,524,871)** | 36525913 |
| **Total Investments — 99.9%** <br>**(Cost: $6,904,478,709)** | **Total Investments — 99.9%** <br>**(Cost: $6,904,478,709)** | 8349545732 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 4547231 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8354092963 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $18948767<br> $2329282 <br><sup>(a)</sup><br>| $— | $(3178)<br>| $1042 | $21275913 | 21265281 | $179300 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 8360000<br> 6890000 <br><sup>(a)</sup><br>|  |  |  | 15250000 | 15250000 | 267138 |  |
|  |  |  | $(3178) | $1042 | $36525913 |  | $446438 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Energy Select Sector Index | 37 | 12/19/25 | &nbsp;&nbsp; $3489 | $6376 |
| E-Mini Utilities Select Sector Index | 233 | 12/19/25 | &nbsp;&nbsp; 20660 | 367139 |
| MSCI EAFE Index | 124 | 12/19/25 | &nbsp;&nbsp; 17269 | 10532 |
|  |  |  |  | $384047 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Infrastructure ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $384047 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $384047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2097817 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2097817 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $555306 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $555306 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $45195475 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $4993515931 | &nbsp;&nbsp; $3309486384 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8303002315 |
| Preferred Stocks | &nbsp;&nbsp; 10017504 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10017504 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 36525913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36525913 |
|  | &nbsp;&nbsp; $5040059348 | &nbsp;&nbsp; $3309486384 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8349545732 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $384047 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $384047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Timber & Forestry ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 10.9%** | **Brazil — 10.9%** | **Brazil — 10.9%** |
| Dexco SA | &nbsp;&nbsp; 2043949 | $2227423 |
| Klabin SA | &nbsp;&nbsp; 4055506 | 13746316 |
| Suzano SA | &nbsp;&nbsp; 1125499 | 10552379 |
|  |  | 26526118 |
| **Canada — 4.0%** | **Canada — 4.0%** | **Canada — 4.0%** |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 143749 | 9772288 |
| **Chile — 2.3%** | **Chile — 2.3%** | **Chile — 2.3%** |
| Empresas CMPC SA | &nbsp;&nbsp; 3864892 | 5696711 |
| **China — 6.0%** | **China — 6.0%** | **China — 6.0%** |
| Nine Dragons Paper Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5505000 | 3880712 |
| Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp; 5333475 | 10706343 |
|  |  | 14587055 |
| **Finland — 9.8%** | **Finland — 9.8%** | **Finland — 9.8%** |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 1171070 | 12887523 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 404615 | 11081040 |
|  |  | 23968563 |
| **Japan — 10.4%** | **Japan — 10.4%** | **Japan — 10.4%** |
| Nippon Paper Industries Co. Ltd. | &nbsp;&nbsp; 459600 | 3785677 |
| Oji Holdings Corp. | &nbsp;&nbsp; 2158400 | 11809664 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 814600 | 9719164 |
|  |  | 25314505 |
| **South Africa — 2.3%** | **South Africa — 2.3%** | **South Africa — 2.3%** |
| Sappi Ltd. | &nbsp;&nbsp; 4118090 | 5513042 |
| **Sweden — 10.7%** | **Sweden — 10.7%** | **Sweden — 10.7%** |
| Billerud Aktiebolag | &nbsp;&nbsp; 662147 | 5960237 |
| Holmen AB, Class B | &nbsp;&nbsp; 243422 | 9248581 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 812857 | 10759385 |
|  |  | 25968203 |
| **Thailand — 4.0%** | **Thailand — 4.0%** | **Thailand — 4.0%** |
| SCG Packaging PCL, NVDR | &nbsp;&nbsp; 16277800 | 9643699 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom — 4.4%** | **United Kingdom — 4.4%** | **United Kingdom — 4.4%** |
| Mondi PLC, NVS | &nbsp;&nbsp; 765796 | $10592548 |
| **United States — 34.8%** | **United States — 34.8%** | **United States — 34.8%** |
| Clearwater Paper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 350685 | 7280221 |
| International Paper Co. | &nbsp;&nbsp; 172676 | 8012166 |
| PotlatchDeltic Corp. | &nbsp;&nbsp; 477502 | 19458207 |
| Rayonier Inc. | &nbsp;&nbsp; 572294 | 15188683 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 248621 | 10583796 |
| Sylvamo Corp. | &nbsp;&nbsp; 247672 | 10952056 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 532936 | 13211483 |
|  |  | 84686612 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $245,106,034)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $245,106,034)** | 242269344 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.7%** | **Money Market Funds — 3.7%** | **Money Market Funds — 3.7%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8880000 | 8880000 |
| **Total Short-Term Securities — 3.7%** <br>**(Cost: $8,880,000)** | **Total Short-Term Securities — 3.7%** <br>**(Cost: $8,880,000)** | 8880000 |
| **Total Investments — 103.3%** <br>**(Cost: $253,986,034)** | **Total Investments — 103.3%** <br>**(Cost: $253,986,034)** | 251149344 |
| **Liabilities in Excess of Other Assets — (3.3)%** | **Liabilities in Excess of Other Assets — (3.3)%** | (7911740)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $243237604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $3223826 | $— | &nbsp;&nbsp; $(3223729 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(207)<br>| $110 | $— |  | $28484 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 460000 | 8420000 <br><sup>(b)</sup><br>|  |  |  | 8880000 | 8880000 | 3805 |  |
|  |  |  |  | $(207) | $110 | $8880000 |  | $32289 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Timber & Forestry ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Russell 1000 Value Index | 8 | 12/19/25 | &nbsp;&nbsp; $807 | $3645 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3645 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14265 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3645 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3645 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $932788 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $126498060 | &nbsp;&nbsp; $115771284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $242269344 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 8880000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8880000 |
|  | &nbsp;&nbsp; $135378060 | &nbsp;&nbsp; $115771284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $251149344 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Timber & Forestry ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3645 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Lithium Miners and Producers ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Automobile Components — 2.0%** | **Automobile Components — 2.0%** | **Automobile Components — 2.0%** |
| Fulin Precision Co.Ltd., Class A | &nbsp;&nbsp; 46000 | $143924 |
| **Chemicals — 38.9%** | **Chemicals — 38.9%** | **Chemicals — 38.9%** |
| Albemarle Corp. | &nbsp;&nbsp; 6416 | 520209 |
| Canmax Technologies Co. Ltd., Class A | &nbsp;&nbsp; 22300 | 78424 |
| Chengxin Lithium Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 26000 | 69326 |
| Chunbo Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2070 | 61327 |
| Do-Fluoride New Materials Co. Ltd., Class A | &nbsp;&nbsp; 21700 | 62506 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 40800 | 349321 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp; 51300 | 275706 |
| MNTech Co. Ltd. | &nbsp;&nbsp; 6773 | 44244 |
| Ningbo Shanshan Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 60500 | 134951 |
| Shenzhen Capchem Technology Co. Ltd., Class A | &nbsp;&nbsp; 20100 | 151048 |
| Shenzhen Senior Technology Material Co. Ltd., Class A | &nbsp;&nbsp; 36200 | 74328 |
| Sichuan Yahua Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 31000 | 64822 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(a)</sup> | &nbsp;&nbsp; 11300 | 485674 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 39600 | 264864 |
| Yunnan Energy New Material Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 26000 | 170715 |
|  |  | 2807465 |
| **Electrical Equipment — 11.3%** | **Electrical Equipment — 11.3%** | **Electrical Equipment — 11.3%** |
| Beijing Easpring Material Technology Co. Ltd., Class A | &nbsp;&nbsp; 14600 | 136442 |
| Guangdong Jia Yuan Technology Shares Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11324 | 59723 |
| Hunan Yuneng New Energy Battery Material Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 20400 | 172916 |
| Jiangsu Ruitai New Energy Materials Co. Ltd., NVS | &nbsp;&nbsp; 19700 | 61597 |
| Minmetals New Energy Materials Hunan Co.Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 51962 | 56862 |
| Ningbo Ronbay New Energy Technology Co. Ltd. | &nbsp;&nbsp; 19246 | 86628 |
| Shijiazhuang Shangtai Technology Co. Ltd., NVS | &nbsp;&nbsp; 7000 | 82314 |
| XTC New Energy Materials Xiamen Co. Ltd., NVS | &nbsp;&nbsp; 13593 | 160534 |
|  |  | 817016 |
| **Metals & Mining — 43.7%** | **Metals & Mining — 43.7%** | **Metals & Mining — 43.7%** |
| American Battery Technology Co.<sup>(a)</sup> | &nbsp;&nbsp; 43477 | 211298 |
| Critical Metals Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 15262 | 94930 |
| ESG Minerals, NVS<sup>(c)</sup> | &nbsp;&nbsp; 21566 |  |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Liontown Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 928362 | $604157 |
| Lithium Americas Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 95376 | 544597 |
| Lithium Argentina AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 62385 | 208366 |
| Mineral Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20169 | 550135 |
| Pilbara Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 367668 | 613873 |
| Sigma Lithium Corp.<sup>(a)</sup> | &nbsp;&nbsp; 29982 | 192184 |
| Sinomine Resource Group Co. Ltd., Class A | &nbsp;&nbsp; 19400 | 135021 |
|  |  | 3154561 |
| **Technology Hardware, Storage & Peripherals — 4.0%** | **Technology Hardware, Storage & Peripherals — 4.0%** | **Technology Hardware, Storage & Peripherals — 4.0%** |
| CosmoAM&T Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10496 | 290701 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $5,911,030)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $5,911,030)** | 7213667 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 22.9%** | **Money Market Funds — 22.9%** | **Money Market Funds — 22.9%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1651810 | 1652636 |
| **Total Short-Term Securities — 22.9%** <br>**(Cost: $1,652,610)** | **Total Short-Term Securities — 22.9%** <br>**(Cost: $1,652,610)** | 1652636 |
| **Total Investments — 122.8%** <br>**(Cost: $7,563,640)** | **Total Investments — 122.8%** <br>**(Cost: $7,563,640)** | 8866303 |
| **Liabilities in Excess of Other Assets — (22.8)%** | **Liabilities in Excess of Other Assets — (22.8)%** | (1644290)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7222013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $856471<br> $796179 <br><sup>(a)</sup><br>| $— | $37 | $(51)<br>| $1652636 | 1651810 | $21596 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> | —<br> 0 <br><sup>(a)</sup><br>|  |  |  |  |  | 13 |  |
|  |  |  | $37 | $(51) | $1652636 |  | $21609 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> As of period end, the entity is no longer held.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Lithium Miners and Producers ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $474 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $238 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $238 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2565125 | &nbsp;&nbsp; $4648542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7213667 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1652636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1652636 |
|  | &nbsp;&nbsp; $4217761 | &nbsp;&nbsp; $4648542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8866303 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Copper and <br> Metals <br> Mining ETF <br>| &nbsp;&nbsp; iShares <br>Environmental <br> Infrastructure <br> and <br> Industrials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global 100 ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Infrastructure ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $93377176 | $5483806 | $7317196232 | $8313019819 |
| Investments, at value—affiliated<sup>(c)</sup> | 2769110 |  | 11210000 | 36525913 |
| Cash | 39421 | 7108 | 40249 | 59712 |
| Cash pledged for futures contracts | 22000 |  | 845000 | 2500200 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  | 120927 |  |
| Foreign currency, at value<sup>(e)</sup> | 177407 | 6235 | 3007847 | 9015675 |
| Receivables: |  |  |  |  |
| Investments sold | 118832 |  |  | 290628231 |
| Securities lending income—affiliated | 754 |  | 2 | 31205 |
| Capital shares sold | 39955 |  | 509363 | 466826 |
| Dividends—unaffiliated | 77871 | 6937 | 5292080 | 21545356 |
| Dividends—affiliated | 207 |  | 41940 | 31602 |
| Tax reclaims | 768 | 196 | 1995333 | 1068859 |
| Variation margin on futures contracts | 457 |  | 54092 | 73463 |
| Total assets | 96623958 | 5504282 | 7340313065 | 8674966861 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 2709369 |  |  | 21283225 |
| Payables: |  |  |  |  |
| Investments purchased | 93306 | 4732 | 2189634 | 297055514 |
| Deferred foreign capital gain tax |  | 1330 |  |  |
| Investment advisory fees | 31712 | 2111 | 2355750 | 2515787 |
| Professional fees |  |  |  | 19372 |
| Variation margin on futures contracts |  | 48 |  |  |
| Total liabilities | 2834387 | 8221 | 4545384 | 320873898 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $93789571 | $5496061 | $7335767681 | $8354092963 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $75041040 | $4016012 | $3965620925 | $7332134896 |
| Accumulated earnings | 18748531 | 1480049 | 3370146756 | 1021958067 |
| NET ASSETS | $93789571 | $5496061 | $7335767681 | $8354092963 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 2500000 | 160000 | 61150000 | 136600000 |
| Net asset value | $37.52 | $34.35 | $119.96 | $61.16 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $73492030 | $4137086 | $3782679816 | $6867953838 |
| <sup>(b)</sup> Securities loaned, at value | $2597385 | $— | $— | $20496132 |
| <sup>(c)</sup> Investments, at cost—affiliated | $2769014 | $— | $11210000 | $36524871 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $122233 | $— |
| <sup>(e)</sup> Foreign currency, at cost | $177364 | $6248 | $3005078 | $9031300 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Global <br> Timber & <br> Forestry ETF <br>| &nbsp;&nbsp; iShares <br>Lithium <br> Miners and <br> Producers <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $242269344 | $7213667 |
| Investments, at value—affiliated<sup>(c)</sup> | 8880000 | 1652636 |
| Cash |  | 4445 |
| Cash pledged for futures contracts | 94000 |  |
| Foreign currency, at value<sup>(d)</sup> | 456183 | 1644 |
| Receivables: |  |  |
| Investments sold | 33834643 |  |
| Securities lending income—affiliated | 2986 | 2375 |
| Dividends—unaffiliated | 473898 | 2252 |
| Dividends—affiliated | 1379 | 2 |
| Tax reclaims | 194835 |  |
| Variation margin on futures contracts | 2990 |  |
| Total assets | 286210258 | 8877021 |
| **LIABILITIES** |  |  |
| Bank overdraft | 4271929 |  |
| Collateral on securities loaned, at value | 159 | 1652695 |
| Payables: |  |  |
| Investments purchased | 38624381 |  |
| Investment advisory fees | 76185 | 2309 |
| Variation margin on futures contracts |  | 4 |
| Total liabilities | 42972654 | 1655008 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $243237604 | $7222013 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $303134474 | $9072159 |
| Accumulated loss | (59896870) | (1850146) |
| NET ASSETS | $243237604 | $7222013 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 3300000 | 600000 |
| Net asset value | $73.71 | $12.04 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $245106034 | $5911030 |
| <sup>(b)</sup> Securities loaned, at value | $— | $1570902 |
| <sup>(c)</sup> Investments, at cost—affiliated | $8880000 | $1652610 |
| <sup>(d)</sup> Foreign currency, at cost | $453536 | $1642 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Copper and <br> Metals <br> Mining ETF <br>| &nbsp;&nbsp; iShares <br>Environmental <br> Infrastructure <br> and <br> Industrials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global 100 ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Infrastructure <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $746844 | &nbsp;&nbsp;&nbsp; $78600 | &nbsp;&nbsp;&nbsp; $52637782 | &nbsp;&nbsp;&nbsp; $190318885 |
| Dividends—affiliated | &nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 234201 | &nbsp;&nbsp;&nbsp; 267138 |
| Interest—unaffiliated | &nbsp;&nbsp; 603 | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 31663 | &nbsp;&nbsp;&nbsp; 62345 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 2558 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 179300 |
| Foreign taxes withheld | &nbsp;&nbsp; (28229)<br>| &nbsp;&nbsp;&nbsp; (4853)<br>| &nbsp;&nbsp;&nbsp; (2422483)<br>| &nbsp;&nbsp;&nbsp; (11857125)<br>|
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4266)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 722692 | &nbsp;&nbsp;&nbsp; 73884 | &nbsp;&nbsp;&nbsp; 50476897 | &nbsp;&nbsp;&nbsp; 178970543 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 148777 | &nbsp;&nbsp;&nbsp; 12397 | &nbsp;&nbsp;&nbsp; 13124581 | &nbsp;&nbsp;&nbsp; 13915549 |
| Commitment costs | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp; 4526 |
| Total expenses | &nbsp;&nbsp; 148831 | &nbsp;&nbsp;&nbsp; 12405 | &nbsp;&nbsp;&nbsp; 13125583 | &nbsp;&nbsp;&nbsp; 13920075 |
| Net investment income | &nbsp;&nbsp; 573861 | &nbsp;&nbsp;&nbsp; 61479 | &nbsp;&nbsp;&nbsp; 37351314 | &nbsp;&nbsp;&nbsp; 165050468 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 418074 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 544941 | &nbsp;&nbsp;&nbsp; (22235609)<br>|
| Investments—affiliated | &nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3178)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 2142 | &nbsp;&nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp; 314841 | &nbsp;&nbsp;&nbsp; 551119 |
| Futures contracts | &nbsp;&nbsp; 31510 | &nbsp;&nbsp;&nbsp; 3317 | &nbsp;&nbsp;&nbsp; 2490543 | &nbsp;&nbsp;&nbsp; 2097817 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 146089894 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 451588 | &nbsp;&nbsp;&nbsp; 4037 | &nbsp;&nbsp;&nbsp; 149440219 | &nbsp;&nbsp;&nbsp; (19589851)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 25641350 | &nbsp;&nbsp;&nbsp; 621111 | &nbsp;&nbsp;&nbsp; 1307882536 | &nbsp;&nbsp;&nbsp; 768566801 |
| Investments—affiliated | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1042 |
| Foreign currency translations | &nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; 213841 | &nbsp;&nbsp;&nbsp; (124095)<br>|
| Futures contracts | &nbsp;&nbsp; 4536 | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 419613 | &nbsp;&nbsp;&nbsp; 555306 |
|  | &nbsp;&nbsp; 25647453 | &nbsp;&nbsp;&nbsp; 621361 | &nbsp;&nbsp;&nbsp; 1308515990 | &nbsp;&nbsp;&nbsp; 768999054 |
| Net realized and unrealized gain | &nbsp;&nbsp; 26099041 | &nbsp;&nbsp;&nbsp; 625398 | &nbsp;&nbsp;&nbsp; 1457956209 | &nbsp;&nbsp;&nbsp; 749409203 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $26672902 | &nbsp;&nbsp;&nbsp; $686877 | &nbsp;&nbsp;&nbsp; $1495307523 | &nbsp;&nbsp;&nbsp; $914459671 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(311)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)(continued)

Six Months Ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Global <br> Timber & <br> Forestry ETF <br>| &nbsp;&nbsp; iShares <br>Lithium <br> Miners and <br> Producers <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $1977451 | &nbsp;&nbsp;&nbsp; $12494 |
| Dividends—affiliated | &nbsp;&nbsp; 3805 | &nbsp;&nbsp;&nbsp; 13 |
| Interest—unaffiliated | &nbsp;&nbsp; 2089 | &nbsp;&nbsp;&nbsp; 94 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 28484 | &nbsp;&nbsp;&nbsp; 21596 |
| Foreign taxes withheld | &nbsp;&nbsp; (191813)<br>| &nbsp;&nbsp;&nbsp; (851)<br>|
| Total investment income | &nbsp;&nbsp; 1820016 | &nbsp;&nbsp;&nbsp; 33346 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 432485 | &nbsp;&nbsp;&nbsp; 10095 |
| Interest expense | &nbsp;&nbsp; 4285 | &nbsp;&nbsp;&nbsp; — |
| Commitment costs | &nbsp;&nbsp; 1144 | &nbsp;&nbsp;&nbsp; 30 |
| Total expenses | &nbsp;&nbsp; 437914 | &nbsp;&nbsp;&nbsp; 10125 |
| Net investment income | &nbsp;&nbsp; 1382102 | &nbsp;&nbsp;&nbsp; 23221 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (14163089)<br>| &nbsp;&nbsp;&nbsp; (550799)<br>|
| Investments—affiliated | &nbsp;&nbsp; (207)<br>| &nbsp;&nbsp;&nbsp; 37 |
| Foreign currency transactions | &nbsp;&nbsp; 57686 | &nbsp;&nbsp;&nbsp; (76)<br>|
| Futures contracts | &nbsp;&nbsp; 14265 | &nbsp;&nbsp;&nbsp; 474 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 1306897 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (12784448)<br>| &nbsp;&nbsp;&nbsp; (550364)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 7400490 | &nbsp;&nbsp;&nbsp; 2636084 |
| Investments—affiliated | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; (51)<br>|
| Foreign currency translations | &nbsp;&nbsp; (16516)<br>| &nbsp;&nbsp;&nbsp; 19 |
| Futures contracts | &nbsp;&nbsp; 3645 | &nbsp;&nbsp;&nbsp; 238 |
|  | &nbsp;&nbsp; 7387729 | &nbsp;&nbsp;&nbsp; 2636290 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (5396719)<br>| &nbsp;&nbsp;&nbsp; 2085926 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(4014617)<br>| &nbsp;&nbsp;&nbsp; $2109147 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Copper and Metals Mining ETF  | iShares <br>Copper and Metals Mining ETF  | iShares <br>Environmental Infrastructure and <br> Industrials ETF  | iShares <br>Environmental Infrastructure and <br> Industrials ETF  |
|  | Six Months <br> Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $573861 | &nbsp;&nbsp;&nbsp; $605054 | &nbsp;&nbsp;&nbsp; $61479 | &nbsp;&nbsp;&nbsp; $85793 |
| Net realized gain (loss) | &nbsp;&nbsp; 451588 | &nbsp;&nbsp;&nbsp; (663970)<br>| &nbsp;&nbsp;&nbsp; 4037 | &nbsp;&nbsp;&nbsp; 247754 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 25647453 | &nbsp;&nbsp;&nbsp; (6489117)<br>| &nbsp;&nbsp;&nbsp; 621361 | &nbsp;&nbsp;&nbsp; (211719)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 26672902 | &nbsp;&nbsp;&nbsp; (6548033)<br>| &nbsp;&nbsp;&nbsp; 686877 | &nbsp;&nbsp;&nbsp; 121828 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (597516 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (552960)<br>| &nbsp;&nbsp;&nbsp; (53093 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (184633)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 21048125 | &nbsp;&nbsp;&nbsp; 46704328 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 47123511 | &nbsp;&nbsp;&nbsp; 39603335 | &nbsp;&nbsp;&nbsp; 633784 | &nbsp;&nbsp;&nbsp; (62805)<br>|
| Beginning of period | &nbsp;&nbsp; 46666060 | &nbsp;&nbsp;&nbsp; 7062725 | &nbsp;&nbsp;&nbsp; 4862277 | &nbsp;&nbsp;&nbsp; 4925082 |
| End of period | &nbsp;&nbsp; $93789571 | &nbsp;&nbsp;&nbsp; $46666060 | &nbsp;&nbsp;&nbsp; $5496061 | &nbsp;&nbsp;&nbsp; $4862277 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global 100 ETF  | iShares <br>Global 100 ETF  | iShares <br>Global Infrastructure ETF  | iShares <br>Global Infrastructure ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $37351314 | &nbsp;&nbsp;&nbsp; $69257766 | &nbsp;&nbsp;&nbsp; $165050468 | &nbsp;&nbsp;&nbsp; $142454433 |
| Net realized gain (loss) | &nbsp;&nbsp; 149440219 | &nbsp;&nbsp;&nbsp; 116171614 | &nbsp;&nbsp;&nbsp; (19589851)<br>| &nbsp;&nbsp;&nbsp; 55373162 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1308515990 | &nbsp;&nbsp;&nbsp; 284102534 | &nbsp;&nbsp;&nbsp; 768999054 | &nbsp;&nbsp;&nbsp; 475488264 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1495307523 | &nbsp;&nbsp;&nbsp; 469531914 | &nbsp;&nbsp;&nbsp; 914459671 | &nbsp;&nbsp;&nbsp; 673315859 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (43748391 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (66698576)<br>| &nbsp;&nbsp;&nbsp; (119092162 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (136884244)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (186321580)<br>| &nbsp;&nbsp;&nbsp; 457869536 | &nbsp;&nbsp;&nbsp; 1489414729 | &nbsp;&nbsp;&nbsp; 1958901263 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1265237552 | &nbsp;&nbsp;&nbsp; 860702874 | &nbsp;&nbsp;&nbsp; 2284782238 | &nbsp;&nbsp;&nbsp; 2495332878 |
| Beginning of period | &nbsp;&nbsp; 6070530129 | &nbsp;&nbsp;&nbsp; 5209827255 | &nbsp;&nbsp;&nbsp; 6069310725 | &nbsp;&nbsp;&nbsp; 3573977847 |
| End of period | &nbsp;&nbsp; $7335767681 | &nbsp;&nbsp;&nbsp; $6070530129 | &nbsp;&nbsp;&nbsp; $8354092963 | &nbsp;&nbsp;&nbsp; $6069310725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Timber & Forestry ETF  | iShares <br>Global Timber & Forestry ETF  | iShares <br>Lithium Miners and Producers ETF  | iShares <br>Lithium Miners and Producers ETF  |
|  | Six Months <br> Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1382102 | &nbsp;&nbsp;&nbsp; $3463425 | &nbsp;&nbsp;&nbsp; $23221 | &nbsp;&nbsp;&nbsp; $67645 |
| Net realized loss | &nbsp;&nbsp; (12784448)<br>| &nbsp;&nbsp;&nbsp; (1102521)<br>| &nbsp;&nbsp;&nbsp; (550364)<br>| &nbsp;&nbsp;&nbsp; (1796272)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7387729 | &nbsp;&nbsp;&nbsp; (19541031)<br>| &nbsp;&nbsp;&nbsp; 2636290 | &nbsp;&nbsp;&nbsp; 324326 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (4014617)<br>| &nbsp;&nbsp;&nbsp; (17180127)<br>| &nbsp;&nbsp;&nbsp; 2109147 | &nbsp;&nbsp;&nbsp; (1404301)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2067301 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3669976)<br>| &nbsp;&nbsp;&nbsp; (25389 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (238617)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 14112795 | &nbsp;&nbsp;&nbsp; 52891692 | &nbsp;&nbsp;&nbsp; 1475412 | &nbsp;&nbsp;&nbsp; 2593598 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 8030877 | &nbsp;&nbsp;&nbsp; 32041589 | &nbsp;&nbsp;&nbsp; 3559170 | &nbsp;&nbsp;&nbsp; 950680 |
| Beginning of period | &nbsp;&nbsp; 235206727 | &nbsp;&nbsp;&nbsp; 203165138 | &nbsp;&nbsp;&nbsp; 3662843 | &nbsp;&nbsp;&nbsp; 2712163 |
| End of period | &nbsp;&nbsp; $243237604 | &nbsp;&nbsp;&nbsp; $235206727 | &nbsp;&nbsp;&nbsp; $7222013 | &nbsp;&nbsp;&nbsp; $3662843 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Copper and Metals Mining ETF  | iShares Copper and Metals Mining ETF  | iShares Copper and Metals Mining ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Period From <br>06/21/23<sup>(a)</sup> <br>to 03/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.93 | &nbsp;&nbsp;&nbsp; $28.25 | &nbsp;&nbsp;&nbsp; $25.04 |
| Net investment income<sup>(b)</sup> | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp; 0.52 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 11.62 | &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| Net increase (decrease) from investment operations | 11.89 | &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.76 |
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (0.30 )<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $37.52 | &nbsp;&nbsp;&nbsp; $25.93 | &nbsp;&nbsp;&nbsp; $28.25 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |
| Based on net asset value | 46.20 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; (6.61 )%<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.33 %<sup>(h)</sup><br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |
| Total expenses | 0.47 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(j)</sup><br>|
| Net investment income | 1.81 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58 %<sup>(j)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $93790 | &nbsp;&nbsp;&nbsp; $46666 | &nbsp;&nbsp;&nbsp; $7063 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2025: <br> • Net investment income per share by $0.00. <br> • Total return by 0.00%. <br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2025: <br> • Net investment income per share by $0.00. <br> • Total return by 0.00%. <br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2025: <br> • Net investment income per share by $0.00. <br> • Total return by 0.00%. <br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2025: <br> • Net investment income per share by $0.00. <br> • Total return by 0.00%. <br> • Ratio of net investment income to average net assets by 0.01%. |
| <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Environmental Infrastructure and Industrials ETF  | iShares Environmental Infrastructure and Industrials ETF  | iShares Environmental Infrastructure and Industrials ETF  | iShares Environmental Infrastructure and Industrials ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Period From <br>11/01/22<sup>(a)</sup> <br>to 03/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $30.39 | &nbsp;&nbsp;&nbsp; $30.78 | &nbsp;&nbsp;&nbsp; $27.51 | &nbsp;&nbsp;&nbsp; $25.10 |
| Net investment income<sup>(b)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain<sup>(c)</sup> | 3.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| Net increase from investment operations | 4.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.33 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $34.35 | &nbsp;&nbsp;&nbsp; $30.39 | &nbsp;&nbsp;&nbsp; $30.78 | &nbsp;&nbsp;&nbsp; $27.51 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 14.18 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.76 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.47 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(i)</sup><br>|
| Net investment income | 2.33 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $5496 | &nbsp;&nbsp;&nbsp; $4862 | &nbsp;&nbsp;&nbsp; $4925 | &nbsp;&nbsp;&nbsp; $4402 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global 100 ETF  | iShares Global 100 ETF  | iShares Global 100 ETF  | iShares Global 100 ETF  | iShares Global 100 ETF  | iShares Global 100 ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $96.28 | &nbsp;&nbsp;&nbsp; $89.36 | &nbsp;&nbsp;&nbsp; $70.05 | &nbsp;&nbsp;&nbsp; $75.96 | &nbsp;&nbsp;&nbsp; $65.92 | &nbsp;&nbsp;&nbsp; $44.71 |
| Net investment income<sup>(a)</sup> | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 23.78 | &nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;&nbsp;&nbsp;19.37 | &nbsp;&nbsp;&nbsp; (5.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;21.16 |
| Net increase (decrease) from investment operations | 24.39 | &nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;20.51 | &nbsp;&nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;22.15 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.71 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $119.96 | &nbsp;&nbsp;&nbsp; $96.28 | &nbsp;&nbsp;&nbsp; $89.36 | &nbsp;&nbsp;&nbsp; $70.05 | &nbsp;&nbsp;&nbsp; $75.96 | &nbsp;&nbsp;&nbsp; $65.92 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 25.45 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.96 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.61 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6.02 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49.88<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.40 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.14 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7335768 | &nbsp;&nbsp;&nbsp; $6070530 | &nbsp;&nbsp;&nbsp; $5209827 | &nbsp;&nbsp;&nbsp; $3604153 | &nbsp;&nbsp;&nbsp; $3843610 | &nbsp;&nbsp;&nbsp; $2973065 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Infrastructure ETF  | iShares Global Infrastructure ETF  | iShares Global Infrastructure ETF  | iShares Global Infrastructure ETF  | iShares Global Infrastructure ETF  | iShares Global Infrastructure ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $54.58 | &nbsp;&nbsp;&nbsp; $47.72 | &nbsp;&nbsp;&nbsp; $47.69 | &nbsp;&nbsp;&nbsp; $50.78 | &nbsp;&nbsp;&nbsp; $45.05 | &nbsp;&nbsp;&nbsp; $33.89 |
| Net investment income<sup>(a)</sup> | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;11.14 |
| Net increase (decrease) from investment operations | 7.56 | &nbsp;&nbsp;&nbsp;&nbsp;8.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;12.18 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.98 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $61.16 | &nbsp;&nbsp;&nbsp; $54.58 | &nbsp;&nbsp;&nbsp; $47.72 | &nbsp;&nbsp;&nbsp; $47.69 | &nbsp;&nbsp;&nbsp; $50.78 | &nbsp;&nbsp;&nbsp; $45.05 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 13.95 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.23 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3.74 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.27 %<sup>(h)</sup><br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 4.53 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8354093 | &nbsp;&nbsp;&nbsp; $6069311 | &nbsp;&nbsp;&nbsp; $3573978 | &nbsp;&nbsp;&nbsp; $3843434 | &nbsp;&nbsp;&nbsp; $3432989 | &nbsp;&nbsp;&nbsp; $3063620 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(h)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Timber & Forestry ETF  | iShares Global Timber & Forestry ETF  | iShares Global Timber & Forestry ETF  | iShares Global Timber & Forestry ETF  | iShares Global Timber & Forestry ETF  | iShares Global Timber & Forestry ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $75.39 | &nbsp;&nbsp;&nbsp; $84.65 | &nbsp;&nbsp;&nbsp; $71.74 | &nbsp;&nbsp;&nbsp; $89.11 | &nbsp;&nbsp;&nbsp; $85.14 | &nbsp;&nbsp;&nbsp; $48.10 |
| Net investment income<sup>(a)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (9.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp; (17.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;37.04 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp; (15.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;37.82 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.75 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $73.71 | &nbsp;&nbsp;&nbsp; $75.39 | &nbsp;&nbsp;&nbsp; $84.65 | &nbsp;&nbsp;&nbsp; $71.74 | &nbsp;&nbsp;&nbsp; $89.11 | &nbsp;&nbsp;&nbsp; $85.14 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (1.19 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; (9.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.21<br> %<br>| &nbsp;&nbsp;&nbsp; (17.90 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 79.23<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.22 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $243238 | &nbsp;&nbsp;&nbsp; $235207 | &nbsp;&nbsp;&nbsp; $203165 | &nbsp;&nbsp;&nbsp; $202303 | &nbsp;&nbsp;&nbsp; $315454 | &nbsp;&nbsp;&nbsp; $332050 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Lithium Miners and Producers ETF  | iShares Lithium Miners and Producers ETF  | iShares Lithium Miners and Producers ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Period From <br>06/21/23<sup>(a)</sup> <br>to 03/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.14 | &nbsp;&nbsp;&nbsp; $13.56 | &nbsp;&nbsp;&nbsp; $24.94 |
| Net investment income<sup>(b)</sup> | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 3.91 | &nbsp;&nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp;&nbsp; (11.37)<br>|
| Net increase (decrease) from investment operations | 3.96 | &nbsp;&nbsp;&nbsp; (4.85)<br>| &nbsp;&nbsp;&nbsp; (11.26)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.06 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.04 | &nbsp;&nbsp;&nbsp; $8.14 | &nbsp;&nbsp;&nbsp; $13.56 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |
| Based on net asset value | 49.00 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; (36.38)%<br>| &nbsp;&nbsp;&nbsp; (45.19 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |
| Total expenses | 0.47 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(i)</sup><br>|
| Net investment income | 1.08 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7222 | &nbsp;&nbsp;&nbsp; $3663 | &nbsp;&nbsp;&nbsp; $2712 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Copper and Metals Mining | &nbsp;&nbsp; Non-diversified |
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; Non-diversified |
| Global 100<sup>(a)</sup> | &nbsp;&nbsp; Diversified |
| Global Infrastructure | &nbsp;&nbsp; Diversified |
| Global Timber & Forestry | &nbsp;&nbsp; Non-diversified |
| Lithium Miners and Producers | &nbsp;&nbsp; Non-diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index. 

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 "Foreign taxes withheld", 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 September 30, 2025, 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 include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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

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

**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.

**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.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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 occurs after the close of the local markets.

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

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

***4. SECURITIES AND OTHER INVESTMENTS***

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Copper and Metals Mining |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $80632 | &nbsp;&nbsp;&nbsp; $(80632) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2233113 | &nbsp;&nbsp;&nbsp; (2233113) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 283640 | &nbsp;&nbsp;&nbsp; (283640) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2597385 | &nbsp;&nbsp;&nbsp; $(2597385) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Global Infrastructure |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $1065408 | &nbsp;&nbsp;&nbsp; $(1065408) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital Inc. | &nbsp;&nbsp; 2429007 | &nbsp;&nbsp;&nbsp; (2429007) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 116064 | &nbsp;&nbsp;&nbsp; (116064) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 245960 | &nbsp;&nbsp;&nbsp; (245960) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1714388 | &nbsp;&nbsp;&nbsp; (1714388) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 187332 | &nbsp;&nbsp;&nbsp; (187332) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1147637 | &nbsp;&nbsp;&nbsp; (1147637) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 12685233 | &nbsp;&nbsp;&nbsp; (12685233) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 541632 | &nbsp;&nbsp;&nbsp; (541632) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp; 345705 | &nbsp;&nbsp;&nbsp; (345705) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 17766 | &nbsp;&nbsp;&nbsp; (17766) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $20496132 | &nbsp;&nbsp;&nbsp; $(20496132) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| Lithium Miners and Producers |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $408040 | &nbsp;&nbsp;&nbsp; $(408040) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1008054 | &nbsp;&nbsp;&nbsp; (1008054) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 22741 | &nbsp;&nbsp;&nbsp; (22741) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 77822 | &nbsp;&nbsp;&nbsp; (77822) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 54245 | &nbsp;&nbsp;&nbsp; (54245) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1570902 | &nbsp;&nbsp;&nbsp; $(1570902) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

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

For its investment advisory services to each 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 Fees* |
| Copper and Metals Mining | 0.47% |
| Environmental Infrastructure and Industrials | 0.47 |
| Global 100 | 0.40 |
| Lithium Miners and Producers | 0.47 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

For its investment advisory services to each of the iShares Global Infrastructure and iShares Global Timber & Forestry 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 Fees* |
| First $10 billion | 0.4800% |
| Over $10 billion, up to and including $20 billion | 0.4300 |
| Over $20 billion, up to and including $30 billion | 0.3800 |
| Over $30 billion, up to and including $40 billion | 0.3420 |
| Over $40 billion | 0.3078 |

---

**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 ("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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

Pursuant to the current securities lending agreement, the iShares Global 100 ETF (the "Group 1 Fund"), retains 81% 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.

Pursuant to the current securities lending agreement, the iShares Copper and Metals Mining ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Global Infrastructure ETF, iShares Global Timber & Forestry ETF and iShares Lithium Miners and Producers ETF (the "Group 2 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 the iShares ETF Complex in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% 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, and (2) each Group 2 Fund 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 September 30, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Copper and Metals Mining | &nbsp;&nbsp; $963 |
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; 6 |
| Global Infrastructure | &nbsp;&nbsp; 46189 |
| Global Timber & Forestry | &nbsp;&nbsp; 6591 |
| Lithium Miners and Producers | &nbsp;&nbsp; 4889 |

---

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

Notes to Financial Statements

------

*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 September 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Global 100 | &nbsp;&nbsp; $19347283 | &nbsp;&nbsp;&nbsp; $8379929 | &nbsp;&nbsp;&nbsp; $103443 |
| Global Infrastructure | &nbsp;&nbsp; 25726099 | &nbsp;&nbsp;&nbsp; 1756431 | &nbsp;&nbsp;&nbsp; (52003) |
| Global Timber & Forestry | &nbsp;&nbsp; 4061754 | &nbsp;&nbsp;&nbsp; 88750 | &nbsp;&nbsp;&nbsp; (31786) |

---

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

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

***7. PURCHASES AND SALES***

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Copper and Metals Mining | &nbsp;&nbsp; $20630946 | &nbsp;&nbsp;&nbsp; $19563354 |
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; 695715 | &nbsp;&nbsp;&nbsp; 682883 |
| Global 100 | &nbsp;&nbsp; 74488660 | &nbsp;&nbsp;&nbsp; 80677621 |
| Global Infrastructure | &nbsp;&nbsp; 569656449 | &nbsp;&nbsp;&nbsp; 323442705 |
| Global Timber & Forestry | &nbsp;&nbsp; 77171020 | &nbsp;&nbsp;&nbsp; 76111721 |
| Lithium Miners and Producers | &nbsp;&nbsp; 2385778 | &nbsp;&nbsp;&nbsp; 1727034 |

---

For the six months ended September 30, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Copper and Metals Mining | &nbsp;&nbsp; $19979302 | &nbsp;&nbsp;&nbsp; $— |
| Global 100 | &nbsp;&nbsp; 66021240 | &nbsp;&nbsp;&nbsp; 246926249 |
| Global Infrastructure | &nbsp;&nbsp; 1267457274 | &nbsp;&nbsp;&nbsp; — |
| Global Timber & Forestry | &nbsp;&nbsp; 31165737 | &nbsp;&nbsp;&nbsp; 20153489 |
| Lithium Miners and Producers | &nbsp;&nbsp; 820140 | &nbsp;&nbsp;&nbsp; — |

---

***8. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of March 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary* <br>*Losses*<sup>(b)</sup> <br>|
| Copper and Metals Mining | &nbsp;&nbsp; $(1397983)<br>| &nbsp;&nbsp;&nbsp; $— |
| Global 100 | &nbsp;&nbsp; (287171713)<br>| &nbsp;&nbsp;&nbsp; — |
| Global Infrastructure | &nbsp;&nbsp; (436008398)<br>| &nbsp;&nbsp;&nbsp; — |
| Global Timber & Forestry | &nbsp;&nbsp; (41867981)<br>| &nbsp;&nbsp;&nbsp; (26491)<br>|
| Lithium Miners and Producers | &nbsp;&nbsp; (1959922)<br>| &nbsp;&nbsp;&nbsp; (147999)<br>|

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of September 30, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Copper and Metals Mining | &nbsp;&nbsp; $76800301 | &nbsp;&nbsp;&nbsp; $20914852 | &nbsp;&nbsp;&nbsp; $(1567555) | &nbsp;&nbsp;&nbsp; $19347297 |
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; 4165584 | &nbsp;&nbsp;&nbsp; 1422670 | &nbsp;&nbsp;&nbsp; (104448) | &nbsp;&nbsp;&nbsp; 1318222 |
| Global 100 | &nbsp;&nbsp; 3836776665 | &nbsp;&nbsp;&nbsp; 3585411726 | &nbsp;&nbsp;&nbsp; (93568720) | &nbsp;&nbsp;&nbsp; 3491843006 |
| Global Infrastructure | &nbsp;&nbsp; 6946077861 | &nbsp;&nbsp;&nbsp; 1541664123 | &nbsp;&nbsp;&nbsp; (137812205) | &nbsp;&nbsp;&nbsp; 1403851918 |
| Global Timber & Forestry | &nbsp;&nbsp; 255703799 | &nbsp;&nbsp;&nbsp; 12484424 | &nbsp;&nbsp;&nbsp; (17035234) | &nbsp;&nbsp;&nbsp; (4550810) |
| Lithium Miners and Producers | &nbsp;&nbsp; 8056236 | &nbsp;&nbsp;&nbsp; 1646541 | &nbsp;&nbsp;&nbsp; (836474) | &nbsp;&nbsp;&nbsp; 810067 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. 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) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 September 30, 2025, the Funds 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 each 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, tariffs 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 each Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 mandatory and discretionary liquidity fees under certain circumstances.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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.

**Geographic/Asset Class 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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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

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

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.

