# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-26-205592
**Filing Date:** 2026-5
**Character Count:** 1867406
**Document Hash:** 536a71af530c7cb16352bbb81244249b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-205592.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001193125-26-205592

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**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:** 26941557

**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 MSCI Peru and Global Exposure ETF (Series ID: S000024426)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000072477 | iShares MSCI Peru and Global Exposure ETF | EPU             |

### iShares MSCI China Small-Cap ETF (Series ID: S000028552)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000087422 | iShares MSCI China Small-Cap ETF | ECNS            |

### iShares MSCI Indonesia ETF (Series ID: S000028553)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000087423 | iShares MSCI Indonesia ETF | EIDO            |

### iShares MSCI New Zealand ETF (Series ID: S000028554)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000087424 | iShares MSCI New Zealand ETF | ENZL            |

### iShares MSCI Poland ETF (Series ID: S000028556)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000087428 | iShares MSCI Poland ETF | EPOL            |

### iShares MSCI Brazil Small-Cap ETF (Series ID: S000028677)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000087775 | iShares MSCI Brazil Small-Cap ETF | EWZS            |

### iShares MSCI Philippines ETF (Series ID: S000028735)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000087875 | iShares MSCI Philippines ETF | EPHE            |

### iShares MSCI China ETF (Series ID: S000031717)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000098688 | iShares MSCI China ETF | MCHI            |

### iShares MSCI India Small-Cap ETF (Series ID: S000034700)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000106876 | iShares MSCI India Small-Cap ETF | SMIN            |

### iShares MSCI India ETF (Series ID: S000034702)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000106878 | iShares MSCI India ETF | INDA            |

### iShares MSCI Denmark ETF (Series ID: S000035383)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000108733 | iShares MSCI Denmark ETF | EDEN            |

### iShares MSCI Norway ETF (Series ID: S000035389)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000108740 | iShares MSCI Norway ETF | ENOR            |

### iShares MSCI Qatar ETF (Series ID: S000045074)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000140043 | iShares MSCI Qatar ETF | QAT             |

### iShares MSCI United Kingdom ETF (Series ID: S000046586)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000145378 | iShares MSCI United Kingdom ETF | EWU             |

### iShares MSCI Global Sustainable Development Goals ETF (Series ID: S000053601)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000168438 | iShares MSCI Global Sustainable Development Goals ETF | SDG             |

### iShares ESG Aware MSCI EAFE ETF (Series ID: S000054185)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000170246 | iShares ESG Aware MSCI EAFE ETF | ESGD            |

### iShares MSCI Japan Value ETF (Series ID: S000064903)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000210083 | iShares MSCI Japan Value ETF | EWJV            |

### iShares ESG MSCI EM Leaders ETF (Series ID: S000067838)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000217590 | iShares ESG MSCI EM Leaders ETF | LDEM            |

### iShares MSCI Kuwait ETF (Series ID: S000068137)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000218229 | iShares MSCI Kuwait ETF | KWT             |

### iShares ESG Advanced MSCI EAFE ETF (Series ID: S000068771)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000219745 | iShares ESG Advanced MSCI EAFE ETF | DMXF            |

### iShares ESG Advanced MSCI EM ETF (Series ID: S000068773)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000219747 | iShares ESG Advanced MSCI EM ETF | EMXF            |

### iShares MSCI China Multisector Tech ETF (Series ID: S000074555)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000232534 | iShares MSCI China Multisector Tech ETF | TCHI            |

### iShares MSCI Emerging Markets Quality Factor ETF (Series ID: S000081635)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000244562 | iShares MSCI Emerging Markets Quality Factor ETF | EQLT            |

### iShares MSCI Emerging Markets Value Factor ETF (Series ID: S000081637)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000244564 | iShares MSCI Emerging Markets Value Factor ETF | EVLU            |

### iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF (Series ID: S000083456)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000247094 | iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF | PABD            |

### iShares MSCI Global Quality Factor ETF (Series ID: S000088748)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255123 | iShares MSCI Global Quality Factor ETF | AQLT            |

### iShares MSCI World Small-Cap ETF (Series ID: S000091430)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000259095 | iShares MSCI World Small-Cap ETF | WSML            |

?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:

#### 8/31/2026
Date of reporting period:

#### 2/28/2026
Item 1 — Report to Stockholders

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

### iShares ESG Advanced MSCI EAFE ETF

### DMXF \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares ESG Advanced MSCI EAFE ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Advanced MSCI EAFE ETF | $6 | 0.12%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$708988771 |
| Number of Portfolio Holdings | &nbsp;&nbsp;414 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 31.5% |
| Information Technology | 17.0% |
| Industrials | 16.7% |
| Health Care | 11.3% |
| Communication Services | 6.2% |
| Materials | 5.2% |
| Consumer Discretionary | 4.9% |
| Real Estate | 3.9% |
| Consumer Staples | 2.7% |
| Utilities | 0.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 29.6% |
| Switzerland | 11.1% |
| Netherlands | 9.7% |
| France | 8.6% |
| Germany | 7.8% |
| United Kingdom | 6.1% |
| Sweden | 5.6% |
| Australia | 5.0% |
| Hong Kong | 3.2% |
| Singapore | 2.4% |
| Other<sup>#</sup> | 10.9% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares ESG Advanced MSCI EAFE ETF

Semi-Annual Shareholder Report — February 28, 2026

DMXF-02/26-SAR

### iShares ESG Advanced MSCI EM ETF

### EMXF \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares ESG Advanced MSCI EM ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Advanced MSCI EM ETF | $9 | 0.16%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$139761197 |
| Number of Portfolio Holdings | &nbsp;&nbsp;564 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 37.8% |
| Information Technology | 23.8% |
| Communication Services | 10.5% |
| Consumer Discretionary | 7.5% |
| Industrials | 6.3% |
| Health Care | 4.7% |
| Consumer Staples | 3.5% |
| Materials | 3.0% |
| Real Estate | 2.2% |
| Utilities | 0.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 26.7% |
| Taiwan | 18.6% |
| South Korea | 13.5% |
| India | 12.6% |
| Brazil | 4.5% |
| Saudi Arabia | 3.7% |
| South Africa | 3.2% |
| Mexico | 2.5% |
| United Arab Emirates | 2.5% |
| Malaysia | 1.9% |
| Other<sup>#</sup> | 10.3% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares ESG Advanced MSCI EM ETF

Semi-Annual Shareholder Report — February 28, 2026

EMXF-02/26-SAR

### iShares ESG Aware MSCI EAFE ETF

### ESGD \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares ESG Aware MSCI EAFE ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Aware MSCI EAFE ETF | $11 | 0.20%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11701914053 |
| Number of Portfolio Holdings | &nbsp;&nbsp;364 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.7% |
| Industrials | 19.5% |
| Health Care | 11.0% |
| Information Technology | 9.4% |
| Consumer Discretionary | 8.9% |
| Consumer Staples | 7.4% |
| Materials | 5.4% |
| Utilities | 3.8% |
| Communication Services | 3.6% |
| Energy | 3.3% |
| Real Estate | 2.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 23.1% |
| United Kingdom | 14.2% |
| Switzerland | 10.1% |
| France | 9.5% |
| Germany | 8.6% |
| Australia | 6.8% |
| Netherlands | 5.5% |
| Spain | 4.1% |
| Sweden | 3.8% |
| Italy | 3.0% |
| Other<sup>#</sup> | 11.3% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares ESG Aware MSCI EAFE ETF

Semi-Annual Shareholder Report — February 28, 2026

ESGD-02/26-SAR

### iShares ESG MSCI EM Leaders ETF

### LDEM \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares ESG MSCI EM Leaders ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG MSCI EM Leaders ETF | $9 | 0.16%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$34529687 |
| Number of Portfolio Holdings | &nbsp;&nbsp;424 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 28.6% |
| Consumer Discretionary | 14.0% |
| Communication Services | 11.9% |
| Information Technology | 9.8% |
| Industrials | 9.2% |
| Materials | 8.7% |
| Energy | 4.7% |
| Consumer Staples | 4.3% |
| Health Care | 4.0% |
| Utilities | 2.9% |
| Real Estate | 1.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 30.9% |
| India | 14.8% |
| Taiwan | 14.2% |
| South Korea | 9.2% |
| South Africa | 7.7% |
| Brazil | 4.2% |
| Mexico | 3.1% |
| United Arab Emirates | 2.4% |
| Malaysia | 2.3% |
| Saudi Arabia | 2.1% |
| Other<sup>#</sup> | 9.1% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares ESG MSCI EM Leaders ETF

Semi-Annual Shareholder Report — February 28, 2026

LDEM-02/26-SAR

### iShares MSCI Brazil Small-Cap ETF

### EWZS \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Brazil Small-Cap ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Brazil Small-Cap ETF | $30 | 0.55%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$364329911 |
| Number of Portfolio Holdings | &nbsp;&nbsp;76 |
| Portfolio Turnover Rate | &nbsp;&nbsp;22% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Discretionary | 25.4% |
| Materials | 15.6% |
| Utilities | 11.5% |
| Consumer Staples | 10.6% |
| Financials | 10.4% |
| Real Estate | 9.5% |
| Industrials | 8.4% |
| Health Care | 5.4% |
| Energy | 2.5% |
| Information Technology | 0.7% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Lojas Renner SA | 4.6% |
| Sendas Distribuidora SA | 3.7% |
| Multiplan Empreendimentos Imobiliarios SA | 3.4% |
| Allos SA | 3.4% |
| Inter & Co., Inc., Class A | 3.2% |
| Cia de Saneamento de Minas Gerais Copasa MG | 3.0% |
| Pagseguro Digital Ltd., Class A | 2.7% |
| Transmissora Alianca de Energia Eletrica SA | 2.4% |
| GPS Participacoes e Empreendimentos SA | 2.4% |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 2.4% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Brazil Small-Cap ETF

Semi-Annual Shareholder Report — February 28, 2026

EWZS-02/26-SAR

### iShares MSCI China ETF

### MCHI \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI China ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI China ETF | $27 | 0.55%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7435387242 |
| Number of Portfolio Holdings | &nbsp;&nbsp;579 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Discretionary | 26.9% |
| Communication Services | 19.8% |
| Financials | 18.1% |
| Information Technology | 9.1% |
| Materials | 6.3% |
| Industrials | 5.2% |
| Health Care | 4.9% |
| Consumer Staples | 3.2% |
| Energy | 3.1% |
| Utilities | 1.9% |
| Real Estate | 1.5% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Tencent Holdings Ltd. | 15.0% |
| Alibaba Group Holding Ltd. | 11.1% |
| China Construction Bank Corp., Class H | 3.5% |
| Xiaomi Corp., Class B | 2.7% |
| PDD Holdings, Inc., ADR | 2.6% |
| Ping An Insurance Group Co. of China Ltd., Class H | 2.1% |
| Industrial & Commercial Bank of China Ltd., Class H | 1.9% |
| Meituan, Class B | 1.8% |
| BYD Co. Ltd., Class H | 1.6% |
| Bank of China Ltd., Class H | 1.5% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI China ETF

