# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-26-144858
**Filing Date:** 2026-4
**Character Count:** 369522
**Document Hash:** 629a3e7b99a18563102ca1633c81be91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-144858.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001193125-26-144858

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**EFFECTIVENESS DATE**: 20260407

**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:** 26843555

**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 Large Cap Max Buffer Mar ETF (Series ID: S000085270)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000250241 | iShares Large Cap Max Buffer Mar ETF | MMAX            |

### iShares Large Cap Max Buffer Jun ETF (Series ID: S000085271)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000250242 | iShares Large Cap Max Buffer Jun ETF | MAXJ            |

### iShares Large Cap Max Buffer Sep ETF (Series ID: S000085272)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000250243 | iShares Large Cap Max Buffer Sep ETF | SMAX            |

### iShares Large Cap Max Buffer Dec ETF (Series ID: S000085273)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000250244 | iShares Large Cap Max Buffer Dec ETF | DMAX            |

### iShares Large Cap Accelerated Outcome ETF (Series ID: S000089552)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000256144 | iShares Large Cap Accelerated Outcome ETF | TWOX            |

### iShares Large Cap 10% Target Buffer Mar ETF (Series ID: S000095364)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000264083 | iShares Large Cap 10% Target Buffer Mar ETF | TENM            |

### iShares Large Cap 10% Target Buffer Jun ETF (Series ID: S000095365)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000264084 | iShares Large Cap 10% Target Buffer Jun ETF | TENJ            |

### iShares Large Cap 10% Target Buffer Sep ETF (Series ID: S000095366)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000264085 | iShares Large Cap 10% Target Buffer Sep ETF | STEN            |

### iShares Large Cap 10% Target Buffer Dec ETF (Series ID: S000095367)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000264086 | iShares Large Cap 10% Target Buffer Dec ETF | TEND            |

?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:

#### 07/31/2026
Date of reporting period:

#### 01/31/2026
Item 1 — Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith.

![TSR - iShares Fund Logo](g89022images_30637.jpg)

### iShares Large Cap 10% Target Buffer Mar ETF

### TENM \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap 10% Target Buffer Mar ETF (the "Fund") for the period of October 21, 2025 to January 31, 2026. 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 period?
(based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund name** |
| iShares Large Cap 10% Target Buffer Mar ETF $13<sup>(a)(b)</sup> 0.47%<sup>(b)(c)</sup> |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> |
| <sup><sup>(c)</sup></sup><sup>Annualized.</sup> |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$185935550 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets*  |
| Equity Funds | 98.9% |
| Purchased Put Options | 1.4% |
| Futures | 0.0 %(c) |
| Written Put Options | (0.4)% |
| Written Call Options | (0.7)% |
| Money Market Funds | 0.8% |
| Other assets, less liabilities | 0.0 (c) |

---

**Sector allocation** (of the underlying fund)<sup>(a)</sup>

---

| | |
|:---|:---|
| *Sector* | *Percent of Total<br>Investments<sup>(b)</sup>* |
| Information Technology | 33.4% |
| Financials | 12.9% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.6% |
| Consumer Staples | 5.0% |
| Energy | 3.2% |
| Utilities | 2.2% |
| Materials | 2.0% |
| Real Estate | 1.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core S&P 500 ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(c)</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**.©2026 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 - iShares Footer Logo](g89022images_30635.jpg)

iShares Large Cap 10% Target Buffer Mar ETF

Semi-Annual Shareholder Report — January 31, 2026

TENM-01/26-SAR

![TSR - iShares Fund Logo](g89022images_30637.jpg)

### iShares Large Cap 10% Target Buffer Jun ETF

### TENJ \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap 10% Target Buffer Jun ETF (the "Fund") for the period of October 21, 2025 to January 31, 2026. 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 period?
(based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund name** |
| iShares Large Cap 10% Target Buffer Jun ETF $13<sup>(a)(b)</sup> 0.47%<sup>(b)(c)</sup> |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> |
| <sup><sup>(c)</sup></sup><sup>Annualized.</sup> |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$11296377 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets*  |
| Equity Funds | 98.3% |
| Purchased Put Options | 2.8% |
| Futures | 0.0 %(c) |
| Written Call Options | (0.9)% |
| Written Put Options | (1.3)% |
| Money Market Funds | 1.0% |
| Other assets, less liabilities | 0.1 |

---

**Sector allocation** (of the underlying fund)<sup>(a)</sup>

---

| | |
|:---|:---|
| *Sector* | *Percent of Total<br>Investments<sup>(b)</sup>* |
| Information Technology | 33.4% |
| Financials | 12.9% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.6% |
| Consumer Staples | 5.0% |
| Energy | 3.2% |
| Utilities | 2.2% |
| Materials | 2.0% |
| Real Estate | 1.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core S&P 500 ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(c)</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**.©2026 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 - iShares Footer Logo](g89022images_30635.jpg)

iShares Large Cap 10% Target Buffer Jun ETF

Semi-Annual Shareholder Report — January 31, 2026

TENJ-01/26-SAR

![TSR - iShares Fund Logo](g89022images_30637.jpg)

### iShares Large Cap 10% Target Buffer Sep ETF

### STEN \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap 10% Target Buffer Sep ETF (the "Fund") for the period of September 30, 2025 to January 31, 2026. 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 period?
(based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund name** |
| iShares Large Cap 10% Target Buffer Sep ETF $16<sup>(a)(b)</sup> 0.47%<sup>(b)(c)</sup> |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> |
| <sup><sup>(c)</sup></sup><sup>Annualized.</sup> |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$32018830 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets*  |
| Equity Funds | 97.8% |
| Purchased Put Options | 3.7% |
| Futures | 0.0 %(c) |
| Written Call Options | (0.9)% |
| Written Put Options | (2.0)% |
| Money Market Funds | 1.3% |
| Other assets, less liabilities | 0.1 |

---

**Sector allocation** (of the underlying fund)<sup>(a)</sup>

---

| | |
|:---|:---|
| *Sector* | *Percent of Total<br>Investments<sup>(b)</sup>* |
| Information Technology | 33.4% |
| Financials | 12.9% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.6% |
| Consumer Staples | 5.0% |
| Energy | 3.2% |
| Utilities | 2.2% |
| Materials | 2.0% |
| Real Estate | 1.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core S&P 500 ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(c)</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**.©2026 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 - iShares Footer Logo](g89022images_30635.jpg)

iShares Large Cap 10% Target Buffer Sep ETF

Semi-Annual Shareholder Report — January 31, 2026

STEN-01/26-SAR

![TSR - iShares Fund Logo](g89022images_30637.jpg)

### iShares Large Cap 10% Target Buffer Dec ETF

### TEND \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap 10% Target Buffer Dec ETF (the "Fund") for the period of October 7, 2025 to January 31, 2026. 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 period?
(based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund name** |
| iShares Large Cap 10% Target Buffer Dec ETF $15<sup>(a)(b)</sup> 0.47%<sup>(b)(c)</sup> |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> |
| <sup><sup>(c)</sup></sup><sup>Annualized.</sup> |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$41062886 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets*  |
| Equity Funds | 98.4% |
| Purchased Put Options | 5.2% |
| Futures | 0.0 %(c) |
| Written Call Options | (1.4)% |
| Written Put Options | (3.0)% |
| Money Market Funds | 0.7% |
| Other assets, less liabilities | 0.1 |

---

**Sector allocation** (of the underlying fund)<sup>(a)</sup>

---

| | |
|:---|:---|
| *Sector* | *Percent of Total<br>Investments<sup>(b)</sup>* |
| Information Technology | 33.4% |
| Financials | 12.9% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.6% |
| Consumer Staples | 5.0% |
| Energy | 3.2% |
| Utilities | 2.2% |
| Materials | 2.0% |
| Real Estate | 1.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core S&P 500 ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(c)</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**.©2026 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 - iShares Footer Logo](g89022images_30635.jpg)

iShares Large Cap 10% Target Buffer Dec ETF

Semi-Annual Shareholder Report — January 31, 2026

TEND-01/26-SAR

![TSR - iShares Fund Logo](g89022images_30637.jpg)

### iShares Large Cap Accelerated Outcome ETF

### TWOX \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap Accelerated Outcome ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. 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** |
| iShares Large Cap Accelerated Outcome ETF | $25(a) 0.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$22820321 |
| Number of Portfolio Holdings | &nbsp;&nbsp;4 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets*  |
| Equity Funds | 99.5% |
| Purchased Call Options | 3.6% |
| Futures | 0.0 %(c) |
| Written Call Options | (3.3)% |
| Other assets, less liabilities | 0.2 |

---

**Sector allocation** (of the underlying fund)<sup>(a)</sup>

---

| | |
|:---|:---|
| *Sector* | *Percent of Total<br>Investments<sup>(b)</sup>* |
| Information Technology | 33.4% |
| Financials | 12.9% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.6% |
| Consumer Staples | 5.0% |
| Energy | 3.2% |
| Utilities | 2.2% |
| Materials | 2.0% |
| Real Estate | 1.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core S&P 500 ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(c)</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**.©2026 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 - iShares Footer Logo](g89022images_30635.jpg)

iShares Large Cap Accelerated Outcome ETF

Semi-Annual Shareholder Report — January 31, 2026

TWOX-01/26-SAR

![TSR - iShares Fund Logo](g89022images_30637.jpg)

### iShares Large Cap Max Buffer Mar ETF

### MMAX \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap Max Buffer Mar ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. 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** |
| iShares Large Cap Max Buffer Mar ETF | $24(a) 0.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$33696101 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| Portfolio Turnover Rate | &nbsp;&nbsp;—% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets*  |
| Equity Funds | 113.4% |
| Purchased Put Options | 0.3% |
| Futures | 0.0 %(c) |
| Written Call Options | (15.5)% |
| Money Market Funds | 1.7% |
| Other assets, less liabilities | 0.1 |

---

**Sector allocation** (of the underlying fund)<sup>(a)</sup>

---

| | |
|:---|:---|
| *Sector* | *Percent of Total<br>Investments<sup>(b)</sup>* |
| Information Technology | 33.4% |
| Financials | 12.9% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.6% |
| Consumer Staples | 5.0% |
| Energy | 3.2% |
| Utilities | 2.2% |
| Materials | 2.0% |
| Real Estate | 1.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core S&P 500 ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(c)</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**.©2026 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 - iShares Footer Logo](g89022images_30635.jpg)

iShares Large Cap Max Buffer Mar ETF

Semi-Annual Shareholder Report — January 31, 2026

MMAX-01/26-SAR

![TSR - iShares Fund Logo](g89022images_30637.jpg)

### iShares Large Cap Max Buffer Jun ETF

### MAXJ \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap Max Buffer Jun ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. 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** |
| iShares Large Cap Max Buffer Jun ETF | $24(a) 0.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$155315694 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets*  |
| Equity Funds | 105.1% |
| Purchased Put Options | 1.6% |
| Futures | 0.0 %(c) |
| Written Call Options | (8.1)% |
| Money Market Funds | 1.3% |
| Other assets, less liabilities | 0.1 |

---

**Sector allocation** (of the underlying fund)<sup>(a)</sup>

---

| | |
|:---|:---|
| *Sector* | *Percent of Total<br>Investments<sup>(b)</sup>* |
| Information Technology | 33.4% |
| Financials | 12.9% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.6% |
| Consumer Staples | 5.0% |
| Energy | 3.2% |
| Utilities | 2.2% |
| Materials | 2.0% |
| Real Estate | 1.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core S&P 500 ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(c)</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**.©2026 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 - iShares Footer Logo](g89022images_30635.jpg)

iShares Large Cap Max Buffer Jun ETF

Semi-Annual Shareholder Report — January 31, 2026

MAXJ-01/26-SAR

![TSR - iShares Fund Logo](g89022images_30637.jpg)

### iShares Large Cap Max Buffer Sep ETF

### SMAX \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap Max Buffer Sep ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. 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** |
| iShares Large Cap Max Buffer Sep ETF | $24(a) 0.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$118050057 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets*  |
| Equity Funds | 98.6% |
| Purchased Put Options | 3.7% |
| Futures | 0.0 %(c) |
| Written Call Options | (4.3)% |
| Money Market Funds | 1.8% |
| Other assets, less liabilities | 0.2 |

---

**Sector allocation** (of the underlying fund)<sup>(a)</sup>

---

| | |
|:---|:---|
| *Sector* | *Percent of Total<br>Investments<sup>(b)</sup>* |
| Information Technology | 33.4% |
| Financials | 12.9% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.6% |
| Consumer Staples | 5.0% |
| Energy | 3.2% |
| Utilities | 2.2% |
| Materials | 2.0% |
| Real Estate | 1.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core S&P 500 ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(c)</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**.©2026 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 - iShares Footer Logo](g89022images_30635.jpg)

iShares Large Cap Max Buffer Sep ETF

Semi-Annual Shareholder Report — January 31, 2026

SMAX-01/26-SAR

![TSR - iShares Fund Logo](g89022images_30637.jpg)

### iShares Large Cap Max Buffer Dec ETF

### DMAX \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Large Cap Max Buffer Dec ETF (the "Fund") for the period of August 1, 2025 to January 31, 2026. 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** |
| iShares Large Cap Max Buffer Dec ETF | $24(a) 0.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$136900301 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

**Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets*  |
| Equity Funds | 99.0% |
| Purchased Put Options | 5.2% |
| Futures | 0.0 %(c) |
| Written Call Options | (5.0)% |
| Money Market Funds | 1.0% |
| Liabilities in excess of other assets | (0.2) |

---

**Sector allocation** (of the underlying fund)<sup>(a)</sup>

---

| | |
|:---|:---|
| *Sector* | *Percent of Total<br>Investments<sup>(b)</sup>* |
| Information Technology | 33.4% |
| Financials | 12.9% |
| Communication Services | 11.0% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Industrials | 8.6% |
| Consumer Staples | 5.0% |
| Energy | 3.2% |
| Utilities | 2.2% |
| Materials | 2.0% |
| Real Estate | 1.9% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The underlying fund is iShares Core S&P 500 ETF.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(c)</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**.©2026 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 - iShares Footer Logo](g89022images_30635.jpg)

iShares Large Cap Max Buffer Dec ETF

Semi-Annual Shareholder Report — January 31, 2026

DMAX-01/26-SAR

------

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

------

---

| | |
|:---|:---|
| ![LOGO](g89022g73l08.jpg)  | **JANUARY 31, 2026** |

---

**2026 Semi-Annual Financial Statements and Additional Information (Unaudited)**<br>

#### iShares Trust
• iShares Large Cap 10% Target Buffer Mar ETF \| TENM \| Cboe BZX Exchange

• iShares Large Cap 10% Target Buffer Jun ETF \| TENJ \| Cboe BZX Exchange

• iShares Large Cap 10% Target Buffer Sep ETF \| STEN \| Cboe BZX Exchange

• iShares Large Cap 10% Target Buffer Dec ETF \| TEND \| Cboe BZX Exchange

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin189022_1) | 3 |
|  [Statements of Assets and Liabilities](#fin189022_2) | 15 |
|  [Statements of Operations](#fin189022_3) | 16 |
|  [Statements of Changes in Net Assets](#fin189022_4) | 17 |
|  [Financial Highlights](#fin189022_5) | 19 |
|  [Notes to Financial Statements](#fin189022_6) | 23 |
|  [Additional Information](#fin189022_7) | 29 |
|  [Board Review and Approval of Investment Advisory Contract](#fin189022_8) | 30 |
|  [Glossary of Terms Used in these Financial Statements](#fin189022_9) | 32 |
|  [Additional Financial Information](#fin189022_10) | 33 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Mar ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Investment Companies** |  |  |
| Equity Funds — 98.9% |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 264431 | $183787478 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $177,011,186)** |  | 183787478 |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 0.8% |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares,<br> 3.64%<sup>(a)(c)</sup> | 1440347 | 1440347 |
|  **Total Short-Term Securities — 0.8%<br>(Cost: $1,440,347)** |  | 1440347 |
|  **Options Purchased — 1.4%<br>(Cost: $7,426,594)** |  | 2665296 |
|  **Total Investments Before Options Written — 101.1%<br>(Cost: $185,878,127)** |  | 187893121 |
|  **Options Written — (1.1)%<br>(Premiums Received: $(5343298))** |  | (2015028) |
|  **Total Investments Net of Options Written — 100.0%<br>(Cost: $180,534,829)** |  | 185878093 |
|  **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 57457 |
|  **Net Assets — 100.0%** |  | $185935550 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

<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 period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer*<br>| Value at<br>10/21/25  | <br><sup>(a)</sup>  | Purchases<br>at Cost  | Proceeds<br>from Sales  | Net<br>Realized<br>Gain<br> *(Loss)*<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)  | Value at<br>01/31/26  | Shares<br> *Held at<br>01/31/26*<br>| Income  | Capital<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds*<br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $— |  | $1440347 <sup>(b)</sup> | $— | $— | $— | $1440347 | 1440347 | $9140 | $— |
|  iShares Core S&P 500 ETF |  |  | 182438692 | (5603725) | 176219 | 6776292 | 183787478 | 264431 | 657783 |  |
|  |  |  |  |  | $176219 | $6776292 | $185227825 |  | $666923 | $— |

---

<sup>(a)</sup> The Fund commenced operations on October 21, 2025.

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 62 | 03/20/26 | $2159 | $23777 |

---

S C H E D U L E O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Mar ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional<br>Amount*<br> *(000)* | *Value* |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 2676 | 04/01/26 | USD 674.43 | USD 185,990 | $2665296 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional<br>Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 2676 | 04/01/26 | USD 723.06 | USD 185,990 | $(1276452) |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 2676 | 04/01/26 | USD 606.99 | USD 185,990 | (738576) |
|  |  |  |  |  | $(2015028) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Options*<br> *Premiums<br>Paid* | *Options<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $N/A | $(5343298) | $3328270 | $– $| (2015028) |

---

#### 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $23777 | $— | $— | $— | $23777 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 2665296 |  |  |  | 2665296 |
|  | $— | $— | $2689073 | $— | $— | $— | $2689073 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $2015028 | $— | $— | $— | $2015028 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

4 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Mar ETF** |

---

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $42835 | $— | $— | $— | $42835 |
|  Options purchased<sup>(a)(b)</sup> |  |  | (129332) |  |  |  | (129332) |
|  Options written<sup>(a)</sup> |  |  | 78185 |  |  |  | 78185 |
|  | $— | $— | $(8312) | $— | $— | $— | $(8312) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $23777 | $— | $— | $— | $23777 |
|  Options purchased<sup>(c)</sup> |  |  | (4761298) |  |  |  | (4761298) |
|  Options written |  |  | 3328270 |  |  |  | 3328270 |
|  | $— | $— | $(1409251) | $— | $— | $— | $(1409251) |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1148431 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 1511260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 1207139 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $183787478 | $— | $— | $183787478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1440347 |  |  | 1440347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 2665296 |  |  | 2665296 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187893121 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187893121 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $23777 | $— | $— | $23777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (2015028) |  |  | (2015028) |
|  | $(1991251) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1991251) |

---

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

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Jun ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** |  |  |
| **Equity Funds — 98.3%** |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 15976 | $11103800 |
|  **Total Long-Term Investments — 98.3%<br>(Cost: $10,780,986)** |  | 11103800 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.0%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%<sup>(a)(c)</sup> | 117837 | 117837 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $117,837)** |  | 117837 |
|  **Options Purchased — 2.8%<br>(Cost: $508,677)** |  | 315752 |
|  **Total Investments Before Options Written — 102.1%<br>(Cost: $11,407,500)** |  | 11537389 |
|  **Options Written — (2.2)%<br>(Premiums Received: $(416045))** |  | (250076) |
|  **Total Investments Net of Options Written — 99.9%<br>(Cost: $10,991,455)** |  | 11287313 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 9064 |
|  **Net Assets — 100.0%** |  | $11296377 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

<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 period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer*<br>| Value at<br> *10/21/25*<br>| <br> *<sup>(a)</sup>* <br>| Purchases<br> *at Cost*<br>| Proceeds<br>from Sales  | Net<br>Realized<br>Gain<br>(Loss)  | Change in<br>Unrealized<br>Appreciation<br>(Depreciation)  | Value at<br>01/31/26  | Shares<br>Held at<br>01/31/26  | Income  | Capital<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds*<br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $— |  | $117837 <sup>(b)</sup> | $— | $— | $— | $117837 | 117837 | $874 | $— |
|  iShares Core S&P 500 ETF |  |  | 10811533 | (31090) | 543 | 322814 | 11103800 | 15976 | 38668 |  |
|  |  |  |  |  | $543 | $322814 | $11221637 |  | $39542 | $— |

---

<sup>(a)</sup> The Fund commenced operations on October 21, 2025.