**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.

***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.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>09/30/25 | Six Months Ended <br>09/30/25 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Copper and Metals Mining |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $21048125 | &nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; $52463150 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (5758822)<br>|
|  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $21048125 | &nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; $46704328 |
| Global 100 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; $68208112 | &nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp; $742816617 |
| Shares redeemed | &nbsp;&nbsp; (2650000)<br>| &nbsp;&nbsp;&nbsp; (254529692)<br>| &nbsp;&nbsp;&nbsp; (2850000)<br>| &nbsp;&nbsp;&nbsp; (284947081)<br>|
|  | &nbsp;&nbsp; (1900000)<br>| &nbsp;&nbsp;&nbsp; $(186321580)<br>| &nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; $457869536 |
| Global Infrastructure |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 25400000 | &nbsp;&nbsp;&nbsp; $1489414729 | &nbsp;&nbsp;&nbsp; 41800000 | &nbsp;&nbsp;&nbsp; $2244384892 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5500000)<br>| &nbsp;&nbsp;&nbsp; (285483629)<br>|
|  | &nbsp;&nbsp; 25400000 | &nbsp;&nbsp;&nbsp; $1489414729 | &nbsp;&nbsp;&nbsp; 36300000 | &nbsp;&nbsp;&nbsp; $1958901263 |
| Global Timber & Forestry |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; $39785679 | &nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; $87395517 |
| Shares redeemed | &nbsp;&nbsp; (360000)<br>| &nbsp;&nbsp;&nbsp; (25672884)<br>| &nbsp;&nbsp;&nbsp; (420000)<br>| &nbsp;&nbsp;&nbsp; (34503825)<br>|
|  | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; $14112795 | &nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; $52891692 |
| Lithium Miners and Producers |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; $1475412 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $2593598 |

---

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. Authorized Participants 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. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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***

During the year, the iShares Global 100 ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2023, and the related tax compliance fee, including interest, was paid to the IRS.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Additional 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares Copper and Metals Mining ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Global 100 ETF, iShares Lithium Miners and Producers ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares Global Infrastructure ETF, iShares Global Timber & Forestry ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |

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2025 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

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

**Investing involves risk, including possible loss of principal.**

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, S&P Dow Jones Indices LLC or STOXX Ltd., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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September 30, 2025

![](g205668img34240cdf1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares Global Comm Services ETF \| IXP \| NYSE Arca |
| • iShares Global Consumer Discretionary ETF \| RXI \| NYSE Arca |
| • iShares Global Consumer Staples ETF \| KXI \| NYSE Arca |
| • iShares Global Energy ETF \| IXC \| NYSE Arca |
| • iShares Global Financials ETF \| IXG \| NYSE Arca |
| • iShares Global Healthcare ETF \| IXJ \| NYSE Arca |
| • iShares Global Industrials ETF \| EXI \| NYSE Arca |
| • iShares Global Materials ETF \| MXI \| NYSE Arca |
| • iShares Global Tech ETF \| IXN \| NYSE Arca |
| • iShares Global Utilities ETF \| JXI \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_747025f0-8254-4d30-bb3d-89d98a6f956c_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_747025f0-8254-4d30-bb3d-89d98a6f956c_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 43 |
| [Statements of Operations](#xx_747025f0-8254-4d30-bb3d-89d98a6f956c_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 46 |
| [Statements of Changes in Net Assets](#xx_747025f0-8254-4d30-bb3d-89d98a6f956c_FS-Footer-iSharesReport_7)  | &nbsp;&nbsp; 49 |
| [Financial Highlights](#xx_747025f0-8254-4d30-bb3d-89d98a6f956c_FS-Footer-iSharesReport_12)  | &nbsp;&nbsp; 54 |
| [Notes to Financial Statements](#xx_747025f0-8254-4d30-bb3d-89d98a6f956c_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 64 |
| [Additional Information](#xx_747025f0-8254-4d30-bb3d-89d98a6f956c_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 75 |
| [Board Review and Approval of Investment Advisory Contract](#xx_747025f0-8254-4d30-bb3d-89d98a6f956c_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 76 |
| [Glossary of Terms Used in these Financial Statements](#xx_747025f0-8254-4d30-bb3d-89d98a6f956c_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 81 |

---

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Comm Services ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.2%** | **Australia — 1.2%** | **Australia — 1.2%** |
| CAR Group Ltd. | &nbsp;&nbsp; 53267 | $1295495 |
| REA Group Ltd. | &nbsp;&nbsp; 7077 | 1082201 |
| SEEK Ltd. | &nbsp;&nbsp; 50356 | 948826 |
| Telstra Group Ltd. | &nbsp;&nbsp; 1613794 | 5144970 |
|  |  | 8471492 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Telefonica Brasil SA, ADR NVS | &nbsp;&nbsp; 53141 | 677548 |
| **Canada — 1.2%** | **Canada — 1.2%** | **Canada — 1.2%** |
| BCE Inc. | &nbsp;&nbsp; 132673 | 3100184 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 55234 | 1901459 |
| TELUS Corp. | &nbsp;&nbsp; 216387 | 3408208 |
|  |  | 8409851 |
| **China — 7.1%** | **China — 7.1%** | **China — 7.1%** |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 315250 | 5212480 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 397100 | 4294977 |
| NetEase Inc. | &nbsp;&nbsp; 241900 | 7347068 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 381200 | 32481897 |
|  |  | 49336422 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Elisa OYJ | &nbsp;&nbsp; 20524 | 1077269 |
| **France — 1.0%** | **France — 1.0%** | **France — 1.0%** |
| Orange SA | &nbsp;&nbsp; 258740 | 4197017 |
| Publicis Groupe SA | &nbsp;&nbsp; 32209 | 3099580 |
|  |  | 7296597 |
| **Germany — 2.4%** | **Germany — 2.4%** | **Germany — 2.4%** |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 493739 | 16821422 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 1620734 | 849169 |
| **Japan — 8.3%** | **Japan — 8.3%** | **Japan — 8.3%** |
| Dentsu Group Inc. | &nbsp;&nbsp; 31000 | 676704 |
| KDDI Corp. | &nbsp;&nbsp; 395500 | 6307642 |
| Konami Group Corp. | &nbsp;&nbsp; 14500 | 2091798 |
| LY Corp. | &nbsp;&nbsp; 352300 | 1130886 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 56900 | 1248704 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 164700 | 14249718 |
| NTT Inc. | &nbsp;&nbsp; 7403600 | 7739135 |
| SoftBank Corp. | &nbsp;&nbsp; 4044200 | 5948204 |
| SoftBank Group Corp. | &nbsp;&nbsp; 140900 | 17778834 |
|  |  | 57171625 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 2581215 | 2701935 |
| **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** |
| Koninklijke KPN NV | &nbsp;&nbsp; 548218 | 2631194 |
| Universal Music Group NV | &nbsp;&nbsp; 148394 | 4288209 |
|  |  | 6919403 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Telenor ASA | &nbsp;&nbsp; 88731 | 1472357 |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 1001000 | 3200264 |
| **South Korea — 0.6%** | **South Korea — 0.6%** | **South Korea — 0.6%** |
| NAVER Corp. | &nbsp;&nbsp; 20265 | 3888583 |
| **Spain — 0.8%** | **Spain — 0.8%** | **Spain — 0.8%** |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 82661 | 2863165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Telefonica SA | &nbsp;&nbsp; 564849 | $2906827 |
|  |  | 5769992 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| Tele2 AB, Class B | &nbsp;&nbsp; 79822 | 1361651 |
| Telia Co. AB | &nbsp;&nbsp; 327040 | 1247647 |
|  |  | 2609298 |
| **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** |
| Swisscom AG, Registered | &nbsp;&nbsp; 3616 | 2628289 |
| **Taiwan — 0.3%** | **Taiwan — 0.3%** | **Taiwan — 0.3%** |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 542120 | 2373100 |
| **United Kingdom — 1.6%** | **United Kingdom — 1.6%** | **United Kingdom — 1.6%** |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 123053 | 1307226 |
| BT Group PLC | &nbsp;&nbsp; 800861 | 2060371 |
| Informa PLC | &nbsp;&nbsp; 183388 | 2271496 |
| Rightmove PLC | &nbsp;&nbsp; 109127 | 1042145 |
| Vodafone Group PLC | &nbsp;&nbsp; 2884909 | 3354864 |
| WPP PLC | &nbsp;&nbsp; 152077 | 758059 |
|  |  | 10794161 |
| **United States — 71.9%** | **United States — 71.9%** | **United States — 71.9%** |
| Alphabet Inc., Class A | &nbsp;&nbsp; 359251 | 87333918 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 288402 | 70240307 |
| AT&T Inc. | &nbsp;&nbsp; 1011431 | 28562811 |
| Charter Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13201 | 3631661 |
| Comcast Corp., Class A | &nbsp;&nbsp; 520931 | 16367652 |
| Electronic Arts Inc. | &nbsp;&nbsp; 31908 | 6435844 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 29597 | 1866387 |
| Fox Corp., Class B | &nbsp;&nbsp; 18597 | 1065422 |
| Interpublic Group of Companies Inc. (The) | &nbsp;&nbsp; 51632 | 1441049 |
| Live Nation Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22407 | 3661304 |
| Match Group Inc. | &nbsp;&nbsp; 33919 | 1198019 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 206138 | 151383625 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24847 | 29789565 |
| News Corp., Class A, NVS | &nbsp;&nbsp; 53066 | 1629657 |
| News Corp., Class B | &nbsp;&nbsp; 15680 | 541744 |
| Omnicom Group Inc. | &nbsp;&nbsp; 27308 | 2226421 |
| Paramount Skydance Corp., Class B, NVS | &nbsp;&nbsp; 43523 | 823455 |
| Take-Two Interactive Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24557 | 6344547 |
| TKO Group Holdings Inc., Class A | &nbsp;&nbsp; 9725 | 1964061 |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 68453 | 16386279 |
| Trade Desk Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 62824 | 3079004 |
| Verizon Communications Inc. | &nbsp;&nbsp; 596405 | 26212000 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 254320 | 29119640 |
| Warner Bros Discovery Inc.<sup>(a)</sup> | &nbsp;&nbsp; 350468 | 6844640 |
|  |  | 498149012 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $559,593,057)** | **Total Common Stocks — 99.7%** <br>**(Cost: $559,593,057)** | 690617789 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Telecom Italia SpA, Preference Shares, NVS | &nbsp;&nbsp; 864794 | 501234 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $419,505)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $419,505)** | 501234 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $560,012,562)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $560,012,562)** | 691119023 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Comm Services ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 920000 | $920000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $920,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $920,000)** | 920000 |
| **Total Investments — 99.9%** <br>**(Cost: $560,932,562)** | **Total Investments — 99.9%** <br>**(Cost: $560,932,562)** | 692039023 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 516575 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $692555598 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Affiliate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $868430 | $— | &nbsp;&nbsp; $(869140 )<sup>(b)</sup><br>| $710 | $— | $— |  | $110063 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 380000 | 540000 <br><sup>(b)</sup><br>|  |  |  | 920000 | 920000 | 16652 |  |
|  |  |  |  | $710 | $— | $920000 |  | $126715 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | 21 | 12/11/25 | &nbsp;&nbsp; $445 | $2585 |
| E-Mini S&P Comm Services Select Sector Index | 7 | 12/19/25 | &nbsp;&nbsp; 1092 | (4229) |
| Euro STOXX 50 Index | 1 | 12/19/25 | &nbsp;&nbsp; 65 | 210 |
|  |  |  |  | $(1434) |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Comm Services ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2795 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4229 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $262508 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $262508 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $411 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $411 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2494129 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $509938346 | &nbsp;&nbsp; $180679443 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $690617789 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 501234 | &nbsp;&nbsp; — | &nbsp;&nbsp; 501234 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 920000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 920000 |
|  | &nbsp;&nbsp; $510858346 | &nbsp;&nbsp; $181180677 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $692039023 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $210 | &nbsp;&nbsp; $2585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2795 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Comm Services ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(4229)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4229)<br>|
|  | &nbsp;&nbsp; $(4019)<br>| &nbsp;&nbsp; $2585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1434)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Consumer Discretionary ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.6%** | **Australia — 1.6%** | **Australia — 1.6%** |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 26709 | $1236451 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 95739 | 371771 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 48821 | 2969943 |
|  |  | 4578165 |
| **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 2265 | 269629 |
| Dollarama Inc. | &nbsp;&nbsp; 11889 | 1567943 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 6420 | 370890 |
| Magna International Inc. | &nbsp;&nbsp; 11393 | 539811 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 14100 | 904540 |
|  |  | 3652813 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Empresas Copec SA | &nbsp;&nbsp; 15940 | 116753 |
| Falabella SA | &nbsp;&nbsp; 35612 | 211132 |
|  |  | 327885 |
| **China — 8.5%** | **China — 8.5%** | **China — 8.5%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 560700 | 12539551 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 50800 | 608501 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 158400 | 2238933 |
| JD.com Inc., Class A | &nbsp;&nbsp; 124700 | 2184807 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 237900 | 3178050 |
| Pop Mart International Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 28800 | 986453 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 26150 | 1983152 |
|  |  | 23719447 |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| Pandora A/S | &nbsp;&nbsp; 3398 | 444280 |
| **France — 4.8%** | **France — 4.8%** | **France — 4.8%** |
| Accor SA | &nbsp;&nbsp; 9167 | 435528 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 30357 | 1093269 |
| Hermes International SCA | &nbsp;&nbsp; 1499 | 3686100 |
| Kering SA | &nbsp;&nbsp; 3026 | 1014005 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 10972 | 6751965 |
| Renault SA | &nbsp;&nbsp; 7951 | 326932 |
| Sodexo SA | &nbsp;&nbsp; 3565 | 224931 |
|  |  | 13532730 |
| **Germany — 2.1%** | **Germany — 2.1%** | **Germany — 2.1%** |
| adidas AG | &nbsp;&nbsp; 7743 | 1640598 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 11344 | 1143332 |
| Continental AG | &nbsp;&nbsp; 4646 | 307361 |
| Delivery Hero SE, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 9070 | 260439 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 31064 | 1957963 |
| Volkswagen AG | &nbsp;&nbsp; 1268 | 140410 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 9431 | 289421 |
|  |  | 5739524 |
| **Italy — 1.4%** | **Italy — 1.4%** | **Italy — 1.4%** |
| Ferrari NV | &nbsp;&nbsp; 5255 | 2547208 |
| Moncler SpA | &nbsp;&nbsp; 9585 | 564110 |
| Stellantis NV | &nbsp;&nbsp; 87200 | 809352 |
|  |  | 3920670 |
| **Japan — 12.6%** | **Japan — 12.6%** | **Japan — 12.6%** |
| Aisin Corp. | &nbsp;&nbsp; 24200 | 417937 |
| Asics Corp. | &nbsp;&nbsp; 31600 | 826892 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 28000 | 931602 |
| Bridgestone Corp. | &nbsp;&nbsp; 25200 | 1164697 |
| Denso Corp. | &nbsp;&nbsp; 83900 | 1207462 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 9000 | 2733404 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 174829 | 1804117 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 23800 | 299960 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nissan Motor Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 98900 | $240523 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 19000 | 367371 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 51900 | 1249392 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 115000 | 757153 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 105600 | 1146192 |
| Rakuten Group Inc.<sup>(b)</sup> | &nbsp;&nbsp; 66000 | 427988 |
| Sekisui House Ltd. | &nbsp;&nbsp; 28500 | 648163 |
| Shimano Inc. | &nbsp;&nbsp; 3500 | 391155 |
| Sony Financial Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 264500 | 293323 |
| Sony Group Corp. | &nbsp;&nbsp; 264500 | 7603503 |
| Subaru Corp. | &nbsp;&nbsp; 24888 | 507200 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 34200 | 973129 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 84500 | 1230225 |
| Toyota Motor Corp. | &nbsp;&nbsp; 509600 | 9787612 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 43839 | 328234 |
|  |  | 35337234 |
| **Netherlands — 1.4%** | **Netherlands — 1.4%** | **Netherlands — 1.4%** |
| Prosus NV | &nbsp;&nbsp; 57304 | 4052254 |
| **South Korea — 0.6%** | **South Korea — 0.6%** | **South Korea — 0.6%** |
| Hyundai Motor Co. | &nbsp;&nbsp; 5813 | 891153 |
| Kia Corp. | &nbsp;&nbsp; 10605 | 761194 |
|  |  | 1652347 |
| **Spain — 1.5%** | **Spain — 1.5%** | **Spain — 1.5%** |
| Amadeus IT Group SA | &nbsp;&nbsp; 19378 | 1540352 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 48261 | 2670950 |
|  |  | 4211302 |
| **Sweden — 0.3%** | **Sweden — 0.3%** | **Sweden — 0.3%** |
| Evolution AB<sup>(a)</sup> | &nbsp;&nbsp; 6244 | 514030 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 20627 | 385595 |
|  |  | 899625 |
| **Switzerland — 1.7%** | **Switzerland — 1.7%** | **Switzerland — 1.7%** |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 23124 | 4439029 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 1215 | 229632 |
| Swatch Group AG (The), Registered | &nbsp;&nbsp; 2258 | 86724 |
|  |  | 4755385 |
| **United Kingdom — 2.4%** | **United Kingdom — 2.4%** | **United Kingdom — 2.4%** |
| Barratt Redrow PLC | &nbsp;&nbsp; 62004 | 326213 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 4013 | 207412 |
| Burberry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 15710 | 248176 |
| Compass Group PLC | &nbsp;&nbsp; 73013 | 2488702 |
| Entain PLC | &nbsp;&nbsp; 27509 | 325114 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 6621 | 800547 |
| Kingfisher PLC | &nbsp;&nbsp; 74039 | 308429 |
| Next PLC | &nbsp;&nbsp; 4961 | 827017 |
| Pearson PLC | &nbsp;&nbsp; 27283 | 387993 |
| Persimmon PLC | &nbsp;&nbsp; 14037 | 219294 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 147322 | 204664 |
| Whitbread PLC | &nbsp;&nbsp; 7564 | 328173 |
|  |  | 6671734 |
| **United States — 58.5%** | **United States — 58.5%** | **United States — 58.5%** |
| Airbnb Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 18456 | 2240928 |
| Amazon.com Inc.<sup>(b)</sup> | &nbsp;&nbsp; 126566 | 27790097 |
| Aptiv PLC<sup>(b)</sup> | &nbsp;&nbsp; 9367 | 807623 |
| AutoZone Inc.<sup>(b)</sup> | &nbsp;&nbsp; 720 | 3088973 |
| Best Buy Co. Inc. | &nbsp;&nbsp; 8455 | 639367 |
| Booking Holdings Inc. | &nbsp;&nbsp; 1394 | 7526582 |
| CarMax Inc.<sup>(b)</sup> | &nbsp;&nbsp; 6455 | 289636 |
| Carnival Corp.<sup>(b)</sup> | &nbsp;&nbsp; 46700 | 1350097 |
| Chipotle Mexican Grill Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 57677 | 2260362 |
| Darden Restaurants Inc. | &nbsp;&nbsp; 5034 | 958272 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Consumer Discretionary ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Deckers Outdoor Corp.<sup>(b)</sup> | &nbsp;&nbsp; 6381 | $646842 |
| Domino's Pizza Inc. | &nbsp;&nbsp; 1343 | 579787 |
| DoorDash Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 15923 | 4330897 |
| DR Horton Inc. | &nbsp;&nbsp; 11926 | 2021099 |
| eBay Inc. | &nbsp;&nbsp; 19657 | 1787804 |
| Expedia Group Inc. | &nbsp;&nbsp; 5084 | 1086705 |
| Ford Motor Co. | &nbsp;&nbsp; 168142 | 2010978 |
| Garmin Ltd. | &nbsp;&nbsp; 7038 | 1732896 |
| General Motors Co. | &nbsp;&nbsp; 40953 | 2496904 |
| Genuine Parts Co. | &nbsp;&nbsp; 5983 | 829244 |
| Hasbro Inc. | &nbsp;&nbsp; 5730 | 434620 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 10117 | 2624754 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 30607 | 12401650 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 13287 | 714708 |
| Lennar Corp., Class A | &nbsp;&nbsp; 9790 | 1233932 |
| LKQ Corp. | &nbsp;&nbsp; 11067 | 337986 |
| Lowe's Companies Inc. | &nbsp;&nbsp; 24107 | 6058330 |
| Lululemon Athletica Inc.<sup>(b)</sup> | &nbsp;&nbsp; 4691 | 834670 |
| Marriott International Inc./MD, Class A | &nbsp;&nbsp; 9691 | 2523924 |
| McDonald's Corp. | &nbsp;&nbsp; 30695 | 9327904 |
| MGM Resorts International<sup>(b)(c)</sup> | &nbsp;&nbsp; 8843 | 306498 |
| Mohawk Industries Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2277 | 293551 |
| Nike Inc., Class B | &nbsp;&nbsp; 51101 | 3563273 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19440 | 478807 |
| NVR Inc.<sup>(b)</sup> | &nbsp;&nbsp; 123 | 988263 |
| O'Reilly Automotive Inc.<sup>(b)</sup> | &nbsp;&nbsp; 36497 | 3934742 |
| Pool Corp. | &nbsp;&nbsp; 1413 | 438129 |
| PulteGroup Inc. | &nbsp;&nbsp; 8487 | 1121387 |
| Ralph Lauren Corp., Class A | &nbsp;&nbsp; 1643 | 515179 |
| Ross Stores Inc. | &nbsp;&nbsp; 14069 | 2143975 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 10866 | 3516020 |
| Starbucks Corp. | &nbsp;&nbsp; 48894 | 4136432 |
| Tapestry Inc. | &nbsp;&nbsp; 8952 | 1013545 |
| Tesla Inc.<sup>(b)</sup> | &nbsp;&nbsp; 62944 | 27992456 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 47987 | 6936041 |
| Tractor Supply Co. | &nbsp;&nbsp; 22795 | 1296352 |
| Ulta Beauty Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1933 | 1056868 |
| Williams-Sonoma Inc. | &nbsp;&nbsp; 5291 | 1034126 |
| Wynn Resorts Ltd. | &nbsp;&nbsp; 3631 | 465748 |
| Yum! Brands Inc. | &nbsp;&nbsp; 11938 | 1814576 |
|  |  | 164013539 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $254,755,168)** | **Total Common Stocks — 99.0%** <br>**(Cost: $254,755,168)** | 277508934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** |
| Bayerische Motoren Werke AG, Preference Shares, NVS | &nbsp;&nbsp; 2276 | $212003 |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(a)(c)</sup> | &nbsp;&nbsp; 4775 | 231507 |
| Porsche Automobil Holding SE, Preference Shares, NVS | &nbsp;&nbsp; 6654 | 262219 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 8870 | 961416 |
|  |  | 1667145 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 938 | 109064 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 1509 | 179183 |
|  |  | 288247 |
| **Total Preferred Stocks — 0.7%** <br>**(Cost: $3,178,814)** | **Total Preferred Stocks — 0.7%** <br>**(Cost: $3,178,814)** | 1955392 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $257,933,982)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $257,933,982)** | 279464326 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 816132 | 816540 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 320000 | 320000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $1,136,540)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $1,136,540)** | 1136540 |
| **Total Investments — 100.1%** <br>**(Cost: $259,070,522)** | **Total Investments — 100.1%** <br>**(Cost: $259,070,522)** | 280600866 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (164151)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $280436715 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Consumer Discretionary ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $814230 <br><sup>(a)</sup><br>| $— | $2310 | $— | $816540 | 816132 | $563 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 550000 |  | &nbsp;&nbsp; (230000 )<sup>(a)</sup><br>|  |  | 320000 | 320000 | 6615 |  |
|  |  |  |  | $2310 | $— | $1136540 |  | $7178 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | 1 | 12/11/25 | &nbsp;&nbsp; $212 | $1107 |
| E-Mini Consumer Discretionary Index | 2 | 12/19/25 | &nbsp;&nbsp; 489 | 1246 |
| Euro STOXX 50 Index | 4 | 12/19/25 | &nbsp;&nbsp; 260 | 3949 |
|  |  |  |  | $6302 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6302 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6302 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85428 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16717 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16717 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Consumer Discretionary ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $847079 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $168170807 | &nbsp;&nbsp; $109338127 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $277508934 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1955392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1955392 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1136540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1136540 |
|  | &nbsp;&nbsp; $169307347 | &nbsp;&nbsp; $111293519 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $280600866 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $5195 | &nbsp;&nbsp; $1107 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6302 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Consumer Staples ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.1%** | **Australia — 1.1%** | **Australia — 1.1%** |
| Coles Group Ltd. | &nbsp;&nbsp; 301763 | $4644984 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 274837 | 4850340 |
|  |  | 9495324 |
| **Belgium — 1.5%** | **Belgium — 1.5%** | **Belgium — 1.5%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 222307 | 13288775 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Ambev SA, ADR | &nbsp;&nbsp; 957559 | 2135356 |
| **Canada — 2.4%** | **Canada — 2.4%** | **Canada — 2.4%** |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 172483 | 9202316 |
| George Weston Ltd. | &nbsp;&nbsp; 35961 | 2193525 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 128028 | 4952035 |
| Metro Inc./CN | &nbsp;&nbsp; 44647 | 2998602 |
| Saputo Inc. | &nbsp;&nbsp; 54569 | 1325309 |
|  |  | 20671787 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Cencosud SA | &nbsp;&nbsp; 282941 | 805254 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 20261 | 2358337 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Kesko OYJ, Class B | &nbsp;&nbsp; 61025 | 1298728 |
| **France — 4.8%** | **France — 4.8%** | **France — 4.8%** |
| Carrefour SA | &nbsp;&nbsp; 125846 | 1907166 |
| Danone SA | &nbsp;&nbsp; 145048 | 12638503 |
| L'Oreal SA | &nbsp;&nbsp; 51689 | 22458209 |
| Pernod Ricard SA | &nbsp;&nbsp; 44831 | 4413641 |
|  |  | 41417519 |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| Beiersdorf AG | &nbsp;&nbsp; 20647 | 2160421 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 21628 | 1605373 |
|  |  | 3765794 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 36681 | 3311476 |
| **Japan — 5.7%** | **Japan — 5.7%** | **Japan — 5.7%** |
| Aeon Co. Ltd. | &nbsp;&nbsp; 626051 | 7599161 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 207900 | 5960328 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 341894 | 4098942 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 247400 | 8113988 |
| Kao Corp. | &nbsp;&nbsp; 104500 | 4554218 |
| Kikkoman Corp. | &nbsp;&nbsp; 219200 | 1856299 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 182796 | 2678166 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 59700 | 1237901 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 52000 | 979453 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 539011 | 7232672 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 89700 | 1531211 |
| Unicharm Corp. | &nbsp;&nbsp; 290100 | 1882016 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 65540 | 1068745 |
|  |  | 48793100 |
| **Mexico — 1.1%** | **Mexico — 1.1%** | **Mexico — 1.1%** |
| Arca Continental SAB de CV | &nbsp;&nbsp; 111300 | 1166998 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 382145 | 3768344 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 309823 | 1100330 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 1090917 | 3369819 |
|  |  | 9405491 |
| **Netherlands — 1.7%** | **Netherlands — 1.7%** | **Netherlands — 1.7%** |
| Heineken Holding NV | &nbsp;&nbsp; 25413 | 1744937 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Heineken NV | &nbsp;&nbsp; 62201 | $4870901 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 205392 | 8311082 |
|  |  | 14926920 |
| **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** |
| Mowi ASA | &nbsp;&nbsp; 98889 | 2092056 |
| Orkla ASA | &nbsp;&nbsp; 169211 | 1769071 |
|  |  | 3861127 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 62641 | 1525008 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| Essity AB, Class B | &nbsp;&nbsp; 132685 | 3468269 |
| **Switzerland — 5.5%** | **Switzerland — 5.5%** | **Switzerland — 5.5%** |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 807 | 1111410 |
| Chocoladefabriken Lindt & Spruengli AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 219 | 3348221 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 24 | 3611296 |
| Nestle SA, Registered | &nbsp;&nbsp; 423218 | 38866324 |
|  |  | 46937251 |
| **United Kingdom — 12.1%** | **United Kingdom — 12.1%** | **United Kingdom — 12.1%** |
| Associated British Foods PLC | &nbsp;&nbsp; 64500 | 1782219 |
| British American Tobacco PLC | &nbsp;&nbsp; 448626 | 23861196 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 44164 | 2083595 |
| Diageo PLC | &nbsp;&nbsp; 500662 | 11979672 |
| Imperial Brands PLC | &nbsp;&nbsp; 171103 | 7268694 |
| J Sainsbury PLC | &nbsp;&nbsp; 373542 | 1679528 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 462785 | 2270480 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 152576 | 11748648 |
| Tesco PLC | &nbsp;&nbsp; 1471704 | 8820927 |
| Unilever PLC | &nbsp;&nbsp; 551664 | 32608081 |
|  |  | 104103040 |
| **United States — 60.5%** | **United States — 60.5%** | **United States — 60.5%** |
| Altria Group Inc. | &nbsp;&nbsp; 377949 | 24967311 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 108094 | 6457536 |
| Brown-Forman Corp., Class B, NVS | &nbsp;&nbsp; 39621 | 1072937 |
| Bunge Global SA | &nbsp;&nbsp; 31501 | 2559456 |
| Campbell's Company (The) | &nbsp;&nbsp; 45009 | 1421384 |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 54810 | 4803000 |
| Clorox Co. (The) | &nbsp;&nbsp; 27517 | 3392846 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 575890 | 38193025 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 181837 | 14536050 |
| Conagra Brands Inc. | &nbsp;&nbsp; 107789 | 1973617 |
| Constellation Brands Inc., Class A | &nbsp;&nbsp; 32130 | 4326947 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 87051 | 80577017 |
| Dollar General Corp. | &nbsp;&nbsp; 49511 | 5116962 |
| Dollar Tree Inc.<sup>(a)</sup> | &nbsp;&nbsp; 43668 | 4120949 |
| Estee Lauder Companies Inc. (The), Class A | &nbsp;&nbsp; 52691 | 4643131 |
| General Mills Inc. | &nbsp;&nbsp; 120304 | 6065728 |
| Hershey Co. (The) | &nbsp;&nbsp; 33321 | 6232693 |
| Hormel Foods Corp. | &nbsp;&nbsp; 66560 | 1646694 |
| J M Smucker Co. (The) | &nbsp;&nbsp; 23983 | 2604554 |
| Kellanova | &nbsp;&nbsp; 60489 | 4961308 |
| Kenvue Inc. | &nbsp;&nbsp; 431758 | 7007432 |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 305624 | 7796468 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 74643 | 9281111 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 191738 | 4992857 |
| Kroger Co. (The) | &nbsp;&nbsp; 136851 | 9225126 |
| Lamb Weston Holdings Inc. | &nbsp;&nbsp; 31308 | 1818369 |
| McCormick & Co. Inc./MD, NVS | &nbsp;&nbsp; 56929 | 3809119 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 38044 | 1721491 |
| Mondelez International Inc., Class A | &nbsp;&nbsp; 291115 | 18185954 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Consumer Staples ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 160012 | $10770408 |
| PepsiCo Inc. | &nbsp;&nbsp; 273939 | 38471993 |
| Philip Morris International Inc. | &nbsp;&nbsp; 236227 | 38316019 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 248243 | 38142537 |
| Sysco Corp. | &nbsp;&nbsp; 107433 | 8846033 |
| Target Corp. | &nbsp;&nbsp; 102223 | 9169403 |
| Tyson Foods Inc., Class A | &nbsp;&nbsp; 64290 | 3490947 |
| Walmart Inc. | &nbsp;&nbsp; 861526 | 88788870 |
|  |  | 519507282 |
| **Total Common Stocks — 99.1%** <br>**(Cost: $876,085,074)** | **Total Common Stocks — 99.1%** <br>**(Cost: $876,085,074)** | 851075838 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 36678 | 2959413 |
| **Total Preferred Stocks — 0.4%** <br>**(Cost: $3,508,737)** | **Total Preferred Stocks — 0.4%** <br>**(Cost: $3,508,737)** | 2959413 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $879,593,811)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $879,593,811)** | 854035251 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 1450000 | $1450000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $1,450,000)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $1,450,000)** | 1450000 |
| **Total Investments — 99.7%** <br>**(Cost: $881,043,811)** | **Total Investments — 99.7%** <br>**(Cost: $881,043,811)** | 855485251 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 2944835 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $858430086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $1033369 | $—<br> $(1025360 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(8009)<br>| $— | $— |  | $1207 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1670000 | —<br> (220000 )<sup>(b)</sup><br>|  |  | 1450000 | 1450000 | 35855 |  |
|  |  |  | $(8009) | $— | $1450000 |  | $37062 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Consumer Staples Select Sector Index | 40 | 12/19/25 | &nbsp;&nbsp; $3189 | $(57712) |
| Euro STOXX 50 Index | 2 | 12/19/25 | &nbsp;&nbsp; 130 | 419 |
| FTSE 100 Index | 6 | 12/19/25 | &nbsp;&nbsp; 762 | 8892 |
|  |  |  |  | $(48401) |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Consumer Staples ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9311 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9311 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57712 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $47043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $47043 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(111841)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(111841)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4441479 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $553601932 | &nbsp;&nbsp; $297473906 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $851075838 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 2959413 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2959413 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1450000 |
|  | &nbsp;&nbsp; $555051932 | &nbsp;&nbsp; $300433319 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $855485251 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $419 | &nbsp;&nbsp; $8892 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9311 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Consumer Staples ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(57712)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(57712)<br>|
|  | &nbsp;&nbsp; $(57293)<br>| &nbsp;&nbsp; $8892 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(48401)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Energy ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.6%** | **Australia — 1.6%** | **Australia — 1.6%** |
| Santos Ltd. | &nbsp;&nbsp; 2162179 | $9601925 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 1264079 | 19088807 |
|  |  | 28690732 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| OMV AG | &nbsp;&nbsp; 95854 | 5121270 |
| **Brazil — 0.9%** | **Brazil — 0.9%** | **Brazil — 0.9%** |
| Petroleo Brasileiro SA - Petrobras, ADR | &nbsp;&nbsp; 1238656 | 15681385 |
| **Canada — 14.4%** | **Canada — 14.4%** | **Canada — 14.4%** |
| Cameco Corp. | &nbsp;&nbsp; 289859 | 24326745 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 1393068 | 44543742 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 841266 | 14284052 |
| Enbridge Inc. | &nbsp;&nbsp; 1453592 | 73332395 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 105076 | 9527585 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 386748 | 15637214 |
| Suncor Energy Inc. | &nbsp;&nbsp; 809493 | 33875744 |
| TC Energy Corp. | &nbsp;&nbsp; 693694 | 37717773 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 244597 | 10548762 |
|  |  | 263794012 |
| **China — 0.7%** | **China — 0.7%** | **China — 0.7%** |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 14042000 | 12729987 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Ecopetrol SA, ADR<sup>(a)</sup> | &nbsp;&nbsp; 163591 | 1506673 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
| Neste OYJ | &nbsp;&nbsp; 285891 | 5252890 |
| **France — 4.7%** | **France — 4.7%** | **France — 4.7%** |
| TotalEnergies SE | &nbsp;&nbsp; 1399139 | 85219618 |
| **Italy — 1.5%** | **Italy — 1.5%** | **Italy — 1.5%** |
| Eni SpA | &nbsp;&nbsp; 1386831 | 24264124 |
| Tenaris SA, NVS | &nbsp;&nbsp; 221736 | 3973090 |
|  |  | 28237214 |
| **Japan — 1.2%** | **Japan — 1.2%** | **Japan — 1.2%** |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 1802420 | 11415094 |
| Inpex Corp. | &nbsp;&nbsp; 612600 | 11030270 |
|  |  | 22445364 |
| **Norway — 1.0%** | **Norway — 1.0%** | **Norway — 1.0%** |
| Aker BP ASA | &nbsp;&nbsp; 204098 | 5179873 |
| Equinor ASA | &nbsp;&nbsp; 561445 | 13691452 |
|  |  | 18871325 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Galp Energia SGPS SA | &nbsp;&nbsp; 277825 | 5264715 |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| Repsol SA | &nbsp;&nbsp; 770527 | 13701687 |
| **United Kingdom — 10.9%** | **United Kingdom — 10.9%** | **United Kingdom — 10.9%** |
| BP PLC | &nbsp;&nbsp; 10500245 | 60288720 |
| Shell PLC | &nbsp;&nbsp; 3906556 | 139233533 |
|  |  | 199522253 |
| **United States — 60.0%** | **United States — 60.0%** | **United States — 60.0%** |
| APA Corp. | &nbsp;&nbsp; 239146 | 5806465 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 656367 | 31978200 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Chevron Corp. | &nbsp;&nbsp; 1282957 | $199230393 |
| ConocoPhillips | &nbsp;&nbsp; 832578 | 78753553 |
| Coterra Energy Inc. | &nbsp;&nbsp; 508057 | 12015548 |
| Devon Energy Corp. | &nbsp;&nbsp; 423181 | 14836726 |
| Diamondback Energy Inc. | &nbsp;&nbsp; 125273 | 17926566 |
| EOG Resources Inc. | &nbsp;&nbsp; 364118 | 40824910 |
| EQT Corp. | &nbsp;&nbsp; 416790 | 22685880 |
| Expand Energy Corp. | &nbsp;&nbsp; 158449 | 16833622 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 2841995 | 320434936 |
| Halliburton Co. | &nbsp;&nbsp; 570485 | 14033931 |
| Kinder Morgan Inc. | &nbsp;&nbsp; 1304364 | 36926545 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 202797 | 39087094 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 479958 | 22678016 |
| ONEOK Inc. | &nbsp;&nbsp; 420242 | 30665059 |
| Phillips 66 | &nbsp;&nbsp; 269575 | 36667591 |
| Schlumberger NV | &nbsp;&nbsp; 994577 | 34183611 |
| Targa Resources Corp. | &nbsp;&nbsp; 143372 | 24020545 |
| Texas Pacific Land Corp.<sup>(a)</sup> | &nbsp;&nbsp; 12852 | 11999141 |
| Valero Energy Corp. | &nbsp;&nbsp; 206827 | 35214365 |
| Williams Companies Inc. (The) | &nbsp;&nbsp; 814182 | 51578430 |
|  |  | 1098381127 |
| **Total Common Stocks — 98.6%** <br>**(Cost: $1,833,021,463)** | **Total Common Stocks — 98.6%** <br>**(Cost: $1,833,021,463)** | 1804420252 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.9%** | **Brazil — 0.9%** | **Brazil — 0.9%** |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, ADR<sup>(a)</sup><br>| &nbsp;&nbsp; 1468252 | 17354739 |
| **Total Preferred Stocks — 0.9%** <br>**(Cost: $24,925,574)** | **Total Preferred Stocks — 0.9%** <br>**(Cost: $24,925,574)** | 17354739 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $1,857,947,037)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $1,857,947,037)** | 1821774991 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.26%<sup>(b)(c)(d)</sup><br>| &nbsp;&nbsp; 6713732 | 6717088 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 3800000 | 3800000 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $10,517,434)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $10,517,434)** | 10517088 |
| **Total Investments — 100.1%** <br>**(Cost: $1,868,464,471)** | **Total Investments — 100.1%** <br>**(Cost: $1,868,464,471)** | 1832292079 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (1889834)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1830402245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Energy ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $799200<br> $5918766 <br><sup>(a)</sup><br>| $— | $(532)<br>| $(346)<br>| $6717088 | 6713732 | $92071 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2890000<br> 910000 <br><sup>(a)</sup><br>|  |  |  | 3800000 | 3800000 | 54284 |  |
|  |  |  | $(532) | $(346) | $10517088 |  | $146355 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Energy Select Sector Index | 73 | 12/19/25 | &nbsp;&nbsp; $6884 | $36594 |
| FTSE 100 Index | 10 | 12/19/25 | &nbsp;&nbsp; 1271 | 19802 |
|  |  |  |  | $56396 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56396 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $486569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $486569 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(76827)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(76827)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Energy ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $8908851 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1379363197 | &nbsp;&nbsp; $425057055 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1804420252 |
| Preferred Stocks | &nbsp;&nbsp; 17354739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17354739 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10517088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10517088 |
|  | &nbsp;&nbsp; $1407235024 | &nbsp;&nbsp; $425057055 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1832292079 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $36594 | &nbsp;&nbsp; $19802 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Financials ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 3.9%** | **Australia — 3.9%** | **Australia — 3.9%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 129690 | $2847802 |
| ASX Ltd. | &nbsp;&nbsp; 8438 | 327029 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 72445 | 8000356 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 102523 | 555545 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 15343 | 2227036 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 119834 | 381767 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 132604 | 3868291 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 65636 | 893191 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 46763 | 626984 |
| Westpac Banking Corp. | &nbsp;&nbsp; 148070 | 3814999 |
|  |  | 23543000 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| Erste Group Bank AG | &nbsp;&nbsp; 13861 | 1362572 |
| **Belgium — 0.4%** | **Belgium — 0.4%** | **Belgium — 0.4%** |
| Ageas SA | &nbsp;&nbsp; 7871 | 545904 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 3285 | 294497 |
| KBC Group NV | &nbsp;&nbsp; 10845 | 1299654 |
|  |  | 2140055 |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 229622 | 578127 |
| Banco do Brasil SA | &nbsp;&nbsp; 124617 | 517223 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 163124 | 2611615 |
|  |  | 3706965 |
| **Canada — 6.4%** | **Canada — 6.4%** | **Canada — 6.4%** |
| Bank of Montreal | &nbsp;&nbsp; 31012 | 4041120 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 53788 | 3478036 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 16568 | 942865 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 62685 | 4301064 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 40236 | 3215237 |
| Intact Financial Corp. | &nbsp;&nbsp; 7757 | 1509207 |
| Manulife Financial Corp. | &nbsp;&nbsp; 73532 | 2290973 |
| National Bank of Canada | &nbsp;&nbsp; 16957 | 1801217 |
| Power Corp. of Canada | &nbsp;&nbsp; 23276 | 1007172 |
| Royal Bank of Canada | &nbsp;&nbsp; 60859 | 8969891 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 24210 | 1453783 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 74250 | 5937012 |
|  |  | 38947577 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Banco de Chile | &nbsp;&nbsp; 1877575 | 285104 |
| Banco Santander Chile, ADR | &nbsp;&nbsp; 7005 | 185632 |
|  |  | 470736 |
| **China — 2.2%** | **China — 2.2%** | **China — 2.2%** |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 1322000 | 889797 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 3661000 | 2001127 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 923000 | 773386 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 4266720 | 4092491 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 142000 | 849866 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 3454000 | 2543336 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 280000 | 1904865 |
|  |  | 13054868 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA<sup>(a)</sup> | &nbsp;&nbsp; 4942 | 256688 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| Danske Bank A/S | &nbsp;&nbsp; 28757 | 1228343 |
| Tryg A/S | &nbsp;&nbsp; 13875 | 352275 |
|  |  | 1580618 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland — 0.6%** | **Finland — 0.6%** | **Finland — 0.6%** |
| Nordea Bank Abp | &nbsp;&nbsp; 150221 | $2469683 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 108702 | 1249741 |
|  |  | 3719424 |
| **France — 1.9%** | **France — 1.9%** | **France — 1.9%** |
| AXA SA | &nbsp;&nbsp; 74154 | 3556058 |
| BNP Paribas SA | &nbsp;&nbsp; 43889 | 4014211 |
| Credit Agricole SA | &nbsp;&nbsp; 48468 | 955114 |
| Edenred SE | &nbsp;&nbsp; 10270 | 244577 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 3956 | 592259 |
| Societe Generale SA | &nbsp;&nbsp; 30250 | 2013933 |
|  |  | 11376152 |
| **Germany — 3.0%** | **Germany — 3.0%** | **Germany — 3.0%** |
| Allianz SE, Registered | &nbsp;&nbsp; 16716 | 7032871 |
| Commerzbank AG | &nbsp;&nbsp; 45129 | 1708674 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 84345 | 2987144 |
| Deutsche Boerse AG | &nbsp;&nbsp; 8246 | 2208205 |
| Hannover Rueck SE | &nbsp;&nbsp; 2641 | 796945 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 5655 | 3610571 |
|  |  | 18344410 |
| **Hong Kong — 1.2%** | **Hong Kong — 1.2%** | **Hong Kong — 1.2%** |
| AIA Group Ltd. | &nbsp;&nbsp; 454200 | 4353036 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 46100 | 2617123 |
|  |  | 6970159 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| AIB Group PLC | &nbsp;&nbsp; 89835 | 819002 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 40972 | 678387 |
|  |  | 1497389 |
| **Italy — 2.4%** | **Italy — 2.4%** | **Italy — 2.4%** |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 101880 | 906548 |
| Banco BPM SpA | &nbsp;&nbsp; 66075 | 991687 |
| BPER Banca SpA | &nbsp;&nbsp; 59932 | 666573 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 26564 | 576536 |
| Generali | &nbsp;&nbsp; 45621 | 1792907 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 678019 | 4487928 |
| Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp; 26628 | 150855 |
| UniCredit SpA | &nbsp;&nbsp; 67433 | 5131320 |
|  |  | 14704354 |
| **Japan — 5.2%** | **Japan — 5.2%** | **Japan — 5.2%** |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 160900 | 1265666 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 62400 | 507067 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 46800 | 522614 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 77300 | 946531 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 74600 | 740427 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 522400 | 8427027 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 109110 | 3667826 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 56300 | 1274966 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 126300 | 925611 |
| ORIX Corp. | &nbsp;&nbsp; 50100 | 1314924 |
| Resona Holdings Inc. | &nbsp;&nbsp; 99500 | 1014631 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 40200 | 1242805 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 168100 | 4729133 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 30254 | 878092 |
| T&D Holdings Inc. | &nbsp;&nbsp; 21900 | 535318 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 83600 | 3538214 |
|  |  | 31530852 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 104997 | 1057681 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Financials ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands — 1.4%** | **Netherlands — 1.4%** | **Netherlands — 1.4%** |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 24883 | $798235 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 1372 | 2207657 |
| Aegon Ltd. | &nbsp;&nbsp; 49304 | 397489 |
| ASR Nederland NV | &nbsp;&nbsp; 6487 | 441436 |
| EXOR NV, NVS | &nbsp;&nbsp; 3867 | 378485 |
| ING Groep NV | &nbsp;&nbsp; 128079 | 3357688 |
| NN Group NV | &nbsp;&nbsp; 11660 | 822235 |
|  |  | 8403225 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| DNB Bank ASA | &nbsp;&nbsp; 36460 | 993754 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Credicorp Ltd. | &nbsp;&nbsp; 2988 | 795645 |
| **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 84660 | 3357427 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 167400 | 2134285 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 62400 | 1675780 |
|  |  | 7167492 |
| **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** |
| KB Financial Group Inc. | &nbsp;&nbsp; 15356 | 1267420 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 19964 | 1006544 |
|  |  | 2273964 |
| **Spain — 2.3%** | **Spain — 2.3%** | **Spain — 2.3%** |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 249502 | 4807815 |
| Banco de Sabadell SA | &nbsp;&nbsp; 228935 | 893581 |
| Banco Santander SA | &nbsp;&nbsp; 644409 | 6762634 |
| CaixaBank SA | &nbsp;&nbsp; 165641 | 1749486 |
|  |  | 14213516 |
| **Sweden — 1.1%** | **Sweden — 1.1%** | **Sweden — 1.1%** |
| EQT AB | &nbsp;&nbsp; 15828 | 548938 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 5684 | 225811 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 7142 | 283491 |
| Investor AB, Class B | &nbsp;&nbsp; 79317 | 2482964 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 65539 | 1285059 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 66712 | 870434 |
| Swedbank AB, Class A | &nbsp;&nbsp; 39600 | 1195353 |
|  |  | 6892050 |
| **Switzerland — 2.6%** | **Switzerland — 2.6%** | **Switzerland — 2.6%** |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 1784 | 441532 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 8972 | 624742 |
| Partners Group Holding AG | &nbsp;&nbsp; 936 | 1224672 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 1248 | 1347355 |
| Swiss Re AG | &nbsp;&nbsp; 12933 | 2402006 |
| UBS Group AG, Registered | &nbsp;&nbsp; 131641 | 5412228 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 6334 | 4527435 |
|  |  | 15979970 |
| **Taiwan — 0.5%** | **Taiwan — 0.5%** | **Taiwan — 0.5%** |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 419521 | 906228 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 846000 | 1193130 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 385578 | 1119541 |
|  |  | 3218899 |
| **United Kingdom — 5.2%** | **United Kingdom — 5.2%** | **United Kingdom — 5.2%** |
| 3i Group PLC | &nbsp;&nbsp; 42598 | 2348127 |
| Aberdeen Group PLC | &nbsp;&nbsp; 81627 | 217284 |
| Admiral Group PLC | &nbsp;&nbsp; 11873 | 535866 |
| Aviva PLC | &nbsp;&nbsp; 132010 | 1221196 |
| Barclays PLC | &nbsp;&nbsp; 609770 | 3137461 |
| HSBC Holdings PLC | &nbsp;&nbsp; 751920 | 10611935 |
| ICG PLC | &nbsp;&nbsp; 12857 | 386011 |
| Legal & General Group PLC | &nbsp;&nbsp; 251380 | 807411 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 2512340 | $2842923 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 20522 | 2353526 |
| M&G PLC | &nbsp;&nbsp; 96385 | 328702 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 349799 | 2470752 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 34925 | 303046 |
| Prudential PLC | &nbsp;&nbsp; 111338 | 1558699 |
| Schroders PLC | &nbsp;&nbsp; 39998 | 202971 |
| St. James's Place PLC | &nbsp;&nbsp; 23677 | 405244 |
| Standard Chartered PLC | &nbsp;&nbsp; 82024 | 1591884 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 28769 | 401048 |
|  |  | 31724086 |
| **United States — 55.2%** | **United States — 55.2%** | **United States — 55.2%** |
| Aflac Inc. | &nbsp;&nbsp; 20837 | 2327493 |
| Allstate Corp. (The) | &nbsp;&nbsp; 11405 | 2448083 |
| American Express Co. | &nbsp;&nbsp; 23495 | 7804099 |
| American International Group Inc. | &nbsp;&nbsp; 23982 | 1883546 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 3979 | 1954684 |
| Aon PLC, Class A | &nbsp;&nbsp; 9391 | 3348643 |
| Apollo Global Management Inc. | &nbsp;&nbsp; 19919 | 2654605 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 16070 | 1458031 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 11096 | 3436875 |
| Assurant Inc. | &nbsp;&nbsp; 2222 | 481285 |
| Bank of America Corp. | &nbsp;&nbsp; 295004 | 15219256 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 30530 | 3326549 |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 79384 | 39909510 |
| Blackrock Inc.<sup>(c)</sup> | &nbsp;&nbsp; 6232 | 7265702 |
| Blackstone Inc., NVS | &nbsp;&nbsp; 31753 | 5425000 |
| Block Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23790 | 1719303 |
| Brown & Brown Inc. | &nbsp;&nbsp; 12681 | 1189351 |
| Capital One Financial Corp. | &nbsp;&nbsp; 27684 | 5885065 |
| Cboe Global Markets Inc. | &nbsp;&nbsp; 4515 | 1107304 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 73868 | 7052178 |
| Chubb Ltd. | &nbsp;&nbsp; 16051 | 4530395 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 6849 | 1082827 |
| Citigroup Inc. | &nbsp;&nbsp; 79695 | 8089043 |
| Citizens Financial Group Inc. | &nbsp;&nbsp; 18547 | 985959 |
| CME Group Inc. | &nbsp;&nbsp; 15687 | 4238471 |
| Coinbase Global Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9790 | 3304027 |
| Corpay Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3056 | 880311 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 1080 | 343613 |
| Everest Group Ltd. | &nbsp;&nbsp; 1808 | 633216 |
| FactSet Research Systems Inc. | &nbsp;&nbsp; 1679 | 481017 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 22586 | 1489321 |
| Fifth Third Bancorp | &nbsp;&nbsp; 28938 | 1289188 |
| Fiserv Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23532 | 3033981 |
| Franklin Resources Inc. | &nbsp;&nbsp; 13191 | 305108 |
| Global Payments Inc. | &nbsp;&nbsp; 10639 | 883888 |
| Globe Life Inc. | &nbsp;&nbsp; 3448 | 492961 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 13105 | 10436167 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 12136 | 1618821 |
| Huntington Bancshares Inc./Ohio | &nbsp;&nbsp; 62553 | 1080290 |
| Interactive Brokers Group Inc., Class A | &nbsp;&nbsp; 18897 | 1300303 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 24780 | 4174934 |
| Invesco Ltd. | &nbsp;&nbsp; 19798 | 454166 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 3185 | 474342 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 119039 | 37548472 |
| KeyCorp | &nbsp;&nbsp; 40347 | 754085 |
| KKR & Co. Inc. | &nbsp;&nbsp; 29507 | 3834435 |
| Loews Corp. | &nbsp;&nbsp; 7345 | 737365 |
| M&T Bank Corp. | &nbsp;&nbsp; 6765 | 1336899 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 21281 | 4288760 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 35735 | 20326425 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Financials ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| MetLife Inc. | &nbsp;&nbsp; 24182 | $1991871 |
| Moody's Corp. | &nbsp;&nbsp; 6679 | 3182410 |
| Morgan Stanley | &nbsp;&nbsp; 52522 | 8348897 |
| MSCI Inc., Class A | &nbsp;&nbsp; 3368 | 1911037 |
| Nasdaq Inc. | &nbsp;&nbsp; 19622 | 1735566 |
| Northern Trust Corp. | &nbsp;&nbsp; 8277 | 1114084 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 41358 | 2773468 |
| PNC Financial Services Group Inc. (The) | &nbsp;&nbsp; 17046 | 3425053 |
| Principal Financial Group Inc. | &nbsp;&nbsp; 8688 | 720322 |
| Progressive Corp. (The) | &nbsp;&nbsp; 25378 | 6267097 |
| Prudential Financial Inc. | &nbsp;&nbsp; 15358 | 1593239 |
| Raymond James Financial Inc. | &nbsp;&nbsp; 7680 | 1325568 |
| Regions Financial Corp. | &nbsp;&nbsp; 38552 | 1016616 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 33506 | 4797389 |
| S&P Global Inc. | &nbsp;&nbsp; 13528 | 6584213 |
| State Street Corp. | &nbsp;&nbsp; 12416 | 1440380 |
| Synchrony Financial | &nbsp;&nbsp; 16104 | 1144189 |
| T Rowe Price Group Inc. | &nbsp;&nbsp; 9424 | 967279 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 9744 | 2720720 |
| Truist Financial Corp. | &nbsp;&nbsp; 55820 | 2552090 |
| U.S. Bancorp | &nbsp;&nbsp; 67300 | 3252609 |
| Visa Inc., Class A | &nbsp;&nbsp; 73538 | 25104402 |
| W R Berkley Corp. | &nbsp;&nbsp; 12883 | 987095 |
| Wells Fargo & Co. | &nbsp;&nbsp; 138681 | 11624241 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 4222 | 1458490 |
|  |  | 334363677 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $464,841,815)** | **Total Common Stocks — 99.0%** <br>**(Cost: $464,841,815)** | 600289778 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| Banco Bradesco SA, Preference Shares, ADR | &nbsp;&nbsp; 231467 | 782359 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| Itau Unibanco Holding SA, Preference Shares, ADR | &nbsp;&nbsp; 232256 | $1704759 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 252471 | 544101 |
|  |  | 3031219 |
| **Total Preferred Stocks — 0.5%** <br>**(Cost: $3,001,866)** | **Total Preferred Stocks — 0.5%** <br>**(Cost: $3,001,866)** | 3031219 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $467,843,681)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $467,843,681)** | 603320997 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 420000 | 420000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $420,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $420,000)** | 420000 |
| **Total Investments — 99.6%** <br>**(Cost: $468,263,681)** | **Total Investments — 99.6%** <br>**(Cost: $468,263,681)** | 603740997 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 2499970 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $606240967 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $— | $— | $(13 )<sup>(b)</sup><br>| $13 | $— | $— |  | $72 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 630000 |  | (210000 )<sup>(b)</sup><br>|  |  | 420000 | 420000 | 18458 |  |
| BlackRock Inc. | 5282305 | 822843 | (133964)<br>| 1397 | 1293121 | 7265702 | 6232 | 61567 |  |
|  |  |  |  | $1410 | $1293121 | $7685702 |  | $80097 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Financials ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Financial Select Sector Index | 11 | 12/19/25 | &nbsp;&nbsp; $1841 | $(1157) |
| Euro STOXX 50 Index | 8 | 12/19/25 | &nbsp;&nbsp; 521 | 6198 |
| FTSE 100 Index | 3 | 12/19/25 | &nbsp;&nbsp; 381 | 3318 |
|  |  |  |  | $8359 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9516 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9516 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1157 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $229087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $229087 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13014)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13014)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2699063 |