Semi-Annual Shareholder Report — February 28, 2026

MCHI-02/26-SAR

### iShares MSCI China Multisector Tech ETF

### TCHI \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI China Multisector Tech ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI China Multisector Tech ETF | $29 | 0.59%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$44185269 |
| Number of Portfolio Holdings | &nbsp;&nbsp;191 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 48.1% |
| Consumer Discretionary | 20.8% |
| Communication Services | 20.1% |
| Industrials | 9.7% |
| Financials | 1.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| PDD Holdings, Inc., ADR | 4.2% |
| JD.com, Inc., Class A | 4.0% |
| Xiaomi Corp., Class B | 3.9% |
| Tencent Holdings Ltd. | 3.8% |
| Alibaba Group Holding Ltd. | 3.7% |
| Kuaishou Technology | 3.7% |
| NetEase, Inc. | 3.7% |
| Baidu, Inc., Class A | 3.6% |
| Contemporary Amperex Technology Co. Ltd., Class A | 2.6% |
| Lenovo Group Ltd. | 2.5% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI China Multisector Tech ETF

Semi-Annual Shareholder Report — February 28, 2026

TCHI-02/26-SAR

### iShares MSCI China Small-Cap ETF

### ECNS \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI China Small-Cap ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI China Small-Cap ETF | $27 | 0.55%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$97292978 |
| Number of Portfolio Holdings | &nbsp;&nbsp;277 |
| Portfolio Turnover Rate | &nbsp;&nbsp;22% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 20.3% |
| Industrials | 15.1% |
| Information Technology | 12.8% |
| Consumer Discretionary | 12.7% |
| Materials | 9.1% |
| Real Estate | 8.7% |
| Communication Services | 6.1% |
| Financials | 5.4% |
| Consumer Staples | 5.2% |
| Utilities | 2.4% |
| Other\* | 2.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Minth Group Ltd. | 2.2% |
| Kingboard Holdings Ltd. | 1.6% |
| Kingboard Laminates Holdings Ltd. | 1.5% |
| XD, Inc. | 1.4% |
| Kingsoft Cloud Holdings Ltd. | 1.3% |
| China Conch Venture Holdings Ltd. | 1.3% |
| Harbin Electric Co. Ltd., Class H | 1.3% |
| China Everbright Environment Group Ltd. | 1.2% |
| Dongyue Group Ltd. | 1.2% |
| Sany Heavy Equipment International Holdings Co. Ltd. | 1.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest sectors are presented. Additional sectors are found in Other.</sup>

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI China Small-Cap ETF

Semi-Annual Shareholder Report — February 28, 2026

ECNS-02/26-SAR

### iShares MSCI Denmark ETF

### EDEN \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Denmark ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Denmark ETF | $26 | 0.53%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$194761148 |
| Number of Portfolio Holdings | &nbsp;&nbsp;43 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 32.8% |
| Industrials | 30.3% |
| Financials | 16.9% |
| Consumer Staples | 6.9% |
| Materials | 4.6% |
| Utilities | 3.4% |
| Consumer Discretionary | 3.1% |
| Information Technology | 1.0% |
| Energy | 1.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Novo Nordisk A/S, Class B | 18.4% |
| DSV A/S | 12.0% |
| Danske Bank A/S | 7.9% |
| Vestas Wind Systems A/S | 4.9% |
| Novonesis Novozymes B, Class B | 4.7% |
| Genmab A/S | 4.4% |
| Carlsberg A/S, Class B | 3.9% |
| Orsted A/S | 3.4% |
| AP Moller - Maersk A/S, Class B, NVS | 2.7% |
| Coloplast A/S, Class B | 2.4% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Denmark ETF

Semi-Annual Shareholder Report — February 28, 2026

EDEN-02/26-SAR

### iShares MSCI Emerging Markets Quality Factor ETF

### EQLT \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Emerging Markets Quality Factor ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Emerging Markets Quality Factor ETF | $20 | 0.35%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11022562 |
| Number of Portfolio Holdings | &nbsp;&nbsp;303 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 34.3% |
| Financials | 19.5% |
| Consumer Discretionary | 10.7% |
| Materials | 8.3% |
| Communication Services | 7.0% |
| Industrials | 6.6% |
| Consumer Staples | 3.6% |
| Energy | 3.4% |
| Utilities | 2.6% |
| Health Care | 2.5% |
| Real Estate | 1.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 21.2% |
| South Korea | 20.0% |
| Taiwan | 15.3% |
| India | 14.6% |
| Brazil | 6.5% |
| South Africa | 5.4% |
| Saudi Arabia | 3.6% |
| Mexico | 2.4% |
| United Arab Emirates | 2.2% |
| Thailand | 1.5% |
| Other<sup>#</sup> | 7.3% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Emerging Markets Quality Factor ETF

Semi-Annual Shareholder Report — February 28, 2026

EQLT-02/26-SAR

### iShares MSCI Emerging Markets Value Factor ETF

### EVLU \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Emerging Markets Value Factor ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Emerging Markets Value Factor ETF | $21 | 0.35%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13334882 |
| Number of Portfolio Holdings | &nbsp;&nbsp;279 |
| Portfolio Turnover Rate | &nbsp;&nbsp;30% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 31.6% |
| Financials | 19.3% |
| Consumer Discretionary | 13.5% |
| Communication Services | 8.3% |
| Materials | 8.0% |
| Industrials | 5.3% |
| Energy | 4.4% |
| Consumer Staples | 3.7% |
| Health Care | 2.5% |
| Utilities | 2.0% |
| Real Estate | 1.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 25.7% |
| South Korea | 19.6% |
| Taiwan | 18.4% |
| India | 11.5% |
| Brazil | 5.3% |
| South Africa | 4.8% |
| Mexico | 3.1% |
| Saudi Arabia | 2.8% |
| Indonesia | 1.7% |
| United Arab Emirates | 1.3% |
| Other<sup>#</sup> | 5.8% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Emerging Markets Value Factor ETF

Semi-Annual Shareholder Report — February 28, 2026

EVLU-02/26-SAR

### iShares MSCI Global Quality Factor ETF

### AQLT \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Global Quality Factor ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Global Quality Factor ETF | $11 | 0.20%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$223269438 |
| Number of Portfolio Holdings | &nbsp;&nbsp;480 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 34.2% |
| Health Care | 15.1% |
| Industrials | 12.8% |
| Communication Services | 12.4% |
| Consumer Staples | 10.0% |
| Financials | 7.8% |
| Consumer Discretionary | 4.4% |
| Materials | 2.5% |
| Energy | 0.4% |
| Real Estate | 0.3% |
| Utilities | 0.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 66.7% |
| Taiwan | 7.2% |
| Switzerland | 5.3% |
| United Kingdom | 4.0% |
| Japan | 3.2% |
| Netherlands | 3.1% |
| India | 1.5% |
| China | 1.4% |
| Australia | 1.3% |
| Denmark | 0.7% |
| Other<sup>#</sup> | 5.6% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Global Quality Factor ETF

Semi-Annual Shareholder Report — February 28, 2026

AQLT-02/26-SAR

### iShares MSCI Global Sustainable Development Goals ETF

### SDG \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Global Sustainable Development Goals ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Global Sustainable Development Goals ETF | $26 | 0.50%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$170154505 |
| Number of Portfolio Holdings | &nbsp;&nbsp;123 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 20.2% |
| Consumer Staples | 20.1% |
| Information Technology | 19.4% |
| Industrials | 14.0% |
| Real Estate | 11.6% |
| Consumer Discretionary | 8.7% |
| Utilities | 4.8% |
| Materials | 1.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 28.1% |
| China | 15.3% |
| Japan | 10.0% |
| Taiwan | 7.3% |
| Denmark | 6.3% |
| Switzerland | 4.8% |
| Hong Kong | 4.1% |
| Australia | 2.7% |
| Sweden | 2.6% |
| Germany | 2.2% |
| Other<sup>#</sup> | 16.6% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Global Sustainable Development Goals ETF

Semi-Annual Shareholder Report — February 28, 2026

SDG-02/26-SAR

### iShares MSCI India ETF

### INDA \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI India ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI India ETF | $31 | 0.62%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9266633807 |
| Number of Portfolio Holdings | &nbsp;&nbsp;167 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 30.2% |
| Consumer Discretionary | 12.4% |
| Industrials | 10.7% |
| Energy | 8.9% |
| Materials | 8.5% |
| Information Technology | 7.8% |
| Health Care | 6.0% |
| Consumer Staples | 5.9% |
| Communication Services | 4.5% |
| Utilities | 3.8% |
| Real Estate | 1.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| HDFC Bank Ltd. | 7.4% |
| Reliance Industries Ltd. | 6.2% |
| ICICI Bank Ltd. | 5.3% |
| Bharti Airtel Ltd. | 3.5% |
| Infosys Ltd. | 3.1% |
| Axis Bank Ltd. | 2.3% |
| Mahindra & Mahindra Ltd. | 2.3% |
| Larsen & Toubro Ltd. | 2.1% |
| Bajaj Finance Ltd. | 2.0% |
| Tata Consultancy Services Ltd. | 1.7% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI India ETF

Semi-Annual Shareholder Report — February 28, 2026

INDA-02/26-SAR

### iShares MSCI India Small-Cap ETF

### SMIN \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI India Small-Cap ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI India Small-Cap ETF | $36 | 0.74%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$684325860 |
| Number of Portfolio Holdings | &nbsp;&nbsp;477 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 19.9% |
| Financials | 19.9% |
| Consumer Discretionary | 13.7% |
| Health Care | 13.6% |
| Materials | 13.0% |
| Information Technology | 6.9% |
| Consumer Staples | 4.0% |
| Real Estate | 3.8% |
| Utilities | 2.6% |
| Communication Services | 1.6% |
| Other\* | 1.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Federal Bank Ltd. | 1.7% |
| Max Financial Services Ltd. | 1.6% |
| Coforge Ltd. | 1.2% |
| Laurus Labs Ltd. | 1.2% |
| Embassy Office Parks REIT | 1.1% |
| Glenmark Pharmaceuticals Ltd. | 1.0% |
| KEI Industries Ltd. | 1.0% |
| Multi Commodity Exchange of India Ltd. | 1.0% |
| National Aluminium Co. Ltd. | 0.9% |
| Blue Star Ltd. | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest sectors are presented. Additional sectors are found in Other.</sup>