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 6 | 03/20/26 | $209 | $2301 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Jun ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 163 | 07/01/26 | USD 674.43 | USD 11,329 | $315752 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 163 | 07/01/26 | USD 753.68 | USD 11,329 | $(106318) |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 163 | 07/01/26 | USD 606.99 | USD 11,329 | (143758) |
|  |  |  |  |  | $(250076) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Options<br>Premiums<br>Paid* | *Options<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $N/A | $(416045) | $165969 | $– $| (250076) |

---

#### 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $2301 | $— | $— | $— | $2301 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 315752 |  |  |  | 315752 |
|  | $— | $— | $318053 | $— | $— | $— | $318053 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $250076 | $— | $— | $— | $250076 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

S C H E D U L E O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Jun ETF** |

---

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1663 | $— | $— | $— | $1663 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $2301 | $— | $— | $— | $2301 |
|  Options purchased<sup>(a)</sup> |  |  | (192925) |  |  |  | (192925) |
|  Options written |  |  | 165969 |  |  |  | 165969 |
|  | $— | $— | $(24655) | $— | $— | $— | $(24655) |

---

<sup>(a)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $190411.0 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 370164.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 337788.0 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $11103800 | $— | $— | $11103800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 117837 |  |  | 117837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 315752 |  |  | 315752 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11537389 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11537389 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $2301 | $— | $— | $2301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (250076) |  |  | (250076) |
|  | $(247775) | $— | $— | $(247775) |

---

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

*See notes to financial statements.* 

8 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Sep ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** |  |  |
| **Equity Funds — 97.8%** |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 45044 | $31306932 |
|  **Total Long-Term Investments — 97.8%<br>(Cost: $30,441,555)** |  | 31306932 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.3%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%<sup>(a)(c)</sup> | 422746 | 422746 |
|  **Total Short-Term Securities — 1.3%<br>(Cost: $422,746)** |  | 422746 |
|  **Options Purchased — 3.7%<br>(Cost: $1,645,863)** |  | 1178682 |
|  **Total Investments Before Options Written — 102.8%<br>(Cost: $32,510,164)** |  | 32908360 |
|  **Options Written — (2.9)%<br>(Premiums Received: $(1270138))** |  | (926135) |
|  **Total Investments Net of Options Written — 99.9%<br>(Cost: $31,240,026)** |  | 31982225 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 36605 |
|  **Net Assets — 100.0%** |  | $32018830 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

<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 period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/25 | <br><sup>(a)</sup> | Purchases<br> *at Cost* | Proceeds<br>from Sales | Net<br> *Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>01/31/26 | Shares<br>Held at<br>01/31/26 | Income | Capital<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $— |  | $422746 <sup>(b)</sup> | $— | $— | $— | $422746 | 422746 | $4221 | $— |
|  iShares Core S&P 500 ETF |  |  | 72329183 | (42105507) | 217879 | 865377 | 31306932 | 45044 | 98504 |  |
|  |  |  |  |  | $217879 | $865377 | $31729678 |  | $102725 | $— |

---

<sup>(a)</sup> The Fund commenced operations on September 30, 2025.

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 22 | 03/20/26 | $766 | $8829 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Sep ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 462 | 10/01/26 | USD 669.30 | USD 32,110 | $1178682 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 462 | 10/01/26 | USD 787.30 | USD 32,110 | $(295749) |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 462 | 10/01/26 | USD 602.37 | USD 32,110 | (630386) |
|  |  |  |  |  | $(926135) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Options<br>Premiums<br>Paid* | *Options<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $N/A | $(1270138) | $344003 | $– $| (926135) |

---

#### 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $8829 | $— | $— | $— | $8829 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 1178682 |  |  |  | 1178682 |
|  | $— | $— | $1187511 | $— | $— | $— | $1187511 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $926135 | $— | $— | $— | $926135 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

10 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Sep ETF** |

---

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $6170 | $— | $— | $— | $6170 |
|  Options purchased<sup>(a)(b)</sup> |  |  | (20736) |  |  |  | (20736) |
|  Options written<sup>(a)</sup> |  |  | 13824 |  |  |  | 13824 |
|  | $— | $— | $(742) | $— | $— | $— | $(742) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $8829 | $— | $— | $— | $8829 |
|  Options purchased<sup>(c)</sup> |  |  | (467181) |  |  |  | (467181) |
|  Options written |  |  | 344003 |  |  |  | 344003 |
|  | $— | $— | $(114349) | $— | $— | $— | $(114349) |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1225181 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 2239134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 2013276 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $31306932 | $— | $— | $31306932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 422746 |  |  | 422746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 1178682 |  |  | 1178682 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32908360 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32908360 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $8829 | $— | $— | $8829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (926135) |  |  | (926135) |
|  | $(917306) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(917306) |

---

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

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2026 | **iShares**<sup>®</sup>**Large Cap 10% Target Buffer Dec ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** |  |  |
| **Equity Funds — 98.4%** |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 58138 | $40407654 |
|  **Total Long-Term Investments — 98.4%<br>(Cost: $40,016,311)** |  | 40407654 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.7%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%<sup>(a)(c)</sup> | 301038 | 301038 |
|  **Total Short-Term Securities — 0.7%<br>(Cost: $301,038)** |  | 301038 |
|  **Options Purchased — 5.2%<br>(Cost: $2,164,118)** |  | 2120806 |
|  **Total Investments Before Options Written — 104.3%<br>(Cost: $42,481,467)** |  | 42829498 |
|  **Options Written — (4.4)%<br>(Premiums Received: $(1790388))** |  | (1807869) |
|  **Total Investments Net of Options Written — 99.9%<br>(Cost: $40,691,079)** |  | 41021629 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 41257 |
|  **Net Assets — 100.0%** |  | $41062886 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

<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 period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>10/07/25 | <br><sup>(a)</sup> | Purchases<br> *at Cost* | Proceeds<br>from Sales | Net<br> *Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>01/31/26 | Shares<br>Held at<br>01/31/26 | Income | Capital<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $— |  | $301038 <sup>(b)</sup> | $— | $— | $— | $301038 | 301038 | $972 | $— |
|  iShares Core S&P 500 ETF |  |  | 166385714 | (125668453) | (700950) | 391343 | 40407654 | 58138 | 49947 |  |
|  |  |  |  |  | $(700950) | $391343 | $40708692 |  | $50919 | $— |

---

<sup>(a)</sup> The Fund commenced operations on October 07, 2025.

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 24 | 03/20/26 | $836 | $2761 |

---

12 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Dec ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 594 | 01/04/27 | USD 684.94 | USD 41,285 | $2120806 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 594 | 01/04/27 | USD 798.98 | USD 41,285 | $(590175) |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 594 | 01/04/27 | USD 616.45 | USD 41,285 | (1217694) |
|  |  |  |  |  | $(1807869) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Options<br>Premiums<br>Paid* | *Options<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $N/A | $(1790388) | $6606 | $(24087) | $(1807869) |

---

#### 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $2761 | $— | $— | $— | $2761 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 2120806 |  |  |  | 2120806 |
|  | $— | $— | $2123567 | $— | $— | $— | $2123567 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $1807869 | $— | $— | $— | $1807869 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap 10% Target Buffer Dec ETF** |

---

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(4723) | $— | $— | $— | $(4723) |
|  Options purchased<sup>(a)(b)</sup> |  |  | (36063) |  |  |  | (36063) |
|  Options written<sup>(a)</sup> |  |  | 824838 |  |  |  | 824838 |
|  | $— | $— | $784052 | $— | $— | $— | $784052 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $2761 | $— | $— | $— | $2761 |
|  Options purchased<sup>(c)</sup> |  |  | (43312) |  |  |  | (43312) |
|  Options written |  |  | (17481) |  |  |  | (17481) |
|  | $— | $— | $(58032) | $— | $— | $— | $(58032) |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $572610.0 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 1524532.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 1544504.0 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $40407654 | $— | $— | $40407654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 301038 |  |  | 301038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 2120806 |  |  | 2120806 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42829498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42829498 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $2761 | $— | $— | $2761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (1807869) |  |  | (1807869) |
|  | $(1805108) | $— | $— | $(1805108) |

---

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

*See notes to financial statements.* 

14 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Assets and Liabilities (unaudited)

January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Large Cap<br> 10% Target Buffer<br> Mar ETF | iShares<br> Large Cap<br>10% Target Buffer<br> Jun ETF | iShares<br> Large Cap<br> 10% Target Buffer<br>Sep ETF | iShares<br> Large Cap<br> 10% Target Buffer<br>Dec ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup> | $2665296 | $315752 | $1178682 | $2120806 |
|  Investments, at value — affiliated<sup>(b)</sup> | 185227825 | 11221637 | 31729678 | 40708692 |
|  Cash | 10 | 2 | 108 | 195 |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 144000 | 14000 | 51000 | 56000 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 15634 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 4473 | 364 | 1171 | 441 |
|  Total assets | 188057238 | 11551755 | 32960639 | 42886134 |
|  **LIABILITIES** |  |  |  |  |
|  Options written, at value<sup>(c)</sup> | 2015028 | 250076 | 926135 | 1807869 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 11297 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 12537 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 74321 | 4492 | 12704 | 12139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 8505 | 810 | 2970 | 3240 |
|  Total liabilities | 2121688 | 255378 | 941809 | 1823248 |
|  **Commitments and contingent liabilities** |  |  |  |  |
|  NET ASSETS | $185935550 | $11296377 | $32018830 | $41062886 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $180471027 | $11002611 | $31100546 | $40664272 |
|  Accumulated earnings | 5464523 | 293766 | 918284 | 398614 |
|  NET ASSETS | $185935550 | $11296377 | $32018830 | $41062886 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | $7240000 | $440000 | $1240000 | $1600000 |
|  Net asset value | $25.68 | $25.67 | $25.82 | $25.66 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $7426594 | $508677 | $1645863 | $2164118 |
|  <sup>(b) </sup>Investments, at cost — affiliated | $178451533 | $10898823 | $30864301 | $40317349 |
|  <sup>(c)</sup> Premiums received | $5343298 | $416045 | $1270138 | $1790388 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 15

------

Statements of Operations (unaudited)

Period Ended January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Large Cap<br> 10% Target Buffer<br>Mar ETF<sup>(a)</sup> | iShares<br> Large Cap<br>10% Target Buffer<br>Jun ETF<sup>(b)</sup> | iShares<br> Large Cap<br> 10% Target Buffer<br>Sep ETF<sup>(c)</sup> | iShares<br> Large Cap<br>10% Target Buffer<br>Dec ETF<sup>(d)</sup> |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $666923 | $39542 | $102725 | $50919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 314 | 24 | 895 | 394 |
|  Total investment income | 667237 | 39566 | 103620 | 51313 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 193883 | 15365 | 61266 | 50096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 225 | 102 | 92 | 630 |
|  Total expenses | 194108 | 15467 | 61358 | 50726 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (11708) | (920) | (3690) | (2998) |
|  Total expenses after fees waived | 182400 | 14547 | 57668 | 47728 |
|  Net investment income | 484837 | 25019 | 45952 | 3585 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (12761) |  | 23151 | 32914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 409 | 543 | 153 | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 10668 |  | (1009) | 10106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 42835 | 1663 | 6170 | (4723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(e)</sup> | (49054) |  | (29054) | 745755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(e)</sup> | 175810 |  | 217726 | (700915) |
|  | 167907 | 2206 | 217137 | 83102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (4761298) | (192925) | (467181) | (43312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 6776292 | 322814 | 865377 | 391343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 3328270 | 165969 | 344003 | (17481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 23777 | 2301 | 8829 | 2761 |
|  | 5367041 | 298159 | 751028 | 333311 |
|  Net realized and unrealized gain | 5534948 | 300365 | 968165 | 416413 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6019785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419998 |

---

<sup>(a)</sup> For the period from October 21, 2025 (commencement of operations) to January 31, 2026.

<sup>(b)</sup> For the period from October 21, 2025 (commencement of operations) to January 31, 2026.

<sup>(c)</sup> For the period from September 30, 2025 (commencement of operations) to January 31, 2026.

<sup>(d)</sup> For the period from October 7, 2025 (commencement of operations) to January 31, 2026.

<sup>(e)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

16 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | iShares Large Cap 10% Target Buffer Mar ETF | iShares Large Cap 10% Target Buffer Jun ETF |
|  | Period From<br> 10/21/25<sup>(a)</sup><br> to 01/31/26<br> (unaudited) | Period From<br> 10/21/25<sup>(a)</sup><br> to 01/31/26<br> (unaudited) |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $484837 | $25019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 167907 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5367041 | 298159 |
|  Net increase in net assets resulting from operations | 6019785 | 325384 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (555262)<sup>(c)</sup> | (31618)<sup>(c)</sup> |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 180471027 | 11002611 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 185935550 | 11296377 |
|  Beginning of period |  |  |
|  End of period | $185935550 | $11296377 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</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.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 17

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | iShares Large Cap 10% Target Buffer Sep ETF | iShares Large Cap 10% Target Buffer Dec ETF |
|  | Period From<br> 09/30/25<sup>(a)</sup><br> to 01/31/26<br> (unaudited) | Period From<br> 10/07/25<sup>(a)</sup><br> to 01/31/26<br> (unaudited) |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $45952 | $3585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 217137 | 83102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 751028 | 333311 |
|  Net increase in net assets resulting from operations | 1014117 | 419998 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (95833)<sup>(c)</sup> | (21384)<sup>(c)</sup> |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 31100546 | 40664272 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 32018830 | 41062886 |
|  Beginning of period |  |  |
|  End of period | $32018830 | $41062886 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</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.* 

18 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | |
|:---|:---|
|  | iShares Large Cap 10% Target Buffer Mar ETF |
|  | Period From<br> 10/21/25<br> to 01/31/26<br> (unaudited)<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 0.66 |
|  Net increase from investment operations | 0.75 |
|  **Distributions<sup>(d)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.00)<sup>(f)</sup> |
|  Total distributions | (0.07) |
|  **Net asset value, end of period** | $25.68 |
|  **Total Return<sup>(g)</sup>** |  |
|  Based on net asset value | 3.03 %<sup>(h)</sup> |
|  **Ratios to Average Net Assets<sup>(i)</sup>** |  |
|  Total expenses | 0.50 %<sup>(j)</sup> |
|  Total expenses after fees waived | 0.47 %<sup>(j)</sup> |
|  Net investment income | 1.25 %<sup>(j)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $185936 |
|  Portfolio turnover rate<sup>(k)</sup> | 0 %<sup>(l)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<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 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>(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> Amount is greater than $(0.005) per share. 

<sup>(g)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(h)</sup> Not annualized.

<sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

<sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

<sup>(l)</sup> Rounds to less than 0.5%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 19

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | |
|:---|:---|
|  | iShares Large Cap 10% Target Buffer Jun ETF |
|  | Period From<br> 10/21/25<br> to 01/31/26<br> (unaudited)<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 0.68 |
|  Net increase from investment operations | 0.74 |
|  **Distributions<sup>(d)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.06)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.01) |
|  Total distributions | (0.07) |
|  **Net asset value, end of period** | $25.67 |
|  **Total Return<sup>(f)</sup>** |  |
|  Based on net asset value | 2.98 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |
|  Total expenses | 0.50 %<sup>(i)</sup> |
|  Total expenses after fees waived | 0.47 %<sup>(i)</sup> |
|  Net investment income | 0.81 %<sup>(i)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $11296 |
|  Portfolio turnover rate<sup>(j)</sup> | 0 %<sup>(k)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<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 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>(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>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

<sup>(k)</sup> Rounds to less than 0.5%. 

*See notes to financial statements.* 

20 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | |
|:---|:---|
|  | iShares Large Cap 10% Target Buffer Sep ETF |
|  | Period From<br> 09/30/25<br> to 01/31/26<br> (unaudited)<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 0.87 |
|  Net increase from investment operations | 0.90 |
|  **Distributions<sup>(d)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.05)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.03) |
|  Total distributions | (0.08) |
|  **Net asset value, end of period** | $25.82 |
|  **Total Return<sup>(f)</sup>** |  |
|  Based on net asset value | 3.61 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |
|  Total expenses | 0.50 %<sup>(i)</sup> |
|  Total expenses after fees waived | 0.47 %<sup>(i)</sup> |
|  Net investment income | 0.38 %<sup>(i)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $32019 |
|  Portfolio turnover rate<sup>(j)</sup> | 1% |

---

<sup>(a)</sup> Commencement of operations.

<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 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>(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>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 21

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | |
|:---|:---|
|  | iShares Large Cap 10% Target Buffer Dec ETF |
|  | Period From<br> 10/07/25<br> to 01/31/26<br> (unaudited)<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(d)</sup> | 0.70 |
|  Net increase from investment operations | 0.70 |
|  **Distributions<sup>(e)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.03)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.01) |
|  Total distributions | (0.04) |
|  **Net asset value, end of period** | $25.66 |
|  **Total Return<sup>(g)</sup>** |  |
|  Based on net asset value | 2.80 %<sup>(h)</sup> |
|  **Ratios to Average Net Assets<sup>(i)</sup>** |  |
|  Total expenses | 0.50 %<sup>(j)(k)</sup> |
|  Total expenses after fees waived | 0.47 %<sup>(j)(k)</sup> |
|  Net investment income | 0.04 %<sup>(j)(k)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $41063 |
|  Portfolio turnover rate<sup>(l)</sup> | 0 %<sup>(m)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Amount is less than $0.005 per share. 

<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 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>(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>(h)</sup> Not annualized.

<sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

<sup>(k)</sup> Interest expense was not annualized in the calculation of the ratios. If interest expense was annualized, the total expenses and total expenses after fees waived would have been 0.51% and 0.48%, respectively. 

<sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

<sup>(m)</sup> Rounds to less than 0.5%. 

*See notes to financial statements.* 

22 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited)

*1. ORGANIZATION* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification*<br> *Classification* |
|  Large Cap 10% Target Buffer Mar<sup>(a)</sup> | Non-diversified |
|  Large Cap 10% Target Buffer Jun<sup>(b)</sup> | Non-diversified |
|  Large Cap 10% Target Buffer Sep<sup>(c)</sup> | Non-diversified |
|  Large Cap 10% Target Buffer Dec<sup>(d)</sup> | Non-diversified |

---

<sup>(a)</sup> The Fund commenced operations on October 21, 2025.

<sup>(b)</sup> The Fund commenced operations on October 21, 2025.

<sup>(c)</sup> The Fund commenced operations on September 30, 2025.

<sup>(d)</sup> The Fund commenced operations on October 7, 2025.

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an "underlying fund"). The financial statements, including the accounting policies, and schedule of investments for the underlying fund are available on **iShares.com** and should be read in conjunction with the Funds' financial statements.

*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 from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

**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

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

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Notes to Financial Statements (unaudited) (continued)

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:

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

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

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

• Flexible Exchange Options ("FLEX Options") are valued at the last executed trade price on the options market in which the options trade. If there were no executed trades, FLEX Options are valued by an independent pricing service using a mathematical model, such as Black-Scholes model, which incorporates a number of market data factors, such as trades and prices of the underlying instruments.

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 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:

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

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

• Level 3 – Inputs that are unobservable and significant to the 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. 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.

**Options:** An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy (in the case of a call option) or sell (in the case of a put option) a particular asset at a specified future date at an agreed upon price (commonly known as the "strike price").

The Funds invest primarily in FLEX Options. FLEX Options provide the Funds with the ability to customize key option contract terms such as strike price, style and expiration date, while avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by

24 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in which the Funds invest are European-style, which are exercisable at the strike price only on the expiration date. The FLEX Options traded by the Funds are listed on the Chicago Board Options Exchange ("CBOE"). Although each Fund will generally utilize FLEX Options that are physically settled, a fund may also utilize FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe an amount) of cash upon the exercise of the option.

The Funds will purchase and sell call and put European-style FLEX Options. A European-style call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price on the expiration date. A European-style put option gives the purchaser (holder) of the option the right (but not the obligation) to sell, and obligates the seller (writer) to buy (when the option is exercised) the underlying instrument at the exercise or strike price on the expiration date.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write put options, cash is segregated in an amount sufficient to cover the obligations. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market.

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

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

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

---

| | |
|:---|:---|
| iShares ETF | Investment Advisory Fees |
|  Large Cap 10% Target Buffer Mar | 0.50% |
|  Large Cap 10% Target Buffer Jun | 0.50 |
|  Large Cap 10% Target Buffer Sep | 0.50 |
|  Large Cap 10% Target Buffer Dec | 0.50 |

---

**Expense Waivers:** BFA has contractually agreed to waive a portion of its management fees to each Fund, in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund, in other funds advised by BFA, or its affiliates, through November 29, 2030. The contractual waiver may be terminated prior to November 29, 2030, only upon written agreement of the Trust and BFA.

---

| | |
|:---|:---|
| iShares ETF | Amounts Waived |
|  Large Cap 10% Target Buffer Mar | $11708 |
|  Large Cap 10% Target Buffer Jun | 920 |
|  Large Cap 10% Target Buffer Sep | 3690 |
|  Large Cap 10% Target Buffer Dec | 2998 |

---

**Distributor**: BlackRock Investments, LLC ("BRIL"), 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.

**ETF Servicing Fees**: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

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

**Other Transactions:** 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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 25

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Notes to Financial Statements (unaudited) (continued)

*6. PURCHASES AND SALES* 

For the period ended January 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| iShares ETF | Purchases | Sales |
|  Large Cap 10% Target Buffer Mar | $182438692 | $554067 |
|  Large Cap 10% Target Buffer Jun | 10811533 | 31090 |
|  Large Cap 10% Target Buffer Sep | 72859466 | 170623 |
|  Large Cap 10% Target Buffer Dec | 166602423 | 42261 |

---

For the period ended January 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind*<br> *Sales* |
|  Large Cap 10% Target Buffer Mar | $– $| 5049658 |
|  Large Cap 10% Target Buffer Sep | – | 41938419 |
|  Large Cap 10% Target Buffer Dec | – | 125626192 |

---

*7. 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 January 31, 2026, 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 January 31, 2026, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Large Cap 10% Target Buffer Mar | $185878127 | $10128339 | $(4761298) | $5367041 |
|  Large Cap 10% Target Buffer Jun | 11407500 | 491084 | (192925) | 298159 |
|  Large Cap 10% Target Buffer Sep | 32510164 | 1218209 | (467181) | 751028 |
|  Large Cap 10% Target Buffer Dec | 42481467 | 400710 | (67399) | 333311 |

---

*8. 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.

**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

26 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

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.

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.

**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.

**FLEX Options Risk:** FLEX Options are subject to the risk that they may be less liquid than certain other securities, such as standardized options. In less liquid markets, terminating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market, the liquidation of a large number of options may significantly impact the price of the options and may adversely impact the value of the Funds. Additionally, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Funds at prices that reflect the market price of the Funds' shares, the Funds' NAV and, in turn the share prices of the Funds, could be negatively impacted.

*9. 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:

---

| | | |
|:---|:---|:---|
|  | Period Ended<br>01/31/26 | Period Ended<br>01/31/26 |
| iShares ETF | Shares | Amount |
|  Large Cap 10% Target Buffer Mar<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7440000 | $185581661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | (5110634) |
|  | 7240000 | $180471027 |
|  Large Cap 10% Target Buffer Jun<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 440000 | $11002611 |
|  Large Cap 10% Target Buffer Sep<sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2960000 | $74092401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1720000) | (42991855) |
|  | 1240000 | $31100546 |

---

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

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | Period Ended<br>01/31/26 | Period Ended<br>01/31/26 |
| *iShares ETF* | *Shares* | *Amount* |
|  Large Cap 10% Target Buffer Dec<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6680000 | $167989066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5080000) | (127324794) |
|  | 1600000 | $40664272 |

---

<sup>(a)</sup> Commencement of operations was October 21, 2025.