---

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Financials ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $379598969 | &nbsp;&nbsp; $220690809 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $600289778 |
| Preferred Stocks | &nbsp;&nbsp; 3031219 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3031219 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 420000 |
|  | &nbsp;&nbsp; $383050188 | &nbsp;&nbsp; $220690809 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $603740997 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $6198 | &nbsp;&nbsp; $3318 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9516 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (1157)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1157)<br>|
|  | &nbsp;&nbsp; $5041 | &nbsp;&nbsp; $3318 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8359 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Healthcare ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.4%** | **Australia — 1.4%** | **Australia — 1.4%** |
| Cochlear Ltd. | &nbsp;&nbsp; 34967 | $6443921 |
| CSL Ltd. | &nbsp;&nbsp; 260082 | 34212793 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 29211 | 5947233 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 3082980 | 6054370 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 257356 | 3645159 |
|  |  | 56303476 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 32757 | 24202506 |
| UCB SA | &nbsp;&nbsp; 64796 | 18086826 |
|  |  | 42289332 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 552678 | 4369710 |
| **China — 0.3%** | **China — 0.3%** | **China — 0.3%** |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 504700 | 13467004 |
| **Denmark — 2.9%** | **Denmark — 2.9%** | **Denmark — 2.9%** |
| Coloplast A/S, Class B | &nbsp;&nbsp; 64303 | 5542283 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 35578 | 10977529 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 1710221 | 95227882 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 34102 | 2514853 |
|  |  | 114262547 |
| **France — 2.9%** | **France — 2.9%** | **France — 2.9%** |
| EssilorLuxottica SA | &nbsp;&nbsp; 156597 | 51012062 |
| Eurofins Scientific SE | &nbsp;&nbsp; 62570 | 4563006 |
| Sanofi SA | &nbsp;&nbsp; 579322 | 54858293 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 14087 | 2870835 |
|  |  | 113304196 |
| **Germany — 1.5%** | **Germany — 1.5%** | **Germany — 1.5%** |
| Bayer AG, Registered | &nbsp;&nbsp; 528116 | 17581600 |
| Fresenius Medical Care AG<sup>(c)</sup> | &nbsp;&nbsp; 107028 | 5655099 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 223629 | 12497621 |
| Merck KGaA | &nbsp;&nbsp; 69070 | 8961470 |
| QIAGEN NV | &nbsp;&nbsp; 117031 | 5219994 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 157401 | 8525811 |
|  |  | 58441595 |
| **Japan — 4.1%** | **Japan — 4.1%** | **Japan — 4.1%** |
| Astellas Pharma Inc. | &nbsp;&nbsp; 967075 | 10541098 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 343000 | 15206725 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 1016700 | 22875947 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 156700 | 5293765 |
| Hoya Corp. | &nbsp;&nbsp; 184800 | 25552342 |
| M3 Inc. | &nbsp;&nbsp; 229200 | 3710360 |
| Olympus Corp. | &nbsp;&nbsp; 612500 | 7743849 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 248200 | 2874361 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 276800 | 14761942 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 431000 | 7594156 |
| Sysmex Corp. | &nbsp;&nbsp; 260000 | 3214213 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 853492 | 25067393 |
| Terumo Corp. | &nbsp;&nbsp; 796900 | 13146073 |
|  |  | 157582224 |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| Koninklijke Philips NV | &nbsp;&nbsp; 426022 | 11670476 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| Celltrion Inc. | &nbsp;&nbsp; 83103 | 10282080 |
| **Spain — 0.1%** | **Spain — 0.1%** | **Spain — 0.1%** |
| Grifols SA | &nbsp;&nbsp; 154655 | 2251641 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Getinge AB, Class B | &nbsp;&nbsp; 117132 | $2524547 |
| **Switzerland — 9.0%** | **Switzerland — 9.0%** | **Switzerland — 9.0%** |
| Alcon AG | &nbsp;&nbsp; 268173 | 20170586 |
| Galderma Group AG | &nbsp;&nbsp; 70169 | 12405895 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 37691 | 25201648 |
| Novartis AG, Registered | &nbsp;&nbsp; 1020347 | 131194511 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 15482 | 5356616 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 377060 | 125554747 |
| Sandoz Group AG | &nbsp;&nbsp; 236788 | 14122666 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 26604 | 7297640 |
| Straumann Holding AG | &nbsp;&nbsp; 60760 | 6513809 |
|  |  | 347818118 |
| **United Kingdom — 5.3%** | **United Kingdom — 5.3%** | **United Kingdom — 5.3%** |
| AstraZeneca PLC | &nbsp;&nbsp; 832885 | 127598810 |
| GSK PLC | &nbsp;&nbsp; 2186240 | 46942861 |
| Haleon PLC | &nbsp;&nbsp; 4815178 | 21669156 |
| Smith & Nephew PLC | &nbsp;&nbsp; 467299 | 8475556 |
|  |  | 204686383 |
| **United States — 70.1%** | **United States — 70.1%** | **United States — 70.1%** |
| Abbott Laboratories | &nbsp;&nbsp; 934508 | 125168001 |
| AbbVie Inc. | &nbsp;&nbsp; 948778 | 219680058 |
| Agilent Technologies Inc. | &nbsp;&nbsp; 152465 | 19568883 |
| Align Technology Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 37066 | 4641405 |
| Amgen Inc. | &nbsp;&nbsp; 288460 | 81403412 |
| Baxter International Inc. | &nbsp;&nbsp; 271701 | 6186632 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 153451 | 28721424 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 77941 | 10917975 |
| Bio-Techne Corp. | &nbsp;&nbsp; 83949 | 4670083 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 794646 | 77581289 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1093092 | 49298449 |
| Cardinal Health Inc. | &nbsp;&nbsp; 129100 | 20263536 |
| Cencora Inc. | &nbsp;&nbsp; 104053 | 32519684 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 250408 | 8934557 |
| Charles River Laboratories International Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 27688 | 4332064 |
| Cigna Group (The) | &nbsp;&nbsp; 143133 | 41258087 |
| Cooper Companies Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 107206 | 7350043 |
| CVS Health Corp. | &nbsp;&nbsp; 679472 | 51225394 |
| Danaher Corp. | &nbsp;&nbsp; 342032 | 67811264 |
| DaVita Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19187 | 2549377 |
| Dexcom Inc.<sup>(a)</sup> | &nbsp;&nbsp; 210611 | 14172014 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 315204 | 24513415 |
| Elevance Health Inc. | &nbsp;&nbsp; 121055 | 39115292 |
| Eli Lilly & Co. | &nbsp;&nbsp; 426683 | 325559129 |
| GE HealthCare Technologies Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 245941 | 18470169 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 665931 | 73918341 |
| HCA Healthcare Inc. | &nbsp;&nbsp; 87908 | 37466390 |
| Henry Schein Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55321 | 3671655 |
| Hologic Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 119259 | 8048790 |
| Humana Inc. | &nbsp;&nbsp; 64472 | 16773680 |
| IDEXX Laboratories Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42938 | 27432659 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 86355 | 7323768 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 37800 | 11669994 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 192515 | 86098483 |
| IQVIA Holdings Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 89406 | 16981776 |
| Johnson & Johnson | &nbsp;&nbsp; 1292360 | 239629391 |
| Labcorp Holdings Inc. | &nbsp;&nbsp; 44571 | 12794551 |
| McKesson Corp. | &nbsp;&nbsp; 66756 | 51571680 |
| Medtronic PLC | &nbsp;&nbsp; 688040 | 65528930 |
| Merck & Co. Inc. | &nbsp;&nbsp; 1340539 | 112511438 |
| Mettler-Toledo International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11176 | 13719769 |
| Moderna Inc.<sup>(a)</sup> | &nbsp;&nbsp; 180977 | 4674636 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Healthcare ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Molina Healthcare Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 29578 | $5660046 |
| Pfizer Inc. | &nbsp;&nbsp; 3053748 | 77809499 |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 59321 | 11305396 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 54673 | 30740988 |
| ResMed Inc. | &nbsp;&nbsp; 78490 | 21485068 |
| Revvity Inc. | &nbsp;&nbsp; 62295 | 5460157 |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp; 78990 | 5766270 |
| STERIS PLC | &nbsp;&nbsp; 52508 | 12992580 |
| Stryker Corp. | &nbsp;&nbsp; 184516 | 68210030 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 202761 | 98343140 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 486068 | 167839280 |
| Universal Health Services Inc., Class B | &nbsp;&nbsp; 30263 | 6186968 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 137763 | 53953501 |
| Viatris Inc. | &nbsp;&nbsp; 641810 | 6353919 |
| Waters Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 31731 | 9513271 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 38896 | 10203588 |
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 106130 | 10453805 |
| Zoetis Inc. | &nbsp;&nbsp; 237853 | 34802651 |
|  |  | 2712807724 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $3,416,936,613)** | **Total Common Stocks — 99.5%** <br>**(Cost: $3,416,936,613)** | 3852061053 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 13018 | 3043303 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $4,513,941)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $4,513,941)** | 3043303 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $3,421,450,554)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $3,421,450,554)** | 3855104356 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 10384271 | $10389463 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 4000000 | 4000000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $14,388,693)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $14,388,693)** | 14389463 |
| **Total Investments — 100.0%** <br>**(Cost: $3,435,839,247)** | **Total Investments — 100.0%** <br>**(Cost: $3,435,839,247)** | 3869493819 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 1064621 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3870558440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $7962449<br> $2425313 <br><sup>(a)</sup><br>| $— | $1708 | $(7)<br>| $10389463 | 10384271 | $38556 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 3820000<br> 180000 <br><sup>(a)</sup><br>|  |  |  | 4000000 | 4000000 | 115740 |  |
|  |  |  | $1708 | $(7) | $14389463 |  | $154296 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Healthcare ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Health Care Select Sector Index | 102 | 12/19/25 | &nbsp;&nbsp; $14449 | $72656 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72656 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1067918)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1067918)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28550)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28550)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $14977025 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2717177434 | &nbsp;&nbsp; $1134883619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3852061053 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 3043303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3043303 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 14389463 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14389463 |
|  | &nbsp;&nbsp; $2731566897 | &nbsp;&nbsp; $1137926922 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3869493819 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Healthcare ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $72656 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Industrials ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.9%** | **Australia — 0.9%** | **Australia — 0.9%** |
| Brambles Ltd. | &nbsp;&nbsp; 164725 | $2702750 |
| Computershare Ltd. | &nbsp;&nbsp; 67186 | 1614200 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 181146 | 1308924 |
| Transurban Group | &nbsp;&nbsp; 374944 | 3420934 |
|  |  | 9046808 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Localiza Rent a Car SA | &nbsp;&nbsp; 104555 | 774991 |
| WEG SA | &nbsp;&nbsp; 177390 | 1219540 |
|  |  | 1994531 |
| **Canada — 2.5%** | **Canada — 2.5%** | **Canada — 2.5%** |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38623 | 1143676 |
| Canadian National Railway Co. | &nbsp;&nbsp; 66714 | 6291259 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 109866 | 8182518 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 16318 | 2533822 |
| Waste Connections Inc. | &nbsp;&nbsp; 31179 | 5481249 |
| WSP Global Inc. | &nbsp;&nbsp; 15648 | 3075180 |
|  |  | 26707704 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Latam Airlines Group SA | &nbsp;&nbsp; 22675478 | 515152 |
| **Denmark — 0.8%** | **Denmark — 0.8%** | **Denmark — 0.8%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 305 | 598283 |
| AP Moller - Maersk A/S, Class B, NVS | &nbsp;&nbsp; 526 | 1033998 |
| DSV A/S | &nbsp;&nbsp; 23816 | 4757735 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 118181 | 2248183 |
|  |  | 8638199 |
| **Finland — 0.6%** | **Finland — 0.6%** | **Finland — 0.6%** |
| Kone OYJ, Class B | &nbsp;&nbsp; 46867 | 3196757 |
| Metso OYJ | &nbsp;&nbsp; 83210 | 1146991 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 57533 | 1725684 |
|  |  | 6069432 |
| **France — 7.5%** | **France — 7.5%** | **France — 7.5%** |
| Airbus SE | &nbsp;&nbsp; 74429 | 17381100 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 39821 | 1041974 |
| Bouygues SA | &nbsp;&nbsp; 22170 | 999948 |
| Bureau Veritas SA | &nbsp;&nbsp; 39300 | 1232658 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 55213 | 5982417 |
| Eiffage SA | &nbsp;&nbsp; 8652 | 1108476 |
| Getlink SE | &nbsp;&nbsp; 37848 | 697896 |
| Legrand SA | &nbsp;&nbsp; 31688 | 5265315 |
| Safran SA | &nbsp;&nbsp; 41264 | 14643316 |
| Schneider Electric SE | &nbsp;&nbsp; 65166 | 18342423 |
| Teleperformance SE | &nbsp;&nbsp; 6867 | 512920 |
| Thales SA | &nbsp;&nbsp; 10618 | 3356503 |
| Vinci SA | &nbsp;&nbsp; 60278 | 8376953 |
|  |  | 78941899 |
| **Germany — 5.6%** | **Germany — 5.6%** | **Germany — 5.6%** |
| Brenntag SE | &nbsp;&nbsp; 15546 | 931557 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 59838 | 2474394 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 115442 | 5158798 |
| GEA Group AG | &nbsp;&nbsp; 17424 | 1288193 |
| MTU Aero Engines AG | &nbsp;&nbsp; 6494 | 2995926 |
| Rheinmetall AG | &nbsp;&nbsp; 5525 | 12923925 |
| Siemens AG, Registered | &nbsp;&nbsp; 88506 | 23894672 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 80740 | 9493338 |
|  |  | 59160803 |
| **Hong Kong — 0.4%** | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 322520 | 2118950 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 172000 | $2198715 |
|  |  | 4317665 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| Kingspan Group PLC | &nbsp;&nbsp; 18642 | 1558676 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 64660 | 1889522 |
|  |  | 3448198 |
| **Italy — 0.6%** | **Italy — 0.6%** | **Italy — 0.6%** |
| Leonardo SpA | &nbsp;&nbsp; 48808 | 3123062 |
| Prysmian SpA | &nbsp;&nbsp; 35489 | 3531919 |
|  |  | 6654981 |
| **Japan — 13.0%** | **Japan — 13.0%** | **Japan — 13.0%** |
| AGC Inc. | &nbsp;&nbsp; 25400 | 828353 |
| ANA Holdings Inc. | &nbsp;&nbsp; 55200 | 1066435 |
| Central Japan Railway Co. | &nbsp;&nbsp; 116400 | 3337146 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 52000 | 884246 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 44900 | 1436978 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 34800 | 4011120 |
| East Japan Railway Co. | &nbsp;&nbsp; 137100 | 3353305 |
| FANUC Corp. | &nbsp;&nbsp; 112700 | 3238654 |
| Fujikura Ltd. | &nbsp;&nbsp; 32700 | 3198613 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 29900 | 881723 |
| Hitachi Ltd. | &nbsp;&nbsp; 551300 | 14605627 |
| IHI Corp. | &nbsp;&nbsp; 130200 | 2424881 |
| ITOCHU Corp. | &nbsp;&nbsp; 169600 | 9649962 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 53400 | 1075229 |
| Kajima Corp. | &nbsp;&nbsp; 54200 | 1579650 |
| Komatsu Ltd. | &nbsp;&nbsp; 114900 | 4002794 |
| Kubota Corp. | &nbsp;&nbsp; 124000 | 1557987 |
| Makita Corp. | &nbsp;&nbsp; 32800 | 1063094 |
| Marubeni Corp. | &nbsp;&nbsp; 198800 | 4960498 |
| Mitsubishi Corp. | &nbsp;&nbsp; 484400 | 11547800 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 254200 | 6528805 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 406000 | 10624652 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 350200 | 8695885 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 43200 | 1311530 |
| Nidec Corp. | &nbsp;&nbsp; 126600 | 2250298 |
| Nippon Yusen KK | &nbsp;&nbsp; 52200 | 1781332 |
| Obayashi Corp. | &nbsp;&nbsp; 80700 | 1324570 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 188100 | 10112977 |
| Secom Co. Ltd. | &nbsp;&nbsp; 50200 | 1841707 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 52200 | 539193 |
| SMC Corp. | &nbsp;&nbsp; 6900 | 2132735 |
| Sumitomo Corp. | &nbsp;&nbsp; 145300 | 4203963 |
| Taisei Corp. | &nbsp;&nbsp; 19800 | 1360602 |
| Tokyu Corp. | &nbsp;&nbsp; 68400 | 834166 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 32200 | 825029 |
| Toyota Industries Corp. | &nbsp;&nbsp; 25100 | 2822958 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 86300 | 2388984 |
| West Japan Railway Co. | &nbsp;&nbsp; 55900 | 1225771 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 31400 | 668418 |
|  |  | 136177670 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 62716 | 447832 |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** | **Netherlands — 0.5%** |
| IMCD NV | &nbsp;&nbsp; 7121 | 738074 |
| Randstad NV | &nbsp;&nbsp; 14885 | 634685 |
| Wolters Kluwer NV | &nbsp;&nbsp; 28590 | 3902532 |
|  |  | 5275291 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 52197 | 1668076 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Industrials ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 3874 | $3063696 |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 23564 | 1888846 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 87948 | 2404438 |
| Ferrovial SE | &nbsp;&nbsp; 58838 | 3379671 |
|  |  | 7672955 |
| **Sweden — 3.2%** | **Sweden — 3.2%** | **Sweden — 3.2%** |
| AddTech AB, Class B | &nbsp;&nbsp; 31355 | 1019985 |
| Alfa Laval AB | &nbsp;&nbsp; 34681 | 1583717 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 118866 | 4137471 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 302818 | 5135182 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 186674 | 2808969 |
| Epiroc AB, Class A | &nbsp;&nbsp; 75547 | 1599335 |
| Epiroc AB, Class B | &nbsp;&nbsp; 47024 | 889621 |
| Lifco AB, Class B | &nbsp;&nbsp; 25317 | 857226 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 185552 | 733388 |
| Saab AB, Class B | &nbsp;&nbsp; 37792 | 2322024 |
| Sandvik AB | &nbsp;&nbsp; 128217 | 3581791 |
| Skanska AB, Class B | &nbsp;&nbsp; 42241 | 1096402 |
| SKF AB, Class B | &nbsp;&nbsp; 40510 | 1007532 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 21464 | 802500 |
| Volvo AB, Class B | &nbsp;&nbsp; 191651 | 5511420 |
|  |  | 33086563 |
| **Switzerland — 2.3%** | **Switzerland — 2.3%** | **Switzerland — 2.3%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 186266 | 13478827 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 19863 | 559593 |
| Geberit AG, Registered | &nbsp;&nbsp; 3883 | 2932446 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 6428 | 1202919 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 4866 | 1850425 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 2425 | 877484 |
| SGS SA | &nbsp;&nbsp; 19909 | 2068940 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 3286 | 1311664 |
|  |  | 24282298 |
| **United Kingdom — 5.5%** | **United Kingdom — 5.5%** | **United Kingdom — 5.5%** |
| Ashtead Group PLC | &nbsp;&nbsp; 51094 | 3426431 |
| BAE Systems PLC | &nbsp;&nbsp; 363489 | 10118231 |
| Bunzl PLC | &nbsp;&nbsp; 39971 | 1263371 |
| DCC PLC | &nbsp;&nbsp; 11640 | 749289 |
| Diploma PLC | &nbsp;&nbsp; 16096 | 1152090 |
| Experian PLC | &nbsp;&nbsp; 110113 | 5530662 |
| IMI PLC | &nbsp;&nbsp; 29390 | 907762 |
| Intertek Group PLC | &nbsp;&nbsp; 19131 | 1217762 |
| Melrose Industries PLC | &nbsp;&nbsp; 144697 | 1191272 |
| RELX PLC | &nbsp;&nbsp; 220494 | 10534939 |
| Rentokil Initial PLC | &nbsp;&nbsp; 285537 | 1446457 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 1014710 | 16310695 |
| Smiths Group PLC | &nbsp;&nbsp; 40640 | 1288497 |
| Spirax Group PLC | &nbsp;&nbsp; 8998 | 828570 |
| Weir Group PLC (The) | &nbsp;&nbsp; 31607 | 1165897 |
|  |  | 57131925 |
| **United States — 54.3%** | **United States — 54.3%** | **United States — 54.3%** |
| 3M Co. | &nbsp;&nbsp; 64050 | 9939279 |
| A O Smith Corp. | &nbsp;&nbsp; 13720 | 1007185 |
| Allegion PLC | &nbsp;&nbsp; 10477 | 1858096 |
| AMETEK Inc. | &nbsp;&nbsp; 27710 | 5209480 |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 48811 | 14326029 |
| Axon Enterprise Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9440 | 6774522 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 90809 | 19599307 |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 14038 | 3343430 |
| Builders FirstSource Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13266 | 1608503 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Carrier Global Corp. | &nbsp;&nbsp; 95743 | $5715857 |
| Caterpillar Inc. | &nbsp;&nbsp; 56336 | 26880722 |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 14446 | 1912650 |
| Cintas Corp. | &nbsp;&nbsp; 41334 | 8484217 |
| Copart Inc.<sup>(a)</sup> | &nbsp;&nbsp; 105884 | 4761604 |
| CSX Corp. | &nbsp;&nbsp; 224184 | 7960774 |
| Cummins Inc. | &nbsp;&nbsp; 16614 | 7017255 |
| Dayforce Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18976 | 1307257 |
| Deere & Co. | &nbsp;&nbsp; 30288 | 13849491 |
| Delta Air Lines Inc. | &nbsp;&nbsp; 78636 | 4462593 |
| Dover Corp. | &nbsp;&nbsp; 16403 | 2736513 |
| Eaton Corp. PLC | &nbsp;&nbsp; 46814 | 17520140 |
| EMCOR Group Inc. | &nbsp;&nbsp; 5383 | 3496474 |
| Emerson Electric Co. | &nbsp;&nbsp; 67655 | 8874983 |
| Equifax Inc. | &nbsp;&nbsp; 14912 | 3825375 |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 16615 | 2036833 |
| Fastenal Co. | &nbsp;&nbsp; 137522 | 6744079 |
| FedEx Corp. | &nbsp;&nbsp; 26098 | 6154169 |
| Fortive Corp. | &nbsp;&nbsp; 40936 | 2005455 |
| GE Vernova Inc. | &nbsp;&nbsp; 32736 | 20129366 |
| Generac Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7123 | 1192390 |
| General Dynamics Corp. | &nbsp;&nbsp; 30424 | 10374584 |
| General Electric Co. | &nbsp;&nbsp; 127521 | 38360867 |
| Honeywell International Inc. | &nbsp;&nbsp; 76348 | 16071254 |
| Howmet Aerospace Inc. | &nbsp;&nbsp; 48589 | 9534620 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 6438 | 2770336 |
| Huntington Ingalls Industries Inc. | &nbsp;&nbsp; 4734 | 1362966 |
| IDEX Corp. | &nbsp;&nbsp; 9107 | 1482255 |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 32037 | 8353968 |
| Ingersoll Rand Inc.<sup>(c)</sup> | &nbsp;&nbsp; 43493 | 3593392 |
| Jacobs Solutions Inc., NVS | &nbsp;&nbsp; 14620 | 2190953 |
| JB Hunt Transport Services Inc. | &nbsp;&nbsp; 9196 | 1233827 |
| Johnson Controls International PLC | &nbsp;&nbsp; 78691 | 8652075 |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 22588 | 6898601 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 15428 | 2915275 |
| Lennox International Inc. | &nbsp;&nbsp; 3849 | 2037507 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 24706 | 12333482 |
| Masco Corp. | &nbsp;&nbsp; 25124 | 1768478 |
| Nordson Corp. | &nbsp;&nbsp; 6546 | 1485615 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 26979 | 8104761 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 16185 | 9861844 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 22437 | 3158681 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 47196 | 4315130 |
| PACCAR Inc. | &nbsp;&nbsp; 63323 | 6225917 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 15399 | 11674752 |
| Paychex Inc. | &nbsp;&nbsp; 38442 | 4872908 |
| Paycom Software Inc. | &nbsp;&nbsp; 5867 | 1221157 |
| Pentair PLC | &nbsp;&nbsp; 19786 | 2191497 |
| Quanta Services Inc. | &nbsp;&nbsp; 17846 | 7395739 |
| Republic Services Inc., Class A | &nbsp;&nbsp; 24510 | 5624555 |
| Rockwell Automation Inc. | &nbsp;&nbsp; 13597 | 4752559 |
| Rollins Inc. | &nbsp;&nbsp; 33880 | 1990111 |
| RTX Corp. | &nbsp;&nbsp; 160898 | 26923062 |
| Snap-on Inc. | &nbsp;&nbsp; 6343 | 2198040 |
| Southwest Airlines Co. | &nbsp;&nbsp; 63155 | 2015276 |
| Stanley Black & Decker Inc. | &nbsp;&nbsp; 18470 | 1372875 |
| Textron Inc. | &nbsp;&nbsp; 21661 | 1830138 |
| Trane Technologies PLC | &nbsp;&nbsp; 26779 | 11299667 |
| TransDigm Group Inc. | &nbsp;&nbsp; 6759 | 8908497 |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 250777 | 24568623 |
| Union Pacific Corp. | &nbsp;&nbsp; 71315 | 16856727 |
| United Airlines Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38930 | 3756745 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Industrials ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| United Parcel Service Inc., Class B | &nbsp;&nbsp; 88368 | $7381379 |
| United Rentals Inc. | &nbsp;&nbsp; 7737 | 7386204 |
| Veralto Corp. | &nbsp;&nbsp; 29559 | 3151285 |
| Verisk Analytics Inc., Class A | &nbsp;&nbsp; 16941 | 4260831 |
| Waste Management Inc. | &nbsp;&nbsp; 44101 | 9738824 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 20619 | 4133491 |
| WW Grainger Inc. | &nbsp;&nbsp; 5247 | 5000181 |
| Xylem Inc./New York | &nbsp;&nbsp; 29435 | 4341663 |
|  |  | 568667202 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $845,716,717)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $845,716,717)** | 1042968880 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 2105046 | 2106099 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1880000 | 1880000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $3,986,099)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $3,986,099)** | 3986099 |
| **Total Investments — 99.9%** <br>**(Cost: $849,702,816)** | **Total Investments — 99.9%** <br>**(Cost: $849,702,816)** | 1046954979 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 829106 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1047784085 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $8369848 | $—<br> $(6266630 )<sup>(a)</sup><br>| $2881 | $— | $2106099 | 2105046 | $8421 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2050000 | —<br> (170000 )<sup>(a)</sup><br>|  |  | 1880000 | 1880000 | 49540 |  |
|  |  |  | $2881 | $— | $3986099 |  | $57961 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | 3 | 12/11/25 | &nbsp;&nbsp; $636 | $(207) |
| Euro STOXX 50 Index | 17 | 12/19/25 | &nbsp;&nbsp; 1106 | 17245 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Industrials ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| XAI Industrial Index | 18 | 12/19/25 | &nbsp;&nbsp; $2821 | $40433 |
|  |  |  |  | $57471 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57678 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57678 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $207 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $207 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $587851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $587851 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79370 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79370 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4812977 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $597817269 | &nbsp;&nbsp; $445151611 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1042968880 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3986099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3986099 |
|  | &nbsp;&nbsp; $601803368 | &nbsp;&nbsp; $445151611 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1046954979 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Industrials ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $57678 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57678 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (207)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (207)<br>|
|  | &nbsp;&nbsp; $57678 | &nbsp;&nbsp; $(207)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $57471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Materials ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 10.1%** | **Australia — 10.1%** | **Australia — 10.1%** |
| BHP Group Ltd. | &nbsp;&nbsp; 463944 | $12960367 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 39854 | 598642 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 183428 | 1307572 |
| Fortescue Ltd. | &nbsp;&nbsp; 152178 | 1884641 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 53068 | 984909 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 130830 | 2042951 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 33957 | 2739074 |
| South32 Ltd. | &nbsp;&nbsp; 409660 | 742597 |
|  |  | 23260753 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Syensqo SA | &nbsp;&nbsp; 6343 | 514977 |
| **Brazil — 1.6%** | **Brazil — 1.6%** | **Brazil — 1.6%** |
| Vale SA, Class B, ADR | &nbsp;&nbsp; 327743 | 3559289 |
| **Canada — 13.3%** | **Canada — 13.3%** | **Canada — 13.3%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 45957 | 7740404 |
| Barrick Mining Corp. | &nbsp;&nbsp; 155971 | 5122824 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 13249 | 746750 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 61836 | 1398719 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 17613 | 3920370 |
| Kinross Gold Corp. | &nbsp;&nbsp; 111086 | 2756995 |
| Nutrien Ltd. | &nbsp;&nbsp; 44520 | 2614514 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 41149 | 1805092 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 41491 | 4643104 |
|  |  | 30748772 |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| Empresas CMPC SA | &nbsp;&nbsp; 100314 | 147859 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(a)</sup> | &nbsp;&nbsp; 13060 | 561319 |
|  |  | 709178 |
| **Denmark — 0.8%** | **Denmark — 0.8%** | **Denmark — 0.8%** |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 31344 | 1929036 |
| **Finland — 0.9%** | **Finland — 0.9%** | **Finland — 0.9%** |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 55739 | 613403 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 48303 | 1322856 |
|  |  | 1936259 |
| **France — 5.5%** | **France — 5.5%** | **France — 5.5%** |
| Air Liquide SA | &nbsp;&nbsp; 52873 | 11016443 |
| ArcelorMittal SA | &nbsp;&nbsp; 38829 | 1400791 |
| Arkema SA | &nbsp;&nbsp; 5680 | 360158 |
|  |  | 12777392 |
| **Germany — 3.8%** | **Germany — 3.8%** | **Germany — 3.8%** |
| BASF SE | &nbsp;&nbsp; 81576 | 4075883 |
| Covestro AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 15489 | 1060477 |
| Heidelberg Materials AG | &nbsp;&nbsp; 11742 | 2654230 |
| Symrise AG, Class A | &nbsp;&nbsp; 12164 | 1057906 |
|  |  | 8848496 |
| **Japan — 6.2%** | **Japan — 6.2%** | **Japan — 6.2%** |
| Asahi Kasei Corp. | &nbsp;&nbsp; 124300 | 976964 |
| JFE Holdings Inc. | &nbsp;&nbsp; 58300 | 715406 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 130800 | 751334 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 97400 | 664498 |
| Nippon Steel Corp. | &nbsp;&nbsp; 491145 | 2022900 |
| Nitto Denko Corp. | &nbsp;&nbsp; 64800 | 1536066 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 181400 | 5939674 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 25100 | 808093 |
| Toray Industries Inc. | &nbsp;&nbsp; 149800 | 955689 |
|  |  | 14370624 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico — 1.6%** | **Mexico — 1.6%** | **Mexico — 1.6%** |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 1385443 | $1240684 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 284284 | 2479364 |
|  |  | 3720048 |
| **Netherlands — 1.3%** | **Netherlands — 1.3%** | **Netherlands — 1.3%** |
| Akzo Nobel NV | &nbsp;&nbsp; 15653 | 1117119 |
| DSM-Firmenich AG | &nbsp;&nbsp; 22850 | 1949524 |
|  |  | 3066643 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| Norsk Hydro ASA | &nbsp;&nbsp; 120446 | 818927 |
| Yara International ASA | &nbsp;&nbsp; 14984 | 549223 |
|  |  | 1368150 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Southern Copper Corp. | &nbsp;&nbsp; 7395 | 897457 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 26061 | 1063767 |
| SSAB AB, Class B | &nbsp;&nbsp; 55389 | 323013 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 54040 | 715300 |
|  |  | 2102080 |
| **Switzerland — 4.6%** | **Switzerland — 4.6%** | **Switzerland — 4.6%** |
| Givaudan SA, Registered | &nbsp;&nbsp; 743 | 3030726 |
| Holcim AG | &nbsp;&nbsp; 46047 | 3928937 |
| SIG Group AG | &nbsp;&nbsp; 31313 | 324740 |
| Sika AG, Registered | &nbsp;&nbsp; 14668 | 3293827 |
|  |  | 10578230 |
| **United Kingdom — 7.4%** | **United Kingdom — 7.4%** | **United Kingdom — 7.4%** |
| Anglo American PLC, NVS | &nbsp;&nbsp; 107673 | 4060058 |
| Antofagasta PLC | &nbsp;&nbsp; 31616 | 1175796 |
| Croda International PLC | &nbsp;&nbsp; 12819 | 467263 |
| Glencore PLC | &nbsp;&nbsp; 881512 | 4059913 |
| Johnson Matthey PLC | &nbsp;&nbsp; 15126 | 409804 |
| Mondi PLC, NVS | &nbsp;&nbsp; 40256 | 556824 |
| Rio Tinto PLC | &nbsp;&nbsp; 97435 | 6421201 |
|  |  | 17150859 |
| **United States — 40.0%** | **United States — 40.0%** | **United States — 40.0%** |
| Air Products and Chemicals Inc. | &nbsp;&nbsp; 20341 | 5547398 |
| Albemarle Corp. | &nbsp;&nbsp; 10804 | 875988 |
| Amcor PLC | &nbsp;&nbsp; 211137 | 1727101 |
| Avery Dennison Corp. | &nbsp;&nbsp; 7104 | 1152056 |
| Ball Corp. | &nbsp;&nbsp; 24791 | 1249962 |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 14830 | 1330251 |
| Corteva Inc. | &nbsp;&nbsp; 62104 | 4200094 |
| Dow Inc. | &nbsp;&nbsp; 64605 | 1481393 |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 38271 | 2981311 |
| Eastman Chemical Co. | &nbsp;&nbsp; 10493 | 661584 |
| Ecolab Inc. | &nbsp;&nbsp; 23331 | 6389428 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 131229 | 5146801 |
| International Flavors & Fragrances Inc. | &nbsp;&nbsp; 23386 | 1439174 |
| International Paper Co. | &nbsp;&nbsp; 48349 | 2243394 |
| Linde PLC | &nbsp;&nbsp; 42858 | 20357550 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 23534 | 1154107 |
| Martin Marietta Materials Inc. | &nbsp;&nbsp; 5506 | 3470322 |
| Mosaic Co. (The) | &nbsp;&nbsp; 29086 | 1008702 |
| Newmont Corp. | &nbsp;&nbsp; 100398 | 8464555 |
| Nucor Corp. | &nbsp;&nbsp; 20966 | 2839425 |
| Packaging Corp. of America | &nbsp;&nbsp; 8162 | 1778745 |
| PPG Industries Inc. | &nbsp;&nbsp; 20631 | 2168524 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 21194 | 7338634 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 47759 | 2033101 |
| Steel Dynamics Inc. | &nbsp;&nbsp; 12680 | 1767972 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Materials ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Vulcan Materials Co. | &nbsp;&nbsp; 12076 | $3714819 |
|  |  | 92522391 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $240,601,393)** | **Total Common Stocks — 99.5%** <br>**(Cost: $240,601,393)** | 230060634 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Gerdau SA, Preference Shares, ADR | &nbsp;&nbsp; 119976 | 371926 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $931,619)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $931,619)** | 371926 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $241,533,012)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $241,533,012)** | 230432560 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 360000 | 360000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $360,000)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $360,000)** | 360000 |
| **Total Investments — 99.8%** <br>**(Cost: $241,893,012)** | **Total Investments — 99.8%** <br>**(Cost: $241,893,012)** | 230792560 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 495159 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $231287719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $573105 | $— | &nbsp;&nbsp; $(573245 )<sup>(b)</sup><br>| $112 | $28 | $— |  | $2778 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 320000 | 40000 <br><sup>(b)</sup><br>|  |  |  | 360000 | 360000 | 5946 |  |
|  |  |  |  | $112 | $28 | $360000 |  | $8724 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P/TSE 60 Index | 1 | 12/18/25 | &nbsp;&nbsp; $255 | $5980 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Materials ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| FTSE 100 Index | 3 | 12/19/25 | &nbsp;&nbsp; $381 | $4450 |
| MSCI Emerging Markets Index | 2 | 12/19/25 | &nbsp;&nbsp; 136 | 1735 |
|  |  |  |  | $12165 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12165 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110056 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28438 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28438 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $656338 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $132009276 | &nbsp;&nbsp; $98051358 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $230060634 |
| Preferred Stocks | &nbsp;&nbsp; 371926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 371926 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 360000 |
|  | &nbsp;&nbsp; $132741202 | &nbsp;&nbsp; $98051358 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $230792560 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Materials ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $7715 | &nbsp;&nbsp; $4450 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Tech ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** |
| NEXTDC Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 295171 | $3311439 |
| Technology One Ltd. | &nbsp;&nbsp; 100379 | 2555486 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 69506 | 4155300 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 54525 | 5689416 |
|  |  | 15711641 |
| **Canada — 1.4%** | **Canada — 1.4%** | **Canada — 1.4%** |
| CGI Inc. | &nbsp;&nbsp; 65542 | 5837886 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 6567 | 17827114 |
| Open Text Corp. | &nbsp;&nbsp; 110319 | 4123586 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 402400 | 59783160 |
|  |  | 87571746 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| Xiaomi Corp., Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 5673065 | 39427495 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Nokia OYJ | &nbsp;&nbsp; 1644609 | 7908592 |
| **France — 0.2%** | **France — 0.2%** | **France — 0.2%** |
| Capgemini SE | &nbsp;&nbsp; 50843 | 7416846 |
| Dassault Systemes SE | &nbsp;&nbsp; 217274 | 7309319 |
|  |  | 14726165 |
| **Germany — 1.7%** | **Germany — 1.7%** | **Germany — 1.7%** |
| Infineon Technologies AG | &nbsp;&nbsp; 418478 | 16416961 |
| SAP SE | &nbsp;&nbsp; 336187 | 90019904 |
|  |  | 106436865 |
| **Japan — 2.9%** | **Japan — 2.9%** | **Japan — 2.9%** |
| Advantest Corp. | &nbsp;&nbsp; 252600 | 24992927 |
| Canon Inc. | &nbsp;&nbsp; 306600 | 8947533 |
| Disco Corp. | &nbsp;&nbsp; 29700 | 9312148 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 400200 | 9952288 |
| Fujitsu Ltd. | &nbsp;&nbsp; 549400 | 12888001 |
| Keyence Corp. | &nbsp;&nbsp; 65640 | 24454879 |
| Kyocera Corp. | &nbsp;&nbsp; 443700 | 5960528 |
| Lasertec Corp. | &nbsp;&nbsp; 25600 | 3502206 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 582600 | 11060107 |
| NEC Corp. | &nbsp;&nbsp; 430000 | 13763908 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 141900 | 5447830 |
| Obic Co. Ltd. | &nbsp;&nbsp; 103900 | 3621267 |
| Omron Corp. | &nbsp;&nbsp; 61300 | 1682528 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 616700 | 7095250 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 183800 | 1618016 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 32500 | 2944896 |
| TDK Corp. | &nbsp;&nbsp; 626900 | 9078016 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 155400 | 27547287 |
|  |  | 183869615 |
| **Netherlands — 2.2%** | **Netherlands — 2.2%** | **Netherlands — 2.2%** |
| ASM International NV | &nbsp;&nbsp; 16201 | 9771630 |
| ASML Holding NV | &nbsp;&nbsp; 129847 | 126625098 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 24743 | 3704784 |
|  |  | 140101512 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| STMicroelectronics NV, New | &nbsp;&nbsp; 211232 | 5959136 |
| **South Korea — 2.3%** | **South Korea — 2.3%** | **South Korea — 2.3%** |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1639467 | 98286545 |
| SK Hynix Inc. | &nbsp;&nbsp; 180019 | 44626325 |
|  |  | 142912870 |
| **Sweden — 0.3%** | **Sweden — 0.3%** | **Sweden — 0.3%** |
| Hexagon AB, Class B | &nbsp;&nbsp; 721489 | 8609637 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 983487 | $8149176 |
|  |  | 16758813 |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| Logitech International SA, Registered | &nbsp;&nbsp; 50063 | 5506850 |
| Temenos AG, Registered | &nbsp;&nbsp; 19474 | 1581663 |
|  |  | 7088513 |
| **Taiwan — 6.0%** | **Taiwan — 6.0%** | **Taiwan — 6.0%** |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1089000 | 5946354 |
| Delta Electronics Inc. | &nbsp;&nbsp; 606000 | 17071075 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 3984378 | 28449017 |
| MediaTek Inc. | &nbsp;&nbsp; 527000 | 22855841 |
| Quanta Computer Inc. | &nbsp;&nbsp; 879000 | 8420068 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 6635600 | 288235961 |
| United Microelectronics Corp. | &nbsp;&nbsp; 3734000 | 5617187 |
|  |  | 376595503 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |
| Halma PLC | &nbsp;&nbsp; 120997 | 5632496 |
| Sage Group PLC (The) | &nbsp;&nbsp; 320663 | 4756872 |
|  |  | 10389368 |
| **United States — 81.0%** | **United States — 81.0%** | **United States — 81.0%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 205358 | 50641283 |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 73613 | 25966986 |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 535061 | 86567519 |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 47273 | 3581402 |
| Amphenol Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 402546 | 49815067 |
| Analog Devices Inc. | &nbsp;&nbsp; 163616 | 40200451 |
| Apple Inc. | &nbsp;&nbsp; 2419074 | 615968813 |
| Applied Materials Inc. | &nbsp;&nbsp; 264589 | 54171952 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 89258 | 64135443 |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 339804 | 49512841 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 73997 | 23506627 |
| Broadcom Inc. | &nbsp;&nbsp; 727570 | 240032619 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 89840 | 31557198 |
| CDW Corp. | &nbsp;&nbsp; 45807 | 7296139 |
| Cisco Systems Inc. | &nbsp;&nbsp; 1305641 | 89331957 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 169952 | 11398681 |
| Corning Inc. | &nbsp;&nbsp; 257012 | 21082694 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 82178 | 40298448 |
| Datadog Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 109295 | 15563608 |
| Dell Technologies Inc., Class C | &nbsp;&nbsp; 99967 | 14172322 |
| EPAM Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18364 | 2769108 |
| F5 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18939 | 6120895 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7913 | 11842042 |
| First Solar Inc.<sup>(a)</sup> | &nbsp;&nbsp; 35360 | 7797941 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 214747 | 18055928 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24969 | 6563601 |
| Gen Digital Inc. | &nbsp;&nbsp; 184780 | 5245904 |
| GoDaddy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 50149 | 6861888 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 432645 | 10625761 |
| HP Inc. | &nbsp;&nbsp; 342417 | 9324015 |
| Intel Corp. | &nbsp;&nbsp; 1443127 | 48416911 |
| International Business Machines Corp. | &nbsp;&nbsp; 307126 | 86658672 |
| Intuit Inc. | &nbsp;&nbsp; 91970 | 62807233 |
| Jabil Inc. | &nbsp;&nbsp; 35384 | 7684343 |
| Keysight Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 60514 | 10585109 |
| KLA Corp. | &nbsp;&nbsp; 43506 | 46925572 |
| Lam Research Corp. | &nbsp;&nbsp; 417284 | 55874328 |
| Microchip Technology Inc. | &nbsp;&nbsp; 181937 | 11683994 |
| Micron Technology Inc. | &nbsp;&nbsp; 368982 | 61738068 |
| Microsoft Corp. | &nbsp;&nbsp; 1977202 | 1024091776 |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 15787 | 14534144 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Tech ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Motorola Solutions Inc. | &nbsp;&nbsp; 54930 | $25118940 |
| NetApp Inc. | &nbsp;&nbsp; 66246 | 7847501 |
| Nvidia Corp. | &nbsp;&nbsp; 6490342 | 1210968010 |
| NXP Semiconductors NV | &nbsp;&nbsp; 83124 | 18929828 |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 151682 | 7479439 |
| Oracle Corp. | &nbsp;&nbsp; 546394 | 153667848 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 749841 | 136785995 |
| Palo Alto Networks Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 220222 | 44841604 |
| PTC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 40960 | 8315699 |
| Qualcomm Inc. | &nbsp;&nbsp; 357055 | 59399670 |
| Roper Technologies Inc. | &nbsp;&nbsp; 35481 | 17694020 |
| Salesforce Inc. | &nbsp;&nbsp; 316272 | 74956464 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 70120 | 16552527 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 68578 | 63110962 |
| Skyworks Solutions Inc. | &nbsp;&nbsp; 57213 | 4404257 |
| Super Micro Computer Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 164913 | 7905929 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 61010 | 30101724 |
| TE Connectivity PLC, NVS | &nbsp;&nbsp; 97420 | 21386613 |
| Teledyne Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15457 | 9058420 |
| Teradyne Inc. | &nbsp;&nbsp; 52448 | 7218943 |
| Texas Instruments Inc. | &nbsp;&nbsp; 299747 | 55072516 |
| Trimble Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 78459 | 6406177 |
| Tyler Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15361 | 8036261 |
| VeriSign Inc. | &nbsp;&nbsp; 27989 | 7824885 |
| Western Digital Corp. | &nbsp;&nbsp; 114380 | 13732463 |
| Workday Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 75504 | 18176078 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18714 | 5561052 |
|  |  | 5091563108 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $3,690,893,044)** | **Total Common Stocks — 99.4%** <br>**(Cost: $3,690,893,044)** | 6247020942 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 261661 | 12418695 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $8,928,069)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $8,928,069)** | 12418695 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, Strike <br> Price CAD 11.50)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 5997 | $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $3,699,821,113)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $3,699,821,113)** | 6259439637 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.26%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 13038178 | 13044697 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 17680000 | 17680000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $30,725,133)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $30,725,133)** | 30724697 |
| **Total Investments — 100.1%** <br>**(Cost: $3,730,546,246)** | **Total Investments — 100.1%** <br>**(Cost: $3,730,546,246)** | 6290164334 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (5277407)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6284886927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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. 