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI India Small-Cap ETF

Semi-Annual Shareholder Report — February 28, 2026

SMIN-02/26-SAR

### iShares MSCI Indonesia ETF

### EIDO \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Indonesia ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Indonesia ETF | $28 | 0.55%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$310137207 |
| Number of Portfolio Holdings | &nbsp;&nbsp;83 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 38.2% |
| Materials | 18.2% |
| Energy | 11.1% |
| Communication Services | 10.0% |
| Consumer Staples | 6.9% |
| Industrials | 5.7% |
| Consumer Discretionary | 3.8% |
| Utilities | 2.9% |
| Health Care | 2.0% |
| Real Estate | 1.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Bank Central Asia Tbk PT | 15.5% |
| Bank Rakyat Indonesia Persero Tbk PT | 10.3% |
| Bank Mandiri Persero Tbk PT | 7.5% |
| Telkom Indonesia Persero Tbk PT | 6.7% |
| Astra International Tbk PT | 4.4% |
| Amman Mineral Internasional PT | 4.2% |
| Dian Swastatika Sentosa Tbk PT | 3.0% |
| Bank Negara Indonesia Persero Tbk PT | 2.8% |
| Bumi Resources Minerals Tbk PT | 2.5% |
| GoTo Gojek Tokopedia Tbk PT | 2.4% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Indonesia ETF

Semi-Annual Shareholder Report — February 28, 2026

EIDO-02/26-SAR

### iShares MSCI Japan Value ETF

### EWJV \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Japan Value ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Japan Value ETF | $8 | 0.15%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$782118729 |
| Number of Portfolio Holdings | &nbsp;&nbsp;109 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 29.8% |
| Industrials | 21.5% |
| Consumer Discretionary | 18.6% |
| Information Technology | 6.5% |
| Communication Services | 5.5% |
| Health Care | 4.4% |
| Consumer Staples | 3.7% |
| Materials | 3.4% |
| Real Estate | 3.0% |
| Energy | 2.0% |
| Utilities | 1.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Toyota Motor Corp. | 8.3% |
| Mitsubishi UFJ Financial Group, Inc. | 7.6% |
| Sumitomo Mitsui Financial Group, Inc. | 5.1% |
| Mizuho Financial Group, Inc. | 4.1% |
| Mitsubishi Corp. | 4.0% |
| Mitsui & Co. Ltd. | 3.3% |
| Takeda Pharmaceutical Co. Ltd. | 2.1% |
| Marubeni Corp. | 1.9% |
| KDDI Corp. | 1.8% |
| Sony Group Corp. | 1.8% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Japan Value ETF

Semi-Annual Shareholder Report — February 28, 2026

EWJV-02/26-SAR

### iShares MSCI Kuwait ETF

### KWT \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Kuwait ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Kuwait ETF | $37 | 0.74%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$71891794 |
| Number of Portfolio Holdings | &nbsp;&nbsp;37 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 66.1% |
| Real Estate | 10.5% |
| Industrials | 8.6% |
| Communication Services | 6.2% |
| Consumer Discretionary | 4.0% |
| Materials | 1.5% |
| Consumer Staples | 1.1% |
| Utilities | 1.0% |
| Energy | 1.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Kuwait Finance House KSCP | 22.4% |
| National Bank of Kuwait SAKP | 22.2% |
| Mobile Telecommunications Co. KSCP | 4.7% |
| Gulf Bank KSCP | 3.4% |
| Warba Bank KSCP | 3.3% |
| Mabanee Co. KPSC | 3.3% |
| National Industries Group Holding SAK | 2.5% |
| Al Ahli Bank of Kuwait KSCP | 2.4% |
| Commercial Real Estate Co. KSC | 2.0% |
| Boursa Kuwait Securities Co. KPSC | 2.0% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Kuwait ETF

Semi-Annual Shareholder Report — February 28, 2026

KWT-02/26-SAR

### iShares MSCI New Zealand ETF

### ENZL \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI New Zealand ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI New Zealand ETF | $25 | 0.49%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$73869195 |
| Number of Portfolio Holdings | &nbsp;&nbsp;28 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 29.5% |
| Industrials | 24.4% |
| Utilities | 13.2% |
| Real Estate | 12.5% |
| Financials | 11.4% |
| Communication Services | 4.0% |
| Energy | 1.6% |
| Consumer Discretionary | 1.3% |
| Information Technology | 1.3% |
| Consumer Staples | 0.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | 22.6% |
| Auckland International Airport Ltd. | 14.5% |
| Infratil Ltd. | 9.8% |
| Contact Energy Ltd. | 4.5% |
| Mercury NZ Ltd. | 4.4% |
| Meridian Energy Ltd. | 4.3% |
| EBOS Group Ltd. | 4.3% |
| Fletcher Building Ltd. | 4.2% |
| Spark New Zealand Ltd. | 4.0% |
| Freightways Group Ltd. | 2.7% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI New Zealand ETF

Semi-Annual Shareholder Report — February 28, 2026

ENZL-02/26-SAR

### iShares MSCI Norway ETF

### ENOR \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Norway ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Norway ETF | $30 | 0.54%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$62051682 |
| Number of Portfolio Holdings | &nbsp;&nbsp;59 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Energy | 25.7% |
| Financials | 24.5% |
| Industrials | 14.7% |
| Consumer Staples | 13.4% |
| Materials | 10.3% |
| Communication Services | 6.2% |
| Information Technology | 3.4% |
| Utilities | 0.7% |
| Consumer Discretionary | 0.7% |
| Real Estate | 0.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| DNB Bank ASA | 12.6% |
| Equinor ASA | 10.9% |
| Kongsberg Gruppen ASA | 8.0% |
| Norsk Hydro ASA | 5.7% |
| Mowi ASA | 5.0% |
| Telenor ASA | 4.3% |
| Orkla ASA | 4.3% |
| Aker BP ASA | 4.3% |
| Yara International ASA | 3.8% |
| Storebrand ASA | 3.6% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Norway ETF

Semi-Annual Shareholder Report — February 28, 2026

ENOR-02/26-SAR

### iShares MSCI Peru and Global Exposure ETF

### EPU \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Peru and Global Exposure ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Peru and Global Exposure ETF | $37 | 0.55%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$606716106 |
| Number of Portfolio Holdings | &nbsp;&nbsp;27 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Materials | 56.5% |
| Financials | 26.0% |
| Consumer Discretionary | 4.7% |
| Industrials | 3.2% |
| Real Estate | 2.9% |
| Utilities | 2.2% |
| Consumer Staples | 2.0% |
| Communication Services | 1.5% |
| Health Care | 1.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Southern Copper Corp. | 24.4% |
| Credicorp Ltd. | 21.8% |
| Cia. de Minas Buenaventura SAA, ADR | 5.0% |
| Hochschild Mining PLC | 4.8% |
| Pan American Silver Corp. | 3.4% |
| Volcan Cia. Minera SAA, Class B, NVS | 3.1% |
| MMG Ltd. | 3.0% |
| Fortuna Mining Corp. | 3.0% |
| Parque Arauco SA | 2.9% |
| Wheaton Precious Metals Corp. | 2.8% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Peru and Global Exposure ETF

Semi-Annual Shareholder Report — February 28, 2026

EPU-02/26-SAR

### iShares MSCI Philippines ETF

### EPHE \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Philippines ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Philippines ETF | $28 | 0.55%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$187496366 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 38.8% |
| Financials | 18.8% |
| Real Estate | 11.3% |
| Utilities | 10.2% |
| Consumer Staples | 8.3% |
| Communication Services | 5.4% |
| Consumer Discretionary | 4.9% |
| Energy | 1.3% |
| Materials | 1.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| International Container Terminal Services, Inc. | 20.5% |
| BDO Unibank, Inc. | 8.8% |
| SM Prime Holdings, Inc. | 5.4% |
| Manila Electric Co. | 4.6% |
| Metropolitan Bank & Trust Co. | 4.5% |
| Bank of the Philippine Islands | 4.3% |
| Jollibee Foods Corp. | 3.9% |
| PLDT, Inc. | 3.8% |
| SM Investments Corp. | 3.6% |
| Ayala Corp. | 3.0% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Philippines ETF

Semi-Annual Shareholder Report — February 28, 2026

EPHE-02/26-SAR

### iShares MSCI Poland ETF

### EPOL \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Poland ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Poland ETF | $31 | 0.56%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$654406998 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 45.7% |
| Energy | 12.5% |
| Consumer Discretionary | 11.0% |
| Materials | 7.5% |
| Utilities | 5.9% |
| Communication Services | 5.7% |
| Consumer Staples | 5.0% |
| Industrials | 4.4% |
| Information Technology | 1.9% |
| Health Care | 0.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Powszechna Kasa Oszczednosci Bank Polski SA | 15.1% |
| ORLEN SA | 12.5% |
| Bank Polska Kasa Opieki SA | 7.8% |
| Powszechny Zaklad Ubezpieczen SA | 7.7% |
| KGHM Polska Miedz SA | 4.7% |
| Santander Bank Polska SA | 4.3% |
| LPP SA | 4.1% |
| Allegro.eu SA | 3.9% |
| Dino Polska SA | 3.5% |
| CD Projekt SA | 3.0% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Poland ETF

Semi-Annual Shareholder Report — February 28, 2026

EPOL-02/26-SAR

### iShares MSCI Qatar ETF

### QAT \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Qatar ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Qatar ETF | $27 | 0.55%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$71101159 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 56.6% |
| Industrials | 13.6% |
| Energy | 9.2% |
| Communication Services | 6.3% |
| Materials | 5.2% |
| Real Estate | 4.0% |
| Utilities | 2.4% |
| Consumer Staples | 1.4% |
| Health Care | 0.7% |
| Information Technology | 0.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Qatar National Bank QPSC | 22.6% |
| Qatar Islamic Bank QPSC | 14.4% |
| Industries Qatar QSC | 6.4% |
| Qatar Gas Transport Co. Ltd. | 4.7% |
| Commercial Bank PSQC (The) | 4.7% |
| Al Rayan Bank | 4.6% |
| Ooredoo QPSC | 4.5% |
| Qatar International Islamic Bank QSC | 4.0% |
| Qatar Navigation QSC | 3.9% |
| Qatar Fuel QSC | 3.2% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI Qatar ETF

Semi-Annual Shareholder Report — February 28, 2026

QAT-02/26-SAR

### iShares MSCI United Kingdom ETF

### EWU \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI United Kingdom ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI United Kingdom ETF | $27 | 0.49%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3240684480 |
| Number of Portfolio Holdings | &nbsp;&nbsp;75 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 24.7% |
| Consumer Staples | 15.6% |
| Health Care | 15.3% |
| Industrials | 12.8% |
| Energy | 10.2% |
| Materials | 8.6% |
| Utilities | 5.2% |
| Consumer Discretionary | 3.9% |
| Communication Services | 2.1% |
| Information Technology | 1.0% |
| Real Estate | 0.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| AstraZeneca PLC | 9.8% |
| HSBC Holdings PLC | 9.6% |
| Shell PLC | 7.1% |
| Unilever PLC | 4.8% |
| Rolls-Royce Holdings PLC | 4.5% |
| British American Tobacco PLC | 4.1% |
| GSK PLC | 3.6% |
| Rio Tinto PLC | 3.3% |
| BP PLC | 3.1% |
| National Grid PLC | 2.8% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI United Kingdom ETF