<sup>(b)</sup> Commencement of operations was October 21, 2025.

<sup>(c)</sup> Commencement of operations was September 30, 2025.

<sup>(d)</sup> Commencement of operations was October 7, 2025.

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 BRIL, 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 Fund's 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.

*10. SUBSEQUENT EVENTS* 

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

28 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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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:

• 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**.

A D D I T I O N A L I N F O R M A T I O N 29

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Board Review and Approval of Investment Advisory Contract

**iShares Large Cap 10%Target Buffer Mar ETF, iShares Large Cap 10%Target Buffer Jun ETF, iShares Large Cap 10%Target Buffer Sep ETF, iShares Large Cap 10% Target Buffer Dec 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 to consider the approval of the proposed Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. 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 terms of the proposed Advisory Agreement. At a meeting held on June 9-11, 2025 the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), and BlackRock, Inc. ("BlackRock"), as applicable, at prior Board meetings. 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 Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; 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 Advisory Agreement are discussed below.

**Expenses 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 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.

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

**Nature, Extent and Quality of Services to be Provided by BFA:** The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. 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 and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA's compliance program and its compliance record with respect to other iShares funds, 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 who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds, and other 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, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement supported the Board's approval of the Advisory Agreement.

**Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates:** The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Agreement or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund's launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

**Economies of Scale:** The Board considered information that it had previously received regarding potential economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for any 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.

This consideration 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 Advisory Agreement.

**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 noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive character and scope of services provided to the iShares funds, as well

30 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Board Review and Approval of Investment Advisory Contract (continued)

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 considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement.

**Other Benefits to BFA and/or its Affiliates:** Except as noted below, the Board did not consider the other benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board considered the potential payment of advisory fees and/or administration 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 and/or administration services. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction 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 noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit 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 also considered the potential for revenue to BTC, the Fund's securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that will be provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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 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 Advisory Agreement.

**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 to be rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the Advisory Agreement.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 31

------

Glossary of Terms Used in these Financial Statements

#### Currency Abbreviation
USD United States Dollar

#### Portfolio Abbreviation
ETF Exchange-Traded Fund

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Additional Financial Information

Schedule of Investments (Unaudited)

January 31, 2026

Statement of Assets and Liabilities (Unaudited)