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

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $25458582 | $— | &nbsp;&nbsp; $(12420698 )<sup>(a)</sup><br>| $7249 | $(436)<br>| $13044697 | 13038178 | $25168 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 2640000 | 15040000 <br><sup>(a)</sup><br>|  |  |  | 17680000 | 17680000 | 231694 |  |
|  |  |  |  | $7249 | $(436) | $30724697 |  | $256862 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Tech ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Technology Select Sector Index | 79 | 12/19/25 | &nbsp;&nbsp; $22650 | $374406 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $374406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $374406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3643146 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3643146 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $722809 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $722809 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $18155685 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $5179134854 | &nbsp;&nbsp; $1067886088 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6247020942 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 12418695 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12418695 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 30724697 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30724697 |
|  | &nbsp;&nbsp; $5209859551 | &nbsp;&nbsp; $1080304783 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6290164334 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Tech ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $374406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $374406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Global Utilities ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.1%** | **Australia — 1.1%** | **Australia — 1.1%** |
| APA Group | &nbsp;&nbsp; 142618 | $837259 |
| Origin Energy Ltd. | &nbsp;&nbsp; 187567 | 1547895 |
|  |  | 2385154 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Verbund AG | &nbsp;&nbsp; 9221 | 671593 |
| **Brazil — 1.0%** | **Brazil — 1.0%** | **Brazil — 1.0%** |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 99191 | 978818 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 50238 | 1247584 |
|  |  | 2226402 |
| **Canada — 3.5%** | **Canada — 3.5%** | **Canada — 3.5%** |
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp; 76281 | 409989 |
| Brookfield Infrastructure Partners LP<sup>(a)</sup> | &nbsp;&nbsp; 50325 | 1658335 |
| Emera Inc. | &nbsp;&nbsp; 32642 | 1566075 |
| Fortis Inc./Canada | &nbsp;&nbsp; 54945 | 2786928 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 34741 | 1239412 |
|  |  | 7660739 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Enel Americas SA | &nbsp;&nbsp; 2178776 | 219820 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 48200 | 287199 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| Orsted A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 6240 | 108542 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Fortum OYJ | &nbsp;&nbsp; 48658 | 923562 |
| **France — 3.0%** | **France — 3.0%** | **France — 3.0%** |
| Engie SA | &nbsp;&nbsp; 192144 | 4130429 |
| Veolia Environnement SA | &nbsp;&nbsp; 73325 | 2500529 |
|  |  | 6630958 |
| **Germany — 3.5%** | **Germany — 3.5%** | **Germany — 3.5%** |
| E.ON SE | &nbsp;&nbsp; 242546 | 4568469 |
| RWE AG | &nbsp;&nbsp; 73171 | 3254551 |
|  |  | 7823020 |
| **Italy — 5.0%** | **Italy — 5.0%** | **Italy — 5.0%** |
| Enel SpA | &nbsp;&nbsp; 845325 | 8010757 |
| Snam SpA | &nbsp;&nbsp; 224347 | 1347031 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 156951 | 1592815 |
|  |  | 10950603 |
| **Japan — 2.4%** | **Japan — 2.4%** | **Japan — 2.4%** |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 83200 | 1155482 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 112000 | 1602029 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 43500 | 1259919 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 34700 | 1233885 |
|  |  | 5251315 |
| **Portugal — 0.7%** | **Portugal — 0.7%** | **Portugal — 0.7%** |
| EDP SA | &nbsp;&nbsp; 335748 | 1593448 |
| **Spain — 6.9%** | **Spain — 6.9%** | **Spain — 6.9%** |
| Enagas SA | &nbsp;&nbsp; 26337 | 411558 |
| Endesa SA | &nbsp;&nbsp; 35581 | 1136668 |
| Iberdrola SA | &nbsp;&nbsp; 664638 | 12581158 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 16816 | 522632 |
| Redeia Corp. SA | &nbsp;&nbsp; 32460 | 626727 |
|  |  | 15278743 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom — 6.3%** | **United Kingdom — 6.3%** | **United Kingdom — 6.3%** |
| Centrica PLC | &nbsp;&nbsp; 524202 | $1177141 |
| National Grid PLC | &nbsp;&nbsp; 541942 | 7786980 |
| Severn Trent PLC | &nbsp;&nbsp; 29361 | 1023716 |
| SSE PLC | &nbsp;&nbsp; 120982 | 2837717 |
| United Utilities Group PLC | &nbsp;&nbsp; 75263 | 1162716 |
|  |  | 13988270 |
| **United States — 65.0%** | **United States — 65.0%** | **United States — 65.0%** |
| AES Corp. (The) | &nbsp;&nbsp; 77604 | 1021269 |
| Alliant Energy Corp. | &nbsp;&nbsp; 28032 | 1889637 |
| Ameren Corp. | &nbsp;&nbsp; 29496 | 3078792 |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 58323 | 6561337 |
| American Water Works Co. Inc. | &nbsp;&nbsp; 21277 | 2961546 |
| Atmos Energy Corp. | &nbsp;&nbsp; 17509 | 2989662 |
| CenterPoint Energy Inc. | &nbsp;&nbsp; 71198 | 2762482 |
| CMS Energy Corp. | &nbsp;&nbsp; 32651 | 2392012 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 39333 | 3953753 |
| Constellation Energy Corp. | &nbsp;&nbsp; 29954 | 9856963 |
| Dominion Energy Inc. | &nbsp;&nbsp; 93076 | 5693459 |
| DTE Energy Co. | &nbsp;&nbsp; 22641 | 3202117 |
| Duke Energy Corp. | &nbsp;&nbsp; 78997 | 9775879 |
| Edison International | &nbsp;&nbsp; 41970 | 2320102 |
| Entergy Corp. | &nbsp;&nbsp; 48683 | 4536769 |
| Evergy Inc. | &nbsp;&nbsp; 25113 | 1909090 |
| Eversource Energy | &nbsp;&nbsp; 40475 | 2879391 |
| Exelon Corp. | &nbsp;&nbsp; 110149 | 4957806 |
| FirstEnergy Corp. | &nbsp;&nbsp; 56680 | 2597078 |
| NextEra Energy Inc. | &nbsp;&nbsp; 221996 | 16758478 |
| NiSource Inc. | &nbsp;&nbsp; 51349 | 2223412 |
| NRG Energy Inc. | &nbsp;&nbsp; 21094 | 3416173 |
| PG&E Corp. | &nbsp;&nbsp; 239689 | 3614510 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp; 12975 | 1163338 |
| PPL Corp. | &nbsp;&nbsp; 80661 | 2997363 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 54428 | 4542561 |
| Sempra | &nbsp;&nbsp; 71158 | 6402797 |
| Southern Co. (The) | &nbsp;&nbsp; 118589 | 11238680 |
| Vistra Corp. | &nbsp;&nbsp; 34732 | 6804693 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 35108 | 4023026 |
| Xcel Energy Inc. | &nbsp;&nbsp; 64504 | 5202248 |
|  |  | 143726423 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $196,240,467)** | **Total Common Stocks — 99.3%** <br>**(Cost: $196,240,467)** | 219725791 |
| **Rights** | **Rights** | **Rights** |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| Orsted A/S, (Expires 10/18/25, Strike Price <br> DKK 66.60)<sup>(a)</sup><br>| &nbsp;&nbsp; 309375 | 308010 |
| **Total Rights — 0.2%** <br>**(Cost: $937,033)** | **Total Rights — 0.2%** <br>**(Cost: $937,033)** | 308010 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $197,177,500)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $197,177,500)** | 220033801 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 119096 | 119156 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Utilities ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1080000 | $1080000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $1,199,156)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $1,199,156)** | 1199156 |
| **Total Investments — 100.0%** <br>**(Cost: $198,376,656)** | **Total Investments — 100.0%** <br>**(Cost: $198,376,656)** | 221232957 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (22707)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $221210250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(f)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> $119156 <br><sup>(a)</sup><br>| $— | $— | $— | $119156 | 119096 | $244 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 960000<br> 120000 <br><sup>(a)</sup><br>|  |  |  | 1080000 | 1080000 | 19913 |  |
|  |  |  | $— | $— | $1199156 |  | $20157 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Utilities Select Sector Index | 7 | 12/19/25 | &nbsp;&nbsp; $621 | $16355 |
| Euro STOXX 50 Index | 1 | 12/19/25 | &nbsp;&nbsp; 65 | 1172 |
|  |  |  |  | $17527 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Global Utilities ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17527 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29860 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20371 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $788502 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $155668809 | &nbsp;&nbsp; $64056982 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219725791 |
| Rights | &nbsp;&nbsp; 308010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 308010 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1199156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1199156 |
|  | &nbsp;&nbsp; $157175975 | &nbsp;&nbsp; $64056982 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $221232957 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $17527 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Global <br> Comm <br> Services ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Consumer <br> Discretionary <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Consumer <br> Staples ETF <br>| &nbsp;&nbsp; iShares <br>Global Energy ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $691119023 | $279464326 | $854035251 | $1821774991 |
| Investments, at value—affiliated<sup>(c)</sup> | 920000 | 1136540 | 1450000 | 10517088 |
| Cash |  | 8002 | 9100 | 52169 |
| Cash pledged for futures contracts | 73000 | 35000 | 155000 | 574000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 26023 | 28941 | 52429 | 71279 |
| Foreign currency, at value<sup>(e)</sup> | 311830 | 233649 | 675539 | 1552338 |
| Receivables: |  |  |  |  |
| Securities lending income—affiliated | 360 | 106 |  | 13502 |
| Capital shares sold |  |  |  | 126836 |
| Dividends—unaffiliated | 526224 | 746934 | 1253314 | 2765671 |
| Dividends—affiliated | 4001 | 1096 | 4211 | 9423 |
| Tax reclaims | 24707 | 55268 | 1063165 | 425603 |
| Variation margin on futures contracts |  |  | 18964 |  |
| Total assets | 693005168 | 281709862 | 858716973 | 1837882900 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | 1741 |  |  |  |
| Collateral on securities loaned, at value |  | 816359 |  | 6717965 |
| Payables: |  |  |  |  |
| Investments purchased |  | 369913 |  | 126836 |
| Investment advisory fees | 206747 | 85001 | 265075 | 569152 |
| IRS compliance fee for foreign withholding tax claims | 217115 |  |  |  |
| Professional fees | 19713 |  | 21812 | 5537 |
| Variation margin on futures contracts | 4254 | 1874 |  | 61165 |
| Total liabilities | 449570 | 1273147 | 286887 | 7480655 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $692555598 | $280436715 | $858430086 | $1830402245 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $678296395 | $305824390 | $937351922 | $2126984054 |
| Accumulated earnings (loss) | 14259203 | (25387675) | (78921836) | (296581809) |
| NET ASSETS | $692555598 | $280436715 | $858430086 | $1830402245 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 5600000 | 1350000 | 13350000 | 43800000 |
| Net asset value | $123.67 | $207.73 | $64.30 | $41.79 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $560012562 | $257933982 | $879593811 | $1857947037 |
| <sup>(b)</sup> Securities loaned, at value | $— | $759873 | $— | $6592287 |
| <sup>(c)</sup> Investments, at cost—affiliated | $920000 | $1136540 | $1450000 | $10517434 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $26003 | $28942 | $53818 | $72602 |
| <sup>(e)</sup> Foreign currency, at cost | $310952 | $233764 | $674458 | $1546887 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Global <br> Financials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global Healthcare <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global Industrials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Materials <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $596055295 | $3855104356 | $1042968880 | $230432560 |
| Investments, at value—affiliated<sup>(c)</sup> | 7685702 | 14389463 | 3986099 | 360000 |
| Cash | 10298 | 204970 | 14908 | 32368 |
| Cash pledged for futures contracts | 103000 | 812000 | 138000 | 4000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 46493 |  | 97851 | 35171 |
| Foreign currency, at value<sup>(e)</sup> | 787315 | 1889223 | 1141432 | 378488 |
| Receivables: |  |  |  |  |
| Investments sold |  |  |  | 296 |
| Securities lending income—affiliated | 69 | 2041 | 728 | 308 |
| Capital shares sold | 908577 |  |  |  |
| Dividends—unaffiliated | 741431 | 4437126 | 1527947 | 303013 |
| Dividends—affiliated | 1872 | 20304 | 7764 | 1089 |
| Tax reclaims | 643830 | 4923040 | 347548 | 157232 |
| Variation margin on futures contracts |  | 347857 | 23362 | 6424 |
| Other assets | 8981 |  |  |  |
| Total assets | 606992863 | 3882130380 | 1050254519 | 231710949 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value |  | 10373549 | 2105984 |  |
| Payables: |  |  |  |  |
| Investments purchased | 562314 |  |  | 351983 |
| Capital shares redeemed | 10 |  | 12 |  |
| Investment advisory fees | 180109 | 1179019 | 315922 | 70088 |
| IRS compliance fee for foreign withholding tax claims | 1361 |  | 42864 |  |
| Professional fees | 3676 | 19372 | 5652 | 1159 |
| Variation margin on futures contracts | 4426 |  |  |  |
| Total liabilities | 751896 | 11571940 | 2470434 | 423230 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $606240967 | $3870558440 | $1047784085 | $231287719 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $620052064 | $3660246594 | $833557261 | $349130875 |
| Accumulated earnings (loss) | (13811097) | 210311846 | 214226824 | (117843156) |
| NET ASSETS | $606240967 | $3870558440 | $1047784085 | $231287719 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 5200000 | 43600000 | 6050000 | 2500000 |
| Net asset value | $116.58 | $88.77 | $173.19 | $92.52 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $461969139 | $3421450554 | $845716717 | $241533012 |
| <sup>(b)</sup> Securities loaned, at value | $— | $10251052 | $2062030 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $6294542 | $14388693 | $3986099 | $360000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $46752 | $— | $97888 | $38303 |
| <sup>(e)</sup> Foreign currency, at cost | $785250 | $1880142 | $1137290 | $374999 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited)(continued)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Global Tech ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Utilities ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $6259439637 | $220033801 |
| Investments, at value—affiliated<sup>(c)</sup> | 30724697 | 1199156 |
| Cash | 110292 | 5518 |
| Cash pledged for futures contracts | 1560000 | 44000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 4696 |
| Foreign currency, at value<sup>(e)</sup> | 4690216 | 636213 |
| Receivables: |  |  |
| Securities lending income—affiliated | 5844 | 244 |
| Capital shares sold | 1238290 |  |
| Dividends—unaffiliated | 3010083 | 203148 |
| Dividends—affiliated | 38275 | 3428 |
| Tax reclaims | 64281 | 29249 |
| Variation margin on futures contracts | 143744 | 1330 |
| Total assets | 6301025359 | 222160783 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 13047681 | 119156 |
| Payables: |  |  |
| Investments purchased | 1236990 |  |
| Investment advisory fees | 1848869 | 65977 |
| IRS compliance fee for foreign withholding tax claims |  | 765400 |
| Professional fees | 4892 |  |
| Total liabilities | 16138432 | 950533 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $6284886927 | $221210250 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $3637794411 | $249392623 |
| Accumulated earnings (loss) | 2647092516 | (28182373) |
| NET ASSETS | $6284886927 | $221210250 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 60950000 | 2850000 |
| Net asset value | $103.12 | $77.62 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3699821113 | $197177500 |
| <sup>(b)</sup> Securities loaned, at value | $12712197 | $107446 |
| <sup>(c)</sup> Investments, at cost—affiliated | $30725133 | $1199156 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $4680 |
| <sup>(e)</sup> Foreign currency, at cost | $4694031 | $638164 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global <br> Comm <br> Services ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Consumer <br> Discretionary <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Consumer <br> Staples ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Energy ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $3960679 | &nbsp;&nbsp;&nbsp; $2411867 | &nbsp;&nbsp;&nbsp; $12717445 | &nbsp;&nbsp;&nbsp; $37844303 |
| Dividends—affiliated | &nbsp;&nbsp; 16652 | &nbsp;&nbsp;&nbsp; 6615 | &nbsp;&nbsp;&nbsp; 35855 | &nbsp;&nbsp;&nbsp; 54284 |
| Interest—unaffiliated | &nbsp;&nbsp; 3060 | &nbsp;&nbsp;&nbsp; 922 | &nbsp;&nbsp;&nbsp; 5200 | &nbsp;&nbsp;&nbsp; 23243 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 110063 | &nbsp;&nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp; 1207 | &nbsp;&nbsp;&nbsp; 92071 |
| Other income—unaffiliated | &nbsp;&nbsp; 36688 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (128766)<br>| &nbsp;&nbsp;&nbsp; (138988)<br>| &nbsp;&nbsp;&nbsp; (571360)<br>| &nbsp;&nbsp;&nbsp; (1641585)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 153651 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 244863 | &nbsp;&nbsp;&nbsp; 39960 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; (161234)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57819 |
| Total investment income | &nbsp;&nbsp; 3990793 | &nbsp;&nbsp;&nbsp; 2280979 | &nbsp;&nbsp;&nbsp; 12433210 | &nbsp;&nbsp;&nbsp; 36470095 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 940963 | &nbsp;&nbsp;&nbsp; 491663 | &nbsp;&nbsp;&nbsp; 1617055 | &nbsp;&nbsp;&nbsp; 3323662 |
| Professional | &nbsp;&nbsp; 19463 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5409 |
| Commitment costs | &nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 1357 |
| Total expenses | &nbsp;&nbsp; 960520 | &nbsp;&nbsp;&nbsp; 491767 | &nbsp;&nbsp;&nbsp; 1617123 | &nbsp;&nbsp;&nbsp; 3330428 |
| Net investment income | &nbsp;&nbsp; 3030273 | &nbsp;&nbsp;&nbsp; 1789212 | &nbsp;&nbsp;&nbsp; 10816087 | &nbsp;&nbsp;&nbsp; 33139667 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 2006489 | &nbsp;&nbsp;&nbsp; 1232463 | &nbsp;&nbsp;&nbsp; (13367758)<br>| &nbsp;&nbsp;&nbsp; (5004977)<br>|
| Investments—affiliated | &nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 2310 | &nbsp;&nbsp;&nbsp; (8009)<br>| &nbsp;&nbsp;&nbsp; (532)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 14009 | &nbsp;&nbsp;&nbsp; 18962 | &nbsp;&nbsp;&nbsp; 57144 | &nbsp;&nbsp;&nbsp; 186847 |
| Futures contracts | &nbsp;&nbsp; 262508 | &nbsp;&nbsp;&nbsp; 85428 | &nbsp;&nbsp;&nbsp; 47043 | &nbsp;&nbsp;&nbsp; 486569 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 5760017 | &nbsp;&nbsp;&nbsp; 3938465 | &nbsp;&nbsp;&nbsp; 20654217 | &nbsp;&nbsp;&nbsp; 8076427 |
| Litigation proceeds<sup>(b)</sup> | &nbsp;&nbsp; 1281641 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 9325374 | &nbsp;&nbsp;&nbsp; 5277628 | &nbsp;&nbsp;&nbsp; 7382637 | &nbsp;&nbsp;&nbsp; 3744334 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 107114103 | &nbsp;&nbsp;&nbsp; 33974113 | &nbsp;&nbsp;&nbsp; (5402666)<br>| &nbsp;&nbsp;&nbsp; (14504680)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (346)<br>|
| Foreign currency translations | &nbsp;&nbsp; 4552 | &nbsp;&nbsp;&nbsp; 6164 | &nbsp;&nbsp;&nbsp; 87316 | &nbsp;&nbsp;&nbsp; 45567 |
| Futures contracts | &nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp; 16717 | &nbsp;&nbsp;&nbsp; (111841)<br>| &nbsp;&nbsp;&nbsp; (76827)<br>|
|  | &nbsp;&nbsp; 107119066 | &nbsp;&nbsp;&nbsp; 33996994 | &nbsp;&nbsp;&nbsp; (5427191)<br>| &nbsp;&nbsp;&nbsp; (14536286)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 116444440 | &nbsp;&nbsp;&nbsp; 39274622 | &nbsp;&nbsp;&nbsp; 1955446 | &nbsp;&nbsp;&nbsp; (10791952)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $119474713 | &nbsp;&nbsp;&nbsp; $41063834 | &nbsp;&nbsp;&nbsp; $12771533 | &nbsp;&nbsp;&nbsp; $22347715 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(b)</sup> Represents proceeds received from settlement of class action litigation where the Fund was able to recover a portion of investment losses previously realized. | <sup>(b)</sup> Represents proceeds received from settlement of class action litigation where the Fund was able to recover a portion of investment losses previously realized. | <sup>(b)</sup> Represents proceeds received from settlement of class action litigation where the Fund was able to recover a portion of investment losses previously realized. | <sup>(b)</sup> Represents proceeds received from settlement of class action litigation where the Fund was able to recover a portion of investment losses previously realized. | <sup>(b)</sup> Represents proceeds received from settlement of class action litigation where the Fund was able to recover a portion of investment losses previously realized. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (unaudited)(continued)

Six Months Ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global <br> Financials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Healthcare <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Industrials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Materials <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $8223163 | &nbsp;&nbsp;&nbsp; $36475204 | &nbsp;&nbsp;&nbsp; $10389702 | &nbsp;&nbsp;&nbsp; $3132428 |
| Dividends—affiliated | &nbsp;&nbsp; 80025 | &nbsp;&nbsp;&nbsp; 115740 | &nbsp;&nbsp;&nbsp; 49540 | &nbsp;&nbsp;&nbsp; 5946 |
| Interest—unaffiliated | &nbsp;&nbsp; 6035 | &nbsp;&nbsp;&nbsp; 23520 | &nbsp;&nbsp;&nbsp; 5714 | &nbsp;&nbsp;&nbsp; 1286 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 38556 | &nbsp;&nbsp;&nbsp; 8421 | &nbsp;&nbsp;&nbsp; 2778 |
| Other income—unaffiliated | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (594965)<br>| &nbsp;&nbsp;&nbsp; (1370194)<br>| &nbsp;&nbsp;&nbsp; (516071)<br>| &nbsp;&nbsp;&nbsp; (143667)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 2404 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; 48275 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1276)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 7765129 | &nbsp;&nbsp;&nbsp; 35282826 | &nbsp;&nbsp;&nbsp; 9937225 | &nbsp;&nbsp;&nbsp; 2998771 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1004574 | &nbsp;&nbsp;&nbsp; 7214208 | &nbsp;&nbsp;&nbsp; 1872895 | &nbsp;&nbsp;&nbsp; 425591 |
| Professional | &nbsp;&nbsp; 30718 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; — |
| Commitment costs | &nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 139 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1035727 | &nbsp;&nbsp;&nbsp; 7214359 | &nbsp;&nbsp;&nbsp; 1873096 | &nbsp;&nbsp;&nbsp; 425730 |
| Net investment income | &nbsp;&nbsp; 6729402 | &nbsp;&nbsp;&nbsp; 28068467 | &nbsp;&nbsp;&nbsp; 8064129 | &nbsp;&nbsp;&nbsp; 2573041 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (645853)<br>| &nbsp;&nbsp;&nbsp; (17510199)<br>| &nbsp;&nbsp;&nbsp; (2577162)<br>| &nbsp;&nbsp;&nbsp; (531192)<br>|
| Investments—affiliated | &nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp; 1708 | &nbsp;&nbsp;&nbsp; 2881 | &nbsp;&nbsp;&nbsp; 112 |
| Foreign currency transactions | &nbsp;&nbsp; 75624 | &nbsp;&nbsp;&nbsp; 315495 | &nbsp;&nbsp;&nbsp; 116271 | &nbsp;&nbsp;&nbsp; 25058 |
| Futures contracts | &nbsp;&nbsp; 229087 | &nbsp;&nbsp;&nbsp; (1067918)<br>| &nbsp;&nbsp;&nbsp; 587851 | &nbsp;&nbsp;&nbsp; 110056 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44343620 | &nbsp;&nbsp;&nbsp; 64022843 | &nbsp;&nbsp;&nbsp; 2761115 |
|  | &nbsp;&nbsp; (339732)<br>| &nbsp;&nbsp;&nbsp; 26082706 | &nbsp;&nbsp;&nbsp; 62152684 | &nbsp;&nbsp;&nbsp; 2365149 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 63977898 | &nbsp;&nbsp;&nbsp; (121453361)<br>| &nbsp;&nbsp;&nbsp; 114333861 | &nbsp;&nbsp;&nbsp; 24919990 |
| Investments—affiliated | &nbsp;&nbsp; 1293121 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28 |
| Foreign currency translations | &nbsp;&nbsp; 54607 | &nbsp;&nbsp;&nbsp; 450508 | &nbsp;&nbsp;&nbsp; 39234 | &nbsp;&nbsp;&nbsp; 17817 |
| Futures contracts | &nbsp;&nbsp; (13014)<br>| &nbsp;&nbsp;&nbsp; (28550)<br>| &nbsp;&nbsp;&nbsp; 79370 | &nbsp;&nbsp;&nbsp; 28438 |
|  | &nbsp;&nbsp; 65312612 | &nbsp;&nbsp;&nbsp; (121031410)<br>| &nbsp;&nbsp;&nbsp; 114452465 | &nbsp;&nbsp;&nbsp; 24966273 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 64972880 | &nbsp;&nbsp;&nbsp; (94948704)<br>| &nbsp;&nbsp;&nbsp; 176605149 | &nbsp;&nbsp;&nbsp; 27331422 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $71702282 | &nbsp;&nbsp;&nbsp; $(66880237)<br>| &nbsp;&nbsp;&nbsp; $184669278 | &nbsp;&nbsp;&nbsp; $29904463 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)(continued)

Six Months Ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Global Tech ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Utilities ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $22762201 | &nbsp;&nbsp;&nbsp; $3596297 |
| Dividends—affiliated | &nbsp;&nbsp; 231694 | &nbsp;&nbsp;&nbsp; 19913 |
| Interest—unaffiliated | &nbsp;&nbsp; 39315 | &nbsp;&nbsp;&nbsp; 1517 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 25168 | &nbsp;&nbsp;&nbsp; 244 |
| Non-cash dividends—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 271282 |
| Foreign taxes withheld | &nbsp;&nbsp; (1529766)<br>| &nbsp;&nbsp;&nbsp; (138970)<br>|
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22299)<br>|
| Total investment income | &nbsp;&nbsp; 21528612 | &nbsp;&nbsp;&nbsp; 3727984 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 10057453 | &nbsp;&nbsp;&nbsp; 361308 |
| Commitment costs | &nbsp;&nbsp; 9262 | &nbsp;&nbsp;&nbsp; 36 |
| Interest expense | &nbsp;&nbsp; 1401 | &nbsp;&nbsp;&nbsp; — |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26660 |
| Total expenses | &nbsp;&nbsp; 10068116 | &nbsp;&nbsp;&nbsp; 388004 |
| Net investment income | &nbsp;&nbsp; 11460496 | &nbsp;&nbsp;&nbsp; 3339980 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (47925514)<br>| &nbsp;&nbsp;&nbsp; (1248001)<br>|
| Investments—affiliated | &nbsp;&nbsp; 7249 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 164924 | &nbsp;&nbsp;&nbsp; 9697 |
| Futures contracts | &nbsp;&nbsp; 3643146 | &nbsp;&nbsp;&nbsp; 29860 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 84375039 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 40264844 | &nbsp;&nbsp;&nbsp; (1208444)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 1567745991 | &nbsp;&nbsp;&nbsp; 22980199 |
| Investments—affiliated | &nbsp;&nbsp; (436)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 5280 | &nbsp;&nbsp;&nbsp; 1266 |
| Futures contracts | &nbsp;&nbsp; 722809 | &nbsp;&nbsp;&nbsp; 20371 |
|  | &nbsp;&nbsp; 1568473644 | &nbsp;&nbsp;&nbsp; 23001836 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1608738488 | &nbsp;&nbsp;&nbsp; 21793392 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1620198984 | &nbsp;&nbsp;&nbsp; $25133372 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Comm Services ETF  | iShares <br>Global Comm Services ETF  | iShares <br>Global Consumer Discretionary ETF  | iShares <br>Global Consumer Discretionary ETF  |
|  | Six Months <br> Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3030273 | &nbsp;&nbsp;&nbsp; $4475045 | &nbsp;&nbsp;&nbsp; $1789212 | &nbsp;&nbsp;&nbsp; $3244995 |
| Net realized gain | &nbsp;&nbsp; 9325374 | &nbsp;&nbsp;&nbsp; 48421143 | &nbsp;&nbsp;&nbsp; 5277628 | &nbsp;&nbsp;&nbsp; 15663539 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 107119066 | &nbsp;&nbsp;&nbsp; (232507)<br>| &nbsp;&nbsp;&nbsp; 33996994 | &nbsp;&nbsp;&nbsp; (1354908)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 119474713 | &nbsp;&nbsp;&nbsp; 52663681 | &nbsp;&nbsp;&nbsp; 41063834 | &nbsp;&nbsp;&nbsp; 17553626 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2190918 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (5317151)<br>| &nbsp;&nbsp;&nbsp; (1960918 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3022955)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 230935823 | &nbsp;&nbsp;&nbsp; 23311934 | &nbsp;&nbsp;&nbsp; (16527211)<br>| &nbsp;&nbsp;&nbsp; (25239731)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 348219618 | &nbsp;&nbsp;&nbsp; 70658464 | &nbsp;&nbsp;&nbsp; 22575705 | &nbsp;&nbsp;&nbsp; (10709060)<br>|
| Beginning of period | &nbsp;&nbsp; 344335980 | &nbsp;&nbsp;&nbsp; 273677516 | &nbsp;&nbsp;&nbsp; 257861010 | &nbsp;&nbsp;&nbsp; 268570070 |
| End of period | &nbsp;&nbsp; $692555598 | &nbsp;&nbsp;&nbsp; $344335980 | &nbsp;&nbsp;&nbsp; $280436715 | &nbsp;&nbsp;&nbsp; $257861010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Consumer Staples ETF  | iShares <br>Global Consumer Staples ETF  | iShares <br>Global Energy ETF  | iShares <br>Global Energy ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $10816087 | &nbsp;&nbsp;&nbsp; $18208680 | &nbsp;&nbsp;&nbsp; $33139667 | &nbsp;&nbsp;&nbsp; $90022103 |
| Net realized gain | &nbsp;&nbsp; 7382637 | &nbsp;&nbsp;&nbsp; 18809673 | &nbsp;&nbsp;&nbsp; 3744334 | &nbsp;&nbsp;&nbsp; 263146735 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (5427191)<br>| &nbsp;&nbsp;&nbsp; 17959610 | &nbsp;&nbsp;&nbsp; (14536286)<br>| &nbsp;&nbsp;&nbsp; (367499137)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 12771533 | &nbsp;&nbsp;&nbsp; 54977963 | &nbsp;&nbsp;&nbsp; 22347715 | &nbsp;&nbsp;&nbsp; (14330299)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (9026435 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (18965318)<br>| &nbsp;&nbsp;&nbsp; (30404713 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (100951338)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 131745796 | &nbsp;&nbsp;&nbsp; (182819811)<br>| &nbsp;&nbsp;&nbsp; 22578270 | &nbsp;&nbsp;&nbsp; (1429072695)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 135490894 | &nbsp;&nbsp;&nbsp; (146807166)<br>| &nbsp;&nbsp;&nbsp; 14521272 | &nbsp;&nbsp;&nbsp; (1544354332)<br>|
| Beginning of period | &nbsp;&nbsp; 722939192 | &nbsp;&nbsp;&nbsp; 869746358 | &nbsp;&nbsp;&nbsp; 1815880973 | &nbsp;&nbsp;&nbsp; 3360235305 |
| End of period | &nbsp;&nbsp; $858430086 | &nbsp;&nbsp;&nbsp; $722939192 | &nbsp;&nbsp;&nbsp; $1830402245 | &nbsp;&nbsp;&nbsp; $1815880973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Financials ETF  | iShares <br>Global Financials ETF  | iShares <br>Global Healthcare ETF  | iShares <br>Global Healthcare ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $6729402 | &nbsp;&nbsp;&nbsp; $10482563 | &nbsp;&nbsp;&nbsp; $28068467 | &nbsp;&nbsp;&nbsp; $56262617 |
| Net realized gain (loss) | &nbsp;&nbsp; (339732)<br>| &nbsp;&nbsp;&nbsp; 34466584 | &nbsp;&nbsp;&nbsp; 26082706 | &nbsp;&nbsp;&nbsp; 1943388 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 65312612 | &nbsp;&nbsp;&nbsp; 37561137 | &nbsp;&nbsp;&nbsp; (121031410)<br>| &nbsp;&nbsp;&nbsp; (102782617)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 71702282 | &nbsp;&nbsp;&nbsp; 82510284 | &nbsp;&nbsp;&nbsp; (66880237)<br>| &nbsp;&nbsp;&nbsp; (44576612)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (6570379 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (11402303)<br>| &nbsp;&nbsp;&nbsp; (33181713 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (55137549)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 72337339 | &nbsp;&nbsp;&nbsp; (5248310)<br>| &nbsp;&nbsp;&nbsp; 22701062 | &nbsp;&nbsp;&nbsp; (62726703)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 137469242 | &nbsp;&nbsp;&nbsp; 65859671 | &nbsp;&nbsp;&nbsp; (77360888)<br>| &nbsp;&nbsp;&nbsp; (162440864)<br>|
| Beginning of period | &nbsp;&nbsp; 468771725 | &nbsp;&nbsp;&nbsp; 402912054 | &nbsp;&nbsp;&nbsp; 3947919328 | &nbsp;&nbsp;&nbsp; 4110360192 |
| End of period | &nbsp;&nbsp; $606240967 | &nbsp;&nbsp;&nbsp; $468771725 | &nbsp;&nbsp;&nbsp; $3870558440 | &nbsp;&nbsp;&nbsp; $3947919328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Industrials ETF  | iShares <br>Global Industrials ETF  | iShares <br>Global Materials ETF  | iShares <br>Global Materials ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $8064129 | &nbsp;&nbsp;&nbsp; $9981867 | &nbsp;&nbsp;&nbsp; $2573041 | &nbsp;&nbsp;&nbsp; $5028501 |
| Net realized gain (loss) | &nbsp;&nbsp; 62152684 | &nbsp;&nbsp;&nbsp; 5917031 | &nbsp;&nbsp;&nbsp; 2365149 | &nbsp;&nbsp;&nbsp; (6071836)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 114452465 | &nbsp;&nbsp;&nbsp; 24059442 | &nbsp;&nbsp;&nbsp; 24966273 | &nbsp;&nbsp;&nbsp; (13168128)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 184669278 | &nbsp;&nbsp;&nbsp; 39958340 | &nbsp;&nbsp;&nbsp; 29904463 | &nbsp;&nbsp;&nbsp; (14211463)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (7553745 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (10572641)<br>| &nbsp;&nbsp;&nbsp; (3243856 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6897407)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (73426394)<br>| &nbsp;&nbsp;&nbsp; 343133251 | &nbsp;&nbsp;&nbsp; (24441654)<br>| &nbsp;&nbsp;&nbsp; (9405811)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 103689139 | &nbsp;&nbsp;&nbsp; 372518950 | &nbsp;&nbsp;&nbsp; 2218953 | &nbsp;&nbsp;&nbsp; (30514681)<br>|
| Beginning of period | &nbsp;&nbsp; 944094946 | &nbsp;&nbsp;&nbsp; 571575996 | &nbsp;&nbsp;&nbsp; 229068766 | &nbsp;&nbsp;&nbsp; 259583447 |
| End of period | &nbsp;&nbsp; $1047784085 | &nbsp;&nbsp;&nbsp; $944094946 | &nbsp;&nbsp;&nbsp; $231287719 | &nbsp;&nbsp;&nbsp; $229068766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Tech ETF  | iShares <br>Global Tech ETF  | iShares <br>Global Utilities ETF  | iShares <br>Global Utilities ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $11460496 | &nbsp;&nbsp;&nbsp; $21131916 | &nbsp;&nbsp;&nbsp; $3339980 | &nbsp;&nbsp;&nbsp; $4557633 |
| Net realized gain (loss) | &nbsp;&nbsp; 40264844 | &nbsp;&nbsp;&nbsp; 615853351 | &nbsp;&nbsp;&nbsp; (1208444)<br>| &nbsp;&nbsp;&nbsp; 701836 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1568473644 | &nbsp;&nbsp;&nbsp; (553829811)<br>| &nbsp;&nbsp;&nbsp; 23001836 | &nbsp;&nbsp;&nbsp; 19473957 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1620198984 | &nbsp;&nbsp;&nbsp; 83155456 | &nbsp;&nbsp;&nbsp; 25133372 | &nbsp;&nbsp;&nbsp; 24733426 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (9851813 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (22084963)<br>| &nbsp;&nbsp;&nbsp; (2788971 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4406525)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 180477106 | &nbsp;&nbsp;&nbsp; (172992721)<br>| &nbsp;&nbsp;&nbsp; 36719115 | &nbsp;&nbsp;&nbsp; 17786384 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1790824277 | &nbsp;&nbsp;&nbsp; (111922228)<br>| &nbsp;&nbsp;&nbsp; 59063516 | &nbsp;&nbsp;&nbsp; 38113285 |
| Beginning of period | &nbsp;&nbsp; 4494062650 | &nbsp;&nbsp;&nbsp; 4605984878 | &nbsp;&nbsp;&nbsp; 162146734 | &nbsp;&nbsp;&nbsp; 124033449 |
| End of period | &nbsp;&nbsp; $6284886927 | &nbsp;&nbsp;&nbsp; $4494062650 | &nbsp;&nbsp;&nbsp; $221210250 | &nbsp;&nbsp;&nbsp; $162146734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Comm Services ETF  | iShares Global Comm Services ETF  | iShares Global Comm Services ETF  | iShares Global Comm Services ETF  | iShares Global Comm Services ETF  | iShares Global Comm Services ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $97.00 | &nbsp;&nbsp;&nbsp; $84.21 | &nbsp;&nbsp;&nbsp; $64.14 | &nbsp;&nbsp;&nbsp; $73.93 | &nbsp;&nbsp;&nbsp; $80.09 | &nbsp;&nbsp;&nbsp; $51.81 |
| Net investment income<sup>(a)</sup> | 0.68 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 26.49 | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;20.17 | &nbsp;&nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp;&nbsp; (5.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.33 |
| Net increase (decrease) from investment operations | 27.17 | &nbsp;&nbsp;&nbsp;&nbsp;14.09 | &nbsp;&nbsp;&nbsp;&nbsp;21.00 | &nbsp;&nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.99 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.50 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $123.67 | &nbsp;&nbsp;&nbsp; $97.00 | &nbsp;&nbsp;&nbsp; $84.21 | &nbsp;&nbsp;&nbsp; $64.14 | &nbsp;&nbsp;&nbsp; $73.93 | &nbsp;&nbsp;&nbsp; $80.09 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 28.09 %<sup>(b)(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.76 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (12.16 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6.03 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.20<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.38 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.23 %<sup>(b)(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $692556 | &nbsp;&nbsp;&nbsp; $344336 | &nbsp;&nbsp;&nbsp; $273678 | &nbsp;&nbsp;&nbsp; $256540 | &nbsp;&nbsp;&nbsp; $240270 | &nbsp;&nbsp;&nbsp; $320380 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.03, $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.03, $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.03, $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.03, $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.03, $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.03, $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.03, $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.01%, 0.06% and 0.12%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 27.86%. | <sup>(g)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 27.86%. | <sup>(g)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 27.86%. | <sup>(g)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 27.86%. | <sup>(g)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 27.86%. | <sup>(g)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 27.86%. | <sup>(g)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 27.86%. |
| <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Consumer Discretionary ETF  | iShares Global Consumer Discretionary ETF  | iShares Global Consumer Discretionary ETF  | iShares Global Consumer Discretionary ETF  | iShares Global Consumer Discretionary ETF  | iShares Global Consumer Discretionary ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $177.84 | &nbsp;&nbsp;&nbsp; $167.86 | &nbsp;&nbsp;&nbsp; $145.20 | &nbsp;&nbsp;&nbsp; $156.03 | &nbsp;&nbsp;&nbsp; $162.55 | &nbsp;&nbsp;&nbsp; $95.12 |
| Net investment income<sup>(a)</sup> | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp; 2.19 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 30.02 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;22.62 | &nbsp;&nbsp;&nbsp; (11.15)<br>| &nbsp;&nbsp;&nbsp; (5.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;67.38 |
| Net increase (decrease) from investment operations | 31.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;&nbsp;24.25 | &nbsp;&nbsp;&nbsp; (9.57)<br>| &nbsp;&nbsp;&nbsp; (4.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;68.44 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.45 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $207.73 | &nbsp;&nbsp;&nbsp; $177.84 | &nbsp;&nbsp;&nbsp; $167.86 | &nbsp;&nbsp;&nbsp; $145.20 | &nbsp;&nbsp;&nbsp; $156.03 | &nbsp;&nbsp;&nbsp; $162.55 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 17.72 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.82 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6.12 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3.13 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.21<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.39 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $280437 | &nbsp;&nbsp;&nbsp; $257861 | &nbsp;&nbsp;&nbsp; $268570 | &nbsp;&nbsp;&nbsp; $304917 | &nbsp;&nbsp;&nbsp; $358865 | &nbsp;&nbsp;&nbsp; $430745 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Consumer Staples ETF  | iShares Global Consumer Staples ETF  | iShares Global Consumer Staples ETF  | iShares Global Consumer Staples ETF  | iShares Global Consumer Staples ETF  | iShares Global Consumer Staples ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $63.98 | &nbsp;&nbsp;&nbsp; $61.03 | &nbsp;&nbsp;&nbsp; $61.84 | &nbsp;&nbsp;&nbsp; $62.11 | &nbsp;&nbsp;&nbsp; $58.11 | &nbsp;&nbsp;&nbsp; $47.96 |
| Net investment income<sup>(a)</sup> | 0.84 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 |
| Net increase from investment operations | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;&nbsp;11.51 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.70 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $64.30 | &nbsp;&nbsp;&nbsp; $63.98 | &nbsp;&nbsp;&nbsp; $61.03 | &nbsp;&nbsp;&nbsp; $61.84 | &nbsp;&nbsp;&nbsp; $62.11 | &nbsp;&nbsp;&nbsp; $58.11 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.58 %<sup>(b)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.41 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.21<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.56 %<sup>(b)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $858430 | &nbsp;&nbsp;&nbsp; $722939 | &nbsp;&nbsp;&nbsp; $869746 | &nbsp;&nbsp;&nbsp; $1536679 | &nbsp;&nbsp;&nbsp; $1021775 | &nbsp;&nbsp;&nbsp; $525907 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025 and March 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03 and $0.00.<br> • Total return by 0.03%, 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025 and March 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03 and $0.00.<br> • Total return by 0.03%, 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025 and March 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03 and $0.00.<br> • Total return by 0.03%, 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025 and March 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03 and $0.00.<br> • Total return by 0.03%, 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025 and March 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03 and $0.00.<br> • Total return by 0.03%, 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025 and March 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03 and $0.00.<br> • Total return by 0.03%, 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended <br> September 30, 2025 and years ended March 31, 2025 and March 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03 and $0.00.<br> • Total return by 0.03%, 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.05% and 0.01%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Energy ETF  | iShares Global Energy ETF  | iShares Global Energy ETF  | iShares Global Energy ETF  | iShares Global Energy ETF  | iShares Global Energy ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $42.03 | &nbsp;&nbsp;&nbsp; $42.91 | &nbsp;&nbsp;&nbsp; $37.71 | &nbsp;&nbsp;&nbsp; $36.12 | &nbsp;&nbsp;&nbsp; $24.63 | &nbsp;&nbsp;&nbsp; $17.06 |
| Net investment income<sup>(a)</sup> | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 1.59 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp; 1.89 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.62 |
| Net increase from investment operations | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.70 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $41.79 | &nbsp;&nbsp;&nbsp; $42.03 | &nbsp;&nbsp;&nbsp; $42.91 | &nbsp;&nbsp;&nbsp; $37.71 | &nbsp;&nbsp;&nbsp; $36.12 | &nbsp;&nbsp;&nbsp; $24.63 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.14 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.36<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.81 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.03 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.65<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1830402 | &nbsp;&nbsp;&nbsp; $1815881 | &nbsp;&nbsp;&nbsp; $3360235 | &nbsp;&nbsp;&nbsp; $1798776 | &nbsp;&nbsp;&nbsp; $2280843 | &nbsp;&nbsp;&nbsp; $1308021 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Financials ETF  | iShares Global Financials ETF  | iShares Global Financials ETF  | iShares Global Financials ETF  | iShares Global Financials ETF  | iShares Global Financials ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $103.03 | &nbsp;&nbsp;&nbsp; $86.65 | &nbsp;&nbsp;&nbsp; $69.17 | &nbsp;&nbsp;&nbsp; $79.60 | &nbsp;&nbsp;&nbsp; $73.29 | &nbsp;&nbsp;&nbsp; $47.23 |
| Net investment income<sup>(a)</sup> | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp; 2.33 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 13.55 | &nbsp;&nbsp;&nbsp;&nbsp;16.58 | &nbsp;&nbsp;&nbsp;&nbsp;17.61 | &nbsp;&nbsp;&nbsp; (10.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;26.09 |
| Net increase (decrease) from investment operations | 14.95 | &nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp; (7.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;&nbsp;27.45 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.40 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $116.58 | &nbsp;&nbsp;&nbsp; $103.03 | &nbsp;&nbsp;&nbsp; $86.65 | &nbsp;&nbsp;&nbsp; $69.17 | &nbsp;&nbsp;&nbsp; $79.60 | &nbsp;&nbsp;&nbsp; $73.29 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 14.63 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.29 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.85 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (9.86 )%<sup>(b)(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.99<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.39 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Net investment income | 2.56 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $606241 | &nbsp;&nbsp;&nbsp; $468772 | &nbsp;&nbsp;&nbsp; $402912 | &nbsp;&nbsp;&nbsp; $425375 | &nbsp;&nbsp;&nbsp; $1162145 | &nbsp;&nbsp;&nbsp; $472743 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(h)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(h)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(h)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(h)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(h)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(h)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Healthcare ETF  | iShares Global Healthcare ETF  | iShares Global Healthcare ETF  | iShares Global Healthcare ETF  | iShares Global Healthcare ETF  | iShares Global Healthcare ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $91.07 | &nbsp;&nbsp;&nbsp; $93.10 | &nbsp;&nbsp;&nbsp; $83.42 | &nbsp;&nbsp;&nbsp; $87.41 | &nbsp;&nbsp;&nbsp; $76.96 | &nbsp;&nbsp;&nbsp; $60.95 |
| Net investment income<sup>(a)</sup> | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;15.96 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp;&nbsp;&nbsp;16.98 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.76 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $88.77 | &nbsp;&nbsp;&nbsp; $91.07 | &nbsp;&nbsp;&nbsp; $93.10 | &nbsp;&nbsp;&nbsp; $83.42 | &nbsp;&nbsp;&nbsp; $87.41 | &nbsp;&nbsp;&nbsp; $76.96 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (1.66 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; (0.78 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.22 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3.44 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.03<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3870558 | &nbsp;&nbsp;&nbsp; $3947919 | &nbsp;&nbsp;&nbsp; $4110360 | &nbsp;&nbsp;&nbsp; $4083256 | &nbsp;&nbsp;&nbsp; $3492005 | &nbsp;&nbsp;&nbsp; $2705201 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Industrials ETF  | iShares Global Industrials ETF  | iShares Global Industrials ETF  | iShares Global Industrials ETF  | iShares Global Industrials ETF  | iShares Global Industrials ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $145.25 | &nbsp;&nbsp;&nbsp; $139.41 | &nbsp;&nbsp;&nbsp; $114.22 | &nbsp;&nbsp;&nbsp; $115.84 | &nbsp;&nbsp;&nbsp; $115.74 | &nbsp;&nbsp;&nbsp; $71.50 |
| Net investment income<sup>(a)</sup> | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp; 1.89 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp; 1.77 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 27.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;25.73 | &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;44.27 |
| Net increase from investment operations | 29.28 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;&nbsp;&nbsp;27.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;45.59 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.34 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $173.19 | &nbsp;&nbsp;&nbsp; $145.25 | &nbsp;&nbsp;&nbsp; $139.41 | &nbsp;&nbsp;&nbsp; $114.22 | &nbsp;&nbsp;&nbsp; $115.84 | &nbsp;&nbsp;&nbsp; $115.74 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 20.23 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.77 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.27<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Net investment income | 1.65 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1047784 | &nbsp;&nbsp;&nbsp; $944095 | &nbsp;&nbsp;&nbsp; $571576 | &nbsp;&nbsp;&nbsp; $336958 | &nbsp;&nbsp;&nbsp; $376481 | &nbsp;&nbsp;&nbsp; $422466 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Materials ETF  | iShares Global Materials ETF  | iShares Global Materials ETF  | iShares Global Materials ETF  | iShares Global Materials ETF  | iShares Global Materials ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $81.81 | &nbsp;&nbsp;&nbsp; $89.51 | &nbsp;&nbsp;&nbsp; $83.61 | &nbsp;&nbsp;&nbsp; $93.81 | &nbsp;&nbsp;&nbsp; $86.59 | &nbsp;&nbsp;&nbsp; $49.67 |
| Net investment income<sup>(a)</sup> | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 10.97 | &nbsp;&nbsp;&nbsp; (7.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp; (9.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp;35.84 |
| Net increase (decrease) from investment operations | 11.96 | &nbsp;&nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp; (6.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;37.91 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.25 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $92.52 | &nbsp;&nbsp;&nbsp; $81.81 | &nbsp;&nbsp;&nbsp; $89.51 | &nbsp;&nbsp;&nbsp; $83.61 | &nbsp;&nbsp;&nbsp; $93.81 | &nbsp;&nbsp;&nbsp; $86.59 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 14.74 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; (5.82 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.40 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6.77 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 76.78<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.31 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $231288 | &nbsp;&nbsp;&nbsp; $229069 | &nbsp;&nbsp;&nbsp; $259583 | &nbsp;&nbsp;&nbsp; $351170 | &nbsp;&nbsp;&nbsp; $727028 | &nbsp;&nbsp;&nbsp; $722999 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Tech ETF  | iShares Global Tech ETF  | iShares Global Tech ETF  | iShares Global Tech ETF  | iShares Global Tech ETF  | iShares Global Tech ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>03/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $75.79 | &nbsp;&nbsp;&nbsp; $74.96 | &nbsp;&nbsp;&nbsp; $54.36 | &nbsp;&nbsp;&nbsp; $57.86 | &nbsp;&nbsp;&nbsp; $51.13 | &nbsp;&nbsp;&nbsp; $30.49 |
| Net investment income<sup>(b)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 27.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp;20.62 |
| Net increase (decrease) from investment operations | 27.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;20.98 | &nbsp;&nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;20.95 |
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (0.16 )<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $103.12 | &nbsp;&nbsp;&nbsp; $75.79 | &nbsp;&nbsp;&nbsp; $74.96 | &nbsp;&nbsp;&nbsp; $54.36 | &nbsp;&nbsp;&nbsp; $57.86 | &nbsp;&nbsp;&nbsp; $51.13 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 36.32 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.70<br> %<br>| &nbsp;&nbsp;&nbsp; (5.34 )%<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.89 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 68.97<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.38 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Net investment income | 0.43 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6284887 | &nbsp;&nbsp;&nbsp; $4494063 | &nbsp;&nbsp;&nbsp; $4605985 | &nbsp;&nbsp;&nbsp; $3177616 | &nbsp;&nbsp;&nbsp; $5001963 | &nbsp;&nbsp;&nbsp; $5046541 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. |
| <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global Utilities ETF  | iShares Global Utilities ETF  | iShares Global Utilities ETF  | iShares Global Utilities ETF  | iShares Global Utilities ETF  | iShares Global Utilities ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $69.00 | &nbsp;&nbsp;&nbsp; $59.06 | &nbsp;&nbsp;&nbsp; $60.51 | &nbsp;&nbsp;&nbsp; $65.60 | &nbsp;&nbsp;&nbsp; $60.51 | &nbsp;&nbsp;&nbsp; $50.71 |
| Net investment income<sup>(a)</sup> | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp; 2.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.41 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.68 |
| Net increase (decrease) from investment operations | 9.71 | &nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;11.39 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.09 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $77.62 | &nbsp;&nbsp;&nbsp; $69.00 | &nbsp;&nbsp;&nbsp; $59.06 | &nbsp;&nbsp;&nbsp; $60.51 | &nbsp;&nbsp;&nbsp; $65.60 | &nbsp;&nbsp;&nbsp; $60.51 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 14.19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.45 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4.93 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.40 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.53 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.03<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $221210 | &nbsp;&nbsp;&nbsp; $162147 | &nbsp;&nbsp;&nbsp; $124033 | &nbsp;&nbsp;&nbsp; $136156 | &nbsp;&nbsp;&nbsp; $180402 | &nbsp;&nbsp;&nbsp; $151268 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Global Comm Services | &nbsp;&nbsp; Non-diversified |
| Global Consumer Discretionary | &nbsp;&nbsp; Diversified |
| Global Consumer Staples | &nbsp;&nbsp; Diversified |
| Global Energy | &nbsp;&nbsp; Non-diversified |
| Global Financials | &nbsp;&nbsp; Diversified |
| Global Healthcare | &nbsp;&nbsp; Diversified |
| Global Industrials | &nbsp;&nbsp; Diversified |
| Global Materials | &nbsp;&nbsp; Diversified |
| Global Tech | &nbsp;&nbsp; Non-diversified |
| Global Utilities | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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:** Certain 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 "Foreign taxes withheld", 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 September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