Semi-Annual Shareholder Report — February 28, 2026

EWU-02/26-SAR

### iShares MSCI World Small-Cap ETF

### WSML \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI World Small-Cap ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI World Small-Cap ETF | $8 | 0.15%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$848469115 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3479 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 21.2% |
| Financials | 13.7% |
| Information Technology | 11.1% |
| Consumer Discretionary | 11.1% |
| Materials | 10.1% |
| Health Care | 9.7% |
| Real Estate | 8.1% |
| Energy | 4.9% |
| Consumer Staples | 4.3% |
| Communication Services | 2.9% |
| Other\* | 2.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 58.0% |
| Japan | 13.4% |
| Canada | 5.2% |
| United Kingdom | 4.7% |
| Australia | 3.9% |
| Sweden | 1.7% |
| Israel | 1.7% |
| Switzerland | 1.6% |
| France | 1.4% |
| Germany | 1.4% |
| Other<sup>#</sup> | 7.0% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest sectors are presented. Additional sectors are found in Other.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares MSCI World Small-Cap ETF

Semi-Annual Shareholder Report — February 28, 2026

WSML-02/26-SAR

### iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF

### PABD \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g839764images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF (the "Fund") for the period of September 1, 2025 to February 28, 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** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF | $6 | 0.12%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$318507301 |
| Number of Portfolio Holdings | &nbsp;&nbsp;423 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 28.7% |
| Industrials | 17.2% |
| Health Care | 12.5% |
| Information Technology | 11.0% |
| Consumer Discretionary | 7.2% |
| Real Estate | 6.8% |
| Materials | 6.0% |
| Consumer Staples | 4.3% |
| Utilities | 3.5% |
| Communication Services | 2.6% |
| Energy | 0.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 18.1% |
| Canada | 13.7% |
| United Kingdom | 10.6% |
| Switzerland | 10.4% |
| France | 9.2% |
| Germany | 6.4% |
| Australia | 5.7% |
| Netherlands | 4.6% |
| Sweden | 3.8% |
| Spain | 3.3% |
| Other<sup>#</sup> | 14.2% |

---

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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 - BLK iShares Logo Footer](g839764images_5784.jpg)

iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF

Semi-Annual Shareholder Report — February 28, 2026

PABD-02/26-SAR

------

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

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

------

February 28, 2026

![](g839764imge88b2e081.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares ESG Advanced MSCI EAFE ETF \| DMXF \| NASDAQ |
| • iShares ESG Advanced MSCI EM ETF \| EMXF \| NASDAQ |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_a191b9ef-3bec-4eed-b408-b5743697294e_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_a191b9ef-3bec-4eed-b408-b5743697294e_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 17 |
| [Statements of Operations](#xx_a191b9ef-3bec-4eed-b408-b5743697294e_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 18 |
| [Statements of Changes in Net Assets](#xx_a191b9ef-3bec-4eed-b408-b5743697294e_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 19 |
| [Financial Highlights](#xx_a191b9ef-3bec-4eed-b408-b5743697294e_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 20 |
| [Notes to Financial Statements](#xx_a191b9ef-3bec-4eed-b408-b5743697294e_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 22 |
| [Additional Information](#xx_a191b9ef-3bec-4eed-b408-b5743697294e_SAI-Footer-iSharesReport-1134_1)  | &nbsp;&nbsp; 31 |
| [Glossary of Terms Used in these Financial Statements](#xx_a191b9ef-3bec-4eed-b408-b5743697294e_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 32 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® ESG Advanced MSCI EAFE ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 5.0%** | **Australia — 5.0%** | **Australia — 5.0%** |
| ASX Ltd. | &nbsp;&nbsp; 12974 | $488920 |
| Brambles Ltd. | &nbsp;&nbsp; 92608 | 1651582 |
| CAR Group Ltd. | &nbsp;&nbsp; 26373 | 497884 |
| Cochlear Ltd. | &nbsp;&nbsp; 4416 | 625326 |
| Computershare Ltd. | &nbsp;&nbsp; 35366 | 779782 |
| CSL Ltd. | &nbsp;&nbsp; 32949 | 3449318 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 137899 | 1636041 |
| Goodman Group | &nbsp;&nbsp; 138913 | 2857493 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 60759 | 805314 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 24608 | 3734519 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 92388 | 2025122 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 3865 | 356692 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 52025 | 368206 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 102416 | 1590457 |
| REA Group Ltd. | &nbsp;&nbsp; 3504 | 414549 |
| Scentre Group | &nbsp;&nbsp; 354571 | 963810 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 362101 | 729874 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 31222 | 529852 |
| Stockland | &nbsp;&nbsp; 163027 | 592864 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 73605 | 766114 |
| Transurban Group | &nbsp;&nbsp; 211678 | 2157994 |
| Vicinity Ltd. | &nbsp;&nbsp; 274621 | 478690 |
| Westpac Banking Corp. | &nbsp;&nbsp; 232598 | 7031219 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11184 | 660201 |
|  |  | 35191823 |
| **Austria — 0.5%** | **Austria — 0.5%** | **Austria — 0.5%** |
| BAWAG Group AG<sup>(b)</sup> | &nbsp;&nbsp; 5238 | 811276 |
| Erste Group Bank AG | &nbsp;&nbsp; 20927 | 2483913 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 8946 | 444437 |
|  |  | 3739626 |
| **Belgium — 1.4%** | **Belgium — 1.4%** | **Belgium — 1.4%** |
| Ageas SA/NV | &nbsp;&nbsp; 10062 | 746868 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 4218 | 3263166 |
| D'ieteren Group | &nbsp;&nbsp; 1484 | 320872 |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 3114 | 494764 |
| KBC Group NV | &nbsp;&nbsp; 15604 | 2113296 |
| Lotus Bakeries NV | &nbsp;&nbsp; 29 | 360678 |
| Sofina SA | &nbsp;&nbsp; 1113 | 330607 |
| UCB SA | &nbsp;&nbsp; 8594 | 2581495 |
|  |  | 10211746 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Wharf Holdings Ltd.(The) | &nbsp;&nbsp; 76000 | 251604 |
| **Denmark — 0.8%** | **Denmark — 0.8%** | **Denmark — 0.8%** |
| Demant A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 6674 | 208149 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 4146 | 1220692 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 23951 | 1424455 |
| Pandora A/S | &nbsp;&nbsp; 5281 | 417465 |
| Rockwool AS, Class B | &nbsp;&nbsp; 6744 | 223615 |
| Tryg A/S | &nbsp;&nbsp; 23337 | 577863 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 68643 | 1754810 |
|  |  | 5827049 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| Elisa OYJ | &nbsp;&nbsp; 9440 | 484877 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 19120 | 471154 |
| Kone OYJ, Class B | &nbsp;&nbsp; 23103 | 1741810 |
| Metso OYJ | &nbsp;&nbsp; 44731 | 929945 |
| Nokia OYJ | &nbsp;&nbsp; 360333 | 2765562 |
| Orion OYJ, Class B | &nbsp;&nbsp; 7639 | 611939 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Sampo OYJ, Class A | &nbsp;&nbsp; 164575 | $1823999 |
|  |  | 8829286 |
| **France — 8.6%** | **France — 8.6%** | **France — 8.6%** |
| Air Liquide SA | &nbsp;&nbsp; 39413 | 8287577 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 4361 | 416008 |
| AXA SA | &nbsp;&nbsp; 113758 | 5563004 |
| Ayvens SA<sup>(b)</sup> | &nbsp;&nbsp; 23995 | 304598 |
| BioMerieux | &nbsp;&nbsp; 2816 | 332828 |
| Bureau Veritas SA | &nbsp;&nbsp; 23138 | 804080 |
| Capgemini SE | &nbsp;&nbsp; 10482 | 1324682 |
| Covivio SA/France | &nbsp;&nbsp; 3915 | 286961 |
| Dassault Systemes SE | &nbsp;&nbsp; 45591 | 998386 |
| Eiffage SA | &nbsp;&nbsp; 4655 | 802720 |
| EssilorLuxottica SA | &nbsp;&nbsp; 20465 | 5416816 |
| Eurofins Scientific SE | &nbsp;&nbsp; 7922 | 638357 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 5177 | 855327 |
| Gecina SA | &nbsp;&nbsp; 3132 | 289155 |
| Getlink SE | &nbsp;&nbsp; 19899 | 432053 |
| Hermes International SCA | &nbsp;&nbsp; 2153 | 5174657 |
| Ipsen SA | &nbsp;&nbsp; 2650 | 517287 |
| Klepierre SA | &nbsp;&nbsp; 14524 | 611221 |
| Legrand SA | &nbsp;&nbsp; 17834 | 3230221 |
| Orange SA | &nbsp;&nbsp; 126608 | 2727459 |
| Publicis Groupe SA | &nbsp;&nbsp; 15557 | 1385274 |
| Rexel SA | &nbsp;&nbsp; 15175 | 657197 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 1954 | 422264 |
| Schneider Electric SE | &nbsp;&nbsp; 37296 | 12188698 |
| Societe Generale SA | &nbsp;&nbsp; 46951 | 4068801 |
| Sodexo SA | &nbsp;&nbsp; 5942 | 325248 |
| STMicroelectronics NV | &nbsp;&nbsp; 46022 | 1535527 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 8276 | 1036880 |
|  |  | 60633286 |
| **Germany — 7.6%** | **Germany — 7.6%** | **Germany — 7.6%** |
| adidas AG | &nbsp;&nbsp; 11632 | 2158143 |
| Allianz SE, Registered | &nbsp;&nbsp; 25879 | 11621669 |
| Beiersdorf AG | &nbsp;&nbsp; 6568 | 830825 |
| Commerzbank AG | &nbsp;&nbsp; 49784 | 2019718 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 4325 | 350239 |
| Deutsche Boerse AG | &nbsp;&nbsp; 12803 | 3498969 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 40805 | 435856 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 28713 | 1721245 |
| Hannover Rueck SE | &nbsp;&nbsp; 4099 | 1242088 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 7064 | 639772 |
| Hensoldt AG | &nbsp;&nbsp; 4449 | 390287 |
| Infineon Technologies AG | &nbsp;&nbsp; 88792 | 4785429 |
| Knorr-Bremse AG | &nbsp;&nbsp; 5044 | 660190 |
| LEG Immobilien SE | &nbsp;&nbsp; 5271 | 440958 |
| Merck KGaA | &nbsp;&nbsp; 8785 | 1331066 |
| MTU Aero Engines AG | &nbsp;&nbsp; 3659 | 1577164 |
| Nemetschek SE | &nbsp;&nbsp; 3784 | 301462 |
| Rational AG | &nbsp;&nbsp; 359 | 311149 |
| SAP SE | &nbsp;&nbsp; 71034 | 14270183 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 5098 | 433301 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 23002 | 1140890 |
| Symrise AG, Class A | &nbsp;&nbsp; 8962 | 818675 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 4342 | 546139 |
| Vonovia SE | &nbsp;&nbsp; 51433 | 1743964 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 15880 | 386038 |
|  |  | 53655419 |
| **Hong Kong — 3.2%** | **Hong Kong — 3.2%** | **Hong Kong — 3.2%** |
| AIA Group Ltd. | &nbsp;&nbsp; 716400 | 7902984 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 251500 | $1438518 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 3970 | 590895 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 258000 | 406700 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 81900 | 4375502 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 72300 | 625958 |
| Link REIT | &nbsp;&nbsp; 176500 | 872596 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 109000 | 519101 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 242000 | 394463 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 92000 | 392445 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 98500 | 1831178 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 23500 | 252436 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 100500 | 1627666 |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 565500 | 711266 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 117000 | 430714 |
|  |  | 22372422 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| AIB Group PLC | &nbsp;&nbsp; 145241 | 1507572 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 64805 | 1261837 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 11024 | 979544 |
|  |  | 3748953 |
| **Israel — 1.3%** | **Israel — 1.3%** | **Israel — 1.3%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 2974 | 427373 |
| Bank Hapoalim BM | &nbsp;&nbsp; 85005 | 2145366 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 101218 | 2450439 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5838 | 887785 |
| CyberArk Software Ltd., NVS | &nbsp;&nbsp; 3498 | 157410 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 83146 | 1006313 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 10574 | 792230 |
| Monday.com Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2925 | 212472 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4327 | 495519 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 15548 | 794941 |
|  |  | 9369848 |
| **Italy — 1.8%** | **Italy — 1.8%** | **Italy — 1.8%** |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 134348 | 1311101 |
| BPER Banca SpA | &nbsp;&nbsp; 100139 | 1410351 |
| Buzzi SpA | &nbsp;&nbsp; 5224 | 301181 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 41570 | 978312 |
| Generali | &nbsp;&nbsp; 57938 | 2467063 |
| Moncler SpA | &nbsp;&nbsp; 15877 | 1095246 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 30987 | 830140 |
| Prysmian SpA | &nbsp;&nbsp; 19119 | 2302901 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 805247 | 604225 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 98095 | 1180407 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 24110 | 599821 |
|  |  | 13080748 |
| **Japan — 29.5%** | **Japan — 29.5%** | **Japan — 29.5%** |
| Advantest Corp. | &nbsp;&nbsp; 52100 | 9022125 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 151400 | 2155393 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 61500 | 1956076 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 10300 | 224589 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 88200 | 1039475 |
| Asics Corp. | &nbsp;&nbsp; 47400 | 1452607 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 123000 | 2046905 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 39800 | 1079056 |
| Canon, Inc. | &nbsp;&nbsp; 58900 | 1780065 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 23200 | 526881 |
| Central Japan Railway Co. | &nbsp;&nbsp; 52500 | 1549571 |
| Chiba Bank Ltd.(The) | &nbsp;&nbsp; 37500 | 557769 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 45700 | 3081565 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 27500 | 571511 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 21800 | 899849 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 239100 | $2453488 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 122300 | 2408699 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 38100 | 1374895 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 90700 | 953193 |
| Denso Corp. | &nbsp;&nbsp; 118700 | 1703098 |
| Disco Corp. | &nbsp;&nbsp; 6200 | 2980994 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 17600 | 592531 |
| FANUC Corp. | &nbsp;&nbsp; 63400 | 2870759 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 76100 | 1564921 |
| Fujikura Ltd. | &nbsp;&nbsp; 17100 | 2919868 |
| Fujitsu Ltd. | &nbsp;&nbsp; 119800 | 2670690 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 15800 | 460852 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; 1200 | 339258 |
| Hoya Corp. | &nbsp;&nbsp; 23000 | 4154439 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 31500 | 417448 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 16300 | 991187 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 10000 | 206617 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 67100 | 913159 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 121500 | 2378612 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 120500 | 1569228 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 12600 | 411275 |
| Kajima Corp. | &nbsp;&nbsp; 28700 | 1312463 |
| Kao Corp. | &nbsp;&nbsp; 30900 | 1319473 |
| KDDI Corp. | &nbsp;&nbsp; 199300 | 3423477 |
| Keyence Corp. | &nbsp;&nbsp; 13200 | 5563160 |
| Kikkoman Corp. | &nbsp;&nbsp; 45200 | 434636 |
| Komatsu Ltd. | &nbsp;&nbsp; 64600 | 3100823 |
| Konami Group Corp. | &nbsp;&nbsp; 6800 | 907408 |
| Kubota Corp. | &nbsp;&nbsp; 66500 | 1351758 |
| Kyocera Corp. | &nbsp;&nbsp; 87300 | 1541861 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 16000 | 297410 |
| LY Corp. | &nbsp;&nbsp; 191900 | 474326 |
| Makita Corp. | &nbsp;&nbsp; 15300 | 592010 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 21600 | 358098 |
| Minebea Mitsumi, Inc. | &nbsp;&nbsp; 25300 | 542423 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 72300 | 2438192 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 61300 | 594106 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 766900 | 14236726 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 179700 | 2422324 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 169200 | 7548684 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 17000 | 226016 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 87500 | 2438310 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 113400 | 2965400 |