January 31, 2026

**iShares Trust** 

iShares Core S&P 500 ETF \| IVV \| NYSE Arca

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.3%** |  |  |
|  Axon Enterprise, Inc.<sup>(a)(b)</sup> | 1015432 | $491042607 |
|  Boeing Co. (The)<sup>(b)</sup> | 10076509 | 2355081684 |
|  GE Aerospace | 13573646 | 4164258856 |
|  General Dynamics Corp. | 3262527 | 1145440604 |
|  Howmet Aerospace, Inc. | 5173843 | 1076573252 |
|  Huntington Ingalls Industries, Inc. | 504557 | 212171264 |
|  L3Harris Technologies, Inc. | 2407038 | 825252978 |
|  Lockheed Martin Corp. | 2620369 | 1661890427 |
|  Northrop Grumman Corp. | 1726354 | 1195085820 |
|  RTX Corp. | 17253426 | 3466730886 |
|  Textron, Inc.<sup>(a)</sup> | 2268303 | 199746762 |
|  TransDigm Group, Inc. | 724479 | 1034222752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17827497892 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  CH Robinson Worldwide, Inc. | 1520218 | 296366499 |
|  Expeditors International of Washington, Inc. | 1724610 | 276868889 |
|  FedEx Corp. | 2793430 | 900182818 |
|  United Parcel Service, Inc., Class B | 9509525 | 1010101746 |
|  |  | 2483519952 |
| **Automobile Components — 0.0%** |  |  |
|  Aptiv plc<sup>(a)(b)</sup> | 2777829 | 210420547 |
| **Automobiles — 2.3%** |  |  |
|  Ford Motor Co. | 50361898 | 699023144 |
|  General Motors Co. | 12004329 | 1008363636 |
|  Tesla, Inc.<sup>(b)</sup> | 36159119 | 15563246409 |
|  |  | 17270633189 |
| **Banks — 3.6%** |  |  |
|  Bank of America Corp. | 86452918 | 4599295237 |
|  Citigroup, Inc. | 23025202 | 2664246123 |
|  Citizens Financial Group, Inc. | 5526742 | 348074211 |
|  Fifth Third Bancorp | 11569637 | 581027170 |
|  Huntington Bancshares, Inc. | 26160013 | 457277027 |
|  JPMorgan Chase & Co. | 35030828 | 10715579977 |
|  KeyCorp | 11954392 | 257258516 |
|  M&T Bank Corp. | 1977742 | 438208295 |
|  PNC Financial Services Group, Inc. (The) | 5046389 | 1126858664 |
|  Regions Financial Corp. | 11283892 | 321590922 |
|  Truist Financial Corp. | 16461692 | 846460203 |
|  US Bancorp | 20002890 | 1122362158 |
|  Wells Fargo & Co. | 40394630 | 3655310069 |
|  |  | 27133548572 |
| **Beverages — 1.1%** |  |  |
|  Brown-Forman Corp., Class B, NVS | 2267216 | 62053702 |
|  Coca-Cola Co. (The) | 49818876 | 3726950113 |
|  Constellation Brands, Inc., Class A | 1814059 | 284263045 |
|  Keurig Dr Pepper, Inc. | 17482612 | 479722873 |
|  Molson Coors Beverage Co., Class B | 2175415 | 104506937 |
|  Monster Beverage Corp.<sup>(b)</sup> | 9177979 | 741213584 |
|  PepsiCo, Inc. | 17595325 | 2703169780 |
|  |  | 8101880034 |
| **Biotechnology — 1.7%** |  |  |
|  AbbVie, Inc. | 22743216 | 5071964600 |
|  Amgen, Inc. | 6929327 | 2368998315 |
|  Biogen, Inc.<sup>(a)(b)</sup> | 1887808 | 339597781 |
|  Gilead Sciences, Inc. | 15965430 | 2266292789 |
|  Incyte Corp.<sup>(a)(b)</sup> | 2122538 | 212402378 |
|  Moderna, Inc.<sup>(a)(b)</sup> | 4469918 | 196989286 |
|  Regeneron Pharmaceuticals, Inc. | 1296893 | 961581315 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology (continued) |  |  |
|  Vertex Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 3264916 | $1534184028 |
|  |  | 12952010492 |
| Broadline Retail — 4.0% |  |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 125183865 | 29956498895 |
|  eBay, Inc. | 5816452 | 530576751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30487075646 |
| Building Products — 0.5% |  |  |
|  A O Smith Corp. | 1457488 | 107110793 |
|  Allegion plc | 1107076 | 183099300 |
|  Builders FirstSource, Inc.<sup>(a)(b)</sup> | 1421750 | 162648200 |
|  Carrier Global Corp. | 10187528 | 606972918 |
|  Johnson Controls International plc | 7864257 | 937891290 |
|  Lennox International, Inc.<sup>(a)</sup> | 411575 | 203762551 |
|  Masco Corp. | 2670082 | 176465719 |
|  Trane Technologies plc | 2853408 | 1200086337 |
|  |  | 3578037108 |
| Capital Markets — 3.5% |  |  |
|  Ameriprise Financial, Inc. | 1203703 | 634580185 |
|  Ares Management Corp., Class A | 2650972 | 396770979 |
|  Bank of New York Mellon Corp. (The) | 8973688 | 1076124665 |
|  BlackRock, Inc.<sup>(c)</sup> | 1856759 | 2077601916 |
|  Blackstone, Inc., Class A | 9502599 | 1353360150 |
|  CBOE Global Markets, Inc. | 1346596 | 356928736 |
|  Charles Schwab Corp. (The) | 21494160 | 2233673107 |
|  CME Group, Inc., Class A | 4640267 | 1341315579 |
|  Coinbase Global, Inc., Class A<sup>(a)(b)</sup> | 2933172 | 571205915 |
|  FactSet Research Systems, Inc. | 481489 | 122471542 |
|  Franklin Resources, Inc. | 3943575 | 104977967 |
|  Goldman Sachs Group, Inc. (The) | 3859558 | 3610269149 |
|  Interactive Brokers Group, Inc., Class A | 5731055 | 429141398 |
|  Intercontinental Exchange, Inc. | 7337210 | 1275060354 |
|  Invesco Ltd. | 5733189 | 156458728 |
|  KKR & Co., Inc. | 8832027 | 1009147405 |
|  Moody's Corp. | 1974310 | 1017875264 |
|  Morgan Stanley | 15543261 | 2841308111 |
|  MSCI, Inc. | 965935 | 588466921 |
|  Nasdaq, Inc. | 5798803 | 561846023 |
|  Northern Trust Corp. | 2433621 | 363655986 |
|  Raymond James Financial, Inc. | 2268791 | 376301675 |
|  Robinhood Markets, Inc., Class A<sup>(b)</sup> | 10119053 | 1006643392 |
|  S&P Global, Inc. | 3989160 | 2105438756 |
|  State Street Corp. | 3594254 | 470344078 |
| T. Rowe Price Group, Inc. | 2805611 | 296496970 |
|  |  | 26377464951 |
| Chemicals — 1.0% |  |  |
|  Air Products & Chemicals, Inc. | 2863883 | 780408117 |
|  Albemarle Corp. | 1514575 | 258431932 |
|  CF Industries Holdings, Inc. | 2005146 | 186939762 |
|  Corteva, Inc. | 8695503 | 633032618 |
|  Dow, Inc. | 9146358 | 251982163 |
|  DuPont de Nemours, Inc. | 5391487 | 236794109 |
|  Ecolab, Inc. | 3280282 | 925006721 |
|  International Flavors & Fragrances, Inc. | 3294825 | 230011733 |
|  Linde plc | 6008829 | 2745854588 |
|  LyondellBasell Industries NV, Class A | 3313544 | 162363656 |
|  Mosaic Co. (The) | 4084477 | 112323118 |
|  PPG Industries, Inc. | 2887636 | 333897351 |
|  Sherwin-Williams Co. (The) | 2966676 | 1052101977 |
|  |  | 7909147845 |
| Commercial Services & Supplies — 0.5% |  |  |
|  Cintas Corp. | 4395643 | 841282114 |
|  Copart, Inc.<sup>(a)(b)</sup> | 11458018 | 464966370 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Commercial Services & Supplies (continued)** |  |  |
|  Republic Services, Inc. | 2589320 | $556936839 |
|  Rollins, Inc. | 3773756 | 239029705 |
|  Veralto Corp. | 3195150 | 316255947 |
|  Waste Management, Inc. | 4769476 | 1059968346 |
|  |  | 3478439321 |
| **Communications Equipment — 0.9%** |  |  |
|  Arista Networks, Inc.<sup>(a)(b)</sup> | 13287966 | 1883436301 |
|  Cisco Systems, Inc. | 50710363 | 3971635630 |
|  F5, Inc.<sup>(a)(b)</sup> | 742349 | 204598808 |
|  Motorola Solutions, Inc. | 2143264 | 862749490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6922420229 |
| **Construction & Engineering — 0.2%** |  |  |
|  Comfort Systems USA, Inc. | 452884 | 517238816 |
|  EMCOR Group, Inc.<sup>(a)</sup> | 576057 | 415181562 |
|  Quanta Services, Inc. | 1918861 | 910748996 |
|  |  | 1843169374 |
| **Construction Materials — 0.3%** |  |  |
|  CRH plc | 8625236 | 1055815139 |
|  Martin Marietta Materials, Inc. | 776040 | 505939278 |
|  Vulcan Materials Co.<sup>(a)</sup> | 1700292 | 511005757 |
|  |  | 2072760174 |
| **Consumer Finance — 0.6%** |  |  |
|  American Express Co. | 6914178 | 2434966066 |
|  Capital One Financial Corp. | 8180809 | 1791024515 |
|  Synchrony Financial | 4634791 | 336624870 |
|  |  | 4562615451 |
| **Consumer Staples Distribution & Retail — 1.9%** |  |  |
|  Costco Wholesale Corp. | 5702947 | 5362195917 |
|  Dollar General Corp. | 2832393 | 406250128 |
|  Dollar Tree, Inc.<sup>(a)(b)</sup> | 2440989 | 287035897 |
|  Kroger Co. (The) | 7845337 | 493079430 |
|  Sysco Corp. | 6162117 | 516693510 |
|  Target Corp. | 5847341 | 616719055 |
|  Walmart, Inc. | 56428270 | 6722864088 |
|  |  | 14404838025 |
| **Containers & Packaging — 0.2%** |  |  |
|  Amcor plc | 5959649 | 263714460 |
|  Avery Dennison Corp. | 993689 | 184339246 |
|  Ball Corp. | 3444997 | 195916979 |
|  International Paper Co. | 6794946 | 273972223 |
|  Packaging Corp. of America | 1150044 | 255942292 |
|  Smurfit WestRock plc | 6719624 | 279737947 |
|  |  | 1453623147 |
| **Distributors — 0.0%** |  |  |
|  Genuine Parts Co. | 1790110 | 248807389 |
|  Pool Corp. | 421691 | 107147466 |
|  |  | 355954855 |
| **Diversified Telecommunication Services — 0.8%** |  |  |
|  AT&T, Inc. | 91229014 | 2391112457 |
|  Comcast Corp., Class A | 46769106 | 1391380903 |
|  Verizon Communications, Inc. | 54258142 | 2415572482 |
|  |  | 6198065842 |
| **Electric Utilities — 1.5%** |  |  |
|  Alliant Energy Corp. | 3307835 | 218019405 |
|  American Electric Power Co., Inc. | 6887953 | 825004570 |
|  Constellation Energy Corp. | 4018645 | 1127953279 |
|  Duke Energy Corp. | 10007166 | 1214369594 |
|  Edison International | 4951547 | 308382347 |
|  Entergy Corp. | 5746931 | 551073214 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | Shares | Value | Value |
| Electric Utilities (continued) |  |  |  |
|  Evergy, Inc. | 2962799 | $| 227335567 |
|  Eversource Energy | 4828025 |  | 333761368 |
|  Exelon Corp. | 13000700 |  | 582171346 |
|  FirstEnergy Corp. | 6690210 |  | 316714541 |
|  NextEra Energy, Inc. | 26799610 |  | 2355685719 |
|  NRG Energy, Inc. | 2466063 |  | 376395196 |
|  PG&E Corp. | 28283310 |  | 436128640 |
|  Pinnacle West Capital Corp. | 1540205 |  | 144101580 |
|  PPL Corp. | 9519151 |  | 345069224 |
|  Southern Co. (The) | 14169328 |  | 1265462684 |
|  Xcel Energy, Inc. | 7612105 |  | 578976706 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11206604980 |
| Electrical Equipment — 0.9% |  |  |  |
|  AMETEK, Inc. | 2962339 |  | 663504689 |
|  Eaton Corp. plc | 4998037 |  | 1756410163 |
|  Emerson Electric Co. | 7229412 |  | 1062434388 |
|  GE Vernova, Inc. | 3491431 |  | 2536070735 |
|  Generac Holdings, Inc.<sup>(a)(b)</sup> | 755154 |  | 126896078 |
|  Hubbell, Inc. | 683883 |  | 333693871 |
|  Rockwell Automation, Inc. | 1444782 |  | 609192330 |
|  |  |  | 7088202254 |
| Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% |
|  Amphenol Corp., Class A | 15751499 |  | 2269475976 |
|  CDW Corp. | 1675714 |  | 211793492 |
|  Corning, Inc. | 10039793 |  | 1036608627 |
|  Jabil, Inc.<sup>(a)</sup> | 1374794 |  | 326087389 |
|  Keysight Technologies, Inc.<sup>(b)</sup> | 2211476 |  | 478408603 |
|  TE Connectivity plc | 3785706 |  | 843379583 |
|  Teledyne Technologies, Inc.<sup>(a)(b)</sup> | 604167 |  | 374764790 |
|  Zebra Technologies Corp., Class A<sup>(a)(b)</sup> | 651177 |  | 153013572 |
|  |  |  | 5693532032 |
| Energy Equipment & Services — 0.3% |  |  |  |
|  Baker Hughes Co., Class A | 12698081 |  | 711600459 |
|  Halliburton Co. | 10830286 |  | 363031187 |
|  SLB Ltd. | 19224241 |  | 930068780 |
|  |  |  | 2004700426 |
| Entertainment — 1.3% |  |  |  |
|  Electronic Arts, Inc. | 2888465 |  | 589015783 |
|  Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 2031920 |  | 295542764 |
|  Netflix, Inc.<sup>(a)(b)</sup> | 54527056 |  | 4552463905 |
|  Take-Two Interactive Software, Inc.<sup>(a)(b)</sup> | 2235132 |  | 492399580 |
|  TKO Group Holdings, Inc., Class A | 852190 |  | 172636650 |
|  Walt Disney Co. (The) | 22973597 |  | 2591421742 |
|  Warner Bros Discovery, Inc.<sup>(b)</sup> | 31887271 |  | 878175443 |
|  |  |  | 9571655867 |
| Financial Services — 3.6% |  |  |  |
|  Apollo Global Management, Inc. | 5975249 |  | 803910000 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)(b)</sup> | 23597002 |  | 11339067371 |
|  Block, Inc., Class A<sup>(a)(b)</sup> | 7047524 |  | 425881875 |
|  Corpay, Inc.<sup>(a)(b)</sup> | 900241 |  | 283242826 |
|  Fidelity National Information Services, Inc. | 6663856 |  | 368178044 |
|  Fiserv, Inc.<sup>(a)(b)</sup> | 6921243 |  | 441090816 |
|  Global Payments, Inc. | 3046970 |  | 218589628 |
|  Jack Henry & Associates, Inc. | 930491 |  | 166753292 |
|  Mastercard, Inc., Class A | 10551454 |  | 5685017901 |
|  PayPal Holdings, Inc. | 12040226 |  | 634399508 |
|  Visa, Inc., Class A<sup>(a)</sup> | 21716896 |  | 6989148640 |
|  |  |  | 27355279901 |
| Food Products — 0.5% |  |  |  |
|  Archer-Daniels-Midland Co. | 6184109 |  | 416252377 |
|  Bunge Global SA | 1740028 |  | 198154389 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
|  Campbell's Co. (The) | 2533174 | $70878208 |
|  Conagra Brands, Inc. | 6157719 | 113979379 |
|  General Mills, Inc. | 6864148 | 317535486 |
|  Hershey Co. (The) | 1906728 | 371335278 |
|  Hormel Foods Corp. | 3753547 | 92374792 |
|  J M Smucker Co. (The) | 1372864 | 143958519 |
|  Kraft Heinz Co. (The) | 10966753 | 260350716 |
|  Lamb Weston Holdings, Inc. | 1788753 | 82157425 |
|  McCormick & Co., Inc. (Non-Voting), NVS | 3258761 | 201489193 |
|  Mondelez International, Inc., Class A | 16604699 | 970876751 |
|  Tyson Foods, Inc., Class A | 3642404 | 237958253 |
|  |  | 3477300766 |
| **Gas Utilities — 0.0%** |  |  |
|  Atmos Energy Corp. | 2065671 | 343603714 |
| **Ground Transportation — 0.8%** |  |  |
|  CSX Corp. | 23962500 | 904824000 |
|  JB Hunt Transport Services, Inc. | 967002 | 196030645 |
|  Norfolk Southern Corp. | 2887469 | 840946472 |
|  Old Dominion Freight Line, Inc.<sup>(a)</sup> | 2367854 | 410112313 |
|  Uber Technologies, Inc.<sup>(b)</sup> | 26738095 | 2140384505 |
|  Union Pacific Corp. | 7632965 | 1794510071 |
|  |  | 6286808006 |
| **Health Care Equipment & Supplies — 1.9%** |  |  |
|  Abbott Laboratories | 22376294 | 2445728934 |
|  Align Technology, Inc.<sup>(a)(b)</sup> | 857806 | 139848112 |
|  Baxter International, Inc.<sup>(a)</sup> | 6614999 | 132763030 |
|  Becton Dickinson & Co. | 3688407 | 750517056 |
|  Boston Scientific Corp.<sup>(b)</sup> | 19076480 | 1784223174 |
|  Cooper Cos., Inc. (The)<sup>(a)(b)</sup> | 2558906 | 208243770 |
|  Dexcom, Inc.<sup>(b)</sup> | 5018833 | 366575562 |
|  Edwards Lifesciences Corp.<sup>(a)(b)</sup> | 7467452 | 607551895 |
|  GE HealthCare Technologies, Inc.<sup>(a)</sup> | 5861773 | 462904214 |
|  Hologic, Inc.<sup>(b)</sup> | 2864051 | 214603342 |
|  IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 1027553 | 688933184 |
|  Insulet Corp.<sup>(b)</sup> | 904521 | 231385517 |
|  Intuitive Surgical, Inc.<sup>(a)(b)</sup> | 4561744 | 2300122560 |
|  Medtronic plc | 16505059 | 1699360875 |
|  ResMed, Inc. | 1878322 | 485189356 |
|  Solventum Corp.<sup>(a)(b)</sup> | 1897394 | 146042416 |
|  STERIS plc | 1262973 | 331656710 |
|  Stryker Corp. | 4429018 | 1636787892 |
|  Zimmer Biomet Holdings, Inc. | 2550264 | 222051487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14854489086 |
| **Health Care Providers & Services — 1.6%** |  |  |
|  Cardinal Health, Inc. | 3057441 | 656982922 |
|  Cencora, Inc. | 2494867 | 896206124 |
|  Centene Corp.<sup>(b)</sup> | 6008740 | 260298617 |
|  Cigna Group (The) | 3437447 | 942238597 |
|  CVS Health Corp. | 16335396 | 1217313710 |
|  DaVita, Inc.<sup>(a)(b)</sup> | 453723 | 49610073 |
|  Elevance Health, Inc. | 2859834 | 988759007 |
|  HCA Healthcare, Inc. | 2055512 | 1003644844 |
|  Henry Schein, Inc.<sup>(a)(b)</sup> | 1286288 | 97089018 |
|  Humana, Inc. | 1547698 | 302110650 |
|  Labcorp Holdings, Inc. | 1066766 | 289648304 |
|  McKesson Corp. | 1588289 | 1320201700 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 660773 | 118668223 |
|  Quest Diagnostics, Inc. | 1431492 | 267731949 |
|  UnitedHealth Group, Inc. | 11656597 | 3344627377 |
|  Universal Health Services, Inc., Class B | 710108 | 142916336 |
|  |  | 11898047451 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
|  Alexandria Real Estate Equities, Inc. | 2004066 | $109502166 |
|  Healthpeak Properties, Inc. | 8932109 | 153989559 |
|  Ventas, Inc. | 6044664 | 469489053 |
|  Welltower, Inc. | 8831850 | 1663567266 |
|  |  | 2396548044 |
| Hotel & Resort REITs — 0.0% |  |  |
|  Host Hotels & Resorts, Inc. | 8218768 | 152293771 |
| Hotels, Restaurants & Leisure — 1.8% |  |  |
|  Airbnb, Inc., Class A<sup>(b)</sup> | 5472810 | 708017430 |
|  Booking Holdings, Inc. | 414800 | 2074763232 |
|  Carnival Corp.<sup>(b)</sup> | 13972547 | 419455861 |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 17015435 | 661389958 |
|  Darden Restaurants, Inc. | 1496761 | 298379305 |
|  Domino's Pizza, Inc. | 400900 | 164501297 |
|  DoorDash, Inc., Class A<sup>(a)(b)</sup> | 4810536 | 984331876 |
|  Expedia Group, Inc. | 1505694 | 398767999 |
|  Hilton Worldwide Holdings, Inc. | 2991041 | 892855649 |
|  Las Vegas Sands Corp. | 3915300 | 206453769 |
|  Marriott International, Inc., Class A | 2866173 | 903704347 |
|  McDonald's Corp. | 9164183 | 2886717645 |
|  MGM Resorts International<sup>(a)(b)</sup> | 2639665 | 88534364 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup> | 5852507 | 128521054 |
|  Royal Caribbean Cruises Ltd. | 3263685 | 1059555335 |
|  Starbucks Corp. | 14629950 | 1345223903 |
|  Wynn Resorts Ltd.<sup>(a)</sup> | 1084442 | 116523293 |
|  Yum! Brands, Inc. | 3572905 | 555586728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13893283045 |
| Household Durables — 0.2% |  |  |
|  DR Horton, Inc. | 3524126 | 524530914 |
|  Garmin Ltd. | 2104031 | 424256811 |
|  Lennar Corp., Class A | 2776379 | 303597043 |
|  NVR, Inc.<sup>(b)</sup> | 36542 | 279024846 |
|  PulteGroup, Inc. | 2508247 | 313756617 |
|  |  | 1845166231 |
| Household Products — 0.8% |  |  |
|  Church & Dwight Co., Inc. | 3090047 | 297417024 |
|  Clorox Co. (The) | 1573341 | 177457131 |
|  Colgate-Palmolive Co. | 10372659 | 936547381 |
|  Kimberly-Clark Corp. | 4270440 | 427001296 |
|  Procter & Gamble Co. (The) | 30069759 | 4563687323 |
|  |  | 6402110155 |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
|  AES Corp. (The) | 9164870 | 134265346 |
|  Vistra Corp. | 4098483 | 648994783 |
|  |  | 783260129 |
| Industrial Conglomerates — 0.4% |  |  |
|  3M Co. | 6835961 | 1046995787 |
|  Honeywell International, Inc. | 8169895 | 1858814510 |
|  |  | 2905810297 |
| Industrial REITs — 0.2% |  |  |
|  Prologis, Inc. | 11952914 | 1560572452 |
| Insurance — 1.7% |  |  |
|  Aflac, Inc. | 6070005 | 673467055 |
|  Allstate Corp. (The) | 3367397 | 670078329 |
|  American International Group, Inc. | 6943427 | 519923814 |
|  Aon plc, Class A | 2765852 | 967052493 |
|  Arch Capital Group Ltd.<sup>(b)</sup> | 4646693 | 446268396 |
|  Arthur J Gallagher & Co. | 3304634 | 824076580 |
|  Assurant, Inc. | 643862 | 153322858 |
|  Brown & Brown, Inc. | 3778419 | 272424010 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
|  Chubb Ltd. | 4709821 | $1457972189 |
|  Cincinnati Financial Corp. | 2009096 | 323243455 |
|  Erie Indemnity Co., Class A, NVS | 327391 | 92654927 |
|  Everest Group Ltd. | 540239 | 178970376 |
|  Globe Life, Inc. | 1023272 | 143483200 |
|  Hartford Insurance Group, Inc. (The) | 3585748 | 484291125 |
|  Loews Corp. | 2185335 | 230705816 |
|  Marsh & McLennan Cos., Inc. | 6304284 | 1186403206 |
|  MetLife, Inc. | 7122207 | 561799688 |
|  Principal Financial Group, Inc. | 2570034 | 243433620 |
|  Progressive Corp. (The) | 7545923 | 1569551984 |
|  Prudential Financial, Inc. | 4503906 | 500428996 |
|  Travelers Cos., Inc. (The) | 2870424 | 816664332 |
|  Willis Towers Watson plc | 1232125 | 391162724 |
|  WR Berkley Corp.<sup>(a)</sup> | 3863255 | 264942028 |
|  |  | 12972321201 |
| **Interactive Media & Services — 8.6%** |  |  |
|  Alphabet, Inc., Class A | 74867639 | 25305261982 |
|  Alphabet, Inc., Class C, NVS | 59837748 | 20256872830 |
|  Match Group, Inc. | 3034759 | 94532743 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup> | 28025695 | 20080410468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65737078023 |
| **IT Services — 0.9%** |  |  |
|  Accenture plc, Class A | 7980132 | 2103882001 |
|  Akamai Technologies, Inc.<sup>(b)</sup> | 1849452 | 179674262 |
|  Cognizant Technology Solutions Corp., Class A | 6210816 | 509659561 |
|  EPAM Systems, Inc.<sup>(a)(b)</sup> | 710224 | 148152726 |
|  Gartner, Inc.<sup>(a)(b)</sup> | 927707 | 194456664 |
|  GoDaddy, Inc., Class A<sup>(b)</sup> | 1737296 | 174632994 |
|  International Business Machines Corp. | 12028442 | 3689123162 |
|  VeriSign, Inc. | 1073606 | 262206793 |
|  |  | 7261788163 |
| **Leisure Products — 0.0%** |  |  |
|  Hasbro, Inc. | 1715602 | 153220415 |
| **Life Sciences Tools & Services — 0.9%** |  |  |
|  Agilent Technologies, Inc. | 3648163 | 488306617 |
|  Bio-Techne Corp.<sup>(a)</sup> | 2014792 | 129128019 |
|  Charles River Laboratories International, Inc.<sup>(a)(b)</sup> | 632787 | 133189008 |
|  Danaher Corp. | 8089673 | 1770748523 |
|  IQVIA Holdings, Inc<sup>.(a)(b)</sup> | 2191479 | 504368892 |
|  Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 262875 | 360990465 |
|  Revvity, Inc.<sup>(a)</sup> | 1457540 | 158580352 |
|  Thermo Fisher Scientific, Inc.<sup>(a)</sup> | 4834723 | 2797419075 |
|  Waters Corp.<sup>(a)(b)</sup> | 765606 | 283825456 |
|  West Pharmaceutical Services, Inc. | 925781 | 213966505 |
|  |  | 6840522912 |
| **Machinery — 1.7%** |  |  |
|  Caterpillar, Inc. | 6022106 | 3958691600 |
|  Cummins, Inc. | 1776293 | 1028153914 |
|  Deere & Co. | 3235162 | 1708165536 |
|  Dover Corp. | 1764918 | 355613328 |
|  Fortive Corp.<sup>(a)</sup> | 4087680 | 215870381 |
|  IDEX Corp. | 962161 | 191037067 |
|  Illinois Tool Works, Inc. | 3397098 | 887525823 |
|  Ingersoll Rand, Inc.<sup>(a)</sup> | 4626785 | 398319921 |
|  Nordson Corp. | 689117 | 189183290 |
|  Otis Worldwide Corp. | 5014977 | 428379335 |
|  PACCAR, Inc. | 6758469 | 830683425 |
|  Parker-Hannifin Corp. | 1623815 | 1519631030 |
|  Pentair plc | 2107619 | 222079814 |
|  Snap-on, Inc. | 668658 | 244802380 |
|  Stanley Black & Decker, Inc. | 1990677 | 156586653 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery (continued) | Machinery (continued) | Machinery (continued) |
|  Westinghouse Air Brake Technologies Corp. | 2199923 | $506290279 |
|  Xylem, Inc. | 3133016 | 431948916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13272962692 |
| Media — 0.2% |  |  |
|  Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 1131331 | 233189946 |
|  Fox Corp., Class A, NVS | 2678525 | 194943049 |
|  Fox Corp., Class B | 1910477 | 125269977 |
|  News Corp., Class A, NVS | 4836656 | 130734812 |
|  News Corp., Class B<sup>(a)</sup> | 1601821 | 49816633 |
|  Omnicom Group, Inc. | 4104736 | 316228861 |
|  Paramount Skydance Corp., Class B, NVS<sup>(a)</sup> | 3999227 | 44831335 |
|  Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 5660247 | 171675292 |
|  |  | 1266689905 |
| Metals & Mining — 0.5% |  |  |
|  Freeport-McMoRan, Inc. | 18477968 | 1112928013 |
|  Newmont Corp. | 14042672 | 1577694199 |
|  Nucor Corp. | 2945026 | 523390021 |
|  Steel Dynamics, Inc. | 1766459 | 317203042 |
|  |  | 3531215275 |
| Multi-Utilities — 0.6% |  |  |
|  Ameren Corp. | 3480801 | 359497127 |
|  CenterPoint Energy, Inc. | 8401294 | 333447359 |
|  CMS Energy Corp. | 3916076 | 279960273 |
|  Consolidated Edison, Inc. | 4644624 | 495256257 |
|  Dominion Energy, Inc. | 10988381 | 661170885 |
|  DTE Energy Co. | 2672509 | 359131760 |
|  NiSource, Inc. | 6140690 | 271971160 |
|  Public Service Enterprise Group, Inc. | 6423256 | 529019364 |
|  Sempra | 8398903 | 730788550 |
|  WEC Energy Group, Inc. | 4185968 | 463261079 |
|  |  | 4483503814 |
| Office REITs — 0.0% |  |  |
|  BXP, Inc. | 1896988 | 122678214 |
| Oil, Gas & Consumable Fuels — 2.9% |  |  |
|  APA Corp. | 4559453 | 120415154 |
|  Chevron Corp. | 24355969 | 4308570832 |
|  ConocoPhillips | 15901575 | 1657421162 |
|  Coterra Energy, Inc. | 9809273 | 282997526 |
|  Devon Energy Corp. | 8072276 | 324586218 |
|  Diamondback Energy, Inc. | 2396615 | 392925029 |
|  EOG Resources, Inc. | 6982293 | 782924514 |
|  EQT Corp. | 8030671 | 463610637 |
|  Expand Energy Corp. | 3064831 | 344517653 |
|  Exxon Mobil Corp. | 54267665 | 7673447831 |
|  Kinder Morgan, Inc. | 25193376 | 768146034 |
|  Marathon Petroleum Corp. | 3868236 | 681544501 |
|  Occidental Petroleum Corp. | 9254893 | 420079593 |
|  ONEOK, Inc. | 8094731 | 641021748 |
|  Phillips 66 | 5184910 | 744345680 |
|  Targa Resources Corp. | 2762304 | 555167858 |
|  Texas Pacific Land Corp.<sup>(a)</sup> | 745168 | 259586724 |
|  Valero Energy Corp. | 3924943 | 712102409 |
|  Williams Cos., Inc. (The) | 15714982 | 1056989689 |
|  |  | 22190400792 |
| Passenger Airlines — 0.2% |  |  |
|  Delta Air Lines, Inc. | 8346845 | 549973617 |
|  Southwest Airlines Co. | 6654882 | 316239993 |
|  United Airlines Holdings, Inc.<sup>(b)</sup> | 4165941 | 426259083 |
|  |  | 1292472693 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
|  Estee Lauder Cos., Inc. (The), Class A | 3163711 | $364712604 |
|  Kenvue, Inc. | 24668585 | 429233379 |
|  |  | 793945983 |
| **Pharmaceuticals — 3.3%** |  |  |
|  Bristol-Myers Squibb Co. | 26196652 | 1442125693 |
|  Eli Lilly & Co. | 10218980 | 10598615107 |
|  Johnson & Johnson | 31003483 | 7045541512 |
|  Merck & Co., Inc. | 31939380 | 3521955433 |
|  Pfizer, Inc. | 73165280 | 1934490003 |
|  Viatris, Inc. | 14806254 | 193813865 |
|  Zoetis, Inc., Class A | 5670969 | 707850350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25444391963 |
| **Professional Services — 0.5%** |  |  |
|  Automatic Data Processing, Inc. | 5204575 | 1284593202 |
|  Broadridge Financial Solutions, Inc. | 1502082 | 296075383 |
|  Dayforce, Inc.<sup>(b)</sup> | 2059358 | 142651729 |
|  Equifax, Inc. | 1575011 | 317207215 |
|  Jacobs Solutions, Inc. | 1536840 | 207872978 |
|  Leidos Holdings, Inc. | 1645280 | 309773318 |
|  Paychex, Inc. | 4168709 | 429918959 |
|  Paycom Software, Inc.<sup>(a)</sup> | 628109 | 84637688 |
|  Verisk Analytics, Inc. | 1793504 | 390015380 |
|  |  | 3462745852 |
| **Real Estate Management & Development — 0.1%<sup>(a)(b)</sup>** | **Real Estate Management & Development — 0.1%<sup>(a)(b)</sup>** | **Real Estate Management & Development — 0.1%<sup>(a)(b)</sup>** |
|  CBRE Group, Inc., Class A | 3772143 | 642509117 |
|  CoStar Group, Inc. | 5453877 | 335413436 |
|  |  | 977922553 |
| **Residential REITs — 0.2%** |  |  |
|  AvalonBay Communities, Inc. | 1819891 | 323340034 |
|  Camden Property Trust | 1372103 | 149627832 |
|  Equity Residential | 4455399 | 277660466 |
|  Essex Property Trust, Inc. | 828668 | 208716609 |
|  Invitation Homes, Inc. | 7250093 | 193794986 |
|  Mid-America Apartment Communities, Inc. | 1506630 | 202340409 |
|  UDR, Inc. | 3874189 | 143926121 |
|  |  | 1499406457 |
| **Retail REITs — 0.3%** |  |  |
|  Federal Realty Investment Trust | 1009345 | 102105340 |
|  Kimco Realty Corp. | 8705194 | 183505490 |
|  Realty Income Corp. | 11837608 | 723988105 |
|  Regency Centers Corp. | 2116173 | 154205527 |
|  Simon Property Group, Inc. | 4201007 | 803694649 |
|  |  | 1967499111 |
| **Semiconductors & Semiconductor Equipment — 14.8%** | **Semiconductors & Semiconductor Equipment — 14.8%** | **Semiconductors & Semiconductor Equipment — 14.8%** |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 20950097 | 4959516463 |
|  Analog Devices, Inc. | 6330623 | 1968064078 |
|  Applied Materials, Inc. | 10251416 | 3304236405 |
|  Broadcom, Inc. | 60768724 | 20132678261 |
|  First Solar, Inc.<sup>(a)(b)</sup> | 1380876 | 311415156 |
|  Intel Corp.<sup>(b)</sup> | 57698788 | 2681262678 |
|  KLA Corp. | 1690793 | 2414350957 |
|  Lam Research Corp. | 16162959 | 3773404408 |
|  Microchip Technology, Inc. | 6954622 | 527994902 |
|  Micron Technology, Inc. | 14444195 | 5992607622 |
|  Monolithic Power Systems, Inc.<sup>(a)</sup> | 616480 | 693015992 |
|  NVIDIA Corp. | 312699202 | 59766198477 |
|  NXP Semiconductors NV | 3235378 | 731648381 |
|  ON Semiconductor Corp.<sup>(a)(b)</sup> | 5177903 | 310104611 |
|  Qnity Electronics, Inc. | 2695041 | 259209043 |
|  QUALCOMM, Inc. | 13781918 | 2089200950 |
|  Skyworks Solutions, Inc. | 1913257 | 106683210 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) |
|  Teradyne, Inc. | 2015287 | $485784931 |
|  Texas Instruments, Inc. | 11692404 | 2520297682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113027674207 |
| Software — 8.8% |  |  |
|  Adobe, Inc.<sup>(b)</sup> | 5386668 | 1579640391 |
|  AppLovin Corp., Class A<sup>(a)(b)</sup> | 3483247 | 1647958988 |
|  Autodesk, Inc.<sup>(b)</sup> | 2740955 | 693105291 |
|  Cadence Design Systems, Inc.<sup>(a)(b)</sup> | 3502754 | 1038076175 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)(b)</sup> | 3229366 | 1425458299 |
|  Datadog, Inc., Class A<sup>(a)(b)</sup> | 4187882 | 541576900 |
|  Fair Isaac Corp.<sup>(a)(b)</sup> | 305098 | 446410241 |
|  Fortinet, Inc.<sup>(a)(b)</sup> | 8134060 | 660973716 |
|  Gen Digital, Inc. | 7221821 | 173251486 |
|  Intuit, Inc. | 3587740 | 1789995241 |
|  Microsoft Corp. | 95641932 | 41153766920 |
|  Oracle Corp. | 21644043 | 3562176597 |
|  Palantir Technologies, Inc., Class A<sup>(b)</sup> | 29395452 | 4309079309 |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 8801685 | 1557634195 |
|  PTC, Inc.<sup>(a)(b)</sup> | 1541529 | 240678923 |
|  Roper Technologies, Inc. | 1385105 | 514192529 |
|  Salesforce, Inc. | 12250610 | 2600681997 |
|  ServiceNow, Inc.<sup>(b)</sup> | 13349691 | 1562047344 |
|  Synopsys, Inc.(b) | 2390280 | 1111755082 |
|  Trimble, Inc.(b) | 3062177 | 207003165 |
|  Tyler Technologies, Inc.<sup>(a)(b)</sup> | 553766 | 204561160 |
|  Workday, Inc., Class A<sup>(a)(b)</sup> | 2792419 | 490432549 |
|  |  | 67510456498 |
| Specialized REITs — 0.7% |  |  |
|  American Tower Corp. | 6024253 | 1080028078 |
|  Crown Castle, Inc. | 5603875 | 486472389 |
|  Digital Realty Trust, Inc. | 4155068 | 689533535 |
|  Equinix, Inc. | 1263474 | 1037223711 |
|  Extra Space Storage, Inc. | 2731264 | 376832494 |
|  Iron Mountain, Inc. | 3803726 | 350437276 |
|  Public Storage | 2032107 | 561247632 |
|  SBA Communications Corp. | 1371111 | 252435246 |
|  VICI Properties, Inc. | 13753757 | 386205496 |
|  Weyerhaeuser Co. | 9275005 | 239109629 |
|  |  | 5459525486 |
| Specialty Retail — 1.8% |  |  |
|  AutoZone, Inc.<sup>(a)(b)</sup> | 214045 | 792884753 |
|  Best Buy Co., Inc. | 2511898 | 163524560 |
|  Carvana Co., Class A<sup>(a)(b)</sup> | 1819879 | 729971666 |
|  Home Depot, Inc. (The) | 12808915 | 4798091470 |
|  Lowe's Cos., Inc. | 7216854 | 1927333029 |
|  O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 10862177 | 1068946839 |
|  Ross Stores, Inc. | 4185094 | 789517983 |
|  TJX Cos., Inc. (The) | 14321613 | 2145520843 |
|  Tractor Supply Co. | 6799651 | 345966243 |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 577134 | 373613466 |
|  Williams-Sonoma, Inc. | 1567222 | 320731982 |
|  |  | 13456102834 |
| Technology Hardware, Storage & Peripherals — 7.1% | Technology Hardware, Storage & Peripherals — 7.1% |  |
|  Apple, Inc. | 190146234 | 49339144798 |
|  Dell Technologies, Inc., Class C | 3878439 | 443848559 |
|  Hewlett Packard Enterprise Co. | 16979063 | 365389436 |
|  HP, Inc. | 12028916 | 233842127 |
|  NetApp, Inc. | 2572214 | 247832819 |
|  Sandisk Corp.<sup>(b)</sup> | 1791578 | 1032396823 |
|  Seagate Technology Holdings plc | 2803625 | 1143009876 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup> | 6452863 | 187842842 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
|  Western Digital Corp.<sup>(a)</sup> | 4399654 | $1100925420 |
|  |  | 54094232700 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
|  Deckers Outdoor Corp.<sup>(b)</sup> | 1873640 | 223600198 |
|  Lululemon Athletica, Inc.<sup>(a)(b)</sup> | 1388641 | 242317854 |
|  NIKE, Inc., Class B | 15304439 | 945967374 |
|  Ralph Lauren Corp., Class A | 498236 | 176081585 |
|  Tapestry, Inc. | 2633502 | 334217739 |
|  |  | 1922184750 |
| **Tobacco — 0.6%** |  |  |
|  Altria Group, Inc. | 21601629 | 1339084982 |
|  Philip Morris International, Inc. | 20031257 | 3594408756 |
|  |  | 4933493738 |
| **Trading Companies & Distributors — 0.2%** |  |  |
|  Fastenal Co. | 14773238 | 640567600 |
|  United Rentals, Inc. | 818803 | 640353074 |
|  WW Grainger, Inc. | 562935 | 607936024 |
|  |  | 1888856698 |
| **Water Utilities — 0.0%** |  |  |
|  American Water Works Co., Inc. | 2510908 | 324233550 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
|  T-Mobile US, Inc. | 6189094 | 1220551228 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $695,783,856,012)** | **Total Long-Term Investments — 99.8%<br>(Cost: $695,783,856,012)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762450468960 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Short-Term Securities |  |  |
| Money Market Funds — 0.4%<sup>(c)(d)</sup> |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.82% | 1987072251 | $1988065787 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%<sup>(e)</sup> | 839799349 | 839799349 |
|  **Total Short-Term Securities — 0.4%<br>(Cost: $2,826,956,452)** | **Total Short-Term Securities — 0.4%<br>(Cost: $2,826,956,452)** | 2827865136 |
|  **Total Investments — 100.2%<br>(Cost: $698,610,812,464)** | **Total Investments — 100.2%<br>(Cost: $698,610,812,464)** | 765278334096 |
|  **Liabilities in Excess of Other Assets — (0.2)%** |  | (1703879852) |
|  **Net Assets — 100.0%** |  | $763574454244 |

---

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

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

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

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 3129 | 03/20/26 | $1089792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8374073 |

---

#### 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $762450468960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $762450468960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2827865136 |  |  | 2827865136 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765278334096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765278334096 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $8374073 | $— | $— | $8374073 |

---

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

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

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Statement of Assets and Liabilities (unaudited)

January 31, 2026

---

| | |
|:---|:---|
|  | iShares Core<br> S&P 500 ETF |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $760372867044 |
|  Investments, at value — affiliated<sup>(c)</sup> | 4905467052 |
|  Cash | 56627273 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 93175000 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 391765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1598962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 408409834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 4104643 |
|  Total assets | 765842641573 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 1985649336 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 256898060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1776624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 18838824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 5024485 |
|  Total liabilities | 2268187329 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $763574454244 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $613913528397 |
|  Accumulated earnings | 149660925847 |
|  NET ASSETS | $763574454244 |
|  **NET ASSET VALUE** |  |
|  Shares outstanding | 1099100000 |
|  Net asset value | $694.73 |
|  Shares authorized | Unlimited |
|  Par value |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $693921798944 |
|  <sup>(b)</sup> Securities loaned, at value | $1898063206 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $4689013520 |

---

S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S

------

Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation

---

| | |
|:---|:---|
| MSCI | Morgan Stanley Capital International |
| Nasdaq | National Association of Securities Dealers Automated Quotations |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

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

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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").©2026 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.