Certain 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 include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

**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.

**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.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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 occurs after the close of the local markets.

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

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

***4. SECURITIES AND OTHER INVESTMENTS***

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Global Consumer Discretionary |  |  |  |  |
| Goldman Sachs & Co. | &nbsp;&nbsp; $218368 | &nbsp;&nbsp;&nbsp; $(218368) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Jefferies LLC | &nbsp;&nbsp; 303414 | &nbsp;&nbsp;&nbsp; (303414) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 238091 | &nbsp;&nbsp;&nbsp; (238091) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $759873 | &nbsp;&nbsp;&nbsp; $(759873) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| Global Energy |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $2614192 | &nbsp;&nbsp;&nbsp; $(2614192) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas Securities Corp | &nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp;&nbsp;(507) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 1485988 | &nbsp;&nbsp;&nbsp; (1485988) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank, National Association | &nbsp;&nbsp; 2491600 | &nbsp;&nbsp;&nbsp; (2491600) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $6592287 | &nbsp;&nbsp;&nbsp; $(6592287) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Global Healthcare |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $6349519 | &nbsp;&nbsp;&nbsp; $(6349519) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Jefferies LLC | &nbsp;&nbsp; 307179 | &nbsp;&nbsp;&nbsp; (305634) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1545 |
| National Financial Services LLC | &nbsp;&nbsp; 1918784 | &nbsp;&nbsp;&nbsp; (1892595) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26189<sup>(b)</sup> <br>|
| Natixis SA | &nbsp;&nbsp; 1139502 | &nbsp;&nbsp;&nbsp; (1139502) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 536068 | &nbsp;&nbsp;&nbsp; (536068) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $10251052 | &nbsp;&nbsp;&nbsp; $(10223318) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $27734 |
| Global Industrials |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $2062030 | &nbsp;&nbsp;&nbsp; $(2062030) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Global Tech |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $334765 | &nbsp;&nbsp;&nbsp; $(334765) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 32051 | &nbsp;&nbsp;&nbsp; (31979) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 72<sup>(b)</sup> <br>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 178097 | &nbsp;&nbsp;&nbsp; (176422) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1675<sup>(b)</sup> <br>|
| State Street Bank & Trust Company | &nbsp;&nbsp; 2108456 | &nbsp;&nbsp;&nbsp; (2108456) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 10058828 | &nbsp;&nbsp;&nbsp; (10058828) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $12712197 | &nbsp;&nbsp;&nbsp; $(12710450) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1747 |
| Global Utilities |  |  |  |  |
| Nomura Securities International, Inc. | &nbsp;&nbsp; $107446 | &nbsp;&nbsp;&nbsp; $(107446) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of September 30, 2025. 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 Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on 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 Fees* |
| First $10 billion | 0.4800% |
| Over $10 billion, up to and including $20 billion | 0.4300 |
| Over $20 billion, up to and including $30 billion | 0.3800 |
| Over $30 billion, up to and including $40 billion | 0.3420 |
| Over $40 billion | 0.3078 |

---

**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 ("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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the 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 of iShares Global Comm Services ETF and iShares Global Tech ETF (the "Group 1 Funds"), retains 81% 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.

Pursuant to the current securities lending agreement, each of iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Utilities ETF (the "Group 2 Funds"), 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 the iShares ETF Complex in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% 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, and (2) each Group 2 Fund 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Global Comm Services | &nbsp;&nbsp; $26254 |
| Global Consumer Discretionary | &nbsp;&nbsp; 211 |
| Global Consumer Staples | &nbsp;&nbsp; 387 |
| Global Energy | &nbsp;&nbsp; 20784 |
| Global Financials | &nbsp;&nbsp; 30 |
| Global Healthcare | &nbsp;&nbsp; 11917 |
| Global Industrials | &nbsp;&nbsp; 3203 |
| Global Materials | &nbsp;&nbsp; 773 |
| Global Tech | &nbsp;&nbsp; 10698 |
| Global Utilities | &nbsp;&nbsp; 54 |

---

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

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

For the six months ended September 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Global Comm Services | &nbsp;&nbsp; $22829909 | &nbsp;&nbsp;&nbsp; $2779976 | &nbsp;&nbsp;&nbsp; $520969 |
| Global Consumer Discretionary | &nbsp;&nbsp; 6911079 | &nbsp;&nbsp;&nbsp; 7590110 | &nbsp;&nbsp;&nbsp; 1149581 |
| Global Consumer Staples | &nbsp;&nbsp; 4075660 | &nbsp;&nbsp;&nbsp; 15486353 | &nbsp;&nbsp;&nbsp; (2628907) |
| Global Energy | &nbsp;&nbsp; 7449653 | &nbsp;&nbsp;&nbsp; 2612092 | &nbsp;&nbsp;&nbsp; (502542) |
| Global Financials | &nbsp;&nbsp; 6259861 | &nbsp;&nbsp;&nbsp; 1167304 | &nbsp;&nbsp;&nbsp; (106281) |
| Global Healthcare | &nbsp;&nbsp; 9890542 | &nbsp;&nbsp;&nbsp; 7148428 | &nbsp;&nbsp;&nbsp; (2835482) |
| Global Industrials | &nbsp;&nbsp; 4647779 | &nbsp;&nbsp;&nbsp; 1682864 | &nbsp;&nbsp;&nbsp; (208342) |
| Global Materials | &nbsp;&nbsp; 222018 | &nbsp;&nbsp;&nbsp; 363616 | &nbsp;&nbsp;&nbsp; (538909) |
| Global Tech | &nbsp;&nbsp; 384374631 | &nbsp;&nbsp;&nbsp; 238405262 | &nbsp;&nbsp;&nbsp; (3229312) |
| Global Utilities | &nbsp;&nbsp; 1730369 | &nbsp;&nbsp;&nbsp; 1229863 | &nbsp;&nbsp;&nbsp; 15351 |

---

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

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

***7. PURCHASES AND SALES***

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Global Comm Services | &nbsp;&nbsp; $68596481 | &nbsp;&nbsp;&nbsp; $48998121 |
| Global Consumer Discretionary | &nbsp;&nbsp; 22259981 | &nbsp;&nbsp;&nbsp; 22295549 |
| Global Consumer Staples | &nbsp;&nbsp; 78393921 | &nbsp;&nbsp;&nbsp; 70464952 |
| Global Energy | &nbsp;&nbsp; 59962967 | &nbsp;&nbsp;&nbsp; 40001345 |
| Global Financials | &nbsp;&nbsp; 26792652 | &nbsp;&nbsp;&nbsp; 13313160 |
| Global Healthcare | &nbsp;&nbsp; 69714447 | &nbsp;&nbsp;&nbsp; 70686632 |
| Global Industrials | &nbsp;&nbsp; 19231182 | &nbsp;&nbsp;&nbsp; 19298001 |
| Global Materials | &nbsp;&nbsp; 10209672 | &nbsp;&nbsp;&nbsp; 10132459 |
| Global Tech | &nbsp;&nbsp; 727602435 | &nbsp;&nbsp;&nbsp; 717892874 |
| Global Utilities | &nbsp;&nbsp; 7466245 | &nbsp;&nbsp;&nbsp; 6146452 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

For the six months ended September 30, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Global Comm Services | &nbsp;&nbsp; $228963387 | &nbsp;&nbsp;&nbsp; $15845769 |
| Global Consumer Discretionary | &nbsp;&nbsp; 9247993 | &nbsp;&nbsp;&nbsp; 25469928 |
| Global Consumer Staples | &nbsp;&nbsp; 240835631 | &nbsp;&nbsp;&nbsp; 114851383 |
| Global Energy | &nbsp;&nbsp; 62177930 | &nbsp;&nbsp;&nbsp; 57895779 |
| Global Financials | &nbsp;&nbsp; 59543873 | &nbsp;&nbsp;&nbsp; — |
| Global Healthcare | &nbsp;&nbsp; 142874600 | &nbsp;&nbsp;&nbsp; 120979309 |
| Global Industrials | &nbsp;&nbsp; 129620537 | &nbsp;&nbsp;&nbsp; 201041590 |
| Global Materials | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24151890 |
| Global Tech | &nbsp;&nbsp; 317063759 | &nbsp;&nbsp;&nbsp; 159469335 |
| Global Utilities | &nbsp;&nbsp; 35235170 | &nbsp;&nbsp;&nbsp; — |

---

***8. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of March 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| Global Comm Services | &nbsp;&nbsp; $(125837025)<br>|
| Global Consumer Discretionary | &nbsp;&nbsp; (49899243)<br>|
| Global Consumer Staples | &nbsp;&nbsp; (60217612)<br>|
| Global Energy | &nbsp;&nbsp; (273767802)<br>|
| Global Financials | &nbsp;&nbsp; (149459850)<br>|
| Global Healthcare | &nbsp;&nbsp; (237942525)<br>|
| Global Industrials | &nbsp;&nbsp; (45663899)<br>|
| Global Materials | &nbsp;&nbsp; (105070193)<br>|
| Global Utilities | &nbsp;&nbsp; (49561204)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of September 30, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Global Comm Services | &nbsp;&nbsp; $562728019 | &nbsp;&nbsp;&nbsp; $148489645 | &nbsp;&nbsp;&nbsp; $(19180075) | &nbsp;&nbsp;&nbsp; $129309570 |
| Global Consumer Discretionary | &nbsp;&nbsp; 262490068 | &nbsp;&nbsp;&nbsp; 49606970 | &nbsp;&nbsp;&nbsp; (31489870) | &nbsp;&nbsp;&nbsp; 18117100 |
| Global Consumer Staples | &nbsp;&nbsp; 886831686 | &nbsp;&nbsp;&nbsp; 81745985 | &nbsp;&nbsp;&nbsp; (113140821) | &nbsp;&nbsp;&nbsp; (31394836) |
| Global Energy | &nbsp;&nbsp; 1879284348 | &nbsp;&nbsp;&nbsp; 132820335 | &nbsp;&nbsp;&nbsp; (179756208) | &nbsp;&nbsp;&nbsp; (46935873) |
| Global Financials | &nbsp;&nbsp; 470233503 | &nbsp;&nbsp;&nbsp; 145554025 | &nbsp;&nbsp;&nbsp; (12038172) | &nbsp;&nbsp;&nbsp; 133515853 |
| Global Healthcare | &nbsp;&nbsp; 3462543813 | &nbsp;&nbsp;&nbsp; 756077554 | &nbsp;&nbsp;&nbsp; (349054892) | &nbsp;&nbsp;&nbsp; 407022662 |
| Global Industrials | &nbsp;&nbsp; 853241406 | &nbsp;&nbsp;&nbsp; 228783506 | &nbsp;&nbsp;&nbsp; (35012462) | &nbsp;&nbsp;&nbsp; 193771044 |
| Global Materials | &nbsp;&nbsp; 246721118 | &nbsp;&nbsp;&nbsp; 37523079 | &nbsp;&nbsp;&nbsp; (53439472) | &nbsp;&nbsp;&nbsp; (15916393) |
| Global Tech | &nbsp;&nbsp; 3737964658 | &nbsp;&nbsp;&nbsp; 2586740350 | &nbsp;&nbsp;&nbsp; (34166268) | &nbsp;&nbsp;&nbsp; 2552574082 |
| Global Utilities | &nbsp;&nbsp; 200318594 | &nbsp;&nbsp;&nbsp; 33634818 | &nbsp;&nbsp;&nbsp; (12702928) | &nbsp;&nbsp;&nbsp; 20931890 |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***9. LINE OF CREDIT***

The iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. 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) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 September 30, 2025, the Funds 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 each 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, tariffs 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 each Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 mandatory and discretionary liquidity fees under certain circumstances.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**Geographic/Asset Class 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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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

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

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.

**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.

***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.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>09/30/25 | Six Months Ended <br>09/30/25 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Global Comm Services |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; $247035448 | &nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; $192466003 |
| Shares redeemed | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (16099625)<br>| &nbsp;&nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (169154069)<br>|
|  | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; $230935823 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $23311934 |
| Global Consumer Discretionary |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; $9428594 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $72601893 |
| Shares redeemed | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (25955805)<br>| &nbsp;&nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; (97841624)<br>|
|  | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(16527211)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; $(25239731)<br>|
| Global Consumer Staples |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp; $248601718 | &nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; $66639917 |
| Shares redeemed | &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (116855922)<br>| &nbsp;&nbsp;&nbsp; (4000000)<br>| &nbsp;&nbsp;&nbsp; (249459728)<br>|
|  | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; $131745796 | &nbsp;&nbsp;&nbsp; (2950000)<br>| &nbsp;&nbsp;&nbsp; $(182819811)<br>|

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 09/30/25 | Six Months Ended<br> 09/30/25 | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Global Energy |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; $82797244 | &nbsp;&nbsp;&nbsp; 7350000 | &nbsp;&nbsp;&nbsp; $312664052 |
| Shares redeemed | &nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; (60218974)<br>| &nbsp;&nbsp;&nbsp; (42450000)<br>| &nbsp;&nbsp;&nbsp; (1741736747)<br>|
|  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $22578270 | &nbsp;&nbsp;&nbsp; (35100000)<br>| &nbsp;&nbsp;&nbsp; $(1429072695)<br>|
| Global Financials |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; $72337339 | &nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; $166167271 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (171415581)<br>|
|  | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; $72337339 | &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(5248310)<br>|
| Global Healthcare |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; $145791918 | &nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp; $277947889 |
| Shares redeemed | &nbsp;&nbsp; (1450000)<br>| &nbsp;&nbsp;&nbsp; (123090856)<br>| &nbsp;&nbsp;&nbsp; (3750000)<br>| &nbsp;&nbsp;&nbsp; (340674592)<br>|
|  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $22701062 | &nbsp;&nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp; $(62726703)<br>|
| Global Industrials |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; $132683652 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; $399453063 |
| Shares redeemed | &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (206110046)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (56319812)<br>|
|  | &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; $(73426394)<br>| &nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; $343133251 |
| Global Materials |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $20824952 |
| Shares redeemed | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (24441654)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (30230763)<br>|
|  | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; $(24441654)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(9405811)<br>|
| Global Tech |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; $357184384 | &nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp; $704430022 |
| Shares redeemed | &nbsp;&nbsp; (2350000)<br>| &nbsp;&nbsp;&nbsp; (176707278)<br>| &nbsp;&nbsp;&nbsp; (10850000)<br>| &nbsp;&nbsp;&nbsp; (877422743)<br>|
|  | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; $180477106 | &nbsp;&nbsp;&nbsp; (2150000)<br>| &nbsp;&nbsp;&nbsp; $(172992721)<br>|
| Global Utilities |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $36719115 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $40326664 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (22540280)<br>|
|  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $36719115 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $17786384 |

---

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. Authorized Participants 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. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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***

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of [report date] and have not been recorded in the applicable Fund's net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

The iShares Global Comm Services ETF, iShares Global Industrials ETF and iShares Global Utilities ETF are seeking 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 Funds 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 Funds have 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.

During the year, the iShares Global Energy ETF, iShares Global Comm Services ETF and iShares Global Financials ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2023 and iShares Global Financials ETF in fiscal year 2024, and the related tax compliance fee was paid to the IRS.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Additional 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Company'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, when available, at **iShares.com**.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials, iShares Global Tech (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares Global Utilities ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

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

**Investing involves risk, including possible loss of principal.**

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, 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.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

![](g205668imgce88331e2.gif)

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September 30, 2025

![](g205668img605793b21.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares Asia 50 ETF \| AIA \| NASDAQ |
| • iShares Blockchain and Tech ETF \| IBLC \| NYSE Arca |
| • iShares Emerging Markets Infrastructure ETF \| EMIF \| NASDAQ |
| • iShares Future Metaverse Tech and Communications ETF \| IVRS \| NYSE Arca |
| • iShares International Developed Small Cap Value Factor ETF \| ISVL \| Cboe BZX Exchange |
| • iShares International Dividend Growth ETF \| IGRO \| Cboe BZX Exchange |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_96babe74-5620-4fb2-bc75-7437f38b371a_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_96babe74-5620-4fb2-bc75-7437f38b371a_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 27 |
| [Statements of Operations](#xx_96babe74-5620-4fb2-bc75-7437f38b371a_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 29 |
| [Statements of Changes in Net Assets](#xx_96babe74-5620-4fb2-bc75-7437f38b371a_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 31 |
| [Financial Highlights](#xx_96babe74-5620-4fb2-bc75-7437f38b371a_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 34 |
| [Notes to Financial Statements](#xx_96babe74-5620-4fb2-bc75-7437f38b371a_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 40 |
| [Additional Information](#xx_96babe74-5620-4fb2-bc75-7437f38b371a_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 51 |
| [Board Review and Approval of Investment Advisory Contract](#xx_96babe74-5620-4fb2-bc75-7437f38b371a_15Cheader-Footer-iSharesReport-1176_1)  | &nbsp;&nbsp; 52 |
| [Glossary of Terms Used in these Financial Statements](#xx_96babe74-5620-4fb2-bc75-7437f38b371a_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 59 |