| NEC Corp. | &nbsp;&nbsp; 88100 | 2442421 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 25300 | 537419 |
| Nidec Corp. | &nbsp;&nbsp; 56400 | 886962 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 75100 | 4247609 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 542 | 504223 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 64800 | 479942 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 12200 | 468049 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 26600 | 532863 |
| Nitto Denko Corp. | &nbsp;&nbsp; 46100 | 1069079 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 25700 | 705109 |
| NTT, Inc. | &nbsp;&nbsp; 2031100 | 1987094 |
| Obayashi Corp. | &nbsp;&nbsp; 43200 | 1219576 |
| Oracle Corp./Japan | &nbsp;&nbsp; 2600 | 156955 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 73400 | 1322398 |
| Otsuka Corp. | &nbsp;&nbsp; 16000 | 322687 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 29500 | 2032854 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 128600 | 859423 |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 105900 | 562207 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 95600 | 4160060 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Renesas Electronics Corp. | &nbsp;&nbsp; 120800 | $2278143 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 141100 | 1721676 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 34400 | 785024 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 12500 | 458294 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 38000 | 812770 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 5500 | 801775 |
| Secom Co. Ltd. | &nbsp;&nbsp; 27000 | 1047530 |
| Seibu Holdings, Inc. | &nbsp;&nbsp; 14600 | 433417 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 24800 | 482953 |
| Sekisui House Ltd. | &nbsp;&nbsp; 40500 | 989421 |
| Shimadzu Corp. | &nbsp;&nbsp; 16500 | 459268 |
| Shimizu Corp. | &nbsp;&nbsp; 34100 | 762173 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 114700 | 4515918 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 51400 | 1213672 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 28100 | 593321 |
| SMC Corp. | &nbsp;&nbsp; 3900 | 1865577 |
| SoftBank Corp. | &nbsp;&nbsp; 1952300 | 2670361 |
| SoftBank Group Corp. | &nbsp;&nbsp; 252600 | 6468061 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 60300 | 2392378 |
| Sony Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 413200 | 422618 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 17000 | 1380707 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 249300 | 9407479 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 43200 | 1506336 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 41400 | 1399583 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 9100 | 286174 |
| Sysmex Corp. | &nbsp;&nbsp; 34200 | 322878 |
| T&D Holdings, Inc. | &nbsp;&nbsp; 31400 | 845679 |
| Taisei Corp. | &nbsp;&nbsp; 10000 | 1299361 |
| Terumo Corp. | &nbsp;&nbsp; 90600 | 1225862 |
| TIS, Inc. | &nbsp;&nbsp; 14800 | 305880 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 36500 | 365783 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 125000 | 5191455 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 30500 | 8581924 |
| Tokyu Corp. | &nbsp;&nbsp; 35000 | 447684 |
| Toppan Holdings, Inc. | &nbsp;&nbsp; 15800 | 541225 |
| Toray Industries, Inc. | &nbsp;&nbsp; 93700 | 802373 |
| Tsuruha Holdings, Inc. | &nbsp;&nbsp; 16300 | 273989 |
| Unicharm Corp. | &nbsp;&nbsp; 77300 | 528940 |
| West Japan Railway Co. | &nbsp;&nbsp; 27400 | 589418 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 63900 | 508131 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 69300 | 748242 |
| ZOZO, Inc. | &nbsp;&nbsp; 31500 | 228950 |
|  |  | 208827065 |
| **Netherlands — 9.7%** | **Netherlands — 9.7%** | **Netherlands — 9.7%** |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 39637 | 1327552 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 1735 | 2037458 |
| Aegon Ltd. | &nbsp;&nbsp; 85602 | 651461 |
| AerCap Holdings NV | &nbsp;&nbsp; 11390 | 1702122 |
| Akzo Nobel NV | &nbsp;&nbsp; 11519 | 809196 |
| ASM International NV | &nbsp;&nbsp; 3185 | 2686189 |
| ASML Holding NV | &nbsp;&nbsp; 26404 | 38402193 |
| ASR Nederland NV | &nbsp;&nbsp; 10621 | 771751 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 4947 | 1108561 |
| CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp; 14219 | 202883 |
| DSM-Firmenich AG | &nbsp;&nbsp; 11734 | 838039 |
| ING Groep NV | &nbsp;&nbsp; 198658 | 5731866 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 16837 | 302222 |
| JDE Peet's NV | &nbsp;&nbsp; 11930 | 447250 |
| Koninklijke KPN NV | &nbsp;&nbsp; 259315 | 1474106 |
| NN Group NV | &nbsp;&nbsp; 17891 | 1467376 |
| Prosus NV | &nbsp;&nbsp; 88940 | 4571553 |
| QIAGEN NV | &nbsp;&nbsp; 14380 | 714962 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Randstad NV | &nbsp;&nbsp; 7332 | $241751 |
| Universal Music Group NV | &nbsp;&nbsp; 74748 | 1683129 |
| Wolters Kluwer NV | &nbsp;&nbsp; 15805 | 1276815 |
|  |  | 68448435 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 117347 | 644778 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 40796 | 997348 |
| Infratil Ltd. | &nbsp;&nbsp; 64824 | 435800 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 89662 | 303985 |
|  |  | 2381911 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| DNB Bank ASA | &nbsp;&nbsp; 60262 | 1907558 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 13756 | 388664 |
| Mowi ASA | &nbsp;&nbsp; 32593 | 769958 |
| Orkla ASA | &nbsp;&nbsp; 47139 | 645335 |
| Salmar ASA | &nbsp;&nbsp; 4477 | 268507 |
| Yara International ASA | &nbsp;&nbsp; 11434 | 578814 |
|  |  | 4558836 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 23381 | 369377 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 19982 | 525147 |
|  |  | 894524 |
| **Singapore — 2.4%** | **Singapore — 2.4%** | **Singapore — 2.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 265499 | 563984 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 413739 | 800457 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 154500 | 373358 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 144720 | 6518939 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 161106 | 679867 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 230200 | 3895715 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 109600 | 621569 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 58100 | 834352 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 85200 | 2485919 |
|  |  | 16774160 |
| **Spain — 2.1%** | **Spain — 2.1%** | **Spain — 2.1%** |
| Acciona SA | &nbsp;&nbsp; 1679 | 487275 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 51878 | 1635101 |
| Amadeus IT Group SA | &nbsp;&nbsp; 31065 | 1921431 |
| Banco de Sabadell SA | &nbsp;&nbsp; 348262 | 1311216 |
| Bankinter SA | &nbsp;&nbsp; 47381 | 786209 |
| CaixaBank SA | &nbsp;&nbsp; 262814 | 3239254 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 32495 | 1234996 |
| Ferrovial SE | &nbsp;&nbsp; 34908 | 2601649 |
| Indra Sistemas SA | &nbsp;&nbsp; 5408 | 399578 |
| International Consolidated Airlines Group SA, Class DI | &nbsp;&nbsp; 78056 | 441446 |
| Mapfre SA | &nbsp;&nbsp; 67134 | 312044 |
| Redeia Corp. SA | &nbsp;&nbsp; 7817 | 145291 |
|  |  | 14515490 |
| **Sweden — 5.6%** | **Sweden — 5.6%** | **Sweden — 5.6%** |
| AddTech AB, Class B | &nbsp;&nbsp; 17474 | 645908 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 68128 | 2899876 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 28568 | 445727 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 19319 | 1531373 |
| Epiroc AB, Class A | &nbsp;&nbsp; 44809 | 1346085 |
| Epiroc AB, Class B | &nbsp;&nbsp; 26507 | 689180 |
| Essity AB, Class B | &nbsp;&nbsp; 40977 | 1301613 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 49154 | 369358 |
| Hexagon AB, Class B | &nbsp;&nbsp; 141122 | 1605437 |
| Holmen AB, Class B | &nbsp;&nbsp; 4879 | 192053 |
| Indutrade AB | &nbsp;&nbsp; 18189 | 471581 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 10705 | 272173 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Investor AB, Class B | &nbsp;&nbsp; 123841 | $5165600 |
| Lifco AB, Class B | &nbsp;&nbsp; 15670 | 555985 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 104923 | 428723 |
| Nordea Bank Abp | &nbsp;&nbsp; 210229 | 4068043 |
| Sagax AB, Class B | &nbsp;&nbsp; 15639 | 331011 |
| Sandvik AB | &nbsp;&nbsp; 72474 | 3194016 |
| Securitas AB, Class B | &nbsp;&nbsp; 34147 | 607667 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 102904 | 2187860 |
| Skanska AB, Class B | &nbsp;&nbsp; 22953 | 703667 |
| SKF AB, Class B | &nbsp;&nbsp; 22827 | 652503 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 10686 | 5502649 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 41973 | 569819 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 99124 | 1584724 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 13587 | 593704 |
| Tele2 AB, Class B | &nbsp;&nbsp; 36901 | 778765 |
| Telia Co. AB | &nbsp;&nbsp; 159588 | 819294 |
|  |  | 39514394 |
| **Switzerland — 11.0%** | **Switzerland — 11.0%** | **Switzerland — 11.0%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 106617 | 9929903 |
| Alcon AG | &nbsp;&nbsp; 33971 | 2944889 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 2062 | 315457 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 246 | 462374 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 662 | 659803 |
| Galderma Group AG | &nbsp;&nbsp; 10511 | 1983531 |
| Geberit AG, Registered | &nbsp;&nbsp; 2306 | 1939016 |
| Givaudan SA, Registered | &nbsp;&nbsp; 628 | 2522293 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 5407 | 1404087 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 14002 | 1190589 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 3368 | 783657 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 4774 | 3320520 |
| Novartis AG, Registered | &nbsp;&nbsp; 129328 | 21745435 |
| Partners Group Holding AG | &nbsp;&nbsp; 1543 | 1714660 |
| Sandoz Group AG | &nbsp;&nbsp; 28432 | 2504638 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 2769 | 1054245 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 1596 | 581816 |
| SGS SA | &nbsp;&nbsp; 11254 | 1421667 |
| Sika AG, Registered | &nbsp;&nbsp; 10363 | 2140508 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 3430 | 894219 |
| Straumann Holding AG | &nbsp;&nbsp; 7570 | 906323 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 1989 | 508869 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 1940 | 2221605 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 5546 | 1058286 |
| Swiss Re AG | &nbsp;&nbsp; 20308 | 3575004 |
| Swisscom AG, Registered | &nbsp;&nbsp; 1762 | 1652756 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 1835 | 1294198 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 9947 | 7503267 |
|  |  | 78233615 |
| **United Kingdom — 6.1%** | **United Kingdom — 6.1%** | **United Kingdom — 6.1%** |
| 3i Group PLC | &nbsp;&nbsp; 68133 | 3043902 |
| Admiral Group PLC | &nbsp;&nbsp; 17698 | 707026 |
| Airtel Africa PLC<sup>(b)</sup> | &nbsp;&nbsp; 62039 | 291069 |
| Antofagasta PLC | &nbsp;&nbsp; 26804 | 1539963 |
| Ashtead Group PLC | &nbsp;&nbsp; 29052 | 2080902 |
| Associated British Foods PLC | &nbsp;&nbsp; 21751 | 579280 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 56325 | 373094 |
| Aviva PLC | &nbsp;&nbsp; 207795 | 1914920 |
| Barratt Redrow PLC | &nbsp;&nbsp; 95424 | 467182 |
| Bunzl PLC | &nbsp;&nbsp; 21916 | 646650 |
| Coca-Cola HBC AG, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 14825 | 962310 |
| Compass Group PLC | &nbsp;&nbsp; 115378 | 3533275 |
| Endeavour Mining PLC | &nbsp;&nbsp; 13391 | 956760 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Halma PLC | &nbsp;&nbsp; 25825 | $1453163 |
| Informa PLC | &nbsp;&nbsp; 87976 | 993625 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 9841 | 1352353 |
| Intertek Group PLC | &nbsp;&nbsp; 10366 | 660522 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 162697 | 179231 |
| Kingfisher PLC | &nbsp;&nbsp; 115873 | 582844 |
| Land Securities Group PLC | &nbsp;&nbsp; 49531 | 430312 |
| Legal & General Group PLC | &nbsp;&nbsp; 387268 | 1414595 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 31179 | 3714774 |
| M&G PLC | &nbsp;&nbsp; 153223 | 654253 |
| Pearson PLC | &nbsp;&nbsp; 38611 | 496897 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 47761 | 493311 |
| Prudential PLC | &nbsp;&nbsp; 173188 | 2652633 |
| RELX PLC | &nbsp;&nbsp; 123867 | 4327092 |
| Rentokil Initial PLC | &nbsp;&nbsp; 171700 | 1060820 |
| Sage Group PLC(The) | &nbsp;&nbsp; 65486 | 720591 |
| Schroders PLC | &nbsp;&nbsp; 48444 | 381467 |
| Segro PLC | &nbsp;&nbsp; 87228 | 987453 |
| Severn Trent PLC | &nbsp;&nbsp; 18416 | 812871 |
| Smiths Group PLC | &nbsp;&nbsp; 22082 | 816380 |
| United Utilities Group PLC | &nbsp;&nbsp; 46349 | 868785 |
| Whitbread PLC | &nbsp;&nbsp; 11198 | 392061 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 44473 | 515303 |
|  |  | 43057669 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $539,346,845)** | **Total Common Stocks — 99.3%** <br>**(Cost: $539,346,845)** | 704117909 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 10964 | 1075443 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 1822 | 515719 |
|  |  | 1591162 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Telecom Italia SpA/Milano, Preference Shares, NVS | &nbsp;&nbsp; 410042 | 358522 |
| **Total Preferred Stocks — 0.3%** <br>**(Cost: $2,084,608)** | **Total Preferred Stocks — 0.3%** <br>**(Cost: $2,084,608)** | 1949684 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $541,431,453)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $541,431,453)** | 706067593 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 437510 | 437729 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 130000 | 130000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $567,729)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $567,729)** | 567729 |
| **Total Investments — 99.7%** <br>**(Cost: $541,999,182)** | **Total Investments — 99.7%** <br>**(Cost: $541,999,182)** | 706635322 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 2353449 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $708988771 |