---

| | |
|:---|:---|
| ![LOGO](g89022g73l08.jpg)  | ![LOGO](g89022g17h90.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g89022g73l08.jpg)  | **JANUARY 31, 2026** |

---

**2026 Semi-Annual Financial Statements and Additional Information (Unaudited)**<br>

#### iShares Trust
• iShares Large Cap Accelerated Outcome ETF \| TWOX \| Cboe BZX Exchange

• iShares Large Cap Max Buffer Mar ETF \| MMAX \| Cboe BZX Exchange

• iShares Large Cap Max Buffer Jun ETF \| MAXJ \| Cboe BZX Exchange

• iShares Large Cap Max Buffer Sep ETF \| SMAX \| Cboe BZX Exchange

• iShares Large Cap Max Buffer Dec ETF \| DMAX \| Cboe BZX Exchange

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin289022_1) | 3 |
|  [Statements of Assets and Liabilities](#fin289022_2) | 18 |
|  [Statements of Operations](#fin289022_3) | 19 |
|  [Statements of Changes in Net Assets](#fin289022_4) | 20 |
|  [Financial Highlights](#fin289022_5) | 23 |
|  [Notes to Financial Statements](#fin289022_6) | 28 |
|  [Additional Information](#fin289022_7) | 34 |
|  [Glossary of Terms Used in these Financial Statements](#fin289022_8) | 35 |
|  [Additional Financial Information](#fin289022_9) | 36 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Accelerated Outcome ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Investment Companies** |  |  |
| Equity Funds — 99.5% |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 32659 | $22698985 |
|  **Total Long-Term Investments — 99.5%<br>(Cost: $20,960,173)** |  | 22698985 |
|  **Options Purchased — 3.6%<br>(Cost: $720,102)** |  | 829161 |
|  **Total Investments Before Options Written — 103.1%<br>(Cost: $21,680,275)** |  | 23528146 |
|  **Options Written — (3.3)%<br>(Premiums Received: $(659028))** |  | (746941) |
|  **Total Investments Net of Options Written — 99.8%<br>(Cost: $21,021,247)** |  | 22781205 |
|  **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 39116 |
|  **Net Assets — 100.0%** |  | $22820321 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer*<br>| Value at<br>07/31/25  | Purchases<br> *at Cost*<br>| Proceeds<br>from Sales  | Net<br>Realized<br>Gain<br> *(Loss)*<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)  | Value at<br>01/31/26  | Shares<br>Held at<br>01/31/26  | Income  | Capital<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds*<br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> | $20658 | $— | $(20658)<sup>(b)</sup> | $— | $— | $— |  | $1520 | $— |
|  iShares Core S&P 500 ETF | 13376073 | 11085603 | (3092896) | 359501 | 970704 | 22698985 | 32659 | 92001 |  |
|  |  |  |  | $359501 | $970704 | $22698985 |  | $93521 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 3 | 03/20/26 | $104 | $1151 |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional<br>Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 328 | 04/01/26 | USD 684.94 | USD 22,797 | $829161 |

---

S C H E D U L E O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Accelerated Outcome ETF** |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional<br>Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 656 | 04/01/26 | USD 706.65 | USD 45,594 | $(746941) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Options<br>Premiums*<br> *Paid* | *Options<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $N/A | $(659028) | $– $| (87913) | $(746941) |

---

#### 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $1151 | $— | $— | $— | $1151 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 829161 |  |  |  | 829161 |
|  | $— | $— | $830312 | $— | $— | $— | $830312 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $746941 | $— | $— | $— | $746941 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $12350 | $— | $— | $— | $12350 |
|  Options purchased<sup>(a)(b)</sup> |  |  | 371968 |  |  |  | 371968 |
|  Options written<sup>(a)</sup> |  |  | (244454) |  |  |  | (244454) |
|  | $— | $— | $139864 | $— | $— | $— | $139864 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(2161) | $— | $— | $— | $(2161) |
|  Options purchased<sup>(c)</sup> |  |  | 23953 |  |  |  | 23953 |
|  Options written |  |  | (33296) |  |  |  | (33296) |
|  | $— | $— | $(11504) | $— | $— | $— | $(11504) |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

4 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Accelerated Outcome ETF** |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $155353 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 733747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 697131 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $22698985 | $— | $— | $22698985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 829161 |  |  | 829161 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23528146 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23528146 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $1151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (746941) |  |  | (746941) |
|  | $(745790) | $— | $— | $(745790) |

---

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

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2026 | **iShares**<sup>®</sup>**Large Cap Max Buffer Mar ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** |  |  |
| **Equity Funds — 113.4%** | 54966 | $38203019 |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> |  |  |
|  **Total Long-Term Investments — 113.4%<br>(Cost: $30,896,194)** |  | 38203019 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.7%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%<sup>(a)(c)</sup> | 575175 | 575175 |
|  **Total Short-Term Securities — 1.7%<br>(Cost: $575,175)** |  | 575175 |
|  **Options Purchased — 0.3%<br>(Cost: $2,182,507)** |  | 80990 |
|  **Total Investments Before Options Written — 115.4%<br>(Cost: $33,653,876)** |  | 38859184 |
|  **Options Written — (15.5)%<br>(Premiums Received: $(1180897))** |  | (5209358) |
|  **Total Investments Net of Options Written — 99.9%<br>(Cost: $32,472,979)** |  | 33649826 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 46275 |
|  **Net Assets — 100.0%** |  | $33696101 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

<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 January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer*<br>| Value at<br>07/31/25  | Purchases<br>at Cost  | Proceeds<br>from Sales  | Net<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)  | Value at<br>01/31/26  | Shares<br>Held at<br>01/31/26  | Income  | Capital<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds*<br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $400428 | $174747 <sup>(a)</sup> | $— | $— | $— | $575175 | 575175 | $9634 | $— |
|  iShares Core S&P 500 ETF | 40881846 |  | (6225092) | 1265013 | 2281252 | 38203019 | 54966 | 252440 |  |
|  |  |  |  | $1265013 | $2281252 | $38778194 |  | $262074 | $— |

---

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 24 | 03/20/26 | $836 | $9204 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Mar ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 562 | 04/01/26 | USD 561.90 | USD 39,061 | $80990 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 562 | 04/01/26 | USD 607.47 | USD 39,061 | $(5209358) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Options*<br> *Premiums*<br> *Paid* | *Options<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $N/A | $(1180897) | $– $| (4028461) | $(5209358) |

---

#### 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $9204 | $— | $— | $— | $9204 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 80990 |  |  |  | 80990 |
|  | $— | $— | $90194 | $— | $— | $— | $90194 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $5209358 | $— | $— | $— | $5209358 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

S C H E D U L E O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Mar ETF** |

---

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94373 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94373 |
|  Options purchased<sup>(a)(b)</sup> |  |  | (227431) |  |  |  | (227431) |
|  Options written<sup>(a)</sup> |  |  | (421411) |  |  |  | (421411) |
|  | $— | $— | $(554469) | $— | $— | $— | $(554469) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(32041) | $— | $— | $— | $(32041) |
|  Options purchased<sup>(c)</sup> |  |  | (398224) |  |  |  | (398224) |
|  Options written |  |  | (1590397) |  |  |  | (1590397) |
|  | $— | $— | $(2020662) | $— | $— | $— | $(2020662) |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $864755.0 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 213958.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 5496038.0 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $38203019 | $— | $— | $38203019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 575175 |  |  | 575175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 80990 |  |  | 80990 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38859184 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38859184 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $9204 | $— | $— | $9204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (5209358) |  |  | (5209358) |
|  | $(5200154) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(5200154) |

---

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

*See notes to financial statements.* 

8 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Jun ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** |  |  |
| **Equity Funds — 105.1%** |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 234933 | $163285483 |
|  **Total Long-Term Investments — 105.1%<br>(Cost: $139,604,507)** |  | 163285483 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.3%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares,<br>3.64%<sup>(a)(c)</sup> | 2046833 | 2046833 |
|  **Total Short-Term Securities — 1.3%<br>(Cost: $2,046,833)** |  | 2046833 |
|  **Options Purchased — 1.6%<br>(Cost: $7,947,845)** |  | 2480209 |
|  **Total Investments Before Options Written — 108.0%<br>(Cost: $149,599,185)** |  | 167812525 |
|  **Options Written — (8.1)%<br>(Premiums Received: $(6039777))** |  | (12668060) |
|  **Total Investments Net of Options Written — 99.9%<br>(Cost: $143,559,408)** |  | 155144465 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 171229 |
|  **Net Assets — 100.0%** |  | $155315694 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer*<br>| Value at<br>07/31/25  | Purchases<br> *at Cost*<br>| Proceeds<br>from Sales  | Net<br>Realized<br>Gain (Loss)  | Change in<br>Unrealized<br>Appreciation<br>(Depreciation)  | Value at<br>01/31/26  | Shares<br>Held at<br>01/31/26  | Income  | Capital<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds*<br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $1172342 | $874491 <sup>(a)</sup> | $— | $— | $— | $2046833 | 2046833 | $27744 | $— |
|  iShares Core S&P 500 ETF | 160559860 | 7813291 | (20556891) | 4014773 | 11454450 | 163285483 | 234933 | 1122290 |  |
|  |  |  |  | $4014773 | $11454450 | $165332316 |  | $1150034 | $— |

---

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 100 | 03/20/26 | $3483 | $38350 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup>**Large Cap Max Buffer Jun ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description*<br>| *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 2401 | 07/01/26 | USD 620.90 | USD 166,877 | $2480209 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 2401 | 07/01/26 | USD 667.84 | USD 166,877 | $(12668060) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | *Options*<br> *Premiums*<br> *Paid* | *Options<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Options Written | $N/A | $(6039777) | $– $| (6628283) | $(12668060) |

---

#### 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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $38350 | $— | $— | $— | $38350 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 2480209 |  |  |  | 2480209 |
|  | $— | $— | $2518559 | $— | $— | $— | $2518559 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $12668060 | $— | $— | $— | $12668060 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

10 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Jun ETF** |

---

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;344526 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;344526 |
|  Options purchased<sup>(a)(b)</sup> |  |  | (377451) |  |  |  | (377451) |
|  Options written<sup>(a)</sup> |  |  | (674439) |  |  |  | (674439) |
|  | $— | $— | $(707364) | $— | $— | $— | $(707364) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
|  Futures contracts | $— | $— | $(78946) | $— | $— | $— | $(78946) |
|  Options purchased<sup>(c)</sup> |  |  | (3869440) |  |  |  | (3869440) |
|  Options written |  |  | (5514554) |  |  |  | (5514554) |
|  | $— | $— | $(9462940) | $— | $— | $— | $(9462940) |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $3580233.0 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 3440363.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 13826153.0 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $163285483 | $— | $— | $163285483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2046833 |  |  | 2046833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 2480209 |  |  | 2480209 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167812525 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167812525 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $38350 | $— | $— | $38350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (12668060) |  |  | (12668060) |
|  | $(12629710) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(12629710) |

---

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

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Sep ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Investment Companies** |  |  |
| **Equity Funds — 98.6%** |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 167540 | $116445326 |
|  **Total Long-Term Investments — 98.6%<br>(Cost: $103,628,799)** | **Total Long-Term Investments — 98.6%<br>(Cost: $103,628,799)** | 116445326 |
| **Short-Term Securities** |  |  |
|  **Money Market Funds — 1.8%** | **Money Market Funds — 1.8%** |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares,<br>3.64%<sup>(a)(c)</sup> | 2121461 | 2121461 |
|  **Total Short-Term Securities — 1.8%<br>(Cost: $2,121,461)** | **Total Short-Term Securities — 1.8%<br>(Cost: $2,121,461)** | 2121461 |
|  **Options Purchased — 3.7%<br>(Cost: $6,143,828)** |  | 4403475 |
|  **Total Investments Before Options Written — 104.1%<br>(Cost: $111,894,088)** |  | 122970262 |
|  **Options Written — (4.3)%<br>(Premiums Received: $(4816871))** |  | (5119264) |
|  **Total Investments Net of Options Written — 99.8%<br>(Cost: $107,077,217)** |  | 117850998 |
|  **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 199059 |
|  **Net Assets — 100.0%** |  | $118050057 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer*<br>| Value at<br>07/31/25  | Purchases<br> *at Cost*<br>| Proceeds<br>from Sales  | Net<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)  | Value at<br>01/31/26  | Shares<br> *Held at<br>01/31/26*<br>| Income  | Capital<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds*<br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $945093 | $1176368 <sup>(a)</sup> | $— | $— | $— | $2121461 | 2121461 | $30874 | $— |
|  iShares Core S&P 500 ETF | 88296812 | 38541708 | (19054929) | 2430635 | 6231100 | 116445326 | 167540 | 662296 |  |
|  |  |  |  | $2430635 | $6231100 | $118566787 |  | $693170 | $— |

---

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 100 | 03/20/26 | $3483 | $37954 |

---

12 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Sep ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | *Exercise*<br> *Price* | *Notional*<br> *Amount*<br> *(000)* | Value |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1726 | 10/01/26 | USD 669.30 | USD 119,962 | $4403475 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Exercise<br>Price | *Notional<br>Amount*<br> *(000)* | Value |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1726 | 10/01/26 | USD 721.51 | USD 119,962 | $(5119264) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | *Options*<br> *Premiums*<br> *Paid* | Options<br>Premiums<br>Received | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Value |
|  Options Written | $N/A | $(4816871) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(302393) | $(5119264) |

---

#### 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 | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $37954 | $— | $— | $— | $37954 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 4403475 |  |  |  | 4403475 |
|  | $— | $— | $4441429 | $— | $— | $— | $4441429 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $5119264 | $— | $— | $— | $5119264 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Sep ETF** |

---

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $216908 | $— | $— | $— | $216908 |
|  Options purchased<sup>(a)(b)</sup> |  |  | (4434537) |  |  |  | (4434537) |
|  Options written<sup>(a)</sup> |  |  | (3809704) |  |  |  | (3809704) |
|  | $— | $— | $(8027333) | $— | $— | $— | $(8027333) |
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(38836) | $— | $— | $— | $(38836) |
|  Options purchased<sup>(c)</sup> |  |  | 2150266 |  |  |  | 2150266 |
|  Options written |  |  | 503537 |  |  |  | 503537 |
|  | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;2614967 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;2614967 |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $3563048 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 4652529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 5232240 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116445326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $116445326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2121461 |  |  | 2121461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 4403475 |  |  | 4403475 |
|  | $122970262 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122970262 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $37954 | $— | $— | $37954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (5119264) |  |  | (5119264) |
|  | $(5081310) | $— | $— | $(5081310) |

---

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

*See notes to financial statements.* 

14 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Dec ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Investment Companies** |  |  |
| **Equity Funds — 99.0%** |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 195053 | $135567686 |
|  **Total Long-Term Investments — 99.0%<br>(Cost: $125,144,222)** |  | 135567686 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.0%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares,<br>3.64%<sup>(a)(c)</sup> | 1387043 | 1387043 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $1,387,043)** |  | 1387043 |
|  **Options Purchased — 5.2%<br>(Cost: $7,441,834)** |  | 7108627 |
|  **Total Investments Before Options Written — 105.2%<br>(Cost: $133,973,099)** |  | 144063356 |
|  **Options Written — (5.0)%<br>(Premiums Received: $(6323035))** |  | (6915738) |
|  **Total Investments Net of Options Written — 100.2%<br>(Cost: $127,650,064)** |  | 137147618 |
|  **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (247317) |
|  **Net Assets — 100.0%** |  | $136900301 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer*<br>| Value at<br>07/31/25  | Purchases<br> *at Cost*<br>| Proceeds<br>from Sales  | Net<br> *Realized*<br> *Gain*<br> *(Loss)*<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)  | Value at<br>01/31/26  | Shares<br> *Held at*<br> *01/31/26*<br>| Income  | Capital<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds*<br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $862434 | $524609 <sup>(a)</sup> | $— | $— | $— | $1387043 | 1387043 | $17044 | $— |
|  iShares Core S&P 500 ETF | 87687309 | 66308849 | (26185107) | 3701542 | 4055093 | 135567686 | 195053 | 550692 |  |
|  |  |  |  | $3701542 | $4055093 | $136954729 |  | $567736 | $— |

---

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 80 | 03/20/26 | $2786 | $18457 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Dec ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Exercise<br>Price | *Notional<br>Amount*<br> *(000)* | Value |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1991 | 01/04/27 | USD 684.94 | USD 138,380 | $7108627 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Exercise<br>Price | *Notional<br>Amount*<br> *(000)* | Value |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1991 | 01/04/27 | USD 731.52 | USD 138,380 | $(6915738) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | *Options*<br> *Premiums*<br> *Paid* | Options<br>Premiums<br>Received | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Value |
|  Options Written | $N/A | $(6323035) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(592703) | $(6915738) |

---

#### 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 | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $18457 | $— | $— | $— | $18457 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 7108627 |  |  |  | 7108627 |
|  | $— | $— | $7127084 | $— | $— | $— | $7127084 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $6915738 | $— | $— | $— | $6915738 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

16 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Large Cap Max Buffer Dec ETF** |

---

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $187338 | $— | $— | $— | $187338 |
|  Options purchased<sup>(a)(b)</sup> |  |  | (4398491) |  |  |  | (4398491) |
|  Options written<sup>(a)</sup> |  |  | (3846970) |  |  |  | (3846970) |
|  | $— | $— | $(8058123) | $— | $— | $— | $(8058123) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(62610) | $— | $— | $— | $(62610) |
|  Options purchased<sup>(c)</sup> |  |  | 2654222 |  |  |  | 2654222 |
|  Options written |  |  | 578336 |  |  |  | 578336 |
|  | $— | $— | $3169948 | $— | $— | $— | $3169948 |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $2235215 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 3709635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 6868816 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $135567686 | $— | $— | $135567686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1387043 |  |  | 1387043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 7108627 |  |  | 7108627 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144063356 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144063356 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $18457 | $— | $— | $18457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (6915738) |  |  | (6915738) |
|  | $(6897281) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(6897281) |

---

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

*See notes to financial statements.* 

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

------

Statements of Assets and Liabilities (unaudited)

January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares<br> Large Cap<br>Accelerated Outcome<br>ETF | iShares<br> Large Cap<br> Max Buffer<br> Mar ETF | iShares<br> Large Cap<br> Max Buffer<br> Jun ETF | iShares<br> Large Cap<br> Max Buffer<br> Sep ETF | iShares<br> Large Cap<br> Max Buffer<br> Dec ETF |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup> | $829161 | $80990 | $2480209 | $4403475 | $7108627 |
|  Investments, at value — affiliated<sup>(b)</sup> | 22698985 | 38778194 | 165332316 | 118566787 | 136954729 |
|  Cash | 40323 |  | 1 | 203 |  |
|  Cash pledged: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 8000 | 61000 | 255000 | 253000 | 202000 |
|  Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 75833 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 76 | 1782 | 6415 | 6314 | 1288 |
|  Total assets | 23576545 | 38921966 | 168149774 | 123229779 | 144266644 |
|  **LIABILITIES** |  |  |  |  |  |
|  Bank overdraft |  |  |  |  | 394119 |
|  Options written, at value<sup>(c)</sup> | 746941 | 5209358 | 12668060 | 5119264 | 6915738 |
|  Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 89695 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 8878 | 13267 | 62690 | 46958 | 45686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 405 | 3240 | 13635 | 13500 | 10800 |
|  Total liabilities | 756224 | 5225865 | 12834080 | 5179722 | 7366343 |
|  **Commitments and contingent liabilities** |  |  |  |  |  |
|  NET ASSETS | $22820321 | $33696101 | $155315694 | $118050057 | $136900301 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |  |
|  Paid-in capital | $20587231 | $31913768 | $140896266 | $113187133 | $131987950 |
|  Accumulated earnings | 2233090 | 1782333 | 14419428 | 4862924 | 4912351 |
|  NET ASSETS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22820321 | $33696101 | $155315694 | $118050057 | $136900301 |
|  **NET ASSET VALUE** |  |  |  |  |  |
|  Shares outstanding | 800000 | 1280000 | 5480000 | 4360000 | 5120000 |
|  Net asset value | $28.53 | $26.33 | $28.34 | $27.08 | $26.74 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $720102 | $2182507 | $7947845 | $6143828 | $7441834 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $20960173 | $31471369 | $141651340 | $105750260 | $126531265 |
|  <sup>(c)</sup> Premiums received | $659028 | $1180897 | $6039777 | $4816871 | $6323035 |