---

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Asia 50 ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **China — 44.2%** | **China — 44.2%** | **China — 44.2%** |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 8870000 | $5970120 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 5218900 | 116716004 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 367800 | 4405646 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 652600 | 10790371 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 24183000 | 13218587 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 6128000 | 5134679 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 276400 | 7375232 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 1172400 | 16571497 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 28569960 | 27403324 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 1030500 | 6167518 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 23177115 | 17066356 |
| JD.com Inc., Class A | &nbsp;&nbsp; 610250 | 10691888 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 844600 | 9135072 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 1465780 | 19581008 |
| NetEase Inc. | &nbsp;&nbsp; 536800 | 16303870 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 6098000 | 5528234 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 1993000 | 13558557 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 194000 | 6644854 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1677600 | 142947614 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 178800 | 13559753 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 4992030 | 34694339 |
|  |  | 503464523 |
| **Hong Kong — 5.4%** | **Hong Kong — 5.4%** | **Hong Kong — 5.4%** |
| AIA Group Ltd. | &nbsp;&nbsp; 3149800 | 30187566 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 870148 | 5716855 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 253000 | 14362951 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 489500 | 5855176 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 429000 | 5484004 |
|  |  | 61606552 |
| **Singapore — 4.8%** | **Singapore — 4.8%** | **Singapore — 4.8%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 571860 | 22678695 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 1116174 | 14230786 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 2102600 | 6722152 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 418800 | 11247058 |
|  |  | 54878691 |
| **South Korea — 11.8%** | **South Korea — 11.8%** | **South Korea — 11.8%** |
| Celltrion Inc. | &nbsp;&nbsp; 45811 | 5668054 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 9615 | 7603882 |
| Hyundai Motor Co. | &nbsp;&nbsp; 39396 | 6039544 |
| KB Financial Group Inc. | &nbsp;&nbsp; 105004 | 8666594 |
| Kia Corp. | &nbsp;&nbsp; 71561 | 5136425 |
| NAVER Corp. | &nbsp;&nbsp; 41758 | 8012802 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 776578 | 46556087 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 135359 | 6824523 |
| SK Hynix Inc. | &nbsp;&nbsp; 158319 | 39246942 |
|  |  | 133754853 |
| **Taiwan — 32.3%** | **Taiwan — 32.3%** | **Taiwan — 32.3%** |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1005000 | 5487682 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 2840235 | $6135330 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 1090551 | 4773827 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 5746359 | 8104198 |
| Delta Electronics Inc. | &nbsp;&nbsp; 594000 | 16733034 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 2556304 | 7422330 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 3540052 | 25276467 |
| MediaTek Inc. | &nbsp;&nbsp; 461112 | 19998297 |
| Quanta Computer Inc. | &nbsp;&nbsp; 803000 | 7692053 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 6003343 | 260772099 |
| United Microelectronics Corp. | &nbsp;&nbsp; 3357000 | 5050053 |
|  |  | 367445370 |
| **Total Common Stocks — 98.5%** <br>**(Cost: $748,822,587)** | **Total Common Stocks — 98.5%** <br>**(Cost: $748,822,587)** | 1121149989 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **South Korea — 0.8%** | **South Korea — 0.8%** | **South Korea — 0.8%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 5691 | 661708 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 10216 | 1213078 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 153402 | 7280614 |
|  |  | 9155400 |
| **Total Preferred Stocks — 0.8%** <br>**(Cost: $6,761,400)** | **Total Preferred Stocks — 0.8%** <br>**(Cost: $6,761,400)** | 9155400 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $755,583,987)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $755,583,987)** | 1130305389 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 2150000 | 2150000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $2,150,000)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $2,150,000)** | 2150000 |
| **Total Investments — 99.5%** <br>**(Cost: $757,733,987)** | **Total Investments — 99.5%** <br>**(Cost: $757,733,987)** | 1132455389 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 5123680 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1137579069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Asia 50 ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $—<br> $30 <br><sup>(b)</sup><br>| $— | $(30)<br>| $— | $— |  | $4046 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 360000<br> 1790000 <br><sup>(b)</sup><br>|  |  |  | 2150000 | 2150000 | 9783 |  |
|  |  |  | $(30) | $— | $2150000 |  | $13829 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| FTSE Taiwan Index | 44 | 10/30/25 | &nbsp;&nbsp; $3789 | $17506 |
| MSCI China Index | 62 | 12/19/25 | &nbsp;&nbsp; 2227 | 11811 |
| MSCI Emerging Markets Index | 12 | 12/19/25 | &nbsp;&nbsp; 816 | 3171 |
|  |  |  |  | $32488 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32488 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $571305 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $571305 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $146252 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $146252 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Asia 50 ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $5842763 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1121149989 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1121149989 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 9155400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9155400 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2150000 |
|  | &nbsp;&nbsp; $2150000 | &nbsp;&nbsp; $1130305389 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1132455389 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3171 | &nbsp;&nbsp; $29317 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Blockchain and Tech ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Capital Markets — 21.4%** | **Capital Markets — 21.4%** | **Capital Markets — 21.4%** |
| Bullish<sup>(a)(b)</sup> | &nbsp;&nbsp; 29506 | $1876877 |
| Coinbase Global Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 25330 | 8548622 |
| Coinshares International Ltd. | &nbsp;&nbsp; 3376 | 50775 |
| Etoro Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 23095 | 953131 |
| Galaxy Digital Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 101707 | 3438714 |
| OSL Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 307500 | 592690 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10424 | 1492508 |
| SBI Holdings Inc. | &nbsp;&nbsp; 4000 | 174150 |
| Voyager Digital Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 57043 |  |
|  |  | 17127467 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Sinohope Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 113000 | 78981 |
| **Financial Services — 4.8%** | **Financial Services — 4.8%** | **Financial Services — 4.8%** |
| Block Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7353 | 531401 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 4322 | 2458397 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13213 | 886064 |
|  |  | 3875862 |
| **Interactive Media & Services — 3.5%** | **Interactive Media & Services — 3.5%** | **Interactive Media & Services — 3.5%** |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 32500 | 2769312 |
| **IT Services — 7.2%** | **IT Services — 7.2%** | **IT Services — 7.2%** |
| Applied Digital Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 124356 | 2852727 |
| International Business Machines Corp. | &nbsp;&nbsp; 10160 | 2866745 |
|  |  | 5719472 |
| **Semiconductors & Semiconductor Equipment — 7.5%** | **Semiconductors & Semiconductor Equipment — 7.5%** | **Semiconductors & Semiconductor Equipment — 7.5%** |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16707 | 2703026 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2618 | 489098 |
| Nvidia Corp. | &nbsp;&nbsp; 15118 | 2820716 |
|  |  | 6012840 |
| **Software — 55.0%** | **Software — 55.0%** | **Software — 55.0%** |
| Bit Digital Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 185337 | 556011 |
| Bitdeer Technologies Group, Class A, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 50388 | 861131 |
| Bitfarms Ltd./Canada<sup>(a)(b)</sup> | &nbsp;&nbsp; 315566 | 889896 |
| BitMine Immersion Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 97790 | 5078235 |
| BTCS Inc.Common Stock, NVS<sup>(b)</sup> | &nbsp;&nbsp; 17884 | 86380 |
| Cipher Mining Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 164504 | 2071105 |
| Circle Internet Group Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 66126 | 8766985 |
| Cleanspark Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 163129 | 2365370 |
| Core Scientific Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 170820 | 3064511 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Exodus Movement Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2263 | $62866 |
| Hive Digital Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 137613 | 554580 |
| Hut 8 Corp.<sup>(a)</sup> | &nbsp;&nbsp; 63254 | 2201872 |
| IREN Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 152076 | 7136927 |
| MARA Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 217386 | 3969468 |
| Mercurity Fintech Holding Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20532 | 504677 |
| Northern Data AG<sup>(a)</sup> | &nbsp;&nbsp; 3801 | 78624 |
| Riot Platforms Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 204965 | 3900484 |
| Terawulf Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 159669 | 1823420 |
|  |  | 43972542 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Cango Inc./KY, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 23232 | 98504 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| Canaan Inc., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 239417 | 211070 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $53,659,794)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $53,659,794)** | 79866050 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 46.3%** | **Money Market Funds — 46.3%** | **Money Market Funds — 46.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 36930256 | 36948721 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 50000 | 50000 |
| **Total Short-Term Securities — 46.3%** <br>**(Cost: $36,998,239)** | **Total Short-Term Securities — 46.3%** <br>**(Cost: $36,998,239)** | 36998721 |
| **Total Investments — 146.2%** <br>**(Cost: $90,658,033)** | **Total Investments — 146.2%** <br>**(Cost: $90,658,033)** | 116864771 |
| **Liabilities in Excess of Other Assets — (46.2)%** | **Liabilities in Excess of Other Assets — (46.2)%** | (36935785)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $79928986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Blockchain and Tech ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $11977477<br> $24971645 <br><sup>(a)</sup><br>| $— | $61 | $(462)<br>| $36948721 | 36930256 | $69488 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 30000<br> 20000 <br><sup>(a)</sup><br>|  |  |  | 50000 | 50000 | 2023 |  |
|  |  |  | $61 | $(462) | $36998721 |  | $71511 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5857 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5857 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $509 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $509 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $180815 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $75632420 | &nbsp;&nbsp; $4233630 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79866050 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 36998721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36998721 |
|  | &nbsp;&nbsp; $112631141 | &nbsp;&nbsp; $4233630 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116864771 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Emerging Markets Infrastructure ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 19.3%** | **Brazil — 19.3%** | **Brazil — 19.3%** |
| Centrais Eletricas Brasileiras SA, ADR | &nbsp;&nbsp; 49262 | $488679 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP, ADR<br>| &nbsp;&nbsp; 24714 | 615131 |
| Cia Paranaense de Energia - Copel, ADR | &nbsp;&nbsp; 14047 | 137661 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 87109 | 243540 |
|  |  | 1485011 |
| **China — 34.4%** | **China — 34.4%** | **China — 34.4%** |
| Anhui Expressway Co. Ltd., Class H | &nbsp;&nbsp; 36000 | 52916 |
| Beijing Capital International Airport Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 166000 | 59226 |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 572000 | 212336 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 155800 | 152342 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 179000 | 190974 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 104000 | 194717 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 226000 | 193568 |
| China Resources Power Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 118000 | 270281 |
| China Suntien Green Energy Corp. Ltd., Class H | &nbsp;&nbsp; 230000 | 125611 |
| Cosco Shipping Energy Transportation Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 162000 | 187773 |
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 120000 | 87679 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 148000 | 134517 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 220000 | 153139 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 108000 | 125182 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 206000 | 183994 |
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 122499 | 122908 |
| Sinopec Kantons Holdings Ltd. | &nbsp;&nbsp; 124000 | 70111 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 144000 | 133046 |
|  |  | 2650320 |
| **Mexico — 19.9%** | **Mexico — 19.9%** | **Mexico — 19.9%** |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | &nbsp;&nbsp; 2958 | 307247 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | &nbsp;&nbsp; 3099 | 735052 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | &nbsp;&nbsp; 1512 | 488875 |
|  |  | 1531174 |
| **Qatar — 5.6%** | **Qatar — 5.6%** | **Qatar — 5.6%** |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 339342 | 428439 |
| **South Korea — 4.7%** | **South Korea — 4.7%** | **South Korea — 4.7%** |
| Korea Electric Power Corp., ADR<sup>(b)</sup> | &nbsp;&nbsp; 27716 | 361694 |
| **Thailand — 6.1%** | **Thailand — 6.1%** | **Thailand — 6.1%** |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 377400 | 472028 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Arab Emirates — 6.4%** | **United Arab Emirates — 6.4%** | **United Arab Emirates — 6.4%** |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 320000 | $490492 |
| **Total Common Stocks — 96.4%** <br>**(Cost: $6,435,370)** | **Total Common Stocks — 96.4%** <br>**(Cost: $6,435,370)** | 7419158 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 2.8%** | **Brazil — 2.8%** | **Brazil — 2.8%** |
| Cia Energetica de Minas Gerais, Preference Shares, ADR | &nbsp;&nbsp; 102814 | 216937 |
| **Total Preferred Stocks — 2.8%** <br>**(Cost: $167,008)** | **Total Preferred Stocks — 2.8%** <br>**(Cost: $167,008)** | 216937 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $6,602,378)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $6,602,378)** | 7636095 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.4%** | **Money Market Funds — 7.4%** | **Money Market Funds — 7.4%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 572165 | 572451 |
| **Total Short-Term Securities — 7.4%** <br>**(Cost: $572,451)** | **Total Short-Term Securities — 7.4%** <br>**(Cost: $572,451)** | 572451 |
| **Total Investments — 106.6%** <br>**(Cost: $7,174,829)** | **Total Investments — 106.6%** <br>**(Cost: $7,174,829)** | 8208546 |
| **Liabilities in Excess of Other Assets — (6.6)%** | **Liabilities in Excess of Other Assets — (6.6)%** | (507972)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7700574 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $572540 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(89)<br>| $— | $572451 | 572165 | $1282 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> | 30000 |  | &nbsp;&nbsp; (30000 )<sup>(a)</sup><br>|  |  |  |  | 236 |  |
|  |  |  |  | $(89) | $— | $572451 |  | $1518 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> As of period end, the entity is no longer held.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Emerging Markets Infrastructure ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12343 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12343 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $61675 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $5133250 | &nbsp;&nbsp; $2285908 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7419158 |
| Preferred Stocks | &nbsp;&nbsp; 216937 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 216937 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 572451 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 572451 |
|  | &nbsp;&nbsp; $5922638 | &nbsp;&nbsp; $2285908 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8208546 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® Future Metaverse Tech and Communications ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |
| GoerTek Inc., Class A | &nbsp;&nbsp; 16600 | $87879 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 200 | 1824 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 100 | 1160 |
|  |  | 90863 |
| **Entertainment — 28.4%** | **Entertainment — 28.4%** | **Entertainment — 28.4%** |
| Cover Corp.<sup>(a)</sup> | &nbsp;&nbsp; 27400 | 338138 |
| Electronic Arts Inc. | &nbsp;&nbsp; 2228 | 449387 |
| Kakao Games Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7 | 78 |
| Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp; 8700 | 34381 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1717 | 358515 |
| NetEase Inc. | &nbsp;&nbsp; 300 | 9112 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 200 | 17304 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2946 | 408080 |
| Take-Two Interactive Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1513 | 390899 |
| Ubisoft Entertainment SA<sup>(a)</sup> | &nbsp;&nbsp; 36446 | 418640 |
|  |  | 2424534 |
| **Household Durables — 9.7%** | **Household Durables — 9.7%** | **Household Durables — 9.7%** |
| Garmin Ltd. | &nbsp;&nbsp; 1679 | 413403 |
| Sony Group Corp. | &nbsp;&nbsp; 14400 | 413953 |
|  |  | 827356 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Sony Financial Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14400 | 15969 |
| **Interactive Media & Services — 16.3%** | **Interactive Media & Services — 16.3%** | **Interactive Media & Services — 16.3%** |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 41300 | 446695 |
| LY Corp. | &nbsp;&nbsp; 300 | 963 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 669 | 491300 |
| Snap Inc., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 165 | 1272 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 5300 | 451611 |
|  |  | 1391841 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 100 | 2107 |
| **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 319 | 51611 |
| Intel Corp. | &nbsp;&nbsp; 792 | 26572 |
| Nvidia Corp. | &nbsp;&nbsp; 1506 | 280989 |
| Qualcomm Inc. | &nbsp;&nbsp; 203 | 33771 |
|  |  | 392943 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software — 36.9%** | **Software — 36.9%** | **Software — 36.9%** |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1153 | $366274 |
| Bentley Systems Inc., Class B<sup>(c)</sup> | &nbsp;&nbsp; 6873 | 353822 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1120 | 393411 |
| Dassault Systemes SE | &nbsp;&nbsp; 11619 | 390875 |
| Microsoft Corp. | &nbsp;&nbsp; 471 | 243954 |
| PTC Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1763 | 357924 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 662 | 326624 |
| Unity Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8204 | 328488 |
| Zoom Video Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4713 | 388823 |
|  |  | 3150195 |
| **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** | **Technology Hardware, Storage & Peripherals — 2.7%** |
| Apple Inc. | &nbsp;&nbsp; 914 | 232732 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $6,046,554)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $6,046,554)** | 8528540 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.5%** | **Money Market Funds — 4.5%** | **Money Market Funds — 4.5%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 382411 | 382602 |
| **Total Short-Term Securities — 4.5%** <br>**(Cost: $382,602)** | **Total Short-Term Securities — 4.5%** <br>**(Cost: $382,602)** | 382602 |
| **Total Investments — 104.3%** <br>**(Cost: $6,429,156)** | **Total Investments — 104.3%** <br>**(Cost: $6,429,156)** | 8911142 |
| **Liabilities in Excess of Other Assets — (4.3)%** | **Liabilities in Excess of Other Assets — (4.3)%** | (367449)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8543693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $1508<br> $381120 <br><sup>(a)</sup><br>| $— | $(26)<br>| $— | $382602 | 382411 | $1405 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> | —<br> 0 <br><sup>(a)</sup><br>|  |  |  |  |  | 131 |  |
|  |  |  | $(26) | $— | $382602 |  | $1536 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> As of period end, the entity is no longer held.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Future Metaverse Tech and Communications ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini Russell 2000 Index | 1 | 12/19/25 | &nbsp;&nbsp; $12 | $(56) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $682 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $6139 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $5555305 | &nbsp;&nbsp; $2973235 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8528540 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 382602 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 382602 |
|  | &nbsp;&nbsp; $5937907 | &nbsp;&nbsp; $2973235 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8911142 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® Future Metaverse Tech and Communications ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(56)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® International Developed Small Cap Value Factor ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 9.4%** | **Australia — 9.4%** | **Australia — 9.4%** |
| Abacus Storage King | &nbsp;&nbsp; 40404 | $37372 |
| Amotiv Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10825 | 63664 |
| Arena REIT | &nbsp;&nbsp; 34284 | 87930 |
| AUB Group Ltd. | &nbsp;&nbsp; 10032 | 217074 |
| Aussie Broadband Ltd. | &nbsp;&nbsp; 20256 | 77557 |
| Bapcor Ltd. | &nbsp;&nbsp; 26952 | 56410 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 22645 | 77718 |
| BWP Property Group Ltd. | &nbsp;&nbsp; 47964 | 117956 |
| Centuria Capital Group | &nbsp;&nbsp; 58692 | 85657 |
| Centuria Industrial REIT | &nbsp;&nbsp; 55128 | 127256 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 58872 | 171185 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 49008 | 133588 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 31512 | 70646 |
| Corporate Travel Management Ltd. | &nbsp;&nbsp; 7590 | 80708 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 5736 | 57959 |
| Dexus Industria REIT | &nbsp;&nbsp; 28032 | 53051 |
| Elders Ltd. | &nbsp;&nbsp; 16248 | 80100 |
| Emerald Resources NL<sup>(b)</sup> | &nbsp;&nbsp; 43080 | 142277 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 156828 | 140624 |
| Imdex Ltd. | &nbsp;&nbsp; 41455 | 92162 |
| Ingenia Communities Group | &nbsp;&nbsp; 35256 | 126808 |
| Integral Diagnostics Ltd. | &nbsp;&nbsp; 27468 | 49770 |
| IPH Ltd. | &nbsp;&nbsp; 19920 | 47032 |
| IRESS Ltd. | &nbsp;&nbsp; 15948 | 93078 |
| Judo Capital Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 85416 | 99120 |
| Macquarie Technology Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1152 | 48524 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 8220 | 122112 |
| National Storage REIT | &nbsp;&nbsp; 106562 | 165561 |
| nib holdings Ltd. | &nbsp;&nbsp; 41724 | 204398 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 115764 | 92517 |
| Nufarm Ltd./Australia<sup>(b)</sup> | &nbsp;&nbsp; 30075 | 45516 |
| Perenti Ltd. | &nbsp;&nbsp; 69543 | 129276 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 116976 | 376342 |
| Regis Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12732 | 50885 |
| Regis Resources Ltd. | &nbsp;&nbsp; 60624 | 239516 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 67632 | 182854 |
| Ridley Corp. Ltd. | &nbsp;&nbsp; 23868 | 47690 |
| Sandfire Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 39252 | 370245 |
| Service Stream Ltd. | &nbsp;&nbsp; 49608 | 75766 |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 11220 | 59206 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 13380 | 143942 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 69804 | 235913 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 56177 | 100280 |
|  |  | 5077245 |
| **Austria — 1.6%** | **Austria — 1.6%** | **Austria — 1.6%** |
| EVN AG | &nbsp;&nbsp; 3072 | 84547 |
| Palfinger AG | &nbsp;&nbsp; 1188 | 49453 |
| SBO AG | &nbsp;&nbsp; 912 | 28649 |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 9468 | 140783 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp; 3004 | 165543 |
| voestalpine AG | &nbsp;&nbsp; 10260 | 367489 |
|  |  | 836464 |
| **Belgium — 1.5%** | **Belgium — 1.5%** | **Belgium — 1.5%** |
| Aedifica SA | &nbsp;&nbsp; 4140 | 307361 |
| Barco NV | &nbsp;&nbsp; 5064 | 80565 |
| Colruyt Group NV | &nbsp;&nbsp; 2328 | 91770 |
| Deme Group NV | &nbsp;&nbsp; 567 | 82999 |
| Montea NV | &nbsp;&nbsp; 1788 | 144319 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 2808 | 106602 |
|  |  | 813616 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada — 10.6%** | **Canada — 10.6%** | **Canada — 10.6%** |
| Air Canada<sup>(b)</sup> | &nbsp;&nbsp; 13728 | $173215 |
| B2Gold Corp. | &nbsp;&nbsp; 108804 | 537883 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 3516 | 174651 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp; 13860 | 405333 |
| Centerra Gold Inc. | &nbsp;&nbsp; 17892 | 191686 |
| Dream Industrial REIT | &nbsp;&nbsp; 24540 | 219180 |
| Eldorado Gold Corp.<sup>(b)</sup> | &nbsp;&nbsp; 17628 | 509068 |
| Enghouse Systems Ltd. | &nbsp;&nbsp; 3816 | 57389 |
| Finning International Inc. | &nbsp;&nbsp; 11667 | 541979 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 5363 | 297996 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 22584 | 182561 |
| IGM Financial Inc. | &nbsp;&nbsp; 6864 | 249860 |
| Linamar Corp. | &nbsp;&nbsp; 3308 | 177415 |
| MEG Energy Corp. | &nbsp;&nbsp; 21996 | 443808 |
| OceanaGold Corp. | &nbsp;&nbsp; 20148 | 430119 |
| Onex Corp. | &nbsp;&nbsp; 5160 | 457863 |
| Paramount Resources Ltd., Class A | &nbsp;&nbsp; 6471 | 104479 |
| Russel Metals Inc. | &nbsp;&nbsp; 4836 | 144833 |
| Transcontinental Inc., Class A | &nbsp;&nbsp; 6396 | 90400 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 4608 | 313259 |
| Westshore Terminals Investment Corp. | &nbsp;&nbsp; 2883 | 51582 |
|  |  | 5754559 |
| **Denmark — 2.1%** | **Denmark — 2.1%** | **Denmark — 2.1%** |
| D/S Norden A/S | &nbsp;&nbsp; 1575 | 57298 |
| NKT A/S<sup>(b)</sup> | &nbsp;&nbsp; 4644 | 451670 |
| Scandinavian Tobacco Group A/S, Class A<sup>(c)</sup> | &nbsp;&nbsp; 3672 | 50681 |
| Schouw & Co. A/S | &nbsp;&nbsp; 1032 | 95828 |
| Sydbank A/S | &nbsp;&nbsp; 4392 | 353071 |
| TORM PLC, Class A | &nbsp;&nbsp; 4968 | 102086 |
|  |  | 1110634 |
| **Finland — 1.7%** | **Finland — 1.7%** | **Finland — 1.7%** |
| Hiab OYJ, Class B | &nbsp;&nbsp; 3132 | 182991 |
| Kalmar OYJ, Class B | &nbsp;&nbsp; 3156 | 125347 |
| Konecranes OYJ | &nbsp;&nbsp; 5610 | 464448 |
| Outokumpu OYJ | &nbsp;&nbsp; 28080 | 128399 |
|  |  | 901185 |
| **France — 2.0%** | **France — 2.0%** | **France — 2.0%** |
| Alten SA | &nbsp;&nbsp; 2496 | 206403 |
| Aperam SA | &nbsp;&nbsp; 3660 | 119468 |
| Carmila SA | &nbsp;&nbsp; 4600 | 95111 |
| Derichebourg SA | &nbsp;&nbsp; 7051 | 43750 |
| Esso SA Francaise | &nbsp;&nbsp; 192 | 22920 |
| Etablissements Maurel et Prom SA | &nbsp;&nbsp; 4620 | 26633 |
| Fnac Darty SA | &nbsp;&nbsp; 852 | 29266 |
| Metropole Television SA | &nbsp;&nbsp; 4166 | 62597 |
| Opmobility | &nbsp;&nbsp; 4356 | 70270 |
| Rubis SCA | &nbsp;&nbsp; 6624 | 248347 |
| Television Francaise 1 SA | &nbsp;&nbsp; 6975 | 71121 |
| Vicat SACA | &nbsp;&nbsp; 1344 | 94606 |
|  |  | 1090492 |
| **Germany — 3.8%** | **Germany — 3.8%** | **Germany — 3.8%** |
| 1&1 AG | &nbsp;&nbsp; 2223 | 52513 |
| Aurubis AG | &nbsp;&nbsp; 2616 | 328135 |
| Befesa SA<sup>(c)</sup> | &nbsp;&nbsp; 3288 | 111544 |
| CANCOM SE | &nbsp;&nbsp; 2136 | 65758 |
| Duerr AG | &nbsp;&nbsp; 4236 | 99767 |
| flatexDEGIRO AG | &nbsp;&nbsp; 6678 | 219382 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp; 858 | 98939 |
| Indus Holding AG | &nbsp;&nbsp; 1591 | 40639 |
| K+S AG, Registered | &nbsp;&nbsp; 15360 | 208631 |
| Lanxess AG | &nbsp;&nbsp; 7116 | 177183 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Developed Small Cap Value Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Norma Group SE | &nbsp;&nbsp; 2640 | $44429 |
| TUI AG<sup>(b)</sup> | &nbsp;&nbsp; 38676 | 352910 |
| United Internet AG, Registered<sup>(d)</sup> | &nbsp;&nbsp; 6048 | 191151 |
| Wacker Neuson SE | &nbsp;&nbsp; 2400 | 62174 |
|  |  | 2053155 |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |
| Chow Sang Sang Holdings International Ltd. | &nbsp;&nbsp; 36000 | 63974 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 132000 | 41197 |
| Luk Fook Holdings International Ltd. | &nbsp;&nbsp; 24000 | 76875 |
|  |  | 182046 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 672 | 54908 |
| Dalata Hotel Group PLC | &nbsp;&nbsp; 15588 | 117127 |
|  |  | 172035 |
| **Israel — 1.2%** | **Israel — 1.2%** | **Israel — 1.2%** |
| Cellcom Israel Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9312 | 92812 |
| Delta Galil Ltd. | &nbsp;&nbsp; 960 | 50461 |
| Equital Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1956 | 86085 |
| Formula Systems 1985 Ltd. | &nbsp;&nbsp; 828 | 115114 |
| Isracard Ltd. | &nbsp;&nbsp; 16632 | 67185 |
| Kenon Holdings Ltd. | &nbsp;&nbsp; 1680 | 75255 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 184464 | 49789 |
| Partner Communications Co. Ltd. | &nbsp;&nbsp; 10646 | 101842 |
|  |  | 638543 |
| **Italy — 4.7%** | **Italy — 4.7%** | **Italy — 4.7%** |
| Anima Holding SpA<sup>(c)</sup> | &nbsp;&nbsp; 2024 | 14761 |
| Azimut Holding SpA | &nbsp;&nbsp; 9432 | 365426 |
| Banca Generali SpA | &nbsp;&nbsp; 4788 | 267636 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 7467 | 116878 |
| BFF Bank SpA<sup>(b)(c)</sup> | &nbsp;&nbsp; 15480 | 198880 |
| Cementir Holding NV | &nbsp;&nbsp; 3536 | 59075 |
| Credito Emiliano SpA | &nbsp;&nbsp; 6552 | 105774 |
| Danieli & C Officine Meccaniche SpA | &nbsp;&nbsp; 840 | 43087 |
| De' Longhi SpA | &nbsp;&nbsp; 5952 | 215838 |
| El.En. SpA | &nbsp;&nbsp; 3924 | 52335 |
| Enav SpA<sup>(c)</sup> | &nbsp;&nbsp; 21948 | 111553 |
| Fincantieri SpA<sup>(b)</sup> | &nbsp;&nbsp; 7992 | 210107 |
| Maire SpA | &nbsp;&nbsp; 12043 | 178628 |
| MARR SpA | &nbsp;&nbsp; 2628 | 28460 |
| Saipem SpA | &nbsp;&nbsp; 110880 | 320982 |
| Sanlorenzo SpA/Ameglia | &nbsp;&nbsp; 1188 | 49159 |
| Sesa SpA | &nbsp;&nbsp; 612 | 62365 |
| Webuild SpA | &nbsp;&nbsp; 40332 | 167902 |
|  |  | 2568846 |
| **Japan — 22.4%** | **Japan — 22.4%** | **Japan — 22.4%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 6000 | 249727 |
| Ai Holdings Corp. | &nbsp;&nbsp; 3600 | 68153 |
| Aichi Financial Group Inc., NVS | &nbsp;&nbsp; 3600 | 75701 |
| Aida Engineering Ltd. | &nbsp;&nbsp; 4800 | 30319 |
| Aisan Industry Co. Ltd. | &nbsp;&nbsp; 3600 | 45575 |
| Alconix Corp. | &nbsp;&nbsp; 2400 | 34293 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 1200 | 19117 |
| Anest Iwata Corp. | &nbsp;&nbsp; 2400 | 25413 |
| AOKI Holdings Inc. | &nbsp;&nbsp; 2400 | 28820 |
| Aoyama Trading Co. Ltd. | &nbsp;&nbsp; 3600 | 59346 |
| Arclands Corp. | &nbsp;&nbsp; 4800 | 63205 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 3600 | 76846 |
| Arisawa Manufacturing Co. Ltd. | &nbsp;&nbsp; 2400 | 26235 |
| Artience Co. Ltd. | &nbsp;&nbsp; 3600 | 76068 |
| Asahi Yukizai Corp. | &nbsp;&nbsp; 1200 | 37243 |
| Axial Retailing Inc. | &nbsp;&nbsp; 6000 | 47523 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Belc Co. Ltd. | &nbsp;&nbsp; 1200 | $62672 |
| Bell System24 Holdings Inc. | &nbsp;&nbsp; 2400 | 21667 |
| BML Inc. | &nbsp;&nbsp; 2400 | 59985 |
| Canon Electronics Inc. | &nbsp;&nbsp; 1200 | 22124 |
| Chiyoda Co. Ltd. | &nbsp;&nbsp; 2400 | 19494 |
| Chiyoda Corp.<sup>(b)</sup> | &nbsp;&nbsp; 14400 | 38264 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 3600 | 87198 |
| Chuo Spring Co. Ltd. | &nbsp;&nbsp; 1200 | 26439 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 19200 | 130151 |
| Daido Metal Co. Ltd. | &nbsp;&nbsp; 3600 | 24068 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 6000 | 67863 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | &nbsp;&nbsp; 1200 | 31621 |
| Daishi Hokuetsu Financial Group Inc. | &nbsp;&nbsp; 21600 | 208989 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 8400 | 90983 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 42677 |
| DyDo Group Holdings Inc. | &nbsp;&nbsp; 1200 | 20410 |
| Eagle Industry Co. Ltd. | &nbsp;&nbsp; 2400 | 42519 |
| EDION Corp. | &nbsp;&nbsp; 7200 | 105343 |
| Eizo Corp. | &nbsp;&nbsp; 2400 | 35477 |
| eRex Co. Ltd. | &nbsp;&nbsp; 3600 | 17893 |
| ESPEC Corp. | &nbsp;&nbsp; 1200 | 27875 |
| Exedy Corp. | &nbsp;&nbsp; 2400 | 84292 |
| FCC Co. Ltd. | &nbsp;&nbsp; 2400 | 52085 |
| Fudo Tetra Corp. | &nbsp;&nbsp; 1200 | 21719 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 2400 | 32765 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 7200 | 131140 |
| Fuji Seal International Inc. | &nbsp;&nbsp; 3600 | 69170 |
| Fujibo Holdings Inc. | &nbsp;&nbsp; 400 | 17529 |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 2400 | 59671 |
| Furukawa Co. Ltd. | &nbsp;&nbsp; 2400 | 46571 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 1200 | 39698 |
| Futaba Industrial Co. Ltd. | &nbsp;&nbsp; 4800 | 31155 |
| Glory Ltd. | &nbsp;&nbsp; 4800 | 118741 |
| GMO Financial Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 15861 |
| Godo Steel Ltd. | &nbsp;&nbsp; 1200 | 32267 |
| G-Tekt Corp. | &nbsp;&nbsp; 1200 | 16073 |
| Gunze Ltd. | &nbsp;&nbsp; 2400 | 61306 |
| Hakuto Co. Ltd. | &nbsp;&nbsp; 1200 | 31372 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 4800 | 50878 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 2400 | 102061 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 2400 | 47132 |
| Hisaka Works Ltd. | &nbsp;&nbsp; 2400 | 21866 |
| Hochiki Corp. | &nbsp;&nbsp; 1200 | 31785 |
| Hokkoku Financial Holdings Inc. | &nbsp;&nbsp; 12000 | 55632 |
| Hosokawa Micron Corp. | &nbsp;&nbsp; 1200 | 47145 |
| Hyakugo Bank Ltd. (The) | &nbsp;&nbsp; 19200 | 118130 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 3600 | 84889 |
| Inui Global Logistics Co. Ltd. | &nbsp;&nbsp; 2300 | 25454 |
| Iriso Electronics Co. Ltd. | &nbsp;&nbsp; 1200 | 23921 |
| Iseki & Co. Ltd. | &nbsp;&nbsp; 1200 | 18231 |
| Ishihara Sangyo Kaisha Ltd. | &nbsp;&nbsp; 2400 | 37543 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 3600 | 48106 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 4800 | 83914 |
| Japan Wool Textile Co. Ltd. (The) | &nbsp;&nbsp; 4800 | 53977 |
| Joshin Denki Co. Ltd. | &nbsp;&nbsp; 1200 | 20852 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 4800 | 70573 |
| Juroku Financial Group Inc. | &nbsp;&nbsp; 2400 | 89276 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 3600 | 86122 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2400 | 59303 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 1200 | 33505 |
| Kamei Corp. | &nbsp;&nbsp; 1200 | 23415 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 2400 | 58381 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Developed Small Cap Value Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kanematsu Corp. | &nbsp;&nbsp; 7200 | $151660 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 2400 | 94421 |
| Kawada Technologies Inc. | &nbsp;&nbsp; 1200 | 32223 |
| Keiyo Bank Ltd. (The) | &nbsp;&nbsp; 9600 | 82136 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 2400 | 45187 |
| Kitz Corp. | &nbsp;&nbsp; 6000 | 68405 |
| Kiyo Bank Ltd. (The) | &nbsp;&nbsp; 4800 | 94842 |
| Koa Corp. | &nbsp;&nbsp; 3600 | 28430 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 1200 | 34177 |
| Kojima Co. Ltd. | &nbsp;&nbsp; 2400 | 18310 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 2400 | 53505 |
| Komori Corp. | &nbsp;&nbsp; 3600 | 36938 |
| Konoike Transport Co. Ltd. | &nbsp;&nbsp; 2400 | 53123 |
| KPP Group Holdings Co. Ltd. | &nbsp;&nbsp; 3600 | 19214 |
| Krosaki Harima Corp. | &nbsp;&nbsp; 1200 | 33451 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 7200 | 40264 |
| Kurabo Industries Ltd. | &nbsp;&nbsp; 1200 | 57210 |
| Kureha Corp. | &nbsp;&nbsp; 3600 | 92940 |
| KYB Corp. | &nbsp;&nbsp; 3600 | 95422 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 1200 | 18587 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3600 | 36052 |
| Life Corp. | &nbsp;&nbsp; 3600 | 61421 |
| Mandom Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3600 | 54242 |
| Mars Group Holdings Corp. | &nbsp;&nbsp; 1200 | 24864 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 1200 | 56327 |
| Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp; 1200 | 33973 |
| Maxell Ltd. | &nbsp;&nbsp; 3600 | 51889 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 4800 | 44561 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 4800 | 96089 |
| Mirait One Corp. | &nbsp;&nbsp; 7200 | 140359 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 108 | 88893 |
| Mitsuboshi Belting Ltd. | &nbsp;&nbsp; 2400 | 60054 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 1200 | 25943 |
| Musashino Bank Ltd. (The) | &nbsp;&nbsp; 2400 | 65571 |
| Nakayama Steel Works Ltd. | &nbsp;&nbsp; 2400 | 10380 |
| Nanto Bank Ltd. (The) | &nbsp;&nbsp; 2400 | 82428 |
| Nichicon Corp. | &nbsp;&nbsp; 4800 | 47994 |
| Nichiha Corp. | &nbsp;&nbsp; 2400 | 44649 |
| Nihon Nohyaku Co. Ltd. | &nbsp;&nbsp; 3600 | 24417 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 8400 | 77681 |
| Nikkiso Co. Ltd. | &nbsp;&nbsp; 4800 | 48017 |
| Nippn Corp., New | &nbsp;&nbsp; 4800 | 75186 |
| Nippon Carbon Co. Ltd. | &nbsp;&nbsp; 1200 | 35267 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 68085 |
| Nippon Signal Co. Ltd. | &nbsp;&nbsp; 3600 | 29620 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 3600 | 83906 |
| Nippon Yakin Kogyo Co. Ltd. | &nbsp;&nbsp; 1200 | 34672 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 10800 | 182677 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 1200 | 34785 |
| Nissei ASB Machine Co. Ltd. | &nbsp;&nbsp; 500 | 24249 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 2600 | 91363 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 12000 | 92325 |
| Nissui Corp. | &nbsp;&nbsp; 24000 | 169101 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 6000 | 80878 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 2400 | 58645 |
| Nojima Corp. | &nbsp;&nbsp; 4800 | 131522 |
| Noritake Co. Ltd. | &nbsp;&nbsp; 2400 | 76618 |
| Noritsu Koki Co. Ltd. | &nbsp;&nbsp; 4800 | 57168 |
| Noritz Corp. | &nbsp;&nbsp; 2400 | 32543 |
| NPR-RIKEN Corp., NVS | &nbsp;&nbsp; 2400 | 49846 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp; 400 | 13695 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 7200 | 78383 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Okinawa Financial Group Inc. | &nbsp;&nbsp; 1200 | $31290 |
| Okura Industrial Co. Ltd. | &nbsp;&nbsp; 200 | 7379 |
| Optex Group Co. Ltd. | &nbsp;&nbsp; 3600 | 51231 |
| Oriental Shiraishi Corp. | &nbsp;&nbsp; 9600 | 27651 |
| Osaka Organic Chemical Industry Ltd. | &nbsp;&nbsp; 1200 | 25226 |
| Osaki Electric Co. Ltd. | &nbsp;&nbsp; 3600 | 31133 |
| Pacific Metals Co. Ltd. | &nbsp;&nbsp; 1200 | 16144 |
| Pack Corp. (The) | &nbsp;&nbsp; 3600 | 29256 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 2400 | 38202 |
| Qol Holdings Co. Ltd. | &nbsp;&nbsp; 2300 | 31231 |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 1200 | 23609 |
| S Foods Inc. | &nbsp;&nbsp; 1200 | 22035 |
| Sakai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 1200 | 23070 |
| Sakata INX Corp. | &nbsp;&nbsp; 3600 | 56550 |
| San-In Godo Bank Ltd. (The) | &nbsp;&nbsp; 12000 | 111250 |
| Sanshin Electronics Co. Ltd. | &nbsp;&nbsp; 1200 | 23121 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp; 1200 | 33416 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 1500 | 35719 |
| Sato Corp. | &nbsp;&nbsp; 2400 | 36777 |
| SBS Holdings Inc. | &nbsp;&nbsp; 1200 | 29688 |
| Seika Corp. | &nbsp;&nbsp; 1200 | 16037 |
| Seiko Group Corp. | &nbsp;&nbsp; 2400 | 106045 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 4800 | 99002 |
| Senshu Electric Co. Ltd. | &nbsp;&nbsp; 1200 | 35745 |
| Senshu Ikeda Holdings Inc. | &nbsp;&nbsp; 20400 | 89196 |
| Shiga Bank Ltd. (The) | &nbsp;&nbsp; 3600 | 164637 |
| Shikoku Kasei Holdings Corp. | &nbsp;&nbsp; 2400 | 36230 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 4800 | 60024 |
| Sodick Co. Ltd. | &nbsp;&nbsp; 3600 | 22123 |
| Star Micronics Co. Ltd. | &nbsp;&nbsp; 2400 | 27124 |
| Starts Corp. Inc. | &nbsp;&nbsp; 2400 | 82372 |
| Starzen Co. Ltd. | &nbsp;&nbsp; 3600 | 29228 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 2400 | 63051 |
| Sumitomo Riko Co. Ltd. | &nbsp;&nbsp; 3600 | 53614 |
| Sumitomo Seika Chemicals Co. Ltd. | &nbsp;&nbsp; 1200 | 38553 |
| Sumitomo Warehouse Co. Ltd. (The) | &nbsp;&nbsp; 4800 | 101000 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 12000 | 124708 |
| Tachi-S Co. Ltd. | &nbsp;&nbsp; 2400 | 31895 |
| Tadano Ltd. | &nbsp;&nbsp; 10800 | 76058 |
| Takara Standard Co. Ltd. | &nbsp;&nbsp; 4800 | 84710 |
| Takasago International Corp. | &nbsp;&nbsp; 6000 | 65532 |
| Tamura Corp. | &nbsp;&nbsp; 6000 | 19892 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 7200 | 73343 |
| Toenec Corp. | &nbsp;&nbsp; 3600 | 34011 |
| Toho Bank Ltd. (The) | &nbsp;&nbsp; 19200 | 60215 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 9600 | 67550 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 4800 | 86665 |
| Token Corp. | &nbsp;&nbsp; 300 | 30190 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 1200 | 24126 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 2400 | 116627 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 1200 | 43665 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 7200 | 54402 |
| Tomoku Co. Ltd. | &nbsp;&nbsp; 1200 | 27559 |
| TOMONY Holdings Inc. | &nbsp;&nbsp; 14400 | 65296 |
| Topy Industries Ltd. | &nbsp;&nbsp; 1200 | 23018 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 2400 | 49092 |
| TPR Co. Ltd. | &nbsp;&nbsp; 4800 | 39449 |
| Transcosmos Inc. | &nbsp;&nbsp; 2400 | 59847 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 3600 | 58017 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 8400 | 121893 |
| Tsugami Corp. | &nbsp;&nbsp; 3600 | 57878 |
| Tsukishima Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 47650 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Developed Small Cap Value Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| TV Asahi Holdings Corp. | &nbsp;&nbsp; 2400 | $54342 |
| Tv Tokyo Holdings Corp. | &nbsp;&nbsp; 100 | 3334 |
| UACJ Corp. | &nbsp;&nbsp; 14400 | 156258 |
| United Arrows Ltd. | &nbsp;&nbsp; 2400 | 33930 |
| United Super Markets Holdings Inc. | &nbsp;&nbsp; 6066 | 39542 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 3600 | 70743 |
| Wakita & Co. Ltd. | &nbsp;&nbsp; 3600 | 45130 |
| Warabeya Nichiyo Holdings Co. Ltd. | &nbsp;&nbsp; 1200 | 23961 |
| Yamae Group Holdings Co. Ltd. | &nbsp;&nbsp; 1200 | 23017 |
| Yamazen Corp. | &nbsp;&nbsp; 3600 | 33942 |
| Yellow Hat Ltd. | &nbsp;&nbsp; 6000 | 68523 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp; 10800 | 94792 |
| Yuasa Trading Co. Ltd. | &nbsp;&nbsp; 1200 | 41056 |
| Yurtec Corp. | &nbsp;&nbsp; 3600 | 65628 |
| Zenrin Co. Ltd. | &nbsp;&nbsp; 2400 | 17376 |
|  |  | 12150406 |
| **Netherlands — 2.3%** | **Netherlands — 2.3%** | **Netherlands — 2.3%** |
| Allfunds Group PLC | &nbsp;&nbsp; 31824 | 237540 |
| Brunel International NV<sup>(a)</sup> | &nbsp;&nbsp; 1680 | 16088 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 3636 | 114124 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 22764 | 215562 |
| NSI NV | &nbsp;&nbsp; 1278 | 32001 |
| OCI NV | &nbsp;&nbsp; 8598 | 39848 |
| Signify NV<sup>(c)</sup> | &nbsp;&nbsp; 10956 | 288144 |
| Sligro Food Group NV | &nbsp;&nbsp; 1956 | 24265 |
| TKH Group NV | &nbsp;&nbsp; 3024 | 130883 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 2808 | 167862 |
|  |  | 1266317 |
| **New Zealand — 0.5%** | **New Zealand — 0.5%** | **New Zealand — 0.5%** |
| Goodman Property Trust | &nbsp;&nbsp; 82188 | 101491 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 122316 | 74813 |
| Summerset Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18301 | 113315 |
|  |  | 289619 |
| **Norway — 2.1%** | **Norway — 2.1%** | **Norway — 2.1%** |
| Aker Solutions ASA | &nbsp;&nbsp; 21972 | 66019 |
| Austevoll Seafood ASA | &nbsp;&nbsp; 7284 | 69494 |
| BW LPG Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 7788 | 111967 |
| DNO ASA | &nbsp;&nbsp; 68547 | 105137 |
| Elkem ASA<sup>(c)</sup> | &nbsp;&nbsp; 23696 | 62440 |
| SpareBank 1 SMN | &nbsp;&nbsp; 10287 | 199812 |
| Subsea 7 SA | &nbsp;&nbsp; 19512 | 404868 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 8916 | 79359 |
| Wilh Wilhelmsen Holding ASA, Class A | &nbsp;&nbsp; 930 | 47155 |
|  |  | 1146251 |
| **Poland — 0.9%** | **Poland — 0.9%** | **Poland — 0.9%** |
| Cyfrowy Polsat SA<sup>(b)</sup> | &nbsp;&nbsp; 13068 | 50047 |
| PGE Polska Grupa Energetyczna SA<sup>(b)</sup> | &nbsp;&nbsp; 73872 | 218412 |
| Tauron Polska Energia SA<sup>(b)</sup> | &nbsp;&nbsp; 90789 | 227229 |
|  |  | 495688 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| NOS SGPS SA | &nbsp;&nbsp; 15804 | 72327 |
| Sonae SGPS SA | &nbsp;&nbsp; 67060 | 105343 |
|  |  | 177670 |
| **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** |
| Capitaland India Trust<sup>(a)</sup> | &nbsp;&nbsp; 85200 | 79259 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 74400 | 35352 |
| First Resources Ltd. | &nbsp;&nbsp; 36000 | 46912 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 109232 | 196506 |
| Golden Agri-Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 530400 | 121194 |
| iFAST Corp. Ltd. | &nbsp;&nbsp; 19200 | 132139 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Nanofilm Technologies International Ltd. | &nbsp;&nbsp; 25200 | $15069 |
| Singapore Post Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 126000 | 41067 |
|  |  | 667498 |
| **Spain — 2.2%** | **Spain — 2.2%** | **Spain — 2.2%** |
| Acerinox SA | &nbsp;&nbsp; 20172 | 264943 |
| Atresmedia Corp. de Medios de Comunicacion SA | &nbsp;&nbsp; 7548 | 49709 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 1466 | 90880 |
| Global Dominion Access SA<sup>(c)</sup> | &nbsp;&nbsp; 7560 | 29111 |
| Inmobiliaria Colonial SOCIMI SA | &nbsp;&nbsp; 31080 | 203349 |
| Neinor Homes SA<sup>(c)</sup> | &nbsp;&nbsp; 2904 | 59270 |
| Unicaja Banco SA<sup>(c)</sup> | &nbsp;&nbsp; 98449 | 270905 |
| Vidrala SA | &nbsp;&nbsp; 1841 | 194979 |
|  |  | 1163146 |
| **Sweden — 6.8%** | **Sweden — 6.8%** | **Sweden — 6.8%** |
| AddLife AB, Class B | &nbsp;&nbsp; 9684 | 183317 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 11304 | 419756 |
| Betsson AB, Class B | &nbsp;&nbsp; 9042 | 149660 |
| Boozt AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 5436 | 55951 |
| Bravida Holding AB<sup>(c)</sup> | &nbsp;&nbsp; 17448 | 170315 |
| Bufab AB | &nbsp;&nbsp; 11460 | 107819 |
| Bure Equity AB | &nbsp;&nbsp; 4644 | 137156 |
| Catena AB | &nbsp;&nbsp; 3660 | 166690 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 3156 | 124062 |
| Cloetta AB, Class B | &nbsp;&nbsp; 15048 | 54299 |
| Elekta AB, Class B | &nbsp;&nbsp; 29832 | 151100 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 8796 | 118595 |
| Kinnevik AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 20784 | 185093 |
| Loomis AB, Class B | &nbsp;&nbsp; 5952 | 254365 |
| MEKO AB | &nbsp;&nbsp; 3228 | 27828 |
| Modern Times Group MTG AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 8544 | 100134 |
| NCC AB, Class B | &nbsp;&nbsp; 7200 | 165555 |
| Nolato AB, Class B | &nbsp;&nbsp; 16944 | 106271 |
| Nordnet AB publ | &nbsp;&nbsp; 17172 | 499149 |
| Peab AB, Class B | &nbsp;&nbsp; 13776 | 112191 |
| Ratos AB, Class B | &nbsp;&nbsp; 16827 | 66045 |
| Systemair AB | &nbsp;&nbsp; 8412 | 70044 |
| Thule Group AB<sup>(c)</sup> | &nbsp;&nbsp; 9276 | 228247 |
|  |  | 3653642 |
| **Switzerland — 5.7%** | **Switzerland — 5.7%** | **Switzerland — 5.7%** |
| Autoneum Holding AG | &nbsp;&nbsp; 192 | 37997 |
| Basilea Pharmaceutica Ag Allschwil, Registered<sup>(b)</sup> | &nbsp;&nbsp; 1056 | 63143 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 576 | 274673 |
| Cembra Money Bank AG | &nbsp;&nbsp; 2556 | 294169 |
| dormakaba Holding AG | &nbsp;&nbsp; 264 | 243234 |
| EFG International AG | &nbsp;&nbsp; 12732 | 259992 |
| Galenica AG<sup>(c)</sup> | &nbsp;&nbsp; 4284 | 466349 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 1250 | 214860 |
| Implenia AG, Registered | &nbsp;&nbsp; 1248 | 105214 |
| Komax Holding AG, Registered<sup>(b)</sup> | &nbsp;&nbsp; 336 | 29461 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 2232 | 181233 |
| Montana Aerospace AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 2304 | 80692 |
| St. Galler Kantonalbank AG, Class A, Registered | &nbsp;&nbsp; 228 | 145575 |
| Sulzer AG, Registered | &nbsp;&nbsp; 1476 | 251603 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 1344 | 218002 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 2283 | 172245 |
| Zehnder Group AG, Registered | &nbsp;&nbsp; 768 | 66795 |
|  |  | 3105237 |
| **United Kingdom — 14.7%** | **United Kingdom — 14.7%** | **United Kingdom — 14.7%** |
| Aberdeen Group PLC | &nbsp;&nbsp; 156180 | 415737 |
| Ashmore Group PLC | &nbsp;&nbsp; 38784 | 92950 |
| Bakkavor Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 14808 | 42420 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Developed Small Cap Value Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Balfour Beatty PLC | &nbsp;&nbsp; 43141 | $376707 |
| Clarkson PLC | &nbsp;&nbsp; 2412 | 119382 |
| CMC Markets PLC<sup>(c)</sup> | &nbsp;&nbsp; 8592 | 27675 |
| Currys PLC | &nbsp;&nbsp; 87936 | 165216 |
| Derwent London PLC | &nbsp;&nbsp; 9144 | 215046 |
| Drax Group PLC | &nbsp;&nbsp; 30528 | 287912 |
| easyJet PLC | &nbsp;&nbsp; 32208 | 201377 |
| Firstgroup PLC | &nbsp;&nbsp; 48408 | 146874 |
| Great Portland Estates PLC | &nbsp;&nbsp; 33360 | 143209 |
| Greencore Group PLC | &nbsp;&nbsp; 37512 | 115278 |
| Harbour Energy PLC | &nbsp;&nbsp; 48764 | 136636 |
| Hilton Food Group PLC | &nbsp;&nbsp; 6644 | 59689 |
| IG Group Holdings PLC | &nbsp;&nbsp; 29093 | 421960 |
| Inchcape PLC | &nbsp;&nbsp; 31356 | 292146 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 21432 | 100443 |
| Ithaca Energy PLC | &nbsp;&nbsp; 14894 | 39522 |
| ITV PLC | &nbsp;&nbsp; 290328 | 313286 |
| Johnson Matthey PLC | &nbsp;&nbsp; 14556 | 394361 |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 37740 | 73089 |
| Keller Group PLC | &nbsp;&nbsp; 5886 | 119777 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 20640 | 187615 |
| Lion Finance Group PLC | &nbsp;&nbsp; 2789 | 287636 |
| LondonMetric Property PLC | &nbsp;&nbsp; 191313 | 468723 |
| Marshalls PLC | &nbsp;&nbsp; 19620 | 47708 |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 23724 | 70194 |
| Ninety One PLC | &nbsp;&nbsp; 21588 | 59041 |
| OSB Group PLC | &nbsp;&nbsp; 31512 | 241012 |
| Petershill Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 18500 | 76384 |
| Pets at Home Group PLC | &nbsp;&nbsp; 38844 | 107257 |
| Picton Property Income Ltd. | &nbsp;&nbsp; 44484 | 46964 |
| Playtech PLC | &nbsp;&nbsp; 19728 | 97904 |
| Premier Foods PLC | &nbsp;&nbsp; 56016 | 144645 |
| Rank Group PLC | &nbsp;&nbsp; 15996 | 29817 |
| Rathbones Group PLC | &nbsp;&nbsp; 4814 | 118536 |
| Safestore Holdings PLC | &nbsp;&nbsp; 18348 | 162369 |
| Serco Group PLC | &nbsp;&nbsp; 85956 | 273746 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 127884 | 244613 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 104316 | 110219 |
| Tate & Lyle PLC | &nbsp;&nbsp; 31116 | 188266 |
| TBC Bank Group PLC | &nbsp;&nbsp; 4608 | 282063 |
| TP ICAP Group PLC | &nbsp;&nbsp; 65100 | 241874 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Vesuvius PLC | &nbsp;&nbsp; 16049 | $80725 |
| Zigup PLC | &nbsp;&nbsp; 17312 | 75902 |
|  |  | 7943905 |
| **Total Common Stocks — 98.3%** <br>**(Cost: $48,549,942)** | **Total Common Stocks — 98.3%** <br>**(Cost: $48,549,942)** | 53258199 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Draegerwerk AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 744 | 55378 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $54,486)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $54,486)** | 55378 |
| **Total Long-Term Investments — 98.4%** <br>**(Cost: $48,604,428)** | **Total Long-Term Investments — 98.4%** <br>**(Cost: $48,604,428)** | 53313577 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.26%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 454660 | 454887 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $454,887)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $454,887)** | 454887 |
| **Total Investments — 99.2%** <br>**(Cost: $49,059,315)** | **Total Investments — 99.2%** <br>**(Cost: $49,059,315)** | 53768464 |
| **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | 408767 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $54177231 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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. 