---

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

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EAFE ETF**

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

<sup>(d)</sup> Affiliate of the Fund. <br> <sup>(e)</sup> Annualized 7-day yield as of period end.

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $505859 | $— | $(67989 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(141)<br>| $— | $437729 | 437510 | $2880 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 130000 |  |  |  |  | 130000 | 130000 | 4188 |  |
|  |  |  |  | $(141) | $— | $567729 |  | $7068 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | 51 | 03/12/26 | &nbsp;&nbsp; $1283 | $48165 |
| Euro STOXX 50 | 23 | 03/20/26 | &nbsp;&nbsp; 1672 | 34653 |
|  |  |  |  | $82818 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82818 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82818 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $649145 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $649145 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10556 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10556 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EAFE ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4108977 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $13830802 | &nbsp;&nbsp; $690287107 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $704117909 |
| Preferred Stocks | &nbsp;&nbsp; 358522 | &nbsp;&nbsp; 1591162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1949684 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 567729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 567729 |
|  | &nbsp;&nbsp; $14757053 | &nbsp;&nbsp; $691878269 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $706635322 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $34653 | &nbsp;&nbsp; $48165 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82818 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® ESG Advanced MSCI EM ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 2.8%** | **Brazil — 2.8%** | **Brazil — 2.8%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 132752 | $463525 |
| Banco Bradesco SA | &nbsp;&nbsp; 40299 | 144405 |
| Banco do Brasil SA | &nbsp;&nbsp; 43230 | 227260 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 17232 | 116572 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 7764 | 51008 |
| Equatorial SA | &nbsp;&nbsp; 30108 | 247313 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 23299 | 230695 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 25885 | 84070 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 85734 | 1284295 |
| Porto Seguro SA | &nbsp;&nbsp; 5146 | 52529 |
| Raia Drogasil SA | &nbsp;&nbsp; 33292 | 162872 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 20468 | 160901 |
| Rumo SA | &nbsp;&nbsp; 32767 | 102075 |
| Telefonica Brasil SA | &nbsp;&nbsp; 20169 | 169882 |
| TIM SA/Brazil | &nbsp;&nbsp; 21280 | 115812 |
| TOTVS SA | &nbsp;&nbsp; 13744 | 101448 |
| XP, Inc., Class A | &nbsp;&nbsp; 10081 | 217044 |
|  |  | 3931706 |
| **Chile — 0.7%** | **Chile — 0.7%** | **Chile — 0.7%** |
| Banco de Chile | &nbsp;&nbsp; 1146563 | 236481 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 2240 | 153467 |
| Banco Santander Chile | &nbsp;&nbsp; 1649245 | 141733 |
| Empresas CMPC SA | &nbsp;&nbsp; 29701 | 44019 |
| Falabella SA | &nbsp;&nbsp; 16013 | 118897 |
| Latam Airlines Group SA | &nbsp;&nbsp; 7982963 | 224332 |
| Plaza SA | &nbsp;&nbsp; 16597 | 77592 |
|  |  | 996521 |
| **China — 26.6%** | **China — 26.6%** | **China — 26.6%** |
| 360 Security Technology, Inc., Class A | &nbsp;&nbsp; 11000 | 19876 |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 3700 | 13191 |
| 3SBio, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 46000 | 129672 |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 19000 | 90314 |
| ACM Research Shanghai, Inc., Class A | &nbsp;&nbsp; 270 | 6760 |
| Advanced Micro-Fabrication Equipment, Inc./China, <br> Class A<br>| &nbsp;&nbsp; 481 | 24677 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 129200 | 120522 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 700000 | 473967 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 14500 | 22375 |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 19700 | 24160 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 150000 | 106617 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 6900 | 25714 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 31500 | 98709 |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 3300 | 26317 |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 970 | 13650 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 13700 | 15934 |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 56150 | 872197 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 34600 | 27182 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 58100 | 44704 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 1804000 | 1067515 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 82200 | 78458 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 222000 | 194288 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 12400 | 29370 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 30600 | 46162 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 18700 | 30663 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 10300 | 46975 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 23000 | 32451 |
| Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp; 5200 | 6162 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 678 | $29776 |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 2300 | 9381 |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 289 | 6017 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 2700 | 12109 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 21615 | 533596 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 6360 | 177537 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5100 | 56639 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 116000 | 71910 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 8300 | 10500 |
| China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp; 14700 | 15420 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 212000 | 195060 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 30000 | 37552 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 2434000 | 2476336 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 73700 | 34788 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 11300 | 24028 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 88500 | 111760 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 4400 | 22190 |
| China International Capital Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 45600 | 117519 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 7571 | 29736 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 3900 | 25254 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 188000 | 754185 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 79000 | 162790 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 31600 | 178336 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 98500 | 612739 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 32000 | 71498 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 12200 | 29487 |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 16200 | 23381 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 58172 | 32892 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 172500 | 89136 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 90000 | 78033 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 97500 | 178119 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 10100 | 60000 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 67000 | 306656 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 11000 | 9169 |
| China Resources Land Ltd. | &nbsp;&nbsp; 81500 | 329396 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 17400 | 105485 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 2800 | 11787 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 308000 | 79952 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17400 | 18627 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 32000 | 38006 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 47900 | 29039 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 3250 | 38161 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18900 | 13327 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 37400 | 141922 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 38220 | 16596 |
| Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 14160 | 13395 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp; 61000 | 45925 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 3700 | 9320 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 48600 | 81180 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 20300 | 80910 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 39000 | 139599 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 11703 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 6500 | 22575 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 2120 | 10201 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 204000 | 256797 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 24000 | 78713 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 800 | 8070 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 700 | $10285 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 3400 | 30821 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 66000 | 65223 |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 23700 | 24396 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 7100 | 37176 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 20100 | 162378 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 28400 | 147124 |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 32000 | 48766 |
| GoerTek, Inc., Class A | &nbsp;&nbsp; 5100 | 20133 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 6343 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp; 4300 | 23456 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 4124 | 15183 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3200 | 19711 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 9800 | 17932 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 22022 | 60734 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 48400 | 98563 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 7000 | 8481 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 17000 | 54936 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 11075 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 500 | 4344 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 38000 | 169175 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 15500 | 57665 |
| Horizon Robotics<sup>(a)</sup> | &nbsp;&nbsp; 126600 | 132799 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 12560 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 18741 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 11700 | 36412 |
| Huatai Securities Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 34600 | 73997 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 19400 | 18912 |
| Hundsun Technologies, Inc., Class A | &nbsp;&nbsp; 3578 | 15640 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 2812 | 26095 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 95800 | 96613 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 1647000 | 1354588 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 34200 | 91272 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 11460 | 11267 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 10200 | 38747 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 37000 | 402555 |
| Isoftstone Information Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1500 | 10823 |
| JD Health International, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 28350 | 205185 |
| JD Logistics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 52800 | 75055 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 60450 | 802515 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 78921 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1400 | 7896 |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 8964 | 144141 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 51729 | 285001 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 74000 | 94956 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 26000 | 86349 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 64700 | 513041 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 700 | 64366 |
| Li Auto, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 31638 | 277787 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 11400 | 25491 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 54000 | 68369 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 11000 | 80211 |
| Meitu, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 89000 | 64107 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 125900 | 1296392 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 12828 | 58159 |
| NetEase, Inc. | &nbsp;&nbsp; 44075 | 992797 |
| New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 34200 | 188089 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 2100 | 8055 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 51000 | $307694 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 1500 | 26829 |
| Orient Securities Co. Ltd./China, Class A | &nbsp;&nbsp; 10500 | 15456 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 17800 | 22212 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 220000 | 179713 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 2100 | 9051 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 174000 | 359022 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 28200 | 44787 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 16100 | 147871 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 169500 | 1466283 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16900 | 16739 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13600 | 400152 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 50200 | 36358 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 227000 | 142841 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 14000 | 47181 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 5600 | 19058 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 2300 | 35942 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 8200 | 45229 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 780 | 7821 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 66000 | 42943 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 21383 | 28306 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3300 | 12716 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp; 5400 | 13523 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp; 47600 | 67403 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3400 | 14076 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 17200 | 15761 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 16499 | 20224 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | &nbsp;&nbsp; 1368 | 26006 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 3800 | 38232 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 38300 | 27941 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 2300 | 24404 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1900 | 51433 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 1300 | 9921 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 20900 | 168079 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 2200 | 9782 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 1300 | 64101 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 260000 | 200494 |
| Sinolink Securities Co. Ltd., Class A | &nbsp;&nbsp; 6300 | 8373 |
| Sinoma Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 17683 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 17000 | 89493 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 6300 | 8522 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 3100 | 65085 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 18000 | 133108 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 3200 | 12136 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2700 | 33472 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 9667 | 101794 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 6500 | 9758 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 100500 | 6612280 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 13918 | 203203 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 32800 | 86407 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 15650 | 812205 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 7022 | $122323 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 129000 | 80796 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 11100 | 45002 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 50000 | 208065 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 3700 | 18668 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2900 | 14160 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 3960 | 56571 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 9640 | 146299 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 88500 | 454379 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 76747 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 2516 | 25719 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 435200 | 1924851 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 112000 | 49345 |