---

*See notes to financial statements.* 

18 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares<br> Large Cap<br>Accelerated Outcome<br>ETF | iShares<br> Large Cap<br> Max Buffer<br> Mar ETF | iShares<br> Large Cap<br> Max Buffer<br> Jun ETF | iShares<br> Large Cap<br> Max Buffer<br> Sep ETF | iShares<br> Large Cap<br> Max Buffer<br> Dec ETF |
|  **INVESTMENT INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $93521 | $262074 | $1150034 | $693170 | $567736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 317 | 1300 | 5981 | 7998 | 5376 |
|  Total investment income | 93838 | 263374 | 1156015 | 701168 | 573112 |
|  EXPENSES |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 39899 | 88845 | 413016 | 253383 | 215971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 249 |  |  | 219 | 716 |
|  Total expenses | 40148 | 88845 | 413016 | 253602 | 216687 |
|  Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (2401) | (6151) | (26335) | (15804) | (13793) |
|  Total expenses after fees waived | 37747 | 82694 | 386681 | 237798 | 202894 |
|  Net investment income | 56091 | 180680 | 769334 | 463370 | 370218 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 435 | (31551) | (55730) | (15645) | (70025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 16839 | 65274 | 279047 | 125718 | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (334) | (63634) | (79441) | (7424) | (47487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 12350 | 94373 | 344526 | 216908 | 187338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 127413 | (553657) | (916720) | (8221172) | (8127950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup> | 342662 | 1199739 | 3735726 | 2304917 | 3701655 |
|  | 499365 | 710544 | 3307408 | (5596698) | (4356582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 23953 | (398224) | (3869440) | 2150266 | 2654222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 970704 | 2281252 | 11454450 | 6231100 | 4055093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (33296) | (1590397) | (5514554) | 503537 | 578336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2161) | (32041) | (78946) | (38836) | (62610) |
|  | 959200 | 260590 | 1991510 | 8846067 | 7225041 |
|  Net realized and unrealized gain | 1458565 | 971134 | 5298918 | 3249369 | 2868459 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514656 | $1151814 | $6068252 | $3712739 | $3238677 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 19

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Large Cap Accelerated Outcome ETF  | iShares Large Cap Accelerated Outcome ETF  | iShares Large Cap Max Buffer Mar ETF  | iShares Large Cap Max Buffer Mar ETF  |
|  | Six Months<br> Ended<br> 01/31/26<br>(unaudited) | Period From<br>01/15/25<sup>(a)</sup> <br> to 07/31/25 | Six Months<br>Ended<br> 01/31/26<br>(unaudited) | Period From<br>03/31/25<sup>(a)</sup><br> to 07/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $56091 | $47278 | $180680 | $74630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 499365 | (219109) | 710544 | 254454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 959200 | 801909 | 260590 | 925461 |
|  Net increase in net assets resulting from operations | 1514656 | 630078 | 1151814 | 1254545 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (127302)<sup>(c)</sup> |  | (441042)<sup>(c)</sup> |  |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 7959555 | 12843334 | (5217935) | 36948719 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 9346909 | 13473412 | (4507163) | 38203264 |
|  Beginning of period | 13473412 |  | 38203264 |  |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22820321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13473412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33696101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38203264 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</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.* 

20 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Large Cap Max Buffer Jun ETF | iShares Large Cap Max Buffer Jun ETF | iShares Large Cap Max Buffer Sep<br>ETF | iShares Large Cap Max Buffer Sep<br>ETF |
|  | Six Months<br>Ended<br> 01/31/26<br>(unaudited) | Year Ended<br>07/31/25 | Six Months<br>Ended<br> 01/31/26<br>(unaudited) | Period From<br>09/30/24<sup>(a)</sup><br> to 07/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $769334 | $1317647 | $463370 | $750745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3307408 | 2769359 | (5596698) | 1889799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1991510 | 9441283 | 8846067 | 1965668 |
|  Net increase in net assets resulting from operations | 6068252 | 13528289 | 3712739 | 4606212 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (1613620)<sup>(c)</sup> | (1116641) | (1147705)<sup>(c)</sup> | (339380) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (10272833) | 76034819 | 29083474 | 82134717 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (5818201) | 88446467 | 31648508 | 86401549 |
|  Beginning of period | 161133895 | 72687428 | 86401549 |  |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155315694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161133895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118050057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86401549 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</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.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 21

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | iShares Large Cap Max Buffer Dec ETF | iShares Large Cap Max Buffer Dec ETF |
|  | Six Months<br> Ended<br> 01/31/26<br> (unaudited)  | Period From<br> 12/31/24<sup>(a)</sup><br> to 07/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $370218 | $297764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4356582) | 813236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7225041 | 2290970 |
|  Net increase in net assets resulting from operations | 3238677 | 3401970 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (906281)<sup>(c)</sup> |  |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 48236766 | 82929169 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 50569162 | 86331139 |
|  Beginning of period | 86331139 |  |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136900301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86331139 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</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.* 

22 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | iShares Large Cap Accelerated Outcome<br>ETF | iShares Large Cap Accelerated Outcome<br>ETF |
|  | Six Months<br> Ended<br> 01/31/26<br> (unaudited) | Period From<br> 01/15/25<br> to 07/31/25<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.91 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.10 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 2.68 | 0.82 |
|  Net increase from investment operations | 2.78 | 0.91 |
|  **Distributions<sup>(d)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14)<sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.02) |  |
|  Total distributions | (0.16) |  |
|  **Net asset value, end of period** | $28.53 | $25.91 |
|  **Total Return<sup>(f)</sup>** |  |  |
|  Based on net asset value | 10.71 %<sup>(g)</sup> | 3.64 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |
|  Total expenses | 0.50 %<sup>(i)</sup> | 0.50 %<sup>(i)</sup> |
|  Total expenses after fees waived | 0.47 %<sup>(i)</sup> | 0.47 %<sup>(i)</sup> |
|  Net investment income | 0.70 %<sup>(i)</sup> | 0.69 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $22820 | $13473 |
|  Portfolio turnover rate<sup>(j)</sup> | 2% | 2% |

---

<sup>(a)</sup> Commencement of operations.

<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 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>(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>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

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

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | iShares Large Cap Max Buffer Mar ETF | iShares Large Cap Max Buffer Mar ETF |
|  | Six Months<br> Ended<br> 01/31/26<br> (unaudited) | Period From<br> 03/31/25<br> to 07/31/25<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $25.81 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.13 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 0.73 | 0.76 |
|  Net increase from investment operations | 0.86 | 0.81 |
|  **Distributions<sup>(d)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21)<sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |
|  Total distributions | (0.34) |  |
|  **Net asset value, end of period** | $26.33 | $25.81 |
|  **Total Return<sup>(f)</sup>** |  |  |
|  Based on net asset value | 3.33 %<sup>(g)</sup> | 3.25 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |
|  Total expenses | 0.50 %<sup>(i)</sup> | 0.50 %<sup>(i)</sup> |
|  Total expenses after fees waived | 0.47 %<sup>(i)</sup> | 0.47 %<sup>(i)</sup> |
|  Net investment income | 1.02 %<sup>(i)</sup> | 0.65 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $33696 | $38203 |
|  Portfolio turnover rate<sup>(j)</sup> | — % | 0 %<sup>(k)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<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 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>(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>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

<sup>(k)</sup> Rounds to less than 0.5%. 

*See notes to financial statements.* 

24 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Large Cap Max Buffer Jun ETF | iShares Large Cap Max Buffer Jun ETF | iShares Large Cap Max Buffer Jun ETF |
|  | Six Months<br>Ended<br>01/31/26<br>(unaudited) | Year Ended<br>07/31/25 | Period From<br> 06/28/24to 07/31/24<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $27.59 | $25.24 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 0.13 | 0.25 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 0.90 | 2.31 | 0.25 |
|  Net increase from investment operations | 1.03 | 2.56 | 0.24 |
|  **Distributions<sup>(d)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21)<sup>(e)</sup> | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.07) | (0.04) |  |
|  Total distributions | (0.28) | (0.21) |  |
|  **Net asset value, end of period** | $28.34 | $27.59 | $25.24 |
|  **Total Return<sup>(f)</sup>** |  |  |  |
|  Based on net asset value | 3.76 %<sup>(g)</sup> | 10.21% | 0.95 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |
|  Total expenses | 0.50 %<sup>(i)</sup> | 0.50% | 0.50 %<sup>(i)(j)</sup> |
|  Total expenses after fees waived | 0.47 %<sup>(i)</sup> | 0.47% | 0.47 %<sup>(i)(j)</sup> |
|  Net investment income (loss) | 0.93 %<sup>(i)</sup> | 0.96% | (0.42)%<sup>(i)(j)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $155316 | $161134 | $72687 |
|  Portfolio turnover rate<sup>(k)</sup> | 1% | 1% | 0% |

---

<sup>(a)</sup> Commencement of operations.

<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 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>(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>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

<sup>(j)</sup> Interest expense was not annualized in the calculation of the ratios. If interest expense was annualized, the total expenses, total expenses after fees waived and net investment loss would have been 0.51%, 0.48% and (0.43)%, respectively. 

<sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | iShares Large Cap Max Buffer Sep<br>ETF | iShares Large Cap Max Buffer Sep<br>ETF |
|  | Six Months<br> Ended<br> 01/31/26<br> (unaudited) | Period From<br> 09/30/24<br> to 07/31/25<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $26.34 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.12 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 0.88 | 1.24 |
|  Net increase from investment operations | 1.00 | 1.41 |
|  **Distributions<sup>(d)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21)<sup>(e)</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.05) |  |
|  Total distributions | (0.26) | (0.07) |
|  **Net asset value, end of period** | $27.08 | $26.34 |
|  **Total Return<sup>(f)</sup>** |  |  |
|  Based on net asset value | 3.79 %<sup>(g)</sup> | 5.65 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |
|  Total expenses | 0.50 %<sup>(i)</sup> | 0.50 %<sup>(i)</sup> |
|  Total expenses after fees waived | 0.47 %<sup>(i)</sup> | 0.47 %<sup>(i)</sup> |
|  Net investment income | 0.91 %<sup>(i)</sup> | 0.81 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $118050 | $86402 |
|  Portfolio turnover rate<sup>(j)</sup> | 1% | 0 %<sup>(k)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<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 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>(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>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

<sup>(k)</sup> Rounds to less than 0.5%. 

*See notes to financial statements.* 

26 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | iShares Large Cap Max Buffer Dec<br>ETF | iShares Large Cap Max Buffer Dec<br>ETF |
|  | Six Months<br> Ended<br> 01/31/26<br> (unaudited) | Period From<br> 12/31/24<br> to 07/31/25<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $26.00 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.11 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 0.94 | 0.90 |
|  Net increase from investment operations | 1.05 | 1.00 |
|  **Distributions<sup>(d)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.24)<sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.07) |  |
|  Total distributions | (0.31) |  |
|  **Net asset value, end of period** | $26.74 | $26.00 |
|  **Total Return<sup>(f)</sup>** |  |  |
|  Based on net asset value | 4.04 %<sup>(g)</sup> | 4.01 %<sup>(g)(h)</sup> |
|  **Ratios to Average Net Assets<sup>(i)</sup>** |  |  |
|  Total expenses | 0.50 %<sup>(j)</sup> | 0.50 %<sup>(j)(k)</sup> |
|  Total expenses after fees waived | 0.47 %<sup>(j)</sup> | 0.47 %<sup>(j)</sup> |
|  Net investment income | 0.86 %<sup>(j)</sup> | 0.72 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $136900 | $86331 |
|  Portfolio turnover rate<sup>(l)</sup> | 0 %<sup>(m)</sup> | 3% |

---

<sup>(a)</sup> Commencement of operations.

<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 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>(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>(g)</sup> Not annualized.

<sup>(h)</sup> Includes payment 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>(j)</sup> Annualized.

<sup>(k)</sup> Includes payment from an affiliate with no financial impact to the expense ratios. (l) Portfolio turnover rate excludes in-kind transactions, if any.

<sup>(m)</sup> Rounds to less than 0.5%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 27

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Notes to Financial Statements (unaudited)

*1. ORGANIZATION* 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification*<br> *Classification* |
|  Large Cap Accelerated Outcome | Non-diversified |
|  Large Cap Max Buffer Mar | Non-diversified |
|  Large Cap Max Buffer Jun | Non-diversified |
|  Large Cap Max Buffer Sep | Non-diversified |
|  Large Cap Max Buffer Dec | Non-diversified |

---

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an "underlying fund"). The financial statements, including the accounting policies, and schedule of investments for the underlying fund are available on iShares.com and should be read in conjunction with the Funds' financial statements.

*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 from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

**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.

28 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

• Flexible Exchange Options ("FLEX Options") are valued at the last executed trade price on the options market in which the options trade. If there were no executed trades, FLEX Options are valued by an independent pricing service using a mathematical model, such as Black-Scholes model, which incorporates a number of market data factors, such as trades and prices of the underlying instruments.

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 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:

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

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

• Level 3 – Inputs that are unobservable and significant to the 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. 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.

**Options:** An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy (in the case of a call option) or sell (in the case of a put option) a particular asset at a specified future date at an agreed upon price (commonly known as the "strike price").

The Funds invest primarily in FLEX Options. FLEX Options provide the Funds with the ability to customize key option contract terms such as strike price, style and expiration date, while avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in which the Funds invest are European-style, which are exercisable at the strike price only on the expiration date. The FLEX Options traded by the Funds are listed on the Chicago Board Options Exchange ("CBOE"). Although each Fund will generally utilize FLEX Options that are physically settled, a fund may also utilize FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe an amount) of cash upon the exercise of the option.

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

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Notes to Financial Statements (unaudited) (continued)

The Funds will purchase and sell call and put European-style FLEX Options. A European-style call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price on the expiration date. A European-style put option gives the purchaser (holder) of the option the right (but not the obligation) to sell, and obligates the seller (writer) to buy (when the option is exercised) the underlying instrument at the exercise or strike price on the expiration date.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write put options, cash is segregated in an amount sufficient to cover the obligations. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market.

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

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

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

---

| | |
|:---|:---|
| iShares ETF | Investment Advisory Fees |
|  Large Cap Accelerated Outcome | 0.50% |
|  Large Cap Max Buffer Mar | 0.50 |
|  Large Cap Max Buffer Jun | 0.50 |
|  Large Cap Max Buffer Sep | 0.50 |
|  Large Cap Max Buffer Dec | 0.50 |

---

**Expense Waivers:** BFA, the investment adviser to Large Cap Accelerated Outcome has contractually agreed to waive a portion of its management fees to the Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA. or its affiliates through November 29, 2030. The agreement (with respect to either waiver) may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

BFA, the investment adviser to Large Cap Max Buffer Mar, Large Cap Max Buffer Jun, Large Cap Max Buffer Sep and Large Cap Max Buffer Dec has contractually agreed to waive a portion of its management fees to each Fund, in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund, in other funds advised by BFA, or its affiliates, through November 30, 2029. The contractual waiver may be terminated prior to November 30, 2029, only upon written agreement of the Trust and BFA. These amounts are included in investment advisory fees waived in the Statements of Operations. For the period ended January 31, 2026, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| iShares ETF | Amounts Waived |
|  Large Cap Accelerated Outcome | $2401 |
|  Large Cap Max Buffer Mar | 6151 |
|  Large Cap Max Buffer Jun | 26335 |
|  Large Cap Max Buffer Sep | 15804 |
|  Large Cap Max Buffer Dec | 13793 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), 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.

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

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

**Other Transactions:** 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.

30 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

*6. PURCHASES AND SALES* 

For the six months ended January 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| iShares ETF | Purchases | Sales |
|  Large Cap Accelerated Outcome | $11085603 | $297401 |
|  Large Cap Max Buffer Mar |  | 501154 |
|  Large Cap Max Buffer Jun | 7813291 | 1699457 |
|  Large Cap Max Buffer Sep | 39519082 | 1460646 |
|  Large Cap Max Buffer Dec | 67359280 | 175689 |

---

For the six months ended January 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind*<br> *Sales* |
|  Large Cap Accelerated Outcome | $– $| 2795495 |
|  Large Cap Max Buffer Mar | – | 5723939 |
|  Large Cap Max Buffer Jun | – | 18857434 |
|  Large Cap Max Buffer Sep | – | 16780680 |
|  Large Cap Max Buffer Dec | – | 25207580 |

---

*7. 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 January 31, 2026, 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 January 31, 2026, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Large Cap Accelerated Outcome | $21682991 | $1846306 | $(87913) | $1758393 |
|  Large Cap Max Buffer Mar | 33653876 | 7316029 | (6129978) | 1186051 |
|  Large Cap Max Buffer Jun | 149599282 | 23719229 | (12095919) | 11623310 |
|  Large Cap Max Buffer Sep | 111894218 | 12854351 | (2042746) | 10811605 |
|  Large Cap Max Buffer Dec | 133991321 | 10423699 | (925910) | 9497789 |

---

*8. 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.

**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.

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

------

Notes to Financial Statements (unaudited) (continued)

**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.

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.

**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.

**FLEX Options Risk:** FLEX Options are subject to the risk that they may be less liquid than certain other securities, such as standardized options. In less liquid markets, terminating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market, the liquidation of a large number of options may significantly impact the price of the options and may adversely impact the value of the Funds. Additionally, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Funds at prices that reflect the market price of the Funds' shares, the Funds' NAV and, in turn the share prices of the Funds, could be negatively impacted.

*9. 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>01/31/26 | Six Months Ended<br>01/31/26 | Year Ended<br>07/31/25 | Year Ended<br>07/31/25 |
| iShares ETF | Shares | Amount | Shares | Amount |
|  Large Cap Accelerated Outcome<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 400000 | $11289381 | 640000 | $15799835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (120000) | (3329826) | (120000) | (2956501) |
|  | 280000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7959555 | 520000 | $12843334 |
|  Large Cap Max Buffer Mar<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 1520000 | $37979211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | (5217935) | (40000) | (1030492) |
|  | (200000) | $(5217935) | 1480000 | $36948719 |

---

32 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>01/31/26 | Six Months Ended<br>01/31/26 | Year Ended<br>07/31/25 | Year Ended<br>07/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Large Cap Max Buffer Jun |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 280000 | $7782783 | 6600000 | $172313462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (640000) | (18055616) | (3640000) | (96278643) |
|  | (360000) | $(10272833) | 2960000 | $76034819 |
|  Large Cap Max Buffer Sep<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1480000 | $39746835 | 6320000 | $158418441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (400000) | (10663361) | (3040000) | (76283724) |
|  | 1080000 | $29083474 | 3280000 | $82134717 |
|  Large Cap Max Buffer Dec<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2480000 | $66157607 | 3600000 | $90115339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (680000) | (17920841) | (280000) | (7186170) |
|  | 1800000 | $48236766 | 3320000 | $82929169 |

---

<sup>(a)</sup> Commencement of operations was January 15, 2025.

<sup>(b)</sup> Commencement of operations was March 31, 2025.

<sup>(c)</sup> Commencement of operations was September 30, 2024.

<sup>(d)</sup> Commencement of operations was December 31, 2024.

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 BRIL, 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 Fund's 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.

*10. SUBSEQUENT EVENTS* 

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

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

------

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:

• 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**.