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $635607 | $— | &nbsp;&nbsp; $(180693 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(57)<br>| $30 | $454887 | 454660 | $1667 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> |  | 0 <br><sup>(a)</sup><br>|  |  |  |  |  | 754 |  |
|  |  |  |  | $(57) | $30 | $454887 |  | $2421 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> As of period end, the entity is no longer held.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Developed Small Cap Value Factor ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | 8 | 12/11/25 | &nbsp;&nbsp; $169 | $159 |
| Mini S&P/TSE 60 Index | 4 | 12/18/25 | &nbsp;&nbsp; 255 | 4166 |
| STOXX Europe 600 Index | 13 | 12/19/25 | &nbsp;&nbsp; 427 | 2171 |
|  |  |  |  | $6496 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6496 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54591 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54591 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9289 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9289 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $675093 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $8572775 | &nbsp;&nbsp; $44685424 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53258199 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 55378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55378 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Developed Small Cap Value Factor ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $454887 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $454887 |
|  | &nbsp;&nbsp; $9027662 | &nbsp;&nbsp; $44740802 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53768464 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $6337 | &nbsp;&nbsp; $159 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® International Dividend Growth ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 2.0%** | **Australia — 2.0%** | **Australia — 2.0%** |
| AUB Group Ltd. | &nbsp;&nbsp; 24028 | $519922 |
| CAR Group Ltd. | &nbsp;&nbsp; 64137 | 1559861 |
| Computershare Ltd. | &nbsp;&nbsp; 125617 | 3018054 |
| CSL Ltd. | &nbsp;&nbsp; 86000 | 11312971 |
| HUB24 Ltd. | &nbsp;&nbsp; 2928 | 195226 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 8423 | 163878 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 319123 | 4983203 |
| Pro Medicus Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 794 | 161655 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 272322 | 1067217 |
| Supply Network Ltd. | &nbsp;&nbsp; 2980 | 67098 |
| Technology One Ltd. | &nbsp;&nbsp; 16652 | 423933 |
|  |  | 23473018 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| Telekom Austria AG, Class A | &nbsp;&nbsp; 33019 | 352770 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Elia Group SA, Class B | &nbsp;&nbsp; 7814 | 902760 |
| Lotus Bakeries NV | &nbsp;&nbsp; 30 | 283071 |
| UCB SA | &nbsp;&nbsp; 7125 | 1988836 |
|  |  | 3174667 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Localiza Rent a Car SA | &nbsp;&nbsp; 415410 | 3079135 |
| WEG SA | &nbsp;&nbsp; 163068 | 1121078 |
|  |  | 4200213 |
| **Canada — 20.3%** | **Canada — 20.3%** | **Canada — 20.3%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 43225 | 7280262 |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 59717 | 3186022 |
| Atco Ltd., Class I, NVS | &nbsp;&nbsp; 24367 | 882093 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 95170 | 5416012 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 270949 | 21651389 |
| Canadian National Railway Co. | &nbsp;&nbsp; 117117 | 11044359 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 908018 | 29034132 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 17401 | 2071440 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 17700 | 997620 |
| Cogeco Communications Inc. | &nbsp;&nbsp; 3909 | 179651 |
| Dollarama Inc. | &nbsp;&nbsp; 4807 | 633956 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 15142 | 543467 |
| Enghouse Systems Ltd. | &nbsp;&nbsp; 19329 | 290692 |
| EQB Inc. | &nbsp;&nbsp; 4457 | 297838 |
| Finning International Inc. | &nbsp;&nbsp; 22893 | 1063471 |
| FirstService Corp. | &nbsp;&nbsp; 1878 | 357814 |
| Fortis Inc./Canada | &nbsp;&nbsp; 150359 | 7626530 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 11389 | 2535008 |
| George Weston Ltd. | &nbsp;&nbsp; 16482 | 1005358 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 98953 | 4015855 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 66992 | 2389993 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 18477 | 2100751 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 27769 | 2517906 |
| Intact Financial Corp. | &nbsp;&nbsp; 26779 | 5210139 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 43881 | 1697287 |
| Magna International Inc. | &nbsp;&nbsp; 92052 | 4361507 |
| Manulife Financial Corp. | &nbsp;&nbsp; 567666 | 17686281 |
| Maple Leaf Foods Inc. | &nbsp;&nbsp; 15669 | 405433 |
| Metro Inc./CN | &nbsp;&nbsp; 26402 | 1773223 |
| North West Co. Inc. (The) | &nbsp;&nbsp; 12387 | 425628 |
| Open Text Corp. | &nbsp;&nbsp; 68176 | 2548333 |
| Parkland Corp. | &nbsp;&nbsp; 40460 | 1119286 |
| Power Corp. of Canada | &nbsp;&nbsp; 180315 | 7802378 |
| Premium Brands Holdings Corp., Class A | &nbsp;&nbsp; 13114 | 880580 |
| RB Global Inc. | &nbsp;&nbsp; 15225 | 1649074 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Royal Bank of Canada | &nbsp;&nbsp; 207197 | $30538369 |
| Saputo Inc. | &nbsp;&nbsp; 46383 | 1126497 |
| Stantec Inc. | &nbsp;&nbsp; 5186 | 559292 |
| Stella-Jones Inc. | &nbsp;&nbsp; 5640 | 321817 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 197125 | 11837132 |
| TFI International Inc. | &nbsp;&nbsp; 11992 | 1055386 |
| TMX Group Ltd. | &nbsp;&nbsp; 34017 | 1301333 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 9207 | 1022250 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 390700 | 31240279 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 88453 | 3814722 |
| TransAlta Corp. | &nbsp;&nbsp; 36421 | 497495 |
| Waste Connections Inc. | &nbsp;&nbsp; 15165 | 2665998 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 22883 | 2560752 |
|  |  | 241222090 |
| **China — 3.4%** | **China — 3.4%** | **China — 3.4%** |
| Apeloa Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 11100 | 25581 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 128500 | 311308 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 723500 | 682433 |
| China Coal Energy Co. Ltd., Class A | &nbsp;&nbsp; 116000 | 184941 |
| China Coal Xinji Energy Co. Ltd., Class A | &nbsp;&nbsp; 40800 | 35691 |
| China Communications Services Corp. Ltd., Class H | &nbsp;&nbsp; 1092000 | 644788 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 640200 | 773892 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 656300 | 3726971 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 1581500 | 9465239 |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 177200 | 220749 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 275600 | 337041 |
| China Overseas Property Holdings Ltd. | &nbsp;&nbsp; 370000 | 239656 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 488800 | 378391 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1568100 | 2311595 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 1600000 | 1927261 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 308700 | 2545484 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 33600 | 81583 |
| Flat Glass Group Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 46000 | 67192 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 91300 | 851351 |
| Guangdong Construction Engineering Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 140800 | 75402 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 851400 | 2762111 |
| Henan Lingrui Pharmaceutical Co., Class A | &nbsp;&nbsp; 12800 | 39486 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 655000 | 605091 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 182700 | 700261 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 19400 | 107119 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 29100 | 5906077 |
| Lao Feng Xiang Co. Ltd., Class A | &nbsp;&nbsp; 7900 | 55557 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 42300 | 784477 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 1080 | 68719 |
| Offshore Oil Engineering Co. Ltd., Class A | &nbsp;&nbsp; 74100 | 55103 |
| Oppein Home Group Inc., Class A | &nbsp;&nbsp; 15400 | 115330 |
| Shede Spirits Co. Ltd., Class A | &nbsp;&nbsp; 1800 | 15269 |
| State Grid Information & Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 19500 | 48402 |
| Tian Di Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 119100 | 99180 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 14600 | 135202 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 260000 | 1769185 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 116600 | 1991014 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6600 | 182274 |
|  |  | 40326406 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Argos SA | &nbsp;&nbsp; 115083 | 520748 |
| **Denmark — 3.0%** | **Denmark — 3.0%** | **Denmark — 3.0%** |
| DSV A/S | &nbsp;&nbsp; 9046 | 1807124 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Dividend Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 599988 | $33408306 |
|  |  | 35215430 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
| Fiskars OYJ Abp | &nbsp;&nbsp; 19543 | 280327 |
| Harvia OYJ | &nbsp;&nbsp; 2258 | 91501 |
| Huhtamaki OYJ | &nbsp;&nbsp; 27166 | 942671 |
| Revenio Group OYJ | &nbsp;&nbsp; 2657 | 72236 |
| Valmet OYJ | &nbsp;&nbsp; 51207 | 1706096 |
|  |  | 3092831 |
| **France — 6.4%** | **France — 6.4%** | **France — 6.4%** |
| Air Liquide SA | &nbsp;&nbsp; 96109 | 20024952 |
| Sanofi SA | &nbsp;&nbsp; 344657 | 32636936 |
| Schneider Electric SE | &nbsp;&nbsp; 83785 | 23583155 |
|  |  | 76245043 |
| **Germany — 4.4%** | **Germany — 4.4%** | **Germany — 4.4%** |
| Atoss Software SE | &nbsp;&nbsp; 1692 | 218853 |
| Bechtle AG<sup>(a)</sup> | &nbsp;&nbsp; 13724 | 634444 |
| Brenntag SE | &nbsp;&nbsp; 43562 | 2610349 |
| Deutsche Boerse AG | &nbsp;&nbsp; 26418 | 7074504 |
| DWS Group GmbH & Co. KGaA<sup>(b)</sup> | &nbsp;&nbsp; 11146 | 700016 |
| E.ON SE | &nbsp;&nbsp; 711425 | 13400028 |
| FUCHS SE | &nbsp;&nbsp; 9362 | 335494 |
| Nemetschek SE | &nbsp;&nbsp; 2774 | 362012 |
| SAP SE | &nbsp;&nbsp; 93814 | 25120327 |
| Symrise AG, Class A | &nbsp;&nbsp; 16287 | 1416485 |
|  |  | 51872512 |
| **Hong Kong — 2.0%** | **Hong Kong — 2.0%** | **Hong Kong — 2.0%** |
| AIA Group Ltd. | &nbsp;&nbsp; 2262400 | 21682757 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 272500 | 1787832 |
| United Laboratories International Holdings Ltd. (The) | &nbsp;&nbsp; 256000 | 495457 |
|  |  | 23966046 |
| **India — 3.0%** | **India — 3.0%** | **India — 3.0%** |
| Asian Paints Ltd. | &nbsp;&nbsp; 64971 | 1719433 |
| Berger Paints India Ltd. | &nbsp;&nbsp; 19112 | 110820 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 207640 | 945144 |
| CRISIL Ltd. | &nbsp;&nbsp; 1884 | 94140 |
| Grindwell Norton Ltd. | &nbsp;&nbsp; 5845 | 104552 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14377 | 895684 |
| Honeywell Automation India Ltd. | &nbsp;&nbsp; 55 | 22374 |
| Infosys Ltd. | &nbsp;&nbsp; 1106982 | 18004483 |
| ITC Ltd. | &nbsp;&nbsp; 949067 | 4290156 |
| KEI Industries Ltd. | &nbsp;&nbsp; 424 | 19391 |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 9346 | 115626 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10720 | 623521 |
| Mphasis Ltd. | &nbsp;&nbsp; 20712 | 620952 |
| NHPC Ltd., NVS | &nbsp;&nbsp; 713966 | 694427 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 6860 | 373308 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 44880 | 741839 |
| Polycab India Ltd. | &nbsp;&nbsp; 3195 | 262162 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 260908 | 4007495 |
| Schaeffler India Ltd. | &nbsp;&nbsp; 2063 | 97745 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 104507 | 1881320 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 3930 | 186921 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 4443 | 261632 |
| ZF Commercial Vehicle Control Systems India Ltd. | &nbsp;&nbsp; 20 | 2907 |
|  |  | 36076032 |
| **Indonesia — 0.8%** | **Indonesia — 0.8%** | **Indonesia — 0.8%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 19227200 | 8805294 |
| Medikaloka Hermina Tbk PT | &nbsp;&nbsp; 507000 | 51214 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 2453500 | $284450 |
|  |  | 9140958 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Glanbia PLC | &nbsp;&nbsp; 47816 | 787990 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 21142 | 1908651 |
|  |  | 2696641 |
| **Italy — 4.3%** | **Italy — 4.3%** | **Italy — 4.3%** |
| Buzzi SpA | &nbsp;&nbsp; 10196 | 561850 |
| DiaSorin SpA | &nbsp;&nbsp; 2949 | 261992 |
| Enel SpA | &nbsp;&nbsp; 3402468 | 32243625 |
| Interpump Group SpA | &nbsp;&nbsp; 6722 | 308995 |
| Iren SpA | &nbsp;&nbsp; 278935 | 864236 |
| Italgas SpA | &nbsp;&nbsp; 276701 | 2548915 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 20470 | 1249386 |
| Snam SpA | &nbsp;&nbsp; 1087004 | 6526622 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 587669 | 5963951 |
|  |  | 50529572 |
| **Japan — 19.7%** | **Japan — 19.7%** | **Japan — 19.7%** |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 15600 | 392447 |
| Air Water Inc. | &nbsp;&nbsp; 49000 | 841696 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 40900 | 585512 |
| Arata Corp. | &nbsp;&nbsp; 6900 | 144792 |
| ASKUL Corp. | &nbsp;&nbsp; 5700 | 60372 |
| Azbil Corp. | &nbsp;&nbsp; 71600 | 678884 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 24000 | 798516 |
| BayCurrent Inc. | &nbsp;&nbsp; 11800 | 693450 |
| Belc Co. Ltd. | &nbsp;&nbsp; 1400 | 73117 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 151400 | 1587043 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 2500 | 146084 |
| CyberAgent Inc. | &nbsp;&nbsp; 30700 | 368513 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 245600 | 5526048 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 29800 | 322773 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 3000 | 131554 |
| Dexerials Corp. | &nbsp;&nbsp; 33200 | 509099 |
| DTS Corp. | &nbsp;&nbsp; 27600 | 244183 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 7800 | 97135 |
| EXEO Group Inc. | &nbsp;&nbsp; 46000 | 665642 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 173600 | 4317135 |
| Fujimi Inc. | &nbsp;&nbsp; 17200 | 251110 |
| Fujitsu Ltd. | &nbsp;&nbsp; 110800 | 2599182 |
| Funai Soken Holdings Inc. | &nbsp;&nbsp; 10200 | 177974 |
| Future Corp. | &nbsp;&nbsp; 7400 | 116114 |
| Goldwin Inc. | &nbsp;&nbsp; 15600 | 265386 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 9900 | 158020 |
| Hitachi Ltd. | &nbsp;&nbsp; 407000 | 10782678 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 2800 | 101674 |
| Hokuetsu Corp.<sup>(a)</sup> | &nbsp;&nbsp; 23100 | 155434 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 160300 | 1755980 |
| Inpex Corp. | &nbsp;&nbsp; 250900 | 4517621 |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 11800 | 208832 |
| Ise Chemicals Corp. | &nbsp;&nbsp; 200 | 38105 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 8400 | 106620 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 9800 | 144087 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 10700 | 208210 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 2700 | 75386 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 17700 | 485264 |
| Kao Corp. | &nbsp;&nbsp; 84100 | 3665165 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 8300 | 157204 |
| KeePer Technical Laboratory Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 600 | 15161 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 7800 | 282876 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 3900 | 111074 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Dividend Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 69800 | $415702 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 4200 | 93634 |
| Kubota Corp. | &nbsp;&nbsp; 252200 | 3168743 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 14800 | 503913 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 1000 | 27064 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 43400 | 678449 |
| Lasertec Corp. | &nbsp;&nbsp; 13700 | 1874227 |
| Life Corp. | &nbsp;&nbsp; 7300 | 124548 |
| M3 Inc. | &nbsp;&nbsp; 31800 | 514788 |
| Mani Inc. | &nbsp;&nbsp; 21000 | 180725 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 200 | 52241 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 3300 | 154900 |
| Max Co. Ltd. | &nbsp;&nbsp; 5400 | 205439 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 18900 | 175460 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 38800 | 667567 |
| Mitsubishi Corp. | &nbsp;&nbsp; 894200 | 21317182 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 1856800 | 29952726 |
| Monex Group Inc. | &nbsp;&nbsp; 57300 | 322829 |
| Monogatari Corp. (The) | &nbsp;&nbsp; 2400 | 69173 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 20100 | 291827 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 13600 | 241015 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 326600 | 7396159 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 340200 | 6458374 |
| NEC Corp. | &nbsp;&nbsp; 65000 | 2080591 |
| Nichias Corp. | &nbsp;&nbsp; 9800 | 368131 |
| Nichirei Corp. | &nbsp;&nbsp; 53000 | 622272 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 27500 | 514323 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 14600 | 517069 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 17000 | 384020 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 3900 | 56360 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 4700 | 136242 |
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 59900 | 735402 |
| Nissui Corp. | &nbsp;&nbsp; 65800 | 463619 |
| Nitto Denko Corp. | &nbsp;&nbsp; 90700 | 2150019 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp; 3800 | 96783 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 5200 | 115274 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 156600 | 997949 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 37600 | 1443541 |
| NTT Inc. | &nbsp;&nbsp; 7306000 | 7637112 |
| Obic Co. Ltd. | &nbsp;&nbsp; 34000 | 1185015 |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 8800 | 155389 |
| Olympus Corp. | &nbsp;&nbsp; 98000 | 1239016 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 12500 | 646788 |
| Oracle Corp./Japan | &nbsp;&nbsp; 3400 | 347151 |
| Organo Corp. | &nbsp;&nbsp; 2800 | 214513 |
| PALTAC Corp. | &nbsp;&nbsp; 6300 | 197117 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 137000 | 902000 |
| Pilot Corp. | &nbsp;&nbsp; 8100 | 262479 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 12100 | 263799 |
| Rinnai Corp. | &nbsp;&nbsp; 18800 | 445247 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 23800 | 400718 |
| S Foods Inc. | &nbsp;&nbsp; 6000 | 110177 |
| SBS Holdings Inc. | &nbsp;&nbsp; 4600 | 113806 |
| SCSK Corp. | &nbsp;&nbsp; 20200 | 604650 |
| Sekisui House Ltd. | &nbsp;&nbsp; 211000 | 4798684 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 413500 | 5548513 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 7300 | 488118 |
| Shimano Inc. | &nbsp;&nbsp; 12600 | 1408157 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 8200 | 105910 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 157800 | 2780413 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 19500 | 301489 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 11400 | 374854 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Shoei Co. Ltd. | &nbsp;&nbsp; 18300 | $217403 |
| SMS Co. Ltd. | &nbsp;&nbsp; 7900 | 83256 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 210500 | 6507720 |
| Sony Financial Holdings Inc.<sup>(c)</sup> | &nbsp;&nbsp; 234400 | 259943 |
| Sony Group Corp. | &nbsp;&nbsp; 234400 | 6738227 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 941500 | 26487086 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 42400 | 1870238 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 16500 | 483893 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 10000 | 349599 |
| TDK Corp. | &nbsp;&nbsp; 222700 | 3224875 |
| Terumo Corp. | &nbsp;&nbsp; 115500 | 1905347 |
| TIS Inc. | &nbsp;&nbsp; 28100 | 926882 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 34800 | 354494 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 411400 | 17411738 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 14700 | 144836 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 60200 | 1204960 |
| Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp; 3800 | 51668 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 3500 | 51049 |
| Unicharm Corp. | &nbsp;&nbsp; 154000 | 999071 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 9200 | 180787 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 10300 | 188052 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 60500 | 986559 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 57900 | 702989 |
| Yaoko Co. Ltd.<sup>(c)(d)</sup> | &nbsp;&nbsp; 2500 | 161976 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 11700 | 223774 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 6000 | 391964 |
| ZOZO Inc. | &nbsp;&nbsp; 84600 | 777359 |
| Zuken Inc. | &nbsp;&nbsp; 2100 | 69506 |
|  |  | 233617798 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| Mega First Corp. Bhd | &nbsp;&nbsp; 102000 | 92217 |
| PPB Group Bhd | &nbsp;&nbsp; 268300 | 650596 |
|  |  | 742813 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Corporativo Fragua SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 23149 | 738326 |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 15636 | 123903 |
|  |  | 862229 |
| **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** |
| Koninklijke KPN NV | &nbsp;&nbsp; 1475822 | 7083265 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 19188 | 880685 |
| Wolters Kluwer NV | &nbsp;&nbsp; 45488 | 6209107 |
|  |  | 14173057 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Summerset Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44600 | 276151 |
| **Norway — 0.3%** | **Norway — 0.3%** | **Norway — 0.3%** |
| Borregaard ASA<sup>(a)</sup> | &nbsp;&nbsp; 19312 | 375930 |
| Europris ASA<sup>(b)</sup> | &nbsp;&nbsp; 50181 | 509495 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 56466 | 1659347 |
| Sparebanken Norge<sup>(a)</sup> | &nbsp;&nbsp; 61818 | 1087889 |
| TOMRA Systems ASA | &nbsp;&nbsp; 26854 | 402590 |
|  |  | 4035251 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 213050 | 1727816 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| Asseco South Eastern Europe SA | &nbsp;&nbsp; 4563 | 84992 |
| Dom Development SA | &nbsp;&nbsp; 3535 | 227355 |
| Neuca SA | &nbsp;&nbsp; 299 | 55528 |
|  |  | 367875 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Dividend Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| Sonae SGPS SA | &nbsp;&nbsp; 366985 | $576489 |
| **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 22773 | 447647 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| PSG Financial Services Ltd. | &nbsp;&nbsp; 229383 | 302833 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 112506 | 1785048 |
|  |  | 2087881 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| CJ Corp. | &nbsp;&nbsp; 2362 | 309169 |
| Classys Inc. | &nbsp;&nbsp; 974 | 35119 |
| Hanil Cement Co. Ltd./New | &nbsp;&nbsp; 8224 | 112275 |
| LG Corp. | &nbsp;&nbsp; 37905 | 1947020 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 586 | 215202 |
| NICE Information Service Co. Ltd. | &nbsp;&nbsp; 8778 | 87234 |
| SK Gas Ltd. | &nbsp;&nbsp; 728 | 120118 |
| Youngone Holdings Co. Ltd. | &nbsp;&nbsp; 1650 | 163113 |
| Yuhan Corp. | &nbsp;&nbsp; 2199 | 187440 |
|  |  | 3176690 |
| **Spain — 2.8%** | **Spain — 2.8%** | **Spain — 2.8%** |
| Iberdrola SA | &nbsp;&nbsp; 1711395 | 32395575 |
| Vidrala SA | &nbsp;&nbsp; 3738 | 395888 |
|  |  | 32791463 |
| **Sweden — 2.5%** | **Sweden — 2.5%** | **Sweden — 2.5%** |
| AAK AB | &nbsp;&nbsp; 27122 | 705792 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 154029 | 5361420 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 410376 | 6959148 |
| Axfood AB | &nbsp;&nbsp; 27732 | 861264 |
| Bravida Holding AB<sup>(b)</sup> | &nbsp;&nbsp; 55126 | 538101 |
| Catena AB | &nbsp;&nbsp; 7720 | 351597 |
| Epiroc AB, Class A | &nbsp;&nbsp; 104087 | 2203529 |
| Epiroc AB, Class B | &nbsp;&nbsp; 72480 | 1371209 |
| Essity AB, Class A | &nbsp;&nbsp; 4901 | 128064 |
| Essity AB, Class B | &nbsp;&nbsp; 170909 | 4467411 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 61967 | 5101367 |
| Getinge AB, Class B | &nbsp;&nbsp; 41876 | 902554 |
| Instalco AB | &nbsp;&nbsp; 52706 | 142843 |
| Lifco AB, Class B | &nbsp;&nbsp; 14406 | 487783 |
| MIPS AB | &nbsp;&nbsp; 3967 | 144250 |
|  |  | 29726332 |
| **Switzerland — 11.4%** | **Switzerland — 11.4%** | **Switzerland — 11.4%** |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 1022 | 310304 |
| Bachem Holding AG | &nbsp;&nbsp; 4172 | 310543 |
| BKW AG | &nbsp;&nbsp; 3864 | 828746 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 103 | 1574734 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 12 | 1805648 |
| DKSH Holding AG | &nbsp;&nbsp; 13472 | 916785 |
| Emmi AG, Registered | &nbsp;&nbsp; 366 | 316537 |
| Geberit AG, Registered | &nbsp;&nbsp; 6256 | 4724539 |
| Givaudan SA, Registered | &nbsp;&nbsp; 1451 | 5918686 |
| Logitech International SA, Registered | &nbsp;&nbsp; 17988 | 1978651 |
| Nestle SA, Registered | &nbsp;&nbsp; 373619 | 34311388 |
| Novartis AG, Registered | &nbsp;&nbsp; 271835 | 34952090 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 11707 | 2014204 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 8823 | 3052669 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 103055 | 34315611 |
| Siegfried Holding AG | &nbsp;&nbsp; 1559 | 156617 |
| SIG Group AG | &nbsp;&nbsp; 98160 | 1017995 |
| Sika AG, Registered | &nbsp;&nbsp; 27559 | 6188614 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 2076 | 376027 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Temenos AG, Registered | &nbsp;&nbsp; 10563 | $857918 |
|  |  | 135928306 |
| **Taiwan — 1.1%** | **Taiwan — 1.1%** | **Taiwan — 1.1%** |
| Advantech Co. Ltd. | &nbsp;&nbsp; 113893 | 1198730 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 4000 | 459500 |
| Allis Electric Co. Ltd. | &nbsp;&nbsp; 29902 | 101019 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 32000 | 1040853 |
| Chicony Power Technology Co. Ltd. | &nbsp;&nbsp; 60000 | 197110 |
| Chief Telecom Inc. | &nbsp;&nbsp; 10000 | 135000 |
| Chung-Hsin Electric & Machinery <br> Manufacturing Corp.<br>| &nbsp;&nbsp; 104000 | 532032 |
| Goldsun Building Materials Co. Ltd. | &nbsp;&nbsp; 668000 | 798295 |
| Kuo Toong International Co. Ltd. | &nbsp;&nbsp; 50000 | 83782 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 22155 | 1132478 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp; 96000 | 727596 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | &nbsp;&nbsp; 116000 | 486065 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 406000 | 1270799 |
| Universal Vision Biotechnology Co. Ltd. | &nbsp;&nbsp; 12000 | 62897 |
| Wistron Corp. | &nbsp;&nbsp; 924000 | 4293339 |
|  |  | 12519495 |
| **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** |
| Gulf Development PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1446165 | 1945376 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Aksa Akrilik Kimya Sanayii AS | &nbsp;&nbsp; 656640 | 174831 |
| Anadolu Hayat Emeklilik AS | &nbsp;&nbsp; 44997 | 97781 |
| Enerjisa Enerji AS<sup>(b)</sup> | &nbsp;&nbsp; 102785 | 196659 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 190801 | 454970 |
| Haci Omer Sabanci Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 433648 | 906960 |
| Is Yatirim Menkul Degerler AS | &nbsp;&nbsp; 632017 | 660029 |
|  |  | 2491230 |
| **United Kingdom — 8.2%** | **United Kingdom — 8.2%** | **United Kingdom — 8.2%** |
| AJ Bell PLC | &nbsp;&nbsp; 70027 | 514198 |
| Ashtead Group PLC | &nbsp;&nbsp; 56897 | 3815588 |
| BAE Systems PLC | &nbsp;&nbsp; 483525 | 13459604 |
| Bunzl PLC | &nbsp;&nbsp; 80367 | 2540175 |
| Chemring Group PLC | &nbsp;&nbsp; 30335 | 240937 |
| Clarkson PLC | &nbsp;&nbsp; 7392 | 365868 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 42734 | 2016129 |
| Cranswick PLC | &nbsp;&nbsp; 9643 | 651870 |
| Croda International PLC | &nbsp;&nbsp; 49839 | 1816670 |
| DCC PLC | &nbsp;&nbsp; 38645 | 2487652 |
| Diploma PLC | &nbsp;&nbsp; 12798 | 916032 |
| Drax Group PLC | &nbsp;&nbsp; 126827 | 1196115 |
| Gamma Communications PLC | &nbsp;&nbsp; 15274 | 205420 |
| GlobalData PLC, NVS | &nbsp;&nbsp; 35804 | 59612 |
| Halma PLC | &nbsp;&nbsp; 24230 | 1127924 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 53211 | 1221512 |
| Hilton Food Group PLC | &nbsp;&nbsp; 36189 | 325119 |
| JTC PLC<sup>(b)</sup> | &nbsp;&nbsp; 14878 | 265045 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 62557 | 7174228 |
| Metlen Energy & Metals PLC<sup>(c)</sup> | &nbsp;&nbsp; 28141 | 1575958 |
| National Grid PLC | &nbsp;&nbsp; 2017242 | 28985064 |
| Pearson PLC | &nbsp;&nbsp; 138550 | 1970329 |
| RELX PLC | &nbsp;&nbsp; 303181 | 14485625 |
| Sage Group PLC (The) | &nbsp;&nbsp; 167832 | 2489702 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 721300 | 948249 |
| Softcat PLC | &nbsp;&nbsp; 19093 | 406143 |
| Spectris PLC | &nbsp;&nbsp; 18122 | 1002025 |
| Spirax Group PLC | &nbsp;&nbsp; 14687 | 1352435 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Dividend Growth ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| United Utilities Group PLC | &nbsp;&nbsp; 282895 | $4370362 |
|  |  | 97985590 |
| **Total Common Stocks — 99.1%** <br>**(Cost: $958,707,149)** | **Total Common Stocks — 99.1%** <br>**(Cost: $958,707,149)** | 1177584466 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 17145 | 768741 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $684,638)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $684,638)** | 768741 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $959,391,787)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $959,391,787)** | 1178353207 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.26%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 1609682 | 1610487 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 2400000 | 2400000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $4,010,548)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $4,010,548)** | 4010487 |
| **Total Investments — 99.5%** <br>**(Cost: $963,402,335)** | **Total Investments — 99.5%** <br>**(Cost: $963,402,335)** | 1182363694 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 5473360 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1187837054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Non-income producing security.

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

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $487433 | $1123047 <br><sup>(a)</sup><br>| $— | $68 | $(61)<br>| $1610487 | 1609682 | $9205 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2750000 |  | &nbsp;&nbsp; (350000 )<sup>(a)</sup><br>|  |  | 2400000 | 2400000 | 35280 |  |
|  |  |  |  | $68 | $(61) | $4010487 |  | $44485 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Dividend Growth ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P/TSE 60 Index | 6 | 12/18/25 | &nbsp;&nbsp; $1528 | $20641 |
| MSCI EAFE Index | 52 | 12/19/25 | &nbsp;&nbsp; 7242 | 5337 |
|  |  |  |  | $25978 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25978 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25978 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $641412 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $641412 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $218371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $218371 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $8442293 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $257286506 | &nbsp;&nbsp; $920135984 | &nbsp;&nbsp; $161976 | &nbsp;&nbsp; $1177584466 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 768741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 768741 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 4010487 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4010487 |
|  | &nbsp;&nbsp; $261296993 | &nbsp;&nbsp; $920904725 | &nbsp;&nbsp; $161976 | &nbsp;&nbsp; $1182363694 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® International Dividend Growth ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $25978 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25978 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Asia 50 ETF <br>| &nbsp;&nbsp; iShares <br>Blockchain <br> and Tech <br> ETF <br>| &nbsp;&nbsp; iShares <br>Emerging <br> Markets <br> Infrastructure <br> ETF <br>| &nbsp;&nbsp; iShares <br>Future <br> Metaverse <br> Tech and <br> Communications <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $1130305389 | $79866050 | $7636095 | $8528540 |
| Investments, at value—affiliated<sup>(c)</sup> | 2150000 | 36998721 | 572451 | 382602 |
| Cash | 56518 | 6696 | 3557 | 5191 |
| Cash pledged for futures contracts | 206000 |  |  | 2000 |
| Foreign currency, at value<sup>(d)</sup> | 496920 | 11131 | 6281 | 6285 |
| Receivables: |  |  |  |  |
| Investments sold | 2445668 |  | 576075 |  |
| Securities lending income—affiliated |  | 17701 | 275 | 57 |
| Capital shares sold | 6926338 | 1555 |  |  |
| Dividends—unaffiliated | 1375287 | 2067 | 57488 | 23617 |
| Dividends—affiliated | 1997 | 1535 | 43 | 26 |
| Tax reclaims |  |  |  | 265 |
| Variation margin on futures contracts | 19165 |  |  | 25 |
| Other assets |  |  |  | 129 |
| Total assets | 1143983282 | 116905456 | 8852265 | 8948737 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value |  | 36948917 | 572457 | 381846 |
| Payables: |  |  |  |  |
| Investments purchased | 5983997 | 1555 | 575449 | 19962 |
| Investment advisory fees | 420216 | 25998 | 3785 | 3236 |
| Total liabilities | 6404213 | 36976470 | 1151691 | 405044 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $1137579069 | $79928986 | $7700574 | $8543693 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $781331309 | $48207199 | $43615286 | $5574089 |
| Accumulated earnings (loss) | 356247760 | 31721787 | (35914712) | 2969604 |
| NET ASSETS | $1137579069 | $79928986 | $7700574 | $8543693 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 12100000 | 1450000 | 300000 | 200000 |
| Net asset value | $94.01 | $55.12 | $25.67 | $42.72 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $755583987 | $53659794 | $6602378 | $6046554 |
| <sup>(b)</sup> Securities loaned, at value | $— | $35825711 | $543795 | $373238 |
| <sup>(c)</sup> Investments, at cost—affiliated | $2150000 | $36998239 | $572451 | $382602 |
| <sup>(d)</sup> Foreign currency, at cost | $497592 | $11074 | $6426 | $6294 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>International <br> Developed <br> Small Cap <br> Value Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Dividend Growth <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $53313577 | $1178353207 |
| Investments, at value—affiliated<sup>(c)</sup> | 454887 | 4010487 |
| Cash pledged for futures contracts | 51000 | 242000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 56047 |
| Foreign currency, at value<sup>(e)</sup> | 133318 | 1040399 |
| Receivables: |  |  |
| Investments sold | 192136 | 566413 |
| Securities lending income—affiliated | 284 | 699 |
| Dividends—unaffiliated | 240467 | 3695952 |
| Dividends—affiliated | 271 | 5299 |
| Tax reclaims | 271665 | 2027436 |
| Variation margin on futures contracts | 3544 | 38541 |
| Foreign withholding tax claims |  | 27423 |
| Total assets | 54661149 | 1190063903 |
| **LIABILITIES** |  |  |
| Bank overdraft | 9082 | 127739 |
| Collateral on securities loaned, at value | 453339 | 1610758 |
| Payables: |  |  |
| Investments purchased |  | 324928 |
| Deferred foreign capital gain tax |  | 11891 |
| Interest expense and fees |  | 1456 |
| Investment advisory fees | 12314 | 145586 |
| Professional fees | 9183 | 4491 |
| Total liabilities | 483918 | 2226849 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $54177231 | $1187837054 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $53103087 | $987263775 |
| Accumulated earnings | 1074144 | 200573279 |
| NET ASSETS | $54177231 | $1187837054 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 1200000 | 14900000 |
| Net asset value | $45.15 | $79.72 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $48604428 | $959391787 |
| <sup>(b)</sup> Securities loaned, at value | $427159 | $1541529 |
| <sup>(c)</sup> Investments, at cost—affiliated | $454887 | $4010548 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $56552 |
| <sup>(e)</sup> Foreign currency, at cost | $133063 | $1039684 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Asia 50 ETF <br>| &nbsp;&nbsp; iShares <br>Blockchain <br> and Tech <br> ETF <br>| &nbsp;&nbsp; iShares <br>Emerging <br> Markets <br> Infrastructure <br> ETF <br>| &nbsp;&nbsp; iShares <br>Future <br> Metaverse <br> Tech and <br> Communications <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $13045917 | &nbsp;&nbsp;&nbsp; $40248 | &nbsp;&nbsp;&nbsp; $277647 | &nbsp;&nbsp;&nbsp; $16419 |
| Dividends—affiliated | &nbsp;&nbsp; 9783 | &nbsp;&nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 131 |
| Interest—unaffiliated | &nbsp;&nbsp; 9977 | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 67 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 4046 | &nbsp;&nbsp;&nbsp; 69488 | &nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp; 1405 |
| Foreign taxes withheld | &nbsp;&nbsp; (1315961)<br>| &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; (16512)<br>| &nbsp;&nbsp;&nbsp; (613)<br>|
| Total investment income | &nbsp;&nbsp; 11753762 | &nbsp;&nbsp;&nbsp; 112144 | &nbsp;&nbsp;&nbsp; 262806 | &nbsp;&nbsp;&nbsp; 17409 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1959227 | &nbsp;&nbsp;&nbsp; 104933 | &nbsp;&nbsp;&nbsp; 22153 | &nbsp;&nbsp;&nbsp; 17530 |
| Commitment costs | &nbsp;&nbsp; 3651 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 14 |
| Interest expense | &nbsp;&nbsp; 3614 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1966492 | &nbsp;&nbsp;&nbsp; 104933 | &nbsp;&nbsp;&nbsp; 22192 | &nbsp;&nbsp;&nbsp; 17544 |
| Net investment income (loss) | &nbsp;&nbsp; 9787270 | &nbsp;&nbsp;&nbsp; 7211 | &nbsp;&nbsp;&nbsp; 240614 | &nbsp;&nbsp;&nbsp; (135)<br>|
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (15561650)<br>| &nbsp;&nbsp;&nbsp; 7436311 | &nbsp;&nbsp;&nbsp; 6116 | &nbsp;&nbsp;&nbsp; 502043 |
| Investments—affiliated | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (26)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 37420 | &nbsp;&nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 14 |
| Futures contracts | &nbsp;&nbsp; 571305 | &nbsp;&nbsp;&nbsp; 5857 | &nbsp;&nbsp;&nbsp; 12343 | &nbsp;&nbsp;&nbsp; 682 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (2150503)<br>| &nbsp;&nbsp;&nbsp; 1302558 | &nbsp;&nbsp;&nbsp; 254267 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (17103458)<br>| &nbsp;&nbsp;&nbsp; 8746597 | &nbsp;&nbsp;&nbsp; 272673 | &nbsp;&nbsp;&nbsp; 502713 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 220469974 | &nbsp;&nbsp;&nbsp; 27608371 | &nbsp;&nbsp;&nbsp; 1039836 | &nbsp;&nbsp;&nbsp; 1539402 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (462)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 8394 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; (149)<br>| &nbsp;&nbsp;&nbsp; 35 |
| Futures contracts | &nbsp;&nbsp; 146252 | &nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (56)<br>|
|  | &nbsp;&nbsp; 220624620 | &nbsp;&nbsp;&nbsp; 27608476 | &nbsp;&nbsp;&nbsp; 1039687 | &nbsp;&nbsp;&nbsp; 1539381 |
| Net realized and unrealized gain | &nbsp;&nbsp; 203521162 | &nbsp;&nbsp;&nbsp; 36355073 | &nbsp;&nbsp;&nbsp; 1312360 | &nbsp;&nbsp;&nbsp; 2042094 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $213308432 | &nbsp;&nbsp;&nbsp; $36362284 | &nbsp;&nbsp;&nbsp; $1552974 | &nbsp;&nbsp;&nbsp; $2041959 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)(continued)

Six Months Ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>International <br> Developed <br> Small Cap <br> Value Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Dividend <br> Growth ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $913581 | &nbsp;&nbsp;&nbsp; $20168455 |
| Dividends—affiliated | &nbsp;&nbsp; 754 | &nbsp;&nbsp;&nbsp; 35280 |
| Interest—unaffiliated | &nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; 13899 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp; 9205 |
| Non-cash dividends—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1437428 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 131 |
| Foreign taxes withheld | &nbsp;&nbsp; (92599)<br>| &nbsp;&nbsp;&nbsp; (2078561)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 41923 | &nbsp;&nbsp;&nbsp; 29527 |
| Total investment income | &nbsp;&nbsp; 865739 | &nbsp;&nbsp;&nbsp; 19615364 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 55126 | &nbsp;&nbsp;&nbsp; 855867 |
| Interest expense | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 9232 |
| Commitment costs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2109 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4851 |
| Total expenses | &nbsp;&nbsp; 55192 | &nbsp;&nbsp;&nbsp; 872059 |
| Net investment income | &nbsp;&nbsp; 810547 | &nbsp;&nbsp;&nbsp; 18743305 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 2107357 | &nbsp;&nbsp;&nbsp; 13144581 |
| Investments—affiliated | &nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; 68 |
| Foreign currency transactions | &nbsp;&nbsp; 21712 | &nbsp;&nbsp;&nbsp; 218816 |
| Futures contracts | &nbsp;&nbsp; 54591 | &nbsp;&nbsp;&nbsp; 641412 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7981297 |
|  | &nbsp;&nbsp; 2183603 | &nbsp;&nbsp;&nbsp; 21986174 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 4457084 | &nbsp;&nbsp;&nbsp; 87368762 |
| Investments—affiliated | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; (61)<br>|
| Foreign currency translations | &nbsp;&nbsp; 22462 | &nbsp;&nbsp;&nbsp; 190648 |
| Futures contracts | &nbsp;&nbsp; 9289 | &nbsp;&nbsp;&nbsp; 218371 |
|  | &nbsp;&nbsp; 4488865 | &nbsp;&nbsp;&nbsp; 87777720 |
| Net realized and unrealized gain | &nbsp;&nbsp; 6672468 | &nbsp;&nbsp;&nbsp; 109763894 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $7483015 | &nbsp;&nbsp;&nbsp; $128507199 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(23849)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(11891)<br>|

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Asia 50 ETF  | iShares <br>Asia 50 ETF  | iShares <br>Blockchain and Tech ETF  | iShares <br>Blockchain and Tech ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $9787270 | &nbsp;&nbsp;&nbsp; $25867560 | &nbsp;&nbsp;&nbsp; $7211 | &nbsp;&nbsp;&nbsp; $(7700)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (17103458)<br>| &nbsp;&nbsp;&nbsp; 141258986 | &nbsp;&nbsp;&nbsp; 8746597 | &nbsp;&nbsp;&nbsp; 1925918 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 220624620 | &nbsp;&nbsp;&nbsp; 96486933 | &nbsp;&nbsp;&nbsp; 27608476 | &nbsp;&nbsp;&nbsp; (10388289)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 213308432 | &nbsp;&nbsp;&nbsp; 263613479 | &nbsp;&nbsp;&nbsp; 36362284 | &nbsp;&nbsp;&nbsp; (8470071)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (7343676 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (25121289)<br>| &nbsp;&nbsp;&nbsp; (21267 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (523032)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 197005084 | &nbsp;&nbsp;&nbsp; (985486408)<br>| &nbsp;&nbsp;&nbsp; 15179821 | &nbsp;&nbsp;&nbsp; 13780263 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 402969840 | &nbsp;&nbsp;&nbsp; (746994218)<br>| &nbsp;&nbsp;&nbsp; 51520838 | &nbsp;&nbsp;&nbsp; 4787160 |
| Beginning of period | &nbsp;&nbsp; 734609229 | &nbsp;&nbsp;&nbsp; 1481603447 | &nbsp;&nbsp;&nbsp; 28408148 | &nbsp;&nbsp;&nbsp; 23620988 |
| End of period | &nbsp;&nbsp; $1137579069 | &nbsp;&nbsp;&nbsp; $734609229 | &nbsp;&nbsp;&nbsp; $79928986 | &nbsp;&nbsp;&nbsp; $28408148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Emerging Markets Infrastructure <br> ETF  | iShares <br>Emerging Markets Infrastructure <br> ETF  | iShares <br>Future Metaverse Tech and <br> Communications ETF  | iShares <br>Future Metaverse Tech and <br> Communications ETF  |
|  | Six Months <br> Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $240614 | &nbsp;&nbsp;&nbsp; $444117 | &nbsp;&nbsp;&nbsp; $(135)<br>| &nbsp;&nbsp;&nbsp; $(8500)<br>|
| Net realized gain | &nbsp;&nbsp; 272673 | &nbsp;&nbsp;&nbsp; 1625377 | &nbsp;&nbsp;&nbsp; 502713 | &nbsp;&nbsp;&nbsp; 48491 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1039687 | &nbsp;&nbsp;&nbsp; (1985178)<br>| &nbsp;&nbsp;&nbsp; 1539381 | &nbsp;&nbsp;&nbsp; 313133 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1552974 | &nbsp;&nbsp;&nbsp; 84316 | &nbsp;&nbsp;&nbsp; 2041959 | &nbsp;&nbsp;&nbsp; 353124 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (146684 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (541548)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (437769)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (2167384)<br>| &nbsp;&nbsp;&nbsp; (13087933)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (761094)<br>| &nbsp;&nbsp;&nbsp; (13545165)<br>| &nbsp;&nbsp;&nbsp; 2041959 | &nbsp;&nbsp;&nbsp; (84645)<br>|
| Beginning of period | &nbsp;&nbsp; 8461668 | &nbsp;&nbsp;&nbsp; 22006833 | &nbsp;&nbsp;&nbsp; 6501734 | &nbsp;&nbsp;&nbsp; 6586379 |
| End of period | &nbsp;&nbsp; $7700574 | &nbsp;&nbsp;&nbsp; $8461668 | &nbsp;&nbsp;&nbsp; $8543693 | &nbsp;&nbsp;&nbsp; $6501734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>International Developed Small Cap Value <br> Factor ETF  | iShares <br>International Developed Small Cap Value <br> Factor ETF  | iShares <br>International Dividend Growth ETF  | iShares <br>International Dividend Growth ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>09/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $810547 | &nbsp;&nbsp;&nbsp; $4607451 | &nbsp;&nbsp;&nbsp; $18743305 | &nbsp;&nbsp;&nbsp; $22114803 |
| Net realized gain (loss) | &nbsp;&nbsp; 2183603 | &nbsp;&nbsp;&nbsp; 19491281 | &nbsp;&nbsp;&nbsp; 21986174 | &nbsp;&nbsp;&nbsp; (5336630)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 4488865 | &nbsp;&nbsp;&nbsp; (17762517)<br>| &nbsp;&nbsp;&nbsp; 87777720 | &nbsp;&nbsp;&nbsp; 60105798 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 7483015 | &nbsp;&nbsp;&nbsp; 6336215 | &nbsp;&nbsp;&nbsp; 128507199 | &nbsp;&nbsp;&nbsp; 76883971 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (611575 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (7116405)<br>| &nbsp;&nbsp;&nbsp; (19427232 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (19112487)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 21438156 | &nbsp;&nbsp;&nbsp; (156854473)<br>| &nbsp;&nbsp;&nbsp; 52980374 | &nbsp;&nbsp;&nbsp; 309967685 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 28309596 | &nbsp;&nbsp;&nbsp; (157634663)<br>| &nbsp;&nbsp;&nbsp; 162060341 | &nbsp;&nbsp;&nbsp; 367739169 |
| Beginning of period | &nbsp;&nbsp; 25867635 | &nbsp;&nbsp;&nbsp; 183502298 | &nbsp;&nbsp;&nbsp; 1025776713 | &nbsp;&nbsp;&nbsp; 658037544 |
| End of period | &nbsp;&nbsp; $54177231 | &nbsp;&nbsp;&nbsp; $25867635 | &nbsp;&nbsp;&nbsp; $1187837054 | &nbsp;&nbsp;&nbsp; $1025776713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Asia 50 ETF  | iShares Asia 50 ETF  | iShares Asia 50 ETF  | iShares Asia 50 ETF  | iShares Asia 50 ETF  | iShares Asia 50 ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $72.38 | &nbsp;&nbsp;&nbsp; $61.35 | &nbsp;&nbsp;&nbsp; $61.83 | &nbsp;&nbsp;&nbsp; $68.67 | &nbsp;&nbsp;&nbsp; $90.91 | &nbsp;&nbsp;&nbsp; $56.05 |
| Net investment income<sup>(a)</sup> | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 21.44 | &nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (6.54)<br>| &nbsp;&nbsp;&nbsp; (21.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.52 |
| Net increase (decrease) from investment operations | 22.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp;&nbsp; (21.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;35.83 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.82 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $94.01 | &nbsp;&nbsp;&nbsp; $72.38 | &nbsp;&nbsp;&nbsp; $61.35 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; $61.83 | &nbsp;&nbsp;&nbsp; $68.67 | &nbsp;&nbsp;&nbsp; $90.91 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 31.24 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (7.77)%<br>| &nbsp;&nbsp;&nbsp; (23.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.22<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1137579 | &nbsp;&nbsp;&nbsp; $734609 | &nbsp;&nbsp;&nbsp; $1481603 | &nbsp;&nbsp;&nbsp; $1675525 | &nbsp;&nbsp;&nbsp; $1885125 | &nbsp;&nbsp;&nbsp; $3172670 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(e)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(e)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(e)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(e)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(e)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(e)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Blockchain and Tech ETF  | iShares Blockchain and Tech ETF  | iShares Blockchain and Tech ETF  | iShares Blockchain and Tech ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Period From <br>04/25/22<sup>(a)</sup> <br>to 03/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $31.49 | &nbsp;&nbsp;&nbsp; $16.32 | &nbsp;&nbsp;&nbsp; $25.56 |
| Net investment income (loss)<sup>(b)</sup> | 0.01 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 30.43 | &nbsp;&nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp; (9.38)<br>|
| Net increase (decrease) from investment operations | 30.44 | &nbsp;&nbsp;&nbsp; (6.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.69 | &nbsp;&nbsp;&nbsp; (9.16)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.02 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $55.12 | &nbsp;&nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $31.49 | &nbsp;&nbsp;&nbsp; $16.32 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 123.28 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; (20.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 97.46<br> %<br>| &nbsp;&nbsp;&nbsp; (35.71 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.47 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(i)</sup><br>|
| Net investment income (loss) | 0.03 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; (0.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $79929 | &nbsp;&nbsp;&nbsp; $28408 | &nbsp;&nbsp;&nbsp; $23621 | &nbsp;&nbsp;&nbsp; $6529 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Emerging Markets Infrastructure ETF  | iShares Emerging Markets Infrastructure ETF  | iShares Emerging Markets Infrastructure ETF  | iShares Emerging Markets Infrastructure ETF  | iShares Emerging Markets Infrastructure ETF  | iShares Emerging Markets Infrastructure ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $21.15 | &nbsp;&nbsp;&nbsp; $22.01 | &nbsp;&nbsp;&nbsp; $21.54 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $24.74 | &nbsp;&nbsp;&nbsp; $19.80 |
| Net investment income<sup>(a)</sup> | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.24 | &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| Net increase (decrease) from investment operations | 5.01 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.56 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.49 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.67 | &nbsp;&nbsp;&nbsp; $21.15 | &nbsp;&nbsp;&nbsp; $22.01 | &nbsp;&nbsp;&nbsp; $21.54 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $24.74 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 23.89 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> %<br>| &nbsp;&nbsp;&nbsp; (3.11)%<br>| &nbsp;&nbsp;&nbsp; (3.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.33<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.60 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Net investment income | 6.52 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7701 | &nbsp;&nbsp;&nbsp; $8462 | &nbsp;&nbsp;&nbsp; $22007 | &nbsp;&nbsp;&nbsp; $22613 | &nbsp;&nbsp;&nbsp; $20595 | &nbsp;&nbsp;&nbsp; $16083 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Future Metaverse Tech and Communications ETF  | iShares Future Metaverse Tech and Communications ETF  | iShares Future Metaverse Tech and Communications ETF  | iShares Future Metaverse Tech and Communications ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Period From <br>02/14/23<sup>(a)</sup> <br>to 03/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $32.51 | &nbsp;&nbsp;&nbsp; $32.93 | &nbsp;&nbsp;&nbsp; $26.75 | &nbsp;&nbsp;&nbsp; $25.52 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain<sup>(d)</sup> | 10.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net increase from investment operations | 10.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| **Distributions**<sup>(e)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $42.72 | &nbsp;&nbsp;&nbsp; $32.51 | &nbsp;&nbsp;&nbsp; $32.93 | &nbsp;&nbsp;&nbsp; $26.75 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 31.41 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.47 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(i)</sup><br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.00 )%<sup>(i)(j)</sup><br>| &nbsp;&nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8544 | &nbsp;&nbsp;&nbsp; $6502 | &nbsp;&nbsp;&nbsp; $6586 | &nbsp;&nbsp;&nbsp; $5350 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Rounds to less than $0.01. | <sup>(c)</sup> Rounds to less than $0.01. | <sup>(c)</sup> Rounds to less than $0.01. | <sup>(c)</sup> Rounds to less than $0.01. | <sup>(c)</sup> Rounds to less than $0.01. |
| <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Rounds to less than 0.01%. | <sup>(j)</sup> Rounds to less than 0.01%. | <sup>(j)</sup> Rounds to less than 0.01%. | <sup>(j)</sup> Rounds to less than 0.01%. | <sup>(j)</sup> Rounds to less than 0.01%. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares International Developed Small Cap Value Factor ETF  | iShares International Developed Small Cap Value Factor ETF  | iShares International Developed Small Cap Value Factor ETF  | iShares International Developed Small Cap Value Factor ETF  | iShares International Developed Small Cap Value Factor ETF  | iShares International Developed Small Cap Value Factor ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Period From <br>03/23/21<sup>(a)</sup> <br>to 03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $36.95 | &nbsp;&nbsp;&nbsp; $35.29 | &nbsp;&nbsp;&nbsp; $31.60 | &nbsp;&nbsp;&nbsp; $34.20 | &nbsp;&nbsp;&nbsp; $34.37 | &nbsp;&nbsp;&nbsp; $34.52 |
| Net investment income<sup>(b)</sup> | 0.92 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 7.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| Net increase (decrease) from investment operations | 8.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (0.68 )<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $45.15 | &nbsp;&nbsp;&nbsp; $36.95 | &nbsp;&nbsp;&nbsp; $35.29 | &nbsp;&nbsp;&nbsp; $31.60 | &nbsp;&nbsp;&nbsp; $34.20 | &nbsp;&nbsp;&nbsp; $34.37 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 24.20 %<sup>(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.81 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.26 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (4.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp; (0.43 )%<sup>(h)</sup><br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.30 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(j)</sup><br>|
| Total expenses after fees waived | 0.30 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(j)</sup><br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 4.41 %<sup>(c)(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.96 %<sup>(j)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $54177 | &nbsp;&nbsp;&nbsp; $25868 | &nbsp;&nbsp;&nbsp; $183502 | &nbsp;&nbsp;&nbsp; $158001 | &nbsp;&nbsp;&nbsp; $164181 | &nbsp;&nbsp;&nbsp; $6875 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.05, $0.01 and $0.00.<br> • Total return by 0.10%, 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.23%, 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.05, $0.01 and $0.00.<br> • Total return by 0.10%, 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.23%, 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.05, $0.01 and $0.00.<br> • Total return by 0.10%, 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.23%, 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.05, $0.01 and $0.00.<br> • Total return by 0.10%, 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.23%, 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.05, $0.01 and $0.00.<br> • Total return by 0.10%, 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.23%, 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.05, $0.01 and $0.00.<br> • Total return by 0.10%, 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.23%, 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.05, $0.01 and $0.00.<br> • Total return by 0.10%, 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.23%, 0.02% and 0.01%. |
| <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares International Dividend Growth ETF  | iShares International Dividend Growth ETF  | iShares International Dividend Growth ETF  | iShares International Dividend Growth ETF  | iShares International Dividend Growth ETF  | iShares International Dividend Growth ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $72.24 | &nbsp;&nbsp;&nbsp; $67.15 | &nbsp;&nbsp;&nbsp; $60.45 | &nbsp;&nbsp;&nbsp; $65.02 | &nbsp;&nbsp;&nbsp; $64.36 | &nbsp;&nbsp;&nbsp; $45.51 |
| Net investment income<sup>(a)</sup> | 1.27 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 7.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;18.87 |
| Net increase (decrease) from investment operations | 8.79 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;20.40 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.31 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $79.72 | &nbsp;&nbsp;&nbsp; $72.24 | &nbsp;&nbsp;&nbsp; $67.15 | &nbsp;&nbsp;&nbsp; $60.45 | &nbsp;&nbsp;&nbsp; $65.02 | &nbsp;&nbsp;&nbsp; $64.36 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 12.20 %<sup>(b)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.11 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.46 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.29<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.15 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net investment income | 3.29 %<sup>(b)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1187837 | &nbsp;&nbsp;&nbsp; $1025777 | &nbsp;&nbsp;&nbsp; $658038 | &nbsp;&nbsp;&nbsp; $595420 | &nbsp;&nbsp;&nbsp; $321871 | &nbsp;&nbsp;&nbsp; $189855 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.00, $0.02 and $0.01<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.00, $0.02 and $0.01<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.00, $0.02 and $0.01<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.00, $0.02 and $0.01<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.00, $0.02 and $0.01<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.00, $0.02 and $0.01<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months <br> ended September 30, 2025, years ended March 31, 2025 and March 31, 2024:<br> • Net investment income per share by $0.00, $0.02 and $0.01<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02% and 0.01%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Asia 50 | &nbsp;&nbsp; Non-diversified |
| Blockchain and Tech | &nbsp;&nbsp; Non-diversified |
| Emerging Markets Infrastructure | &nbsp;&nbsp; Non-diversified |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; Non-diversified |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; Diversified |
| International Dividend Growth | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

Certain Russian securities held by iShares Emerging Markets Infrastructure ETF declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund's net asset value per share.