| XPeng, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 31636 | 277338 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 30000 | 43661 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 1400 | 7657 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5600 | 11600 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 3140 | 25656 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1100 | 26172 |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9000 | 19509 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1700 | 13788 |
| Zhejiang Leapmotor Technology Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 12300 | 64149 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 19270 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | &nbsp;&nbsp; 3100 | 23049 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 1700 | 131587 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 6200 | 5788 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | &nbsp;&nbsp; 165 | 1426 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 12000 | 67939 |
| ZTE Corp., Class A | &nbsp;&nbsp; 6100 | 34294 |
| ZTE Corp., Class H | &nbsp;&nbsp; 18800 | 65139 |
|  |  | 37124651 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Grupo Cibest SA | &nbsp;&nbsp; 6565 | 143513 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 11148 | 81709 |
|  |  | 225222 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Komercni Banka AS | &nbsp;&nbsp; 1927 | 110459 |
| Moneta Money Bank AS<sup>(b)</sup> | &nbsp;&nbsp; 6202 | 59666 |
|  |  | 170125 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Commercial International Bank - Egypt(CIB) | &nbsp;&nbsp; 64287 | 178985 |
| **Greece — 0.9%** | **Greece — 0.9%** | **Greece — 0.9%** |
| Alpha Bank SA | &nbsp;&nbsp; 41381 | 182011 |
| Eurobank SA | &nbsp;&nbsp; 64357 | 298196 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 4000 | 83089 |
| Jumbo SA | &nbsp;&nbsp; 2917 | 85548 |
| National Bank of Greece SA | &nbsp;&nbsp; 22028 | 358322 |
| Piraeus Bank SA | &nbsp;&nbsp; 28109 | 269694 |
|  |  | 1276860 |
| **Hungary — 0.6%** | **Hungary — 0.6%** | **Hungary — 0.6%** |
| OTP Bank Nyrt | &nbsp;&nbsp; 5581 | 688095 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 3512 | 131489 |
|  |  | 819584 |
| **India — 12.5%** | **India — 12.5%** | **India — 12.5%** |
| ABB India Ltd. | &nbsp;&nbsp; 1295 | 86505 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 4493 | 110483 |
| Asian Paints Ltd. | &nbsp;&nbsp; 9673 | 253126 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13769 | $144979 |
| Axis Bank Ltd. | &nbsp;&nbsp; 58034 | 883959 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 1696 | 186071 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 70712 | 775507 |
| Bank of Baroda | &nbsp;&nbsp; 25763 | 91268 |
| Bosch Ltd. | &nbsp;&nbsp; 181 | 72495 |
| Canara Bank | &nbsp;&nbsp; 46235 | 80043 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 10643 | 202781 |
| Cipla Ltd./India | &nbsp;&nbsp; 14186 | 210662 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 3045 | 75510 |
| Cummins India Ltd. | &nbsp;&nbsp; 3501 | 188798 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 2999 | 211676 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 13560 | 192413 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 3458 | 304711 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 61486 | 166389 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 12409 | 128831 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 28808 | 84428 |
| GMR Airports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 66866 | 74086 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3788 | 72138 |
| Havells India Ltd. | &nbsp;&nbsp; 5693 | 87426 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 24079 | 368565 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 287779 | 2813040 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 24672 | 194112 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 20807 | 534968 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6181 | 129361 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9194 | 66197 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 88569 | 71596 |
| Indian Hotels Co. Ltd. (The), Class A | &nbsp;&nbsp; 21933 | 161060 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14555 | 153154 |
| Info Edge India Ltd. | &nbsp;&nbsp; 9201 | 104219 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4819 | 256409 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 138108 | 631177 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7573 | 82413 |
| Lupin Ltd. | &nbsp;&nbsp; 6321 | 160662 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 23602 | 882158 |
| Marico Ltd. | &nbsp;&nbsp; 13183 | 114311 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 19669 | 236754 |
| Mphasis Ltd. | &nbsp;&nbsp; 3105 | 78491 |
| Nestle India Ltd. | &nbsp;&nbsp; 17092 | 242871 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 3198 | 53599 |
| One 97 Communications Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 9746 | 117847 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 596 | 45611 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8850 | 144210 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 2817 | 147010 |
| Phoenix Mills Ltd.(The) | &nbsp;&nbsp; 4985 | 91011 |
| PI Industries Ltd. | &nbsp;&nbsp; 2008 | 68904 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 7460 | 122454 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 116535 | 383193 |
| Punjab National Bank | &nbsp;&nbsp; 60293 | 85863 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 7154 | 61016 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11469 | 257004 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 35704 | 424509 |
| State Bank of India | &nbsp;&nbsp; 46620 | 616396 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 1677 | 101720 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 1638 | 71691 |
| Swiggy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 35240 | 117141 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 22883 | 665055 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 15130 | 189847 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 13693 | 204911 |
| Titan Co. Ltd. | &nbsp;&nbsp; 8987 | 428109 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 2980 | 142139 |
| Trent Ltd. | &nbsp;&nbsp; 4595 | 197440 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 2547 | $77063 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 6034 | 256995 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 37250 | 82916 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 34311 | 170523 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 55623 | 72293 |
| Voltas Ltd. | &nbsp;&nbsp; 5313 | 91196 |
|  |  | 17453469 |
| **Indonesia — 1.2%** | **Indonesia — 1.2%** | **Indonesia — 1.2%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 1401900 | 598597 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 943500 | 296138 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 375600 | 98446 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 1723947 | 401196 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 22436300 | 81623 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 1250300 | 264006 |
|  |  | 1740006 |
| **Kuwait — 1.2%** | **Kuwait — 1.2%** | **Kuwait — 1.2%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 37390 | 82777 |
| Gulf Bank KSCP | &nbsp;&nbsp; 48567 | 53682 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 279499 | 732694 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 16236 | 51879 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 48347 | 85439 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 209525 | 643485 |
| Warba Bank KSCP<sup>(a)</sup> | &nbsp;&nbsp; 55682 | 52426 |
|  |  | 1702382 |
| **Malaysia — 1.9%** | **Malaysia — 1.9%** | **Malaysia — 1.9%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 63500 | 104883 |
| Axiata Group Bhd | &nbsp;&nbsp; 77500 | 45373 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 95400 | 78213 |
| CIMB Group Holdings Bhd<sup>(c)</sup> | &nbsp;&nbsp; 205100 | 423512 |
| Gamuda Bhd | &nbsp;&nbsp; 118400 | 127367 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 16600 | 99290 |
| IHH Healthcare Bhd<sup>(c)</sup> | &nbsp;&nbsp; 56100 | 131168 |
| IOI Corp. Bhd | &nbsp;&nbsp; 42100 | 42808 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 13500 | 65921 |
| Malayan Banking Bhd | &nbsp;&nbsp; 153600 | 471952 |
| Maxis Bhd | &nbsp;&nbsp; 57400 | 57224 |
| MR DIY Group M Bhd<sup>(b)</sup> | &nbsp;&nbsp; 85600 | 39379 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 1900 | 53665 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 93500 | 171216 |
| Public Bank Bhd | &nbsp;&nbsp; 369900 | 468378 |
| RHB Bank Bhd | &nbsp;&nbsp; 44600 | 96242 |
| SD Guthrie Bhd | &nbsp;&nbsp; 54800 | 80982 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 29900 | 57238 |
|  |  | 2614811 |
| **Mexico — 2.5%** | **Mexico — 2.5%** | **Mexico — 2.5%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 455721 | 592474 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 13058 | 157163 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 382838 | 479270 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 12346 | 137238 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 72140 | 125330 |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 7253 | 110800 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 9789 | 255439 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 4554 | 163700 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 32989 | 119682 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 64025 | 730105 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 37662 | 94538 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 26629 | 130779 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 131431 | 425384 |
|  |  | 3521902 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Credicorp Ltd. | &nbsp;&nbsp; 1676 | $580533 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| Ayala Land, Inc. | &nbsp;&nbsp; 166000 | 60154 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 46890 | 94325 |
| BDO Unibank, Inc. | &nbsp;&nbsp; 62171 | 147852 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 12320 | 45758 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 46710 | 62372 |
| SM Investments Corp. | &nbsp;&nbsp; 5870 | 71765 |
|  |  | 482226 |
| **Poland — 1.3%** | **Poland — 1.3%** | **Poland — 1.3%** |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 20089 | 156332 |
| Asseco Poland SA | &nbsp;&nbsp; 1366 | 67497 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 4647 | 294437 |
| Budimex SA | &nbsp;&nbsp; 325 | 73298 |
| CD Projekt SA | &nbsp;&nbsp; 1646 | 111781 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 3526 | 332509 |
| LPP SA | &nbsp;&nbsp; 28 | 162024 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 377 | 109570 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 15387 | 291519 |
| Santander Bank Polska SA | &nbsp;&nbsp; 1031 | 171235 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 10219 | 63946 |
|  |  | 1834148 |
| **Qatar — 0.8%** | **Qatar — 0.8%** | **Qatar — 0.8%** |
| Al Rayan Bank | &nbsp;&nbsp; 144525 | 92135 |
| Commercial Bank PSQC(The) | &nbsp;&nbsp; 80669 | 107345 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 44417 | 288664 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 116656 | 617727 |
|  |  | 1105871 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 12190 | 2 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 11 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 3290 |  |
| TCS Group Holding PLC, GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 1183 |  |
| VK Co. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 1337 |  |
|  |  | 2 |
| **Saudi Arabia — 3.7%** | **Saudi Arabia — 3.7%** | **Saudi Arabia — 3.7%** |
| Al Rajhi Bank | &nbsp;&nbsp; 49603 | 1330259 |
| Alinma Bank | &nbsp;&nbsp; 30733 | 228277 |
| Arab National Bank | &nbsp;&nbsp; 19545 | 107220 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 656 | 32655 |
| Bank AlBilad | &nbsp;&nbsp; 18390 | 124997 |
| Banque Saudi Fransi | &nbsp;&nbsp; 31475 | 166240 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 2067 | 97888 |
| Co. for Cooperative Insurance(The) | &nbsp;&nbsp; 1705 | 61592 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 2248 | 138444 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 9682 | 165729 |
| Jarir Marketing Co. | &nbsp;&nbsp; 15743 | 58694 |
| Riyad Bank | &nbsp;&nbsp; 37260 | 274945 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 34394 | 642219 |
| Saudi Awwal Bank | &nbsp;&nbsp; 25801 | 234902 |
| Saudi Investment Bank(The) | &nbsp;&nbsp; 16876 | 60739 |
| Saudi National Bank(The) | &nbsp;&nbsp; 74534 | 828222 |
| Saudi Telecom Co. | &nbsp;&nbsp; 50541 | 563027 |
|  |  | 5116049 |
| **South Africa — 3.2%** | **South Africa — 3.2%** | **South Africa — 3.2%** |
| Bid Corp. Ltd. | &nbsp;&nbsp; 8452 | 223002 |
| Bidvest Group Ltd.(The) | &nbsp;&nbsp; 8276 | 131090 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 2199 | 655257 |
| Clicks Group Ltd. | &nbsp;&nbsp; 5887 | 117794 |
| Discovery Ltd. | &nbsp;&nbsp; 14600 | 239633 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Naspers Ltd., Class N | &nbsp;&nbsp; 19809 | $1102384 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 15880 | 147633 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 9089 | 248801 |
| Pepkor Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 88773 | 147801 |
| Sanlam Ltd. | &nbsp;&nbsp; 45520 | 304034 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 12009 | 199489 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 6697 | 786308 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 15481 | 158215 |
|  |  | 4461441 |
| **South Korea — 13.4%** | **South Korea — 13.4%** | **South Korea — 13.4%** |
| Amorepacific Corp. | &nbsp;&nbsp; 729 | 76647 |
| Celltrion, Inc. | &nbsp;&nbsp; 3777 | 625326 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 1159 | 147245 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 185 | 164611 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11336 | 837790 |
| Hanjin Kal Corp.<sup>(a)</sup> | &nbsp;&nbsp; 585 | 63406 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 592 | 432193 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 593 | 159429 |
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 1967 | 225279 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 944 | 190075 |
| Industrial Bank of Korea | &nbsp;&nbsp; 7049 | 126240 |
| KakaoBank Corp. | &nbsp;&nbsp; 4182 | 78806 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 9161 | 1011082 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 1057 | 190063 |
| Korean Air Lines Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4813 | 93792 |
| Krafton, Inc. | &nbsp;&nbsp; 715 | 123472 |
| LG Corp. | &nbsp;&nbsp; 2318 | 173454 |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1180 | 350688 |
| LG Uplus Corp. | &nbsp;&nbsp; 3290 | 37851 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 379 | 207547 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 5019 | 251589 |
| NH Investment & Securities Co. Ltd., Class C | &nbsp;&nbsp; 3580 | 88473 |
| POSCO Future M Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 899 | 154320 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 291 | 359031 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 1418 | 443181 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 756 | 278540 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 2027 | 324491 |
| Samsung SDI Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1526 | 494721 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 1086 | 147173 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 11048 | 743050 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 770 | 64105 |
| SK Hynix, Inc. | &nbsp;&nbsp; 11264 | 8328511 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2339 | 1049785 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 2134 | 117954 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 16598 | 415358 |
| Yuhan Corp. | &nbsp;&nbsp; 1408 | 107767 |
|  |  | 18683045 |
| **Taiwan — 18.5%** | **Taiwan — 18.5%** | **Taiwan — 18.5%** |
| Accton Technology Corp. | &nbsp;&nbsp; 13000 | 572069 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 11599 | 123012 |
| Airtac International Group | &nbsp;&nbsp; 4000 | 153047 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 84000 | 1012164 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 8000 | 439892 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 1000 | 308663 |
| Asustek Computer, Inc. | &nbsp;&nbsp; 18000 | 304166 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25000 | 128861 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 241080 | 611377 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 38613 | 127909 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 177705 | 122720 |
| China Airlines Ltd. | &nbsp;&nbsp; 73000 | 48784 |
| China Steel Corp. | &nbsp;&nbsp; 299000 | 197822 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Chroma ATE, Inc. | &nbsp;&nbsp; 10000 | $434540 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 96000 | 413133 |
| Compal