34 2 0 2 6 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Glossary of Terms Used in these Financial Statements

#### Currency Abbreviation
USD United States Dollar

#### Portfolio Abbreviation
ETF Exchange-Traded Fund

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 35

------

Additional Financial Information

Schedule of Investments (Unaudited)

January 31, 2026

Statement of Assets and Liabilities (Unaudited)

January 31, 2026

#### iShares Trust
iShares Core S&P 500 ETF \| IVV \| NYSE Arca

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.3%** |  |  |
|  Axon Enterprise, Inc.<sup>(a)(b)</sup> | 1015432 | $491042607 |
|  Boeing Co. (The)<sup>(b)</sup> | 10076509 | 2355081684 |
|  GE Aerospace | 13573646 | 4164258856 |
|  General Dynamics Corp. | 3262527 | 1145440604 |
|  Howmet Aerospace, Inc. | 5173843 | 1076573252 |
|  Huntington Ingalls Industries, Inc. | 504557 | 212171264 |
|  L3Harris Technologies, Inc. | 2407038 | 825252978 |
|  Lockheed Martin Corp. | 2620369 | 1661890427 |
|  Northrop Grumman Corp. | 1726354 | 1195085820 |
|  RTX Corp. | 17253426 | 3466730886 |
|  Textron, Inc.<sup>(a)</sup> | 2268303 | 199746762 |
|  TransDigm Group, Inc. | 724479 | 1034222752 |
|  |  | 17827497892 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  CH Robinson Worldwide, Inc. | 1520218 | 296366499 |
|  Expeditors International of Washington, Inc. | 1724610 | 276868889 |
|  FedEx Corp. | 2793430 | 900182818 |
|  United Parcel Service, Inc., Class B | 9509525 | 1010101746 |
|  |  | 2483519952 |
| **Automobile Components — 0.0%** |  |  |
|  Aptiv plc<sup>(a)(b)</sup> | 2777829 | 210420547 |
| **Automobiles — 2.3%** |  |  |
|  Ford Motor Co. | 50361898 | 699023144 |
|  General Motors Co. | 12004329 | 1008363636 |
|  Tesla, Inc.<sup>(b)</sup> | 36159119 | 15563246409 |
|  |  | 17270633189 |
| **Banks — 3.6%** |  |  |
|  Bank of America Corp. | 86452918 | 4599295237 |
|  Citigroup, Inc. | 23025202 | 2664246123 |
|  Citizens Financial Group, Inc. | 5526742 | 348074211 |
|  Fifth Third Bancorp | 11569637 | 581027170 |
|  Huntington Bancshares, Inc. | 26160013 | 457277027 |
|  JPMorgan Chase & Co. | 35030828 | 10715579977 |
|  KeyCorp | 11954392 | 257258516 |
|  M&T Bank Corp. | 1977742 | 438208295 |
|  PNC Financial Services Group, Inc. (The) | 5046389 | 1126858664 |
|  Regions Financial Corp. | 11283892 | 321590922 |
|  Truist Financial Corp. | 16461692 | 846460203 |
|  US Bancorp | 20002890 | 1122362158 |
|  Wells Fargo & Co. | 40394630 | 3655310069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27133548572 |
| **Beverages — 1.1%** |  |  |
|  Brown-Forman Corp., Class B, NVS | 2267216 | 62053702 |
|  Coca-Cola Co. (The) | 49818876 | 3726950113 |
|  Constellation Brands, Inc., Class A | 1814059 | 284263045 |
|  Keurig Dr Pepper, Inc. | 17482612 | 479722873 |
|  Molson Coors Beverage Co., Class B | 2175415 | 104506937 |
|  Monster Beverage Corp.<sup>(b)</sup> | 9177979 | 741213584 |
|  PepsiCo, Inc. | 17595325 | 2703169780 |
|  |  | 8101880034 |
| **Biotechnology — 1.7%** |  |  |
|  AbbVie, Inc. | 22743216 | 5071964600 |
|  Amgen, Inc. | 6929327 | 2368998315 |
|  Biogen, Inc.<sup>(a)(b)</sup> | 1887808 | 339597781 |
|  Gilead Sciences, Inc. | 15965430 | 2266292789 |
|  Incyte Corp.<sup>(a)(b)</sup> | 2122538 | 212402378 |
|  Moderna, Inc.<sup>(a)(b)</sup> | 4469918 | 196989286 |
|  Regeneron Pharmaceuticals, Inc. | 1296893 | 961581315 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology (continued) |  |  |
|  Vertex Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 3264916 | $1534184028 |
|  |  | 12952010492 |
| Broadline Retail — 4.0% |  |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 125183865 | 29956498895 |
|  eBay, Inc. | 5816452 | 530576751 |
|  |  | 30487075646 |
| Building Products — 0.5% |  |  |
|  A O Smith Corp. | 1457488 | 107110793 |
|  Allegion plc | 1107076 | 183099300 |
|  Builders FirstSource, Inc.<sup>(a)(b)</sup> | 1421750 | 162648200 |
|  Carrier Global Corp. | 10187528 | 606972918 |
|  Johnson Controls International plc | 7864257 | 937891290 |
|  Lennox International, Inc.<sup>(a)</sup> | 411575 | 203762551 |
|  Masco Corp. | 2670082 | 176465719 |
|  Trane Technologies plc | 2853408 | 1200086337 |
|  |  | 3578037108 |
| Capital Markets — 3.5% |  |  |
|  Ameriprise Financial, Inc. | 1203703 | 634580185 |
|  Ares Management Corp., Class A | 2650972 | 396770979 |
|  Bank of New York Mellon Corp. (The) | 8973688 | 1076124665 |
|  BlackRock, Inc.<sup>(c)</sup> | 1856759 | 2077601916 |
|  Blackstone, Inc., Class A | 9502599 | 1353360150 |
|  CBOE Global Markets, Inc. | 1346596 | 356928736 |
|  Charles Schwab Corp. (The) | 21494160 | 2233673107 |
|  CME Group, Inc., Class A | 4640267 | 1341315579 |
|  Coinbase Global, Inc., Class A<sup>(a)(b)</sup> | 2933172 | 571205915 |
|  FactSet Research Systems, Inc. | 481489 | 122471542 |
|  Franklin Resources, Inc. | 3943575 | 104977967 |
|  Goldman Sachs Group, Inc. (The) | 3859558 | 3610269149 |
|  Interactive Brokers Group, Inc., Class A | 5731055 | 429141398 |
|  Intercontinental Exchange, Inc. | 7337210 | 1275060354 |
|  Invesco Ltd. | 5733189 | 156458728 |
|  KKR & Co., Inc. | 8832027 | 1009147405 |
|  Moody's Corp. | 1974310 | 1017875264 |
|  Morgan Stanley | 15543261 | 2841308111 |
|  MSCI, Inc. | 965935 | 588466921 |
|  Nasdaq, Inc. | 5798803 | 561846023 |
|  Northern Trust Corp. | 2433621 | 363655986 |
|  Raymond James Financial, Inc. | 2268791 | 376301675 |
|  Robinhood Markets, Inc., Class A<sup>(b)</sup> | 10119053 | 1006643392 |
|  S&P Global, Inc. | 3989160 | 2105438756 |
|  State Street Corp. | 3594254 | 470344078 |
| T. Rowe Price Group, Inc. | 2805611 | 296496970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26377464951 |
| Chemicals — 1.0% |  |  |
|  Air Products & Chemicals, Inc. | 2863883 | 780408117 |
|  Albemarle Corp. | 1514575 | 258431932 |
|  CF Industries Holdings, Inc. | 2005146 | 186939762 |
|  Corteva, Inc. | 8695503 | 633032618 |
|  Dow, Inc. | 9146358 | 251982163 |
|  DuPont de Nemours, Inc. | 5391487 | 236794109 |
|  Ecolab, Inc. | 3280282 | 925006721 |
|  International Flavors & Fragrances, Inc. | 3294825 | 230011733 |
|  Linde plc | 6008829 | 2745854588 |
|  LyondellBasell Industries NV, Class A | 3313544 | 162363656 |
|  Mosaic Co. (The) | 4084477 | 112323118 |
|  PPG Industries, Inc. | 2887636 | 333897351 |
|  Sherwin-Williams Co. (The) | 2966676 | 1052101977 |
|  |  | 7909147845 |
| Commercial Services & Supplies — 0.5% |  |  |
|  Cintas Corp. | 4395643 | 841282114 |
|  Copart, Inc.<sup>(a)(b)</sup> | 11458018 | 464966370 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Commercial Services & Supplies (continued)** |  |  |
|  Republic Services, Inc. | 2589320 | $556936839 |
|  Rollins, Inc. | 3773756 | 239029705 |
|  Veralto Corp. | 3195150 | 316255947 |
|  Waste Management, Inc. | 4769476 | 1059968346 |
|  |  | 3478439321 |
| **Communications Equipment — 0.9%** |  |  |
|  Arista Networks, Inc.<sup>(a)(b)</sup> | 13287966 | 1883436301 |
|  Cisco Systems, Inc. | 50710363 | 3971635630 |
|  F5, Inc.<sup>(a)(b)</sup> | 742349 | 204598808 |
|  Motorola Solutions, Inc. | 2143264 | 862749490 |
|  |  | 6922420229 |
| **Construction & Engineering — 0.2%** |  |  |
|  Comfort Systems USA, Inc. | 452884 | 517238816 |
|  EMCOR Group, Inc.<sup>(a)</sup> | 576057 | 415181562 |
|  Quanta Services, Inc. | 1918861 | 910748996 |
|  |  | 1843169374 |
| **Construction Materials — 0.3%** |  |  |
|  CRH plc | 8625236 | 1055815139 |
|  Martin Marietta Materials, Inc. | 776040 | 505939278 |
|  Vulcan Materials Co.<sup>(a)</sup> | 1700292 | 511005757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072760174 |
| **Consumer Finance — 0.6%** |  |  |
|  American Express Co. | 6914178 | 2434966066 |
|  Capital One Financial Corp. | 8180809 | 1791024515 |
|  Synchrony Financial | 4634791 | 336624870 |
|  |  | 4562615451 |
| **Consumer Staples Distribution & Retail — 1.9%** |  |  |
|  Costco Wholesale Corp. | 5702947 | 5362195917 |
|  Dollar General Corp. | 2832393 | 406250128 |
|  Dollar Tree, Inc.<sup>(a)(b)</sup> | 2440989 | 287035897 |
|  Kroger Co. (The) | 7845337 | 493079430 |
|  Sysco Corp. | 6162117 | 516693510 |
|  Target Corp. | 5847341 | 616719055 |
|  Walmart, Inc. | 56428270 | 6722864088 |
|  |  | 14404838025 |
| **Containers & Packaging — 0.2%** |  |  |
|  Amcor plc | 5959649 | 263714460 |
|  Avery Dennison Corp. | 993689 | 184339246 |
|  Ball Corp. | 3444997 | 195916979 |
|  International Paper Co. | 6794946 | 273972223 |
|  Packaging Corp. of America | 1150044 | 255942292 |
|  Smurfit WestRock plc | 6719624 | 279737947 |
|  |  | 1453623147 |
| **Distributors — 0.0%** |  |  |
|  Genuine Parts Co. | 1790110 | 248807389 |
|  Pool Corp. | 421691 | 107147466 |
|  |  | 355954855 |
| **Diversified Telecommunication Services — 0.8%** |  |  |
|  AT&T, Inc. | 91229014 | 2391112457 |
|  Comcast Corp., Class A | 46769106 | 1391380903 |
|  Verizon Communications, Inc. | 54258142 | 2415572482 |
|  |  | 6198065842 |
| **Electric Utilities — 1.5%** |  |  |
|  Alliant Energy Corp. | 3307835 | 218019405 |
|  American Electric Power Co., Inc. | 6887953 | 825004570 |
|  Constellation Energy Corp. | 4018645 | 1127953279 |
|  Duke Energy Corp. | 10007166 | 1214369594 |
|  Edison International | 4951547 | 308382347 |
|  Entergy Corp. | 5746931 | 551073214 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electric Utilities (continued) |  |  |
|  Evergy, Inc. | 2962799 | $227335567 |
|  Eversource Energy | 4828025 | 333761368 |
|  Exelon Corp. | 13000700 | 582171346 |
|  FirstEnergy Corp. | 6690210 | 316714541 |
|  NextEra Energy, Inc. | 26799610 | 2355685719 |
|  NRG Energy, Inc. | 2466063 | 376395196 |
|  PG&E Corp. | 28283310 | 436128640 |
|  Pinnacle West Capital Corp. | 1540205 | 144101580 |
|  PPL Corp. | 9519151 | 345069224 |
|  Southern Co. (The) | 14169328 | 1265462684 |
|  Xcel Energy, Inc. | 7612105 | 578976706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11206604980 |
| Electrical Equipment — 0.9% |  |  |
|  AMETEK, Inc. | 2962339 | 663504689 |
|  Eaton Corp. plc | 4998037 | 1756410163 |
|  Emerson Electric Co. | 7229412 | 1062434388 |
|  GE Vernova, Inc. | 3491431 | 2536070735 |
|  Generac Holdings, Inc.<sup>(a)(b)</sup> | 755154 | 126896078 |
|  Hubbell, Inc. | 683883 | 333693871 |
|  Rockwell Automation, Inc. | 1444782 | 609192330 |
|  |  | 7088202254 |
| Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% |  |
|  Amphenol Corp., Class A | 15751499 | 2269475976 |
|  CDW Corp. | 1675714 | 211793492 |
|  Corning, Inc. | 10039793 | 1036608627 |
|  Jabil, Inc.<sup>(a)</sup> | 1374794 | 326087389 |
|  Keysight Technologies, Inc.<sup>(b)</sup> | 2211476 | 478408603 |
|  TE Connectivity plc | 3785706 | 843379583 |
|  Teledyne Technologies, Inc.<sup>(a)(b)</sup> | 604167 | 374764790 |
|  Zebra Technologies Corp., Class A<sup>(a)(b)</sup> | 651177 | 153013572 |
|  |  | 5693532032 |
| Energy Equipment & Services — 0.3% |  |  |
|  Baker Hughes Co., Class A | 12698081 | 711600459 |
|  Halliburton Co. | 10830286 | 363031187 |
|  SLB Ltd. | 19224241 | 930068780 |
|  |  | 2004700426 |
| Entertainment — 1.3% |  |  |
|  Electronic Arts, Inc. | 2888465 | 589015783 |
|  Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 2031920 | 295542764 |
|  Netflix, Inc.<sup>(a)(b)</sup> | 54527056 | 4552463905 |
|  Take-Two Interactive Software, Inc.<sup>(a)(b)</sup> | 2235132 | 492399580 |
|  TKO Group Holdings, Inc., Class A | 852190 | 172636650 |
|  Walt Disney Co. (The) | 22973597 | 2591421742 |
|  Warner Bros Discovery, Inc.<sup>(b)</sup> | 31887271 | 878175443 |
|  |  | 9571655867 |
| Financial Services — 3.6% |  |  |
|  Apollo Global Management, Inc. | 5975249 | 803910000 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)(b)</sup> | 23597002 | 11339067371 |
|  Block, Inc., Class A<sup>(a)(b)</sup> | 7047524 | 425881875 |
|  Corpay, Inc.<sup>(a)(b)</sup> | 900241 | 283242826 |
|  Fidelity National Information Services, Inc. | 6663856 | 368178044 |
|  Fiserv, Inc.<sup>(a)(b)</sup> | 6921243 | 441090816 |
|  Global Payments, Inc. | 3046970 | 218589628 |
|  Jack Henry & Associates, Inc. | 930491 | 166753292 |
|  Mastercard, Inc., Class A | 10551454 | 5685017901 |
|  PayPal Holdings, Inc. | 12040226 | 634399508 |
|  Visa, Inc., Class A<sup>(a)</sup> | 21716896 | 6989148640 |
|  |  | 27355279901 |
| Food Products — 0.5% |  |  |
|  Archer-Daniels-Midland Co. | 6184109 | 416252377 |
|  Bunge Global SA | 1740028 | 198154389 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Food Products (continued)** |  |  |
|  Campbell's Co. (The) | 2533174 | $70878208 |
|  Conagra Brands, Inc. | 6157719 | 113979379 |
|  General Mills, Inc. | 6864148 | 317535486 |
|  Hershey Co. (The) | 1906728 | 371335278 |
|  Hormel Foods Corp. | 3753547 | 92374792 |
|  J M Smucker Co. (The) | 1372864 | 143958519 |
|  Kraft Heinz Co. (The) | 10966753 | 260350716 |
|  Lamb Weston Holdings, Inc. | 1788753 | 82157425 |
|  McCormick & Co., Inc. (Non-Voting), NVS | 3258761 | 201489193 |
|  Mondelez International, Inc., Class A | 16604699 | 970876751 |
|  Tyson Foods, Inc., Class A | 3642404 | 237958253 |
|  |  | 3477300766 |
| **Gas Utilities — 0.0%** |  |  |
|  Atmos Energy Corp. | 2065671 | 343603714 |
| **Ground Transportation — 0.8%** |  |  |
|  CSX Corp. | 23962500 | 904824000 |
|  JB Hunt Transport Services, Inc. | 967002 | 196030645 |
|  Norfolk Southern Corp. | 2887469 | 840946472 |
|  Old Dominion Freight Line, Inc.<sup>(a)</sup> | 2367854 | 410112313 |
|  Uber Technologies, Inc.<sup>(b)</sup> | 26738095 | 2140384505 |
|  Union Pacific Corp. | 7632965 | 1794510071 |
|  |  | 6286808006 |
| **Health Care Equipment & Supplies — 1.9%** |  |  |
|  Abbott Laboratories | 22376294 | 2445728934 |
|  Align Technology, Inc.<sup>(a)(b)</sup> | 857806 | 139848112 |
|  Baxter International, Inc.<sup>(a)</sup> | 6614999 | 132763030 |
|  Becton Dickinson & Co. | 3688407 | 750517056 |
|  Boston Scientific Corp.<sup>(b)</sup> | 19076480 | 1784223174 |
|  Cooper Cos., Inc. (The)<sup>(a)(b)</sup> | 2558906 | 208243770 |
|  Dexcom, Inc.<sup>(b)</sup> | 5018833 | 366575562 |
|  Edwards Lifesciences Corp.<sup>(a)(b)</sup> | 7467452 | 607551895 |
|  GE HealthCare Technologies, Inc.<sup>(a)</sup> | 5861773 | 462904214 |
|  Hologic, Inc.<sup>(b)</sup> | 2864051 | 214603342 |
|  IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 1027553 | 688933184 |
|  Insulet Corp.<sup>(b)</sup> | 904521 | 231385517 |
|  Intuitive Surgical, Inc.<sup>(a)(b)</sup> | 4561744 | 2300122560 |
|  Medtronic plc | 16505059 | 1699360875 |
|  ResMed, Inc. | 1878322 | 485189356 |
|  Solventum Corp.<sup>(a)(b)</sup> | 1897394 | 146042416 |
|  STERIS plc | 1262973 | 331656710 |
|  Stryker Corp. | 4429018 | 1636787892 |
|  Zimmer Biomet Holdings, Inc. | 2550264 | 222051487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14854489086 |
| **Health Care Providers & Services — 1.6%** |  |  |
|  Cardinal Health, Inc. | 3057441 | 656982922 |
|  Cencora, Inc. | 2494867 | 896206124 |
|  Centene Corp.<sup>(b)</sup> | 6008740 | 260298617 |
|  Cigna Group (The) | 3437447 | 942238597 |
|  CVS Health Corp. | 16335396 | 1217313710 |
|  DaVita, Inc.<sup>(a)(b)</sup> | 453723 | 49610073 |
|  Elevance Health, Inc. | 2859834 | 988759007 |
|  HCA Healthcare, Inc. | 2055512 | 1003644844 |
|  Henry Schein, Inc.<sup>(a)(b)</sup> | 1286288 | 97089018 |
|  Humana, Inc. | 1547698 | 302110650 |
|  Labcorp Holdings, Inc. | 1066766 | 289648304 |
|  McKesson Corp. | 1588289 | 1320201700 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 660773 | 118668223 |
|  Quest Diagnostics, Inc. | 1431492 | 267731949 |
|  UnitedHealth Group, Inc. | 11656597 | 3344627377 |
|  Universal Health Services, Inc., Class B | 710108 | 142916336 |
|  |  | 11898047451 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care REITs — 0.3%** |  |  |  |
|  Alexandria Real Estate Equities, Inc. | 2004066 | $| 109502166 |
|  Healthpeak Properties, Inc. | 8932109 |  | 153989559 |
|  Ventas, Inc. | 6044664 |  | 469489053 |
|  Welltower, Inc. | 8831850 |  | 1663567266 |
|  |  |  | 2396548044 |
| **Hotel & Resort REITs — 0.0%** |  |  |  |
|  Host Hotels & Resorts, Inc. | 8218768 |  | 152293771 |
| **Hotels, Restaurants & Leisure — 1.8%** |  |  |  |
|  Airbnb, Inc., Class A<sup>(b)</sup> | 5472810 |  | 708017430 |
|  Booking Holdings, Inc. | 414800 |  | 2074763232 |
|  Carnival Corp.<sup>(b)</sup> | 13972547 |  | 419455861 |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 17015435 |  | 661389958 |
|  Darden Restaurants, Inc. | 1496761 |  | 298379305 |
|  Domino's Pizza, Inc. | 400900 |  | 164501297 |
|  DoorDash, Inc., Class A<sup>(a)(b)</sup> | 4810536 |  | 984331876 |
|  Expedia Group, Inc. | 1505694 |  | 398767999 |
|  Hilton Worldwide Holdings, Inc. | 2991041 |  | 892855649 |
|  Las Vegas Sands Corp. | 3915300 |  | 206453769 |
|  Marriott International, Inc., Class A | 2866173 |  | 903704347 |
|  McDonald's Corp. | 9164183 |  | 2886717645 |
|  MGM Resorts International<sup>(a)(b)</sup> | 2639665 |  | 88534364 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup> | 5852507 |  | 128521054 |
|  Royal Caribbean Cruises Ltd. | 3263685 |  | 1059555335 |
|  Starbucks Corp. | 14629950 |  | 1345223903 |
|  Wynn Resorts Ltd.<sup>(a)</sup> | 1084442 |  | 116523293 |
|  Yum! Brands, Inc. | 3572905 |  | 555586728 |
|  |  |  | 13893283045 |
| **Household Durables — 0.2%** |  |  |  |
|  DR Horton, Inc. | 3524126 |  | 524530914 |
|  Garmin Ltd. | 2104031 |  | 424256811 |
|  Lennar Corp., Class A | 2776379 |  | 303597043 |
|  NVR, Inc.<sup>(b)</sup> | 36542 |  | 279024846 |
|  PulteGroup, Inc. | 2508247 |  | 313756617 |
|  |  |  | 1845166231 |
| **Household Products — 0.8%** |  |  |  |
|  Church & Dwight Co., Inc. | 3090047 |  | 297417024 |
|  Clorox Co. (The) | 1573341 |  | 177457131 |
|  Colgate-Palmolive Co. | 10372659 |  | 936547381 |
|  Kimberly-Clark Corp. | 4270440 |  | 427001296 |
|  Procter & Gamble Co. (The) | 30069759 |  | 4563687323 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402110155 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  AES Corp. (The) | 9164870 |  | 134265346 |
|  Vistra Corp. | 4098483 |  | 648994783 |
|  |  |  | 783260129 |
| **Industrial Conglomerates — 0.4%** |  |  |  |
|  3M Co. | 6835961 |  | 1046995787 |
|  Honeywell International, Inc. | 8169895 |  | 1858814510 |
|  |  |  | 2905810297 |
| **Industrial REITs — 0.2%** |  |  |  |
|  Prologis, Inc. | 11952914 |  | 1560572452 |
| **Insurance — 1.7%** |  |  |  |
|  Aflac, Inc. | 6070005 |  | 673467055 |
|  Allstate Corp. (The) | 3367397 |  | 670078329 |
|  American International Group, Inc. | 6943427 |  | 519923814 |
|  Aon plc, Class A | 2765852 |  | 967052493 |
|  Arch Capital Group Ltd.<sup>(b)</sup> | 4646693 |  | 446268396 |
|  Arthur J Gallagher & Co. | 3304634 |  | 824076580 |
|  Assurant, Inc. | 643862 |  | 153322858 |
|  Brown & Brown, Inc. | 3778419 |  | 272424010 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** |  |  |
|  Chubb Ltd. | 4709821 | $1457972189 |
|  Cincinnati Financial Corp. | 2009096 | 323243455 |
|  Erie Indemnity Co., Class A, NVS | 327391 | 92654927 |
|  Everest Group Ltd. | 540239 | 178970376 |
|  Globe Life, Inc. | 1023272 | 143483200 |
|  Hartford Insurance Group, Inc. (The) | 3585748 | 484291125 |
|  Loews Corp. | 2185335 | 230705816 |
|  Marsh & McLennan Cos., Inc. | 6304284 | 1186403206 |
|  MetLife, Inc. | 7122207 | 561799688 |
|  Principal Financial Group, Inc. | 2570034 | 243433620 |
|  Progressive Corp. (The) | 7545923 | 1569551984 |
|  Prudential Financial, Inc. | 4503906 | 500428996 |
|  Travelers Cos., Inc. (The) | 2870424 | 816664332 |
|  Willis Towers Watson plc | 1232125 | 391162724 |
|  WR Berkley Corp.<sup>(a)</sup> | 3863255 | 264942028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12972321201 |
| **Interactive Media & Services — 8.6%** |  |  |
|  Alphabet, Inc., Class A | 74867639 | 25305261982 |
|  Alphabet, Inc., Class C, NVS | 59837748 | 20256872830 |
|  Match Group, Inc. | 3034759 | 94532743 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup> | 28025695 | 20080410468 |
|  |  | 65737078023 |
| **IT Services — 0.9%** |  |  |
|  Accenture plc, Class A | 7980132 | 2103882001 |
|  Akamai Technologies, Inc.<sup>(b)</sup> | 1849452 | 179674262 |
|  Cognizant Technology Solutions Corp., Class A | 6210816 | 509659561 |
|  EPAM Systems, Inc.<sup>(a)(b)</sup> | 710224 | 148152726 |
|  Gartner, Inc.<sup>(a)(b)</sup> | 927707 | 194456664 |
|  GoDaddy, Inc., Class A<sup>(b)</sup> | 1737296 | 174632994 |
|  International Business Machines Corp. | 12028442 | 3689123162 |
|  VeriSign, Inc. | 1073606 | 262206793 |
|  |  | 7261788163 |
| **Leisure Products — 0.0%** |  |  |
|  Hasbro, Inc. | 1715602 | 153220415 |
| **Life Sciences Tools & Services — 0.9%** |  |  |
|  Agilent Technologies, Inc. | 3648163 | 488306617 |
|  Bio-Techne Corp.<sup>(a)</sup> | 2014792 | 129128019 |
|  Charles River Laboratories International, Inc.<sup>(a)(b)</sup> | 632787 | 133189008 |
|  Danaher Corp. | 8089673 | 1770748523 |
|  IQVIA Holdings, Inc.<sup>(a)(b)</sup> | 2191479 | 504368892 |
|  Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 262875 | 360990465 |
|  Revvity, Inc.<sup>(a)</sup> | 1457540 | 158580352 |
|  Thermo Fisher Scientific, Inc.<sup>(a)</sup> | 4834723 | 2797419075 |
|  Waters Corp.<sup>(a)(b)</sup> | 765606 | 283825456 |
|  West Pharmaceutical Services, Inc. | 925781 | 213966505 |
|  |  | 6840522912 |
| **Machinery — 1.7%** |  |  |
|  Caterpillar, Inc. | 6022106 | 3958691600 |
|  Cummins, Inc. | 1776293 | 1028153914 |
|  Deere & Co. | 3235162 | 1708165536 |
|  Dover Corp. | 1764918 | 355613328 |
|  Fortive Corp.<sup>(a)</sup> | 4087680 | 215870381 |
|  IDEX Corp. | 962161 | 191037067 |
|  Illinois Tool Works, Inc. | 3397098 | 887525823 |
|  Ingersoll Rand, Inc.<sup>(a)</sup> | 4626785 | 398319921 |
|  Nordson Corp. | 689117 | 189183290 |
|  Otis Worldwide Corp. | 5014977 | 428379335 |
|  PACCAR, Inc. | 6758469 | 830683425 |
|  Parker-Hannifin Corp. | 1623815 | 1519631030 |
|  Pentair plc | 2107619 | 222079814 |
|  Snap-on, Inc. | 668658 | 244802380 |
|  Stanley Black & Decker, Inc. | 1990677 | 156586653 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery (continued) |  |  |
|  Westinghouse Air Brake Technologies Corp. | 2199923 | $506290279 |
|  Xylem, Inc. | 3133016 | 431948916 |
|  |  | 13272962692 |
| Media — 0.2% |  |  |
|  Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 1131331 | 233189946 |
|  Fox Corp., Class A, NVS | 2678525 | 194943049 |
|  Fox Corp., Class B | 1910477 | 125269977 |
|  News Corp., Class A, NVS | 4836656 | 130734812 |
|  News Corp., Class B<sup>(a)</sup> | 1601821 | 49816633 |
|  Omnicom Group, Inc. | 4104736 | 316228861 |
|  Paramount Skydance Corp., Class B, NVS<sup>(a)</sup> | 3999227 | 44831335 |
|  Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 5660247 | 171675292 |
|  |  | 1266689905 |
| Metals & Mining — 0.5% |  |  |
|  Freeport-McMoRan, Inc. | 18477968 | 1112928013 |
|  Newmont Corp. | 14042672 | 1577694199 |
|  Nucor Corp. | 2945026 | 523390021 |
|  Steel Dynamics, Inc. | 1766459 | 317203042 |
|  |  | 3531215275 |
| Multi-Utilities — 0.6% |  |  |
|  Ameren Corp. | 3480801 | 359497127 |
|  CenterPoint Energy, Inc. | 8401294 | 333447359 |
|  CMS Energy Corp. | 3916076 | 279960273 |
|  Consolidated Edison, Inc. | 4644624 | 495256257 |
|  Dominion Energy, Inc. | 10988381 | 661170885 |
|  DTE Energy Co. | 2672509 | 359131760 |
|  NiSource, Inc. | 6140690 | 271971160 |
|  Public Service Enterprise Group, Inc. | 6423256 | 529019364 |
|  Sempra | 8398903 | 730788550 |
|  WEC Energy Group, Inc. | 4185968 | 463261079 |
|  |  | 4483503814 |
| Office REITs — 0.0% |  |  |
|  BXP, Inc. | 1896988 | 122678214 |
| Oil, Gas & Consumable Fuels — 2.9% |  |  |
|  APA Corp. | 4559453 | 120415154 |
|  Chevron Corp. | 24355969 | 4308570832 |
|  ConocoPhillips | 15901575 | 1657421162 |
|  Coterra Energy, Inc. | 9809273 | 282997526 |
|  Devon Energy Corp. | 8072276 | 324586218 |
|  Diamondback Energy, Inc. | 2396615 | 392925029 |
|  EOG Resources, Inc. | 6982293 | 782924514 |
|  EQT Corp. | 8030671 | 463610637 |
|  Expand Energy Corp. | 3064831 | 344517653 |
|  Exxon Mobil Corp. | 54267665 | 7673447831 |
|  Kinder Morgan, Inc. | 25193376 | 768146034 |
|  Marathon Petroleum Corp. | 3868236 | 681544501 |
|  Occidental Petroleum Corp. | 9254893 | 420079593 |
|  ONEOK, Inc. | 8094731 | 641021748 |
|  Phillips 66 | 5184910 | 744345680 |
|  Targa Resources Corp. | 2762304 | 555167858 |
|  Texas Pacific Land Corp.<sup>(a)</sup> | 745168 | 259586724 |
|  Valero Energy Corp. | 3924943 | 712102409 |
|  Williams Cos., Inc. (The) | 15714982 | 1056989689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22190400792 |
| Passenger Airlines — 0.2% |  |  |
|  Delta Air Lines, Inc. | 8346845 | 549973617 |
|  Southwest Airlines Co. | 6654882 | 316239993 |
|  United Airlines Holdings, Inc.<sup>(b)</sup> | 4165941 | 426259083 |
|  |  | 1292472693 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Personal Care Products — 0.1%** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 3163711 | $| 364712604 |
|  Kenvue, Inc. | 24668585 |  | 429233379 |
|  |  |  | 793945983 |
| **Pharmaceuticals — 3.3%** |  |  |  |
|  Bristol-Myers Squibb Co. | 26196652 |  | 1442125693 |
|  Eli Lilly & Co. | 10218980 |  | 10598615107 |
|  Johnson & Johnson | 31003483 |  | 7045541512 |
|  Merck & Co., Inc. | 31939380 |  | 3521955433 |
|  Pfizer, Inc. | 73165280 |  | 1934490003 |
|  Viatris, Inc. | 14806254 |  | 193813865 |
|  Zoetis, Inc., Class A | 5670969 |  | 707850350 |
|  |  |  | 25444391963 |
| **Professional Services — 0.5%** |  |  |  |
|  Automatic Data Processing, Inc. | 5204575 |  | 1284593202 |
|  Broadridge Financial Solutions, Inc. | 1502082 |  | 296075383 |
|  Dayforce, Inc.<sup>(b)</sup> | 2059358 |  | 142651729 |
|  Equifax, Inc. | 1575011 |  | 317207215 |
|  Jacobs Solutions, Inc. | 1536840 |  | 207872978 |
|  Leidos Holdings, Inc. | 1645280 |  | 309773318 |
|  Paychex, Inc. | 4168709 |  | 429918959 |
|  Paycom Software, Inc.<sup>(a)</sup> | 628109 |  | 84637688 |
|  Verisk Analytics, Inc. | 1793504 |  | 390015380 |
|  |  |  | 3462745852 |
| **Real Estate Management & Development — 0.1%<sup>(a)(b)</sup>** | **Real Estate Management & Development — 0.1%<sup>(a)(b)</sup>** | **Real Estate Management & Development — 0.1%<sup>(a)(b)</sup>** | **Real Estate Management & Development — 0.1%<sup>(a)(b)</sup>** |
|  CBRE Group, Inc., Class A | 3772143 |  | 642509117 |
|  CoStar Group, Inc. | 5453877 |  | 335413436 |
|  |  |  | 977922553 |
| **Residential REITs — 0.2%** |  |  |  |
|  AvalonBay Communities, Inc. | 1819891 |  | 323340034 |
|  Camden Property Trust | 1372103 |  | 149627832 |
|  Equity Residential | 4455399 |  | 277660466 |
|  Essex Property Trust, Inc. | 828668 |  | 208716609 |
|  Invitation Homes, Inc. | 7250093 |  | 193794986 |
|  Mid-America Apartment Communities, Inc. | 1506630 |  | 202340409 |
|  UDR, Inc. | 3874189 |  | 143926121 |
|  |  |  | 1499406457 |
| **Retail REITs — 0.3%** |  |  |  |
|  Federal Realty Investment Trust | 1009345 |  | 102105340 |
|  Kimco Realty Corp. | 8705194 |  | 183505490 |
|  Realty Income Corp. | 11837608 |  | 723988105 |
|  Regency Centers Corp. | 2116173 |  | 154205527 |
|  Simon Property Group, Inc. | 4201007 |  | 803694649 |
|  |  |  | 1967499111 |
| **Semiconductors & Semiconductor Equipment — 14.8%** | **Semiconductors & Semiconductor Equipment — 14.8%** | **Semiconductors & Semiconductor Equipment — 14.8%** | **Semiconductors & Semiconductor Equipment — 14.8%** |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 20950097 |  | 4959516463 |
|  Analog Devices, Inc. | 6330623 |  | 1968064078 |
|  Applied Materials, Inc. | 10251416 |  | 3304236405 |
|  Broadcom, Inc. | 60768724 |  | 20132678261 |
|  First Solar, Inc.<sup>(a)(b)</sup> | 1380876 |  | 311415156 |
|  Intel Corp.<sup>(b)</sup> | 57698788 |  | 2681262678 |
|  KLA Corp. | 1690793 |  | 2414350957 |
|  Lam Research Corp. | 16162959 |  | 3773404408 |
|  Microchip Technology, Inc. | 6954622 |  | 527994902 |
|  Micron Technology, Inc. | 14444195 |  | 5992607622 |
|  Monolithic Power Systems, Inc.<sup>(a)</sup> | 616480 |  | 693015992 |
|  NVIDIA Corp. | 312699202 |  | 59766198477 |
|  NXP Semiconductors NV | 3235378 |  | 731648381 |
|  ON Semiconductor Corp.<sup>(a)(b)</sup> | 5177903 |  | 310104611 |
|  Qnity Electronics, Inc. | 2695041 |  | 259209043 |
|  QUALCOMM, Inc. | 13781918 |  | 2089200950 |
|  Skyworks Solutions, Inc. | 1913257 |  | 106683210 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | Shares | Value | Value |
| Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) |
|  Teradyne, Inc. | 2015287 | $| 485784931 |
|  Texas Instruments, Inc. | 11692404 |  | 2520297682 |
|  |  |  | 113027674207 |
| Software — 8.8% |  |  |  |
|  Adobe, Inc.<sup>(b)</sup> | 5386668 |  | 1579640391 |
|  AppLovin Corp., Class A<sup>(a)(b)</sup> | 3483247 |  | 1647958988 |
|  Autodesk, Inc.(b) | 2740955 |  | 693105291 |
|  Cadence Design Systems, Inc.<sup>(a)(b)</sup> | 3502754 |  | 1038076175 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)(b)</sup> | 3229366 |  | 1425458299 |
|  Datadog, Inc., Class A<sup>(a)(b)</sup> | 4187882 |  | 541576900 |
|  Fair Isaac Corp.<sup>(a)(b)</sup> | 305098 |  | 446410241 |
|  Fortinet, Inc.<sup>(a)(b)</sup> | 8134060 |  | 660973716 |
|  Gen Digital, Inc. | 7221821 |  | 173251486 |
|  Intuit, Inc. | 3587740 |  | 1789995241 |
|  Microsoft Corp. | 95641932 |  | 41153766920 |
|  Oracle Corp. | 21644043 |  | 3562176597 |
|  Palantir Technologies, Inc., Class A<sup>(b)</sup> | 29395452 |  | 4309079309 |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 8801685 |  | 1557634195 |
|  PTC, Inc.<sup>(a)(b)</sup> | 1541529 |  | 240678923 |
|  Roper Technologies, Inc. | 1385105 |  | 514192529 |
|  Salesforce, Inc. | 12250610 |  | 2600681997 |
|  ServiceNow, Inc.<sup>(b)</sup> | 13349691 |  | 1562047344 |
|  Synopsys, Inc.<sup>(b)</sup> | 2390280 |  | 1111755082 |
|  Trimble, Inc.<sup>(b)</sup> | 3062177 |  | 207003165 |
|  Tyler Technologies, Inc.<sup>(a)(b)</sup> | 553766 |  | 204561160 |
|  Workday, Inc., Class A<sup>(a)(b)</sup> | 2792419 |  | 490432549 |
|  |  |  | 67510456498 |
| Specialized REITs — 0.7% |  |  |  |
|  American Tower Corp. | 6024253 |  | 1080028078 |
|  Crown Castle, Inc. | 5603875 |  | 486472389 |
|  Digital Realty Trust, Inc. | 4155068 |  | 689533535 |
|  Equinix, Inc. | 1263474 |  | 1037223711 |
|  Extra Space Storage, Inc. | 2731264 |  | 376832494 |
|  Iron Mountain, Inc. | 3803726 |  | 350437276 |
|  Public Storage | 2032107 |  | 561247632 |
|  SBA Communications Corp. | 1371111 |  | 252435246 |
|  VICI Properties, Inc. | 13753757 |  | 386205496 |
|  Weyerhaeuser Co. | 9275005 |  | 239109629 |
|  |  |  | 5459525486 |
| Specialty Retail — 1.8% |  |  |  |
|  AutoZone, Inc.<sup>(a)(b)</sup> | 214045 |  | 792884753 |
|  Best Buy Co., Inc. | 2511898 |  | 163524560 |
|  Carvana Co., Class A<sup>(a)(b)</sup> | 1819879 |  | 729971666 |
|  Home Depot, Inc. (The) | 12808915 |  | 4798091470 |
|  Lowe's Cos., Inc. | 7216854 |  | 1927333029 |
|  O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 10862177 |  | 1068946839 |
|  Ross Stores, Inc. | 4185094 |  | 789517983 |
|  TJX Cos., Inc. (The) | 14321613 |  | 2145520843 |
|  Tractor Supply Co. | 6799651 |  | 345966243 |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 577134 |  | 373613466 |
|  Williams-Sonoma, Inc. | 1567222 |  | 320731982 |
|  |  |  | 13456102834 |
| Technology Hardware, Storage & Peripherals — 7.1% | Technology Hardware, Storage & Peripherals — 7.1% | Technology Hardware, Storage & Peripherals — 7.1% | Technology Hardware, Storage & Peripherals — 7.1% |
|  Apple, Inc. | 190146234 |  | 49339144798 |
|  Dell Technologies, Inc., Class C | 3878439 |  | 443848559 |
|  Hewlett Packard Enterprise Co. | 16979063 |  | 365389436 |
|  HP, Inc. | 12028916 |  | 233842127 |
|  NetApp, Inc. | 2572214 |  | 247832819 |
|  Sandisk Corp.<sup>(b)</sup> | 1791578 |  | 1032396823 |
|  Seagate Technology Holdings plc | 2803625 |  | 1143009876 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup> | 6452863 |  | 187842842 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2026 | **iShares**<sup>®</sup> **Core S&P 500 ETF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
|  Western Digital Corp.<sup>(a)</sup> | 4399654 | $| 1100925420 |
|  |  |  | 54094232700 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |  |
|  Deckers Outdoor Corp.<sup>(b)</sup> | 1873640 |  | 223600198 |
|  Lululemon Athletica, Inc.<sup>(a)(b)</sup> | 1388641 |  | 242317854 |
|  NIKE, Inc., Class B | 15304439 |  | 945967374 |
|  Ralph Lauren Corp., Class A | 498236 |  | 176081585 |
|  Tapestry, Inc. | 2633502 |  | 334217739 |
|  |  |  | 1922184750 |
| **Tobacco — 0.6%** |  |  |  |
|  Altria Group, Inc. | 21601629 |  | 1339084982 |
|  Philip Morris International, Inc. | 20031257 |  | 3594408756 |
|  |  |  | 4933493738 |
| **Trading Companies & Distributors — 0.2%** |  |  |  |
|  Fastenal Co. | 14773238 |  | 640567600 |
|  United Rentals, Inc. | 818803 |  | 640353074 |
|  WW Grainger, Inc. | 562935 |  | 607936024 |
|  |  |  | 1888856698 |
| **Water Utilities — 0.0%** |  |  |  |
|  American Water Works Co., Inc. | 2510908 |  | 324233550 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  T-Mobile US, Inc. | 6189094 |  | 1220551228 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $695,783,856,012)** | **Total Long-Term Investments — 99.8%<br>(Cost: $695,783,856,012)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762450468960 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Short-Term Securities |  |  |
| Money Market Funds — 0.4%<sup>(c)(d)</sup> |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.82% | 1987072251 | $1988065787 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%<sup>(e)</sup> | 839799349 | 839799349 |
|  **Total Short-Term Securities — 0.4%<br>(Cost: $2,826,956,452)** | **Total Short-Term Securities — 0.4%<br>(Cost: $2,826,956,452)** | 2827865136 |
|  **Total Investments — 100.2%<br>(Cost: $698,610,812,464)** | **Total Investments — 100.2%<br>(Cost: $698,610,812,464)** | 765278334096 |
|  **Liabilities in Excess of Other Assets — (0.2)%** |  | (1703879852) |
|  **Net Assets — 100.0%** |  | $763574454244 |