**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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 "Foreign taxes withheld", 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 September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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 include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

**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.

**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.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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 occurs after the close of the local markets.

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

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

***4. SECURITIES AND OTHER INVESTMENTS***

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Blockchain and Tech |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $10029274 | &nbsp;&nbsp;&nbsp; $(10029274) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 253113 | &nbsp;&nbsp;&nbsp; (253113) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 757141 | &nbsp;&nbsp;&nbsp; (757141) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 18495585 | &nbsp;&nbsp;&nbsp; (18495585) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 2527505 | &nbsp;&nbsp;&nbsp; (2527505) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1935671 | &nbsp;&nbsp;&nbsp; (1906007) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29664<sup>(b)</sup> <br>|
| UBS AG | &nbsp;&nbsp; 1399789 | &nbsp;&nbsp;&nbsp; (1399789) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 427633 | &nbsp;&nbsp;&nbsp; (427633) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $35825711 | &nbsp;&nbsp;&nbsp; $(35796047) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29664 |
| Emerging Markets Infrastructure |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $62640 | &nbsp;&nbsp;&nbsp; $(62640) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 54231 | &nbsp;&nbsp;&nbsp; (54231) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 368199 | &nbsp;&nbsp;&nbsp; (368199) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 58725 | &nbsp;&nbsp;&nbsp; (58725) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $543795 | &nbsp;&nbsp;&nbsp; $(543795) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| Future Metaverse Tech and Communications |  |  |  |  |
| HSBC Bank PLC | &nbsp;&nbsp; $352646 | &nbsp;&nbsp;&nbsp; $(352646) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| TD Prime Services LLC | &nbsp;&nbsp; 20592 | &nbsp;&nbsp;&nbsp; (20592) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $373238 | &nbsp;&nbsp;&nbsp; $(373238) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| International Developed Small Cap Value Factor |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $99406 | &nbsp;&nbsp;&nbsp; $(99406) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 70644 | &nbsp;&nbsp;&nbsp; (70644) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 122949 | &nbsp;&nbsp;&nbsp; (122949) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 85945 | &nbsp;&nbsp;&nbsp; (85945) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 48215 | &nbsp;&nbsp;&nbsp; (48215) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $427159 | &nbsp;&nbsp;&nbsp; $(427159) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| International Dividend Growth |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $191516 | &nbsp;&nbsp;&nbsp; $(191516) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 944413 | &nbsp;&nbsp;&nbsp; (944413) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 31895 | &nbsp;&nbsp;&nbsp; (31895) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 303834 | &nbsp;&nbsp;&nbsp; (303834) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 69871 | &nbsp;&nbsp;&nbsp; (69871) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1541529 | &nbsp;&nbsp;&nbsp; $(1541529) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of September 30, 2025. 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 Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| Asia 50 | 0.50% |
| Blockchain and Tech | 0.47 |
| Emerging Markets Infrastructure | 0.60 |
| Future Metaverse Tech and Communications | 0.47 |
| International Developed Small Cap Value Factor | 0.30 |
| International Dividend Growth | 0.15 |

---

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

For the iShares Emerging Markets Infrastructure ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2027 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other iShares funds.

For six months ended September 30, 2025, there were no fees waived by BFA pursuant to this arrangement.

**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 ("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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

Pursuant to the current securities lending agreement, the iShares Blockchain and Tech ETF (the "Group 1 Funds"), retains 81% 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.

Pursuant to the current securities lending agreement, each of iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Future Metaverse Tech and Communications ETF, iShares International Developed Small Cap Value Factor ETF and iShares International Dividend Growth ETF (the "Group 2 Funds"), 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 the iShares ETF Complex in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% 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, and (2) each Group 2 Fund 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Asia 50 | &nbsp;&nbsp; $1435 |
| Blockchain and Tech | &nbsp;&nbsp; 19556 |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 365 |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; 374 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 459 |
| International Dividend Growth | &nbsp;&nbsp; 2317 |

---

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

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

For the six months ended September 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Asia 50 | &nbsp;&nbsp; $28121310 | &nbsp;&nbsp;&nbsp; $4245897 | &nbsp;&nbsp;&nbsp; $177041 |
| Blockchain and Tech | &nbsp;&nbsp; 1747564 | &nbsp;&nbsp;&nbsp; 2512213 | &nbsp;&nbsp;&nbsp; 343887 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 364771 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| International Dividend Growth | &nbsp;&nbsp; 16920315 | &nbsp;&nbsp;&nbsp; 14021484 | &nbsp;&nbsp;&nbsp; 1261178 |

---

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

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

***7. PURCHASES AND SALES***

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Asia 50 | &nbsp;&nbsp; $304775355 | &nbsp;&nbsp;&nbsp; $129985820 |
| Blockchain and Tech | &nbsp;&nbsp; 30099297 | &nbsp;&nbsp;&nbsp; 29807485 |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 739749 | &nbsp;&nbsp;&nbsp; 990031 |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; 1808078 | &nbsp;&nbsp;&nbsp; 1794954 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 27970121 | &nbsp;&nbsp;&nbsp; 27526094 |
| International Dividend Growth | &nbsp;&nbsp; 157270121 | &nbsp;&nbsp;&nbsp; 136806780 |

---

For the six months ended September 30, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Asia 50 | &nbsp;&nbsp; $57921414 | &nbsp;&nbsp;&nbsp; $36624856 |
| Blockchain and Tech | &nbsp;&nbsp; 17686001 | &nbsp;&nbsp;&nbsp; 2809373 |
| Emerging Markets Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1840205 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 20940324 | &nbsp;&nbsp;&nbsp; — |
| International Dividend Growth | &nbsp;&nbsp; 58004222 | &nbsp;&nbsp;&nbsp; 23852684 |

---

***8. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2025, 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. Management's analysis is based on the tax laws and

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of March 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Capital* <br>*Losses*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary* <br>*Losses*<sup>(b)</sup> <br>|
| Blockchain and Tech | &nbsp;&nbsp; $(2628225)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(246259)<br>|
| Emerging Markets Infrastructure | &nbsp;&nbsp; (36937588)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2331)<br>| &nbsp;&nbsp;&nbsp; — |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; (5804008)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| International Dividend Growth | &nbsp;&nbsp; (42199515)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of September 30, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Asia 50 | &nbsp;&nbsp; $777531389 | &nbsp;&nbsp;&nbsp; $401864645 | &nbsp;&nbsp;&nbsp; $(46908157) | &nbsp;&nbsp;&nbsp; $354956488 |
| Blockchain and Tech | &nbsp;&nbsp; 91001611 | &nbsp;&nbsp;&nbsp; 28299483 | &nbsp;&nbsp;&nbsp; (2436323) | &nbsp;&nbsp;&nbsp; 25863160 |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 7564783 | &nbsp;&nbsp;&nbsp; 1650747 | &nbsp;&nbsp;&nbsp; (1006984) | &nbsp;&nbsp;&nbsp; 643763 |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; 6481922 | &nbsp;&nbsp;&nbsp; 2735776 | &nbsp;&nbsp;&nbsp; (306612) | &nbsp;&nbsp;&nbsp; 2429164 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 49346705 | &nbsp;&nbsp;&nbsp; 5307640 | &nbsp;&nbsp;&nbsp; (879385) | &nbsp;&nbsp;&nbsp; 4428255 |
| International Dividend Growth | &nbsp;&nbsp; 965452390 | &nbsp;&nbsp;&nbsp; 255291814 | &nbsp;&nbsp;&nbsp; (38354532) | &nbsp;&nbsp;&nbsp; 216937282 |

---

***9. LINE OF CREDIT***

The iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Future Metaverse Tech and Communications ETF and iShares International Dividend Growth ETF , along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. 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) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 September 30, 2025, the iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF and iShares Future Metaverse Tech and Communications ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended September 30, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| International Dividend Growth | &nbsp;&nbsp; $10300000 | &nbsp;&nbsp;&nbsp; $279781 | &nbsp;&nbsp;&nbsp;&nbsp;5.32% |

---

***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 each 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, tariffs 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 each Fund is subject.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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

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

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

**Geographic/Asset Class 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 the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which certain Funds invest.

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

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.

**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.

***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.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>09/30/25 | Six Months Ended <br>09/30/25 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Asia 50 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; $269424001 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; $58427942 |
| Shares redeemed | &nbsp;&nbsp; (1150000)<br>| &nbsp;&nbsp;&nbsp; (72418917)<br>| &nbsp;&nbsp;&nbsp; (14900000)<br>| &nbsp;&nbsp;&nbsp; (1043914350)<br>|
|  | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; $197005084 | &nbsp;&nbsp;&nbsp; (14000000)<br>| &nbsp;&nbsp;&nbsp; $(985486408)<br>|

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 09/30/25 | Six Months Ended<br> 09/30/25 | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Blockchain and Tech |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $18018408 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $16644016 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2838587)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2863753)<br>|
|  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $15179821 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $13780263 |
| Emerging Markets Infrastructure |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $813 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $5714 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2168197)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (13093647)<br>|
|  | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(2167384)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; $(13087933)<br>|
| International Developed Small Cap Value Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $21438157 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $13945504 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (4900000)<br>| &nbsp;&nbsp;&nbsp; (170799977)<br>|
|  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $21438156 | &nbsp;&nbsp;&nbsp; (4500000)<br>| &nbsp;&nbsp;&nbsp; $(156854473)<br>|
| International Dividend Growth |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; $80278696 | &nbsp;&nbsp;&nbsp; 4550000 | &nbsp;&nbsp;&nbsp; $319949290 |
| Shares redeemed | &nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (27298322)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (9981605)<br>|
|  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $52980374 | &nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; $309967685 |

---

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. Authorized Participants 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. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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 International Dividend Growth ETF has filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by Finland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of September 30, 2025, is $22,932 or $0.00 per share.

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of September 30, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares International Dividend Growth ETF is able to pass through to shareholders as a foreign tax credit in the current year, iShares International Dividend Growth ETF will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Additional 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Company'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, when available, at **iShares.com**.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares Asia 50 ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

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Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares Blockchain and Tech ETF, iShares Future Metaverse Tech and Communications ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

2025 iShares Semi-Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares Emerging Markets Infrastructure ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

2025 iShares Semi-Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

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

**Investing involves risk, including possible loss of principal.**

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, FTSE International Limited, Morningstar Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-310-0925

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September 30, 2025

![](g205668imgbf8646b71.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares JPX-Nikkei 400 ETF \| JPXN \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_838557d2-a1ae-4a30-93b2-4ad8ebfdb025_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_838557d2-a1ae-4a30-93b2-4ad8ebfdb025_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 9 |
| [Statement of Operations](#xx_838557d2-a1ae-4a30-93b2-4ad8ebfdb025_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 10 |
| [Statements of Changes in Net Assets](#xx_838557d2-a1ae-4a30-93b2-4ad8ebfdb025_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 11 |
| [Financial Highlights](#xx_838557d2-a1ae-4a30-93b2-4ad8ebfdb025_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 12 |
| [Notes to Financial Statements](#xx_838557d2-a1ae-4a30-93b2-4ad8ebfdb025_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 13 |
| [Additional Information](#xx_838557d2-a1ae-4a30-93b2-4ad8ebfdb025_SAI-Footer-iSharesReport-89_1)  | &nbsp;&nbsp; 20 |
| [Board Review and Approval of Investment Advisory Contract](#xx_838557d2-a1ae-4a30-93b2-4ad8ebfdb025_15Cheader-Footer-iSharesReport-89_1)  | &nbsp;&nbsp; 21 |

---

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares® JPX-Nikkei 400 ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| AZ-COM MARUWA Holdings Inc. | &nbsp;&nbsp; 1600 | $11554 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 44727 |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 5600 | 127145 |
| Sankyu Inc. | &nbsp;&nbsp; 800 | 43751 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 44020 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 8800 | 90899 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 5600 | 89516 |
|  |  | 451612 |
| **Automobile Components — 2.6%** | **Automobile Components — 2.6%** | **Automobile Components — 2.6%** |
| Aisin Corp. | &nbsp;&nbsp; 9600 | 165793 |
| Bridgestone Corp. | &nbsp;&nbsp; 14400 | 665541 |
| Denso Corp. | &nbsp;&nbsp; 48000 | 690801 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 4800 | 72635 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 4800 | 72077 |
| Nifco Inc./Japan | &nbsp;&nbsp; 1600 | 48256 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 4000 | 154297 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 17600 | 500791 |
| Toyo Tire Corp. | &nbsp;&nbsp; 3200 | 84959 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 1600 | 39736 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 2400 | 39723 |
| Yokohama Rubber Co. Ltd. (The) | &nbsp;&nbsp; 2400 | 88767 |
|  |  | 2623376 |
| **Automobiles — 4.0%** | **Automobiles — 4.0%** | **Automobiles — 4.0%** |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 116000 | 1197042 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 14400 | 181488 |
| Mazda Motor Corp. | &nbsp;&nbsp; 15200 | 110679 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 19200 | 51968 |
| Subaru Corp. | &nbsp;&nbsp; 14400 | 293462 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 39200 | 570708 |
| Toyota Motor Corp. | &nbsp;&nbsp; 82420 | 1582997 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 20800 | 155735 |
|  |  | 4144079 |
| **Banks — 6.6%** | **Banks — 6.6%** | **Banks — 6.6%** |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 14400 | 150947 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 24800 | 189870 |
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 4000 | 119635 |
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 23200 | 147805 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 104000 | 1677662 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 52050 | 1749705 |
| Resona Holdings Inc. | &nbsp;&nbsp; 59200 | 603680 |
| Seven Bank Ltd. | &nbsp;&nbsp; 17600 | 34726 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 56800 | 1597946 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 16808 | 487836 |
|  |  | 6759812 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 36000 | 431601 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 20000 | 293022 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 3200 | 100013 |
| Takara Holdings Inc. | &nbsp;&nbsp; 3200 | 37773 |
|  |  | 862409 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| PeptiDream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 25674 |
| **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |
| ASKUL Corp. | &nbsp;&nbsp; 1600 | 16947 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 5600 | 93359 |
| Mercari Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 36912 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 52000 | 342365 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Broadline Retail (continued)** | **Broadline Retail (continued)** | **Broadline Retail (continued)** |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 11200 | $222848 |
|  |  | 712431 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| Daikin Industries Ltd. | &nbsp;&nbsp; 6400 | 737677 |
| Nichias Corp. | &nbsp;&nbsp; 1600 | 60103 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 4800 | 137225 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 1600 | 44531 |
| TOTO Ltd. | &nbsp;&nbsp; 3200 | 84158 |
|  |  | 1063694 |
| **Capital Markets — 1.5%** | **Capital Markets — 1.5%** | **Capital Markets — 1.5%** |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 34400 | 279537 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 28800 | 321609 |
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 7200 | 36716 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 80800 | 592156 |
| SBI Holdings Inc. | &nbsp;&nbsp; 8000 | 348300 |
|  |  | 1578318 |
| **Chemicals — 3.6%** | **Chemicals — 3.6%** | **Chemicals — 3.6%** |
| ADEKA Corp. | &nbsp;&nbsp; 1600 | 35643 |
| Air Water Inc. | &nbsp;&nbsp; 4800 | 82452 |
| Daicel Corp. | &nbsp;&nbsp; 5600 | 50983 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 4000 | 65194 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 7200 | 82760 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 36000 | 206789 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 4000 | 71367 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 4000 | 99980 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 24000 | 163737 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 4800 | 169995 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 2400 | 86937 |
| Nitto Denko Corp. | &nbsp;&nbsp; 15200 | 360312 |
| NOF Corp. | &nbsp;&nbsp; 5600 | 97712 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 4800 | 162558 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 43200 | 1414520 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 1600 | 53584 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 800 | 43656 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 2400 | 78426 |
| Toray Industries Inc. | &nbsp;&nbsp; 36000 | 229672 |
| Tosoh Corp. | &nbsp;&nbsp; 6400 | 94678 |
|  |  | 3650955 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 9600 | 163245 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 40617 |
| Okamura Corp. | &nbsp;&nbsp; 800 | 12694 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 3200 | 40880 |
| Pilot Corp. | &nbsp;&nbsp; 800 | 25924 |
| Secom Co. Ltd. | &nbsp;&nbsp; 10400 | 381549 |
|  |  | 664909 |
| **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 2400 | 59784 |
| EXEO Group Inc. | &nbsp;&nbsp; 5600 | 81035 |
| Hazama Ando Corp. | &nbsp;&nbsp; 4000 | 45258 |
| Infroneer Holdings Inc. | &nbsp;&nbsp; 5600 | 58230 |
| Kajima Corp. | &nbsp;&nbsp; 10400 | 303106 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 2400 | 65798 |
| Kyudenko Corp. | &nbsp;&nbsp; 800 | 38693 |
| Obayashi Corp. | &nbsp;&nbsp; 16000 | 262616 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 800 | 26306 |
| Taisei Corp. | &nbsp;&nbsp; 4000 | 274869 |
|  |  | 1215695 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| Acom Co. Ltd. | &nbsp;&nbsp; 11200 | 36418 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® JPX-Nikkei 400 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 3200 | $85327 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 800 | 22943 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 3200 | 68496 |
|  |  | 213184 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 800 | 46747 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 800 | 17945 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 4000 | 110241 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 43303 |
| Life Corp. | &nbsp;&nbsp; 800 | 13649 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 8800 | 178755 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 56800 | 762166 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 77163 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 1600 | 46923 |
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 4000 | 64036 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 43818 |
| Yaoko Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 800 | 51832 |
|  |  | 1456578 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 2400 | 42474 |
| NTT Inc. | &nbsp;&nbsp; 1329600 | 1389858 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 23337 |
|  |  | 1455669 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 17600 | 244429 |
| Hokkaido Electric Power Co. Inc.<sup>(c)</sup> | &nbsp;&nbsp; 4800 | 35131 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 24000 | 343292 |
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 11200 | 111894 |
| Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 4800 | 42597 |
| Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 12800 | 92941 |
|  |  | 870284 |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 3200 | 214508 |
| Fujikura Ltd. | &nbsp;&nbsp; 5600 | 547775 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 50400 | 1294460 |
| SWCC Corp. | &nbsp;&nbsp; 800 | 42024 |
|  |  | 2098767 |
| **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** |
| Amano Corp. | &nbsp;&nbsp; 800 | 22673 |
| Azbil Corp. | &nbsp;&nbsp; 12800 | 121365 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 800 | 32354 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 4800 | 32538 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 47825 |
| Dexerials Corp. | &nbsp;&nbsp; 4800 | 73605 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 8000 | 86478 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 800 | 99518 |
| Horiba Ltd. | &nbsp;&nbsp; 800 | 67616 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 2400 | 145176 |
| Jeol Ltd. | &nbsp;&nbsp; 800 | 27406 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 800 | 19138 |
| Keyence Corp. | &nbsp;&nbsp; 3644 | 1357611 |
| Macnica Holdings Inc. | &nbsp;&nbsp; 4000 | 55348 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 200 | 52241 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 800 | 53129 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 43200 | 820111 |
| Omron Corp. | &nbsp;&nbsp; 4800 | 131748 |
| Shimadzu Corp. | &nbsp;&nbsp; 7200 | 181566 |
| TDK Corp. | &nbsp;&nbsp; 42400 | 613986 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 800 | 16084 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 5600 | $160712 |
|  |  | 4218228 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Modec Inc. | &nbsp;&nbsp; 1600 | 89263 |
| **Entertainment — 2.5%** | **Entertainment — 2.5%** | **Entertainment — 2.5%** |
| Anycolor Inc. | &nbsp;&nbsp; 800 | 30477 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 9600 | 260650 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 890 | 16279 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 4080 | 53102 |
| Konami Group Corp. | &nbsp;&nbsp; 1800 | 259672 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 12000 | 263347 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 15200 | 1315092 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 7200 | 154942 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 1600 | 33026 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 3200 | 205705 |
|  |  | 2592292 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 1600 | 25681 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 1600 | 47819 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 800 | 44875 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 24000 | 198256 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 3200 | 28175 |
| ORIX Corp. | &nbsp;&nbsp; 27200 | 713891 |
| Tokyo Century Corp. | &nbsp;&nbsp; 4000 | 50951 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 3200 | 72508 |
|  |  | 1182156 |
| **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 21600 | 619255 |
| Calbee Inc. | &nbsp;&nbsp; 2400 | 46360 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 2400 | 46701 |
| Kikkoman Corp. | &nbsp;&nbsp; 16000 | 135496 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 3200 | 39201 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 6400 | 132706 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 1600 | 28355 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 1600 | 37471 |
| Nichirei Corp. | &nbsp;&nbsp; 4000 | 46964 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 5600 | 105480 |
| Nissui Corp. | &nbsp;&nbsp; 7200 | 50730 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 2400 | 171455 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 6400 | 104363 |
|  |  | 1564537 |
| **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 2400 | 44887 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 9600 | 278051 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 8800 | 312916 |
|  |  | 635854 |
| **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** |
| Central Japan Railway Co. | &nbsp;&nbsp; 18400 | 527521 |
| Keikyu Corp. | &nbsp;&nbsp; 6400 | 64959 |
| Keio Corp. | &nbsp;&nbsp; 2400 | 61920 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 8800 | 81625 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 100016 |
| Kyushu Railway Co. | &nbsp;&nbsp; 4000 | 105732 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 8000 | 89904 |
| Seibu Holdings Inc. | &nbsp;&nbsp; 5600 | 202670 |
| Tokyu Corp. | &nbsp;&nbsp; 13600 | 165858 |
| West Japan Railway Co. | &nbsp;&nbsp; 12000 | 263135 |
|  |  | 1663340 |
| **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 5600 | 91002 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® JPX-Nikkei 400 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Hoya Corp. | &nbsp;&nbsp; 9600 | $1327394 |
| Nakanishi Inc. | &nbsp;&nbsp; 2400 | 33258 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 4000 | 45753 |
| Olympus Corp. | &nbsp;&nbsp; 27200 | 343890 |
| Sysmex Corp. | &nbsp;&nbsp; 12800 | 158238 |
| Terumo Corp. | &nbsp;&nbsp; 32800 | 541086 |
|  |  | 2540621 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| Medipal Holdings Corp. | &nbsp;&nbsp; 5600 | 96350 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 1600 | 24737 |
|  |  | 121087 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| M3 Inc. | &nbsp;&nbsp; 9600 | 155408 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 3200 | 167058 |
| McDonald's Holdings Co. Japan Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3200 | 134204 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 29600 | 712562 |
| Resorttrust Inc. | &nbsp;&nbsp; 4000 | 50730 |
| Round One Corp. | &nbsp;&nbsp; 4800 | 42470 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 209047 |
|  |  | 1316071 |
| **Household Durables — 3.0%** | **Household Durables — 3.0%** | **Household Durables — 3.0%** |
| Haseko Corp. | &nbsp;&nbsp; 4000 | 68293 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 76550 |
| JVCKenwood Corp. | &nbsp;&nbsp; 4000 | 31126 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 1600 | 82789 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 58400 | 633879 |
| Rinnai Corp. | &nbsp;&nbsp; 2400 | 56840 |
| Sangetsu Corp. | &nbsp;&nbsp; 1600 | 33551 |
| Sekisui House Ltd. | &nbsp;&nbsp; 14400 | 327493 |
| Sony Group Corp. | &nbsp;&nbsp; 55200 | 1586818 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 12000 | 143175 |
| Tama Home Co. Ltd. | &nbsp;&nbsp; 800 | 19742 |
|  |  | 3060256 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Lion Corp. | &nbsp;&nbsp; 6400 | 66857 |
| Unicharm Corp. | &nbsp;&nbsp; 30400 | 197219 |
|  |  | 264076 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 4000 | 74953 |
| **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 700 | 194998 |
| Hitachi Ltd. | &nbsp;&nbsp; 48800 | 1292862 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 9600 | 178720 |
|  |  | 1666580 |
| **Insurance — 3.6%** | **Insurance — 3.6%** | **Insurance — 3.6%** |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 88000 | 692223 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 35200 | 797137 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 22400 | 692508 |
| Sony Financial Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55200 | 61215 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 33600 | 1422057 |
|  |  | 3665140 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Kakaku.com Inc. | &nbsp;&nbsp; 4000 | 68699 |
| LY Corp. | &nbsp;&nbsp; 76000 | 243961 |
|  |  | 312660 |
| **IT Services — 3.5%** | **IT Services — 3.5%** | **IT Services — 3.5%** |
| BIPROGY Inc. | &nbsp;&nbsp; 1600 | 65273 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 800 | 35081 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Fujitsu Ltd. | &nbsp;&nbsp; 45600 | $1069699 |
| Future Corp. | &nbsp;&nbsp; 1600 | 25106 |
| GMO internet group Inc. | &nbsp;&nbsp; 1600 | 39135 |
| NEC Corp. | &nbsp;&nbsp; 35200 | 1126720 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 10464 | 401734 |
| NS Solutions Corp. | &nbsp;&nbsp; 1600 | 39017 |
| NSD Co. Ltd. | &nbsp;&nbsp; 1600 | 37615 |
| Obic Co. Ltd. | &nbsp;&nbsp; 8800 | 306710 |
| Otsuka Corp. | &nbsp;&nbsp; 5600 | 116896 |
| SCSK Corp. | &nbsp;&nbsp; 4000 | 119733 |
| SHIFT Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4800 | 40627 |
| TIS Inc. | &nbsp;&nbsp; 4800 | 158329 |
|  |  | 3581675 |
| **Leisure Products — 1.0%** | **Leisure Products — 1.0%** | **Leisure Products — 1.0%** |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 12800 | 425875 |
| Noritsu Koki Co. Ltd. | &nbsp;&nbsp; 1600 | 19056 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 5600 | 97293 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 4000 | 84280 |
| Shimano Inc. | &nbsp;&nbsp; 2400 | 268220 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 2400 | 51881 |
| Yamaha Corp. | &nbsp;&nbsp; 8000 | 53117 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 1600 | 40990 |
|  |  | 1040712 |
| **Machinery — 6.6%** | **Machinery — 6.6%** | **Machinery — 6.6%** |
| Amada Co. Ltd. | &nbsp;&nbsp; 7200 | 88483 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 8000 | 256032 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 3200 | 64299 |
| Ebara Corp. | &nbsp;&nbsp; 10400 | 237063 |
| FANUC Corp. | &nbsp;&nbsp; 23200 | 666697 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 1600 | 51128 |
| Hoshizaki Corp. | &nbsp;&nbsp; 3200 | 120075 |
| IHI Corp. | &nbsp;&nbsp; 28000 | 521480 |
| Kanadevia Corp. | &nbsp;&nbsp; 1600 | 11060 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 4000 | 263998 |
| Komatsu Ltd. | &nbsp;&nbsp; 24000 | 836093 |
| Kubota Corp. | &nbsp;&nbsp; 24800 | 311597 |
| Makita Corp. | &nbsp;&nbsp; 6400 | 207433 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 8800 | 165359 |
| MISUMI Group Inc. | &nbsp;&nbsp; 8000 | 124599 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 56800 | 1486404 |
| Mitsubishi Logisnext Co. Ltd. | &nbsp;&nbsp; 800 | 9796 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 2400 | 72407 |
| Miura Co. Ltd. | &nbsp;&nbsp; 2400 | 47147 |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 1600 | 36887 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 5600 | 93608 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 800 | 17734 |
| Organo Corp. | &nbsp;&nbsp; 800 | 61290 |
| SMC Corp. | &nbsp;&nbsp; 1500 | 463638 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 800 | 27968 |
| Toyota Industries Corp. | &nbsp;&nbsp; 4000 | 449874 |
| Tsugami Corp. | &nbsp;&nbsp; 800 | 12862 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 5600 | 119208 |
|  |  | 6824219 |
| **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 1600 | 12797 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 10400 | 147876 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 9600 | 291451 |
| Nippon Yusen KK | &nbsp;&nbsp; 9600 | 327601 |
|  |  | 779725 |
| **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** |
| ARE Holdings Inc. | &nbsp;&nbsp; 2400 | 34845 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® JPX-Nikkei 400 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 3200 | $27624 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 58291 |
| JFE Holdings Inc. | &nbsp;&nbsp; 15200 | 186521 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 10400 | 122897 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 1600 | 124299 |
| Nippon Steel Corp. | &nbsp;&nbsp; 128000 | 527199 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 6400 | 206048 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 1600 | 15765 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 800 | 49147 |
|  |  | 1352636 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 77227 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 74400 | 471190 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 20800 | 142305 |
| Inpex Corp. | &nbsp;&nbsp; 23200 | 417732 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 1600 | 21380 |
| Iwatani Corp. | &nbsp;&nbsp; 4800 | 52439 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 4000 | 34854 |
|  |  | 1217127 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Oji Holdings Corp. | &nbsp;&nbsp; 19200 | 105053 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| ANA Holdings Inc. | &nbsp;&nbsp; 13600 | 262745 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 11200 | 225516 |
|  |  | 488261 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Kao Corp. | &nbsp;&nbsp; 12000 | 522972 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1600 | 58026 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4800 | 80817 |
|  |  | 661815 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| Astellas Pharma Inc. | &nbsp;&nbsp; 43240 | 471315 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 15200 | 673884 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 44809 | 1008211 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 6400 | 216210 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 5600 | 87542 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 1600 | 36143 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 9600 | 111176 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 11200 | 597304 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 16000 | 281918 |
|  |  | 3483703 |
| **Professional Services — 1.7%** | **Professional Services — 1.7%** | **Professional Services — 1.7%** |
| BayCurrent Inc. | &nbsp;&nbsp; 4000 | 235068 |
| Dip Corp. | &nbsp;&nbsp; 800 | 12579 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 1600 | 11705 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 1600 | 34515 |
| Open Up Group Inc. | &nbsp;&nbsp; 800 | 9806 |
| Pasona Group Inc. | &nbsp;&nbsp; 800 | 11833 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 45600 | 83053 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 24000 | 1290332 |
| Visional Inc.<sup>(a)</sup> | &nbsp;&nbsp; 800 | 61204 |
|  |  | 1750095 |
| **Real Estate Management & Development — 2.8%** | **Real Estate Management & Development — 2.8%** | **Real Estate Management & Development — 2.8%** |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 8000 | 175530 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 14400 | 517176 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 13600 | 148979 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 1600 | 30304 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 27200 | 625160 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 65600 | 714129 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 15200 | 96864 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Relo Group Inc. | &nbsp;&nbsp; 3200 | $38588 |
| Starts Corp. Inc. | &nbsp;&nbsp; 800 | 27457 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 8000 | 352875 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 4000 | 80064 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 14400 | 119025 |
|  |  | 2926151 |
| **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** |
| Advantest Corp. | &nbsp;&nbsp; 15200 | 1503929 |
| Disco Corp. | &nbsp;&nbsp; 2400 | 752497 |
| Lasertec Corp. | &nbsp;&nbsp; 1600 | 218888 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 2400 | 12571 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 48000 | 552249 |
| Rorze Corp. | &nbsp;&nbsp; 2400 | 36014 |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 800 | 38835 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 217469 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 800 | 70495 |
| SUMCO Corp. | &nbsp;&nbsp; 9600 | 102074 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 7200 | 1276322 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 800 | 54137 |
| Ulvac Inc. | &nbsp;&nbsp; 800 | 34762 |
|  |  | 4870242 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Justsystems Corp. | &nbsp;&nbsp; 800 | 25909 |
| Oracle Corp./Japan | &nbsp;&nbsp; 800 | 81682 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 4800 | 44118 |
| Systena Corp. | &nbsp;&nbsp; 7200 | 25766 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 2400 | 131359 |
|  |  | 308834 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| ABC-Mart Inc. | &nbsp;&nbsp; 2400 | 47606 |
| and ST HD Co.Ltd. | &nbsp;&nbsp; 800 | 16201 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 3500 | 1062990 |
| IDOM Inc. | &nbsp;&nbsp; 1600 | 11355 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 800 | 12777 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 9500 | 183686 |
| Nojima Corp. | &nbsp;&nbsp; 1600 | 43841 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 27193 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 4000 | 187760 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 1600 | 106985 |
| USS Co. Ltd. | &nbsp;&nbsp; 9600 | 110214 |
| Workman Co. Ltd. | &nbsp;&nbsp; 800 | 33784 |
| ZOZO Inc. | &nbsp;&nbsp; 11200 | 102913 |
|  |  | 1947305 |
| **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** |
| Brother Industries Ltd. | &nbsp;&nbsp; 6400 | 106941 |
| Canon Inc. | &nbsp;&nbsp; 21600 | 630355 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 29600 | 736101 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 2400 | 22281 |
| Seiko Epson Corp. | &nbsp;&nbsp; 6400 | 81871 |
|  |  | 1577549 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Asics Corp. | &nbsp;&nbsp; 17600 | 460548 |
| Goldwin Inc. | &nbsp;&nbsp; 2400 | 40828 |
|  |  | 501376 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Japan Tobacco Inc. | &nbsp;&nbsp; 28800 | 944555 |
| **Trading Companies & Distributors — 7.5%** | **Trading Companies & Distributors — 7.5%** | **Trading Companies & Distributors — 7.5%** |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 800 | 34020 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 1600 | 37729 |
| ITOCHU Corp. | &nbsp;&nbsp; 27200 | 1547635 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® JPX-Nikkei 400 ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Kanematsu Corp. | &nbsp;&nbsp; 2400 | $50554 |
| Marubeni Corp. | &nbsp;&nbsp; 42400 | 1057974 |
| Mitsubishi Corp. | &nbsp;&nbsp; 71200 | 1697365 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 70400 | 1748116 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 7200 | 104535 |
| Sojitz Corp. | &nbsp;&nbsp; 5620 | 148633 |
| Sumitomo Corp. | &nbsp;&nbsp; 31200 | 902709 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 15200 | 420771 |
|  |  | 7750041 |
| **Wireless Telecommunication Services — 4.6%** | **Wireless Telecommunication Services — 4.6%** | **Wireless Telecommunication Services — 4.6%** |
| KDDI Corp. | &nbsp;&nbsp; 68800 | 1097259 |
| SoftBank Corp. | &nbsp;&nbsp; 785600 | 1155459 |
| SoftBank Group Corp. | &nbsp;&nbsp; 20000 | 2523610 |
|  |  | 4776328 |
| **Total Long-Term Investments — 98.9%** <br>**(Cost: $93,434,987)** | **Total Long-Term Investments — 98.9%** <br>**(Cost: $93,434,987)** | 101857370 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.26%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 174038 | 174125 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.09%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 40000 | $40000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $214,119)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $214,119)** | 214125 |
| **Total Investments — 99.1%** <br>**(Cost: $93,649,106)** | **Total Investments — 99.1%** <br>**(Cost: $93,649,106)** | 102071495 |
| **Other Assets Less Liabilities — 0.9%** | **Other Assets Less Liabilities — 0.9%** | 884069 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $102955564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

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

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> 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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $226618 | $— | &nbsp;&nbsp; $(52445 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(70)<br>| $22 | $174125 | 174038 | $447 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 40000 | 0 <br><sup>(a)</sup><br>|  |  |  | 40000 | 40000 | 537 |  |
|  |  |  |  | $(70) | $22 | $214125 |  | $984 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | 46 | 12/11/25 | &nbsp;&nbsp; $975 | $(6334) |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares® JPX-Nikkei 400 ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6334 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52812 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52812 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16520 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16520 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $596460 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $734088 | &nbsp;&nbsp; $101071450 | &nbsp;&nbsp; $51832 | &nbsp;&nbsp; $101857370 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 214125 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 214125 |
|  | &nbsp;&nbsp; $948213 | &nbsp;&nbsp; $101071450 | &nbsp;&nbsp; $51832 | &nbsp;&nbsp; $102071495 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6334)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6334)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities (unaudited)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>JPX-Nikkei <br> 400 ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $101857370 |
| Investments, at value—affiliated<sup>(c)</sup> | 214125 |
| Cash | 220 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 46714 |
| Foreign currency, at value<sup>(e)</sup> | 36458 |
| Receivables: |  |
| Investments sold | 105379 |
| Securities lending income—affiliated | 111 |
| Dividends—unaffiliated | 902183 |
| Dividends—affiliated | 63 |
| Tax reclaims | 85278 |
| Total assets | 103247901 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 174126 |
| Payables: |  |
| Investments purchased | 76514 |
| Investment advisory fees | 40403 |
| Variation margin on futures contracts | 1294 |
| Total liabilities | 292337 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $102955564 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $122241571 |
| Accumulated loss | (19286007) |
| NET ASSETS | $102955564 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 1200000 |
| Net asset value | $85.80 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $93434987 |
| <sup>(b)</sup> Securities loaned, at value | $164409 |
| <sup>(c)</sup> Investments, at cost—affiliated | $214119 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $46404 |
| <sup>(e)</sup> Foreign currency, at cost | $36372 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Operations (unaudited)

Six Months Ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>JPX-Nikkei <br> 400 ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $1206934 |
| Dividends—affiliated | &nbsp;&nbsp; 537 |
| Interest—unaffiliated | &nbsp;&nbsp; 67 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 447 |
| Foreign taxes withheld | &nbsp;&nbsp; (120578)<br>|
| Total investment income | &nbsp;&nbsp; 1087407 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 228642 |
| Commitment costs | &nbsp;&nbsp; 452 |
| Total expenses | &nbsp;&nbsp; 229094 |
| Net investment income | &nbsp;&nbsp; 858313 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 176036 |
| Investments—affiliated | &nbsp;&nbsp; (70)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 44631 |
| Futures contracts | &nbsp;&nbsp; 52812 |
|  | &nbsp;&nbsp; 273409 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 14914184 |
| Investments—affiliated | &nbsp;&nbsp; 22 |
| Foreign currency translations | &nbsp;&nbsp; 2625 |
| Futures contracts | &nbsp;&nbsp; 16520 |
|  | &nbsp;&nbsp; 14933351 |
| Net realized and unrealized gain | &nbsp;&nbsp; 15206760 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $16065073 |

---

*See notes to financial statements.*

Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>JPX-Nikkei 400 ETF  | iShares <br>JPX-Nikkei 400 ETF  |
|  | Six Months <br> Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $858313 | &nbsp;&nbsp;&nbsp; $2358160 |
| Net realized gain | &nbsp;&nbsp; 273409 | &nbsp;&nbsp;&nbsp; 12363954 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14933351 | &nbsp;&nbsp;&nbsp; (14165557)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 16065073 | &nbsp;&nbsp;&nbsp; 556557 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (735073 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3181624)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 355457 |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 15330000 | &nbsp;&nbsp;&nbsp; (2269610)<br>|
| Beginning of period | &nbsp;&nbsp; 87625564 | &nbsp;&nbsp;&nbsp; 89895174 |
| End of period | &nbsp;&nbsp; $102955564 | &nbsp;&nbsp;&nbsp; $87625564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares JPX-Nikkei 400 ETF  | iShares JPX-Nikkei 400 ETF  | iShares JPX-Nikkei 400 ETF  | iShares JPX-Nikkei 400 ETF  | iShares JPX-Nikkei 400 ETF  | iShares JPX-Nikkei 400 ETF  |
|  | Six Months Ended <br>09/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $73.02 | &nbsp;&nbsp;&nbsp; $74.91 | &nbsp;&nbsp;&nbsp; $62.69 | &nbsp;&nbsp;&nbsp; $65.05 | &nbsp;&nbsp;&nbsp; $73.30 | &nbsp;&nbsp;&nbsp; $53.52 |
| Net investment income<sup>(a)</sup> | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 12.67 | &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp; (7.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.82 |
| Net increase (decrease) from investment operations | 13.39 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.70 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.61 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $85.80 | &nbsp;&nbsp;&nbsp; $73.02 | &nbsp;&nbsp;&nbsp; $74.91 | &nbsp;&nbsp;&nbsp; $62.69 | &nbsp;&nbsp;&nbsp; $65.05 | &nbsp;&nbsp;&nbsp; $73.30 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 18.41 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.72<br> %<br>| &nbsp;&nbsp;&nbsp; (2.28)%<br>| &nbsp;&nbsp;&nbsp; (8.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.91<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.48 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 1.80 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $102956 | &nbsp;&nbsp;&nbsp; $87626 | &nbsp;&nbsp;&nbsp; $89895 | &nbsp;&nbsp;&nbsp; $56418 | &nbsp;&nbsp;&nbsp; $78055 | &nbsp;&nbsp;&nbsp; $87962 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

These financial statements relate only to the following fund (the "Fund"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> JPX-Nikkei 400 Diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

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

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", 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 September 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

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

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***4. SECURITIES AND OTHER INVESTMENTS***

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| JPX-Nikkei 400 |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $34399 | &nbsp;&nbsp;&nbsp; $(34399) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 130010 | &nbsp;&nbsp;&nbsp; (130010) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $164409 | &nbsp;&nbsp;&nbsp; $(164409) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

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

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended September 30, 2025, the Fund paid BTC $126 for securities lending agent services.

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

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

For the six months ended September 30, 2025, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| JPX-Nikkei 400 | &nbsp;&nbsp; $2153145 | &nbsp;&nbsp;&nbsp; $57268 | &nbsp;&nbsp;&nbsp; $25 |

---

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

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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***7. PURCHASES AND SALES***

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| JPX-Nikkei 400 | &nbsp;&nbsp; $9502709 | &nbsp;&nbsp;&nbsp; $9038641 |

---

There were no in-kind transactions for the six months ended September 30, 2025.

***8. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Fund as of September 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

As of March 31, 2025, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| JPX-Nikkei 400 | &nbsp;&nbsp; $(28042225)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of September 30, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| JPX-Nikkei 400 | &nbsp;&nbsp; $94235583 | &nbsp;&nbsp;&nbsp; $15805495 | &nbsp;&nbsp;&nbsp; $(7975917) | &nbsp;&nbsp;&nbsp; $7829578 |

---

***9. LINE OF CREDIT***

The Fund, 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 October 15, 2025. 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) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 September 30, 2025, the Fund did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

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

BFA uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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

**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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the 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. The 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 the 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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

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

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

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

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

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

The Fund invests a significant portion of its 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>09/30/25 | Six Months Ended <br>09/30/25 | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| JPX-Nikkei 400 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; $99366453 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1350000)<br>| &nbsp;&nbsp;&nbsp; (99010996)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $355457 |

---

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. Authorized Participants 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. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, the Fund's custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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

***12. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Fund's financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Additional 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Fund, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Fund from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares JPX-Nikkei 400 ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund**: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Semi-Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

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

**Investing involves risk, including possible loss of principal.**

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by the Japan Exchange Group, Inc., JPX Market Innovation & Research, Inc. or Nikkei, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

![](g205668imgd9386ed02.gif)

![](g205668img02588d663.gif)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are <br>

------

effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d205668dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d205668dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| iShares Trust | iShares Trust |
| By: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of iShares Trust |
|  Date: November 20, 2025 | Date: November 20, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of<br> iShares Trust |
| Date: November 20, 2025 | Date: November 20, 2025 |
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of<br> iShares Trust |
|  Date: November 20, 2025 | Date: November 20, 2025 |

---

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following twenty-three series: iShares Asia 50 ETF, iShares Blockchain and Tech ETF, iShares Copper and Metals Mining ETF, iShares Emerging Markets Infrastructure ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Future Metaverse Tech and Communications ETF, iShares Global 100 ETF, iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Infrastructure ETF, iShares Global Materials ETF, iShares Global Tech ETF, iShares Global Timber & Forestry ETF, iShares Global Utilities ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF, iShares JPX-Nikkei 400 ETF, and iShares Lithium Miners and Producers ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Date: November 20, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following twenty-three series: iShares Asia 50 ETF, iShares Blockchain and Tech ETF, iShares Copper and Metals Mining ETF, iShares Emerging Markets Infrastructure ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Future Metaverse Tech and Communications ETF, iShares Global 100 ETF, iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Infrastructure ETF, iShares Global Materials ETF, iShares Global Tech ETF, iShares Global Timber & Forestry ETF, iShares Global Utilities ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF, iShares JPX-Nikkei 400 ETF, and iShares Lithium Miners and Producers ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Date: November 20, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

## Exhibit 99.906

**Exhibit 99.906CERT** 

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 20, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 20, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**