---

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

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

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

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount (000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 3129 | 03/20/26 | $1089792 | $8374073 |

---

#### 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $762450468960 | $— | $— | $762450468960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2827865136 |  |  | 2827865136 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765278334096 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765278334096 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $8374073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $8374073 |

---

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

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

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Statement of Assets and Liabilities (unaudited)

January 31, 2026

---

| | |
|:---|:---|
|  | iShares Core<br> S&P 500 ETF |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $760372867044 |
|  Investments, at value — affiliated<sup>(c)</sup> | 4905467052 |
|  Cash | 56627273 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 93175000 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 391765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1598962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 408409834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 4104643 |
|  Total assets | 765842641573 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 1985649336 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 256898060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1776624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 18838824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 5024485 |
|  Total liabilities | 2268187329 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $763574454244 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $613913528397 |
|  Accumulated earnings | 149660925847 |
|  NET ASSETS | $763574454244 |
|  **NET ASSET VALUE** |  |
|  Shares outstanding | 1099100000 |
|  Net asset value | $694.73 |
|  Shares authorized | Unlimited |
|  Par value |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $693921798944 |
|  <sup>(b)</sup> Securities loaned, at value | $1898063206 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $4689013520 |

---

S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S

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Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation

---

| | |
|:---|:---|
| MSCI | Morgan Stanley Capital International |
| Nasdaq | National Association of Securities Dealers Automated Quotations |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

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

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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.©2026 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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| | |
|:---|:---|
| ![LOGO](g89022g73l08.jpg)  | ![LOGO](g89022g17h90.jpg) |

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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 – Not Applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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 (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&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.](d89022dex99cert.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;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached.](d89022dex99906cert.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

---

| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: March 23, 2026

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: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: March 23, 2026

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares Trust |

---

Date: March 23, 2026

## 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 nine series: iShares Large Cap 10% Target Buffer Dec ETF, iShares Large Cap 10% Target Buffer Jun ETF, iShares Large Cap 10% Target Buffer Mar ETF, iShares Large Cap 10% Target Buffer Sept ETF, iShares Large Cap Accelerated Outcome ETF, iShares Large Cap Max Buffer Dec ETF, iShares Large Cap Max Buffer Jun ETF, iShares Large Cap Max Buffer Mar ETF, iShares Large Cap Max Buffer Sep 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;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;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;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;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;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;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: March 23, 2026

<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 nine series: iShares Large Cap 10% Target Buffer Dec ETF, iShares Large Cap 10% Target Buffer Jun ETF, iShares Large Cap 10% Target Buffer Mar ETF, iShares Large Cap 10% Target Buffer Sept ETF, iShares Large Cap Accelerated Outcome ETF, iShares Large Cap Max Buffer Dec ETF, iShares Large Cap Max Buffer Jun ETF, iShares Large Cap Max Buffer Mar ETF, iShares Large Cap Max Buffer Sep 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;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;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;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;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;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;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: March 23, 2026

<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 January 31, 2026 (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: March 23, 2026

<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 January 31, 2026 (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: March 23, 2026

<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**.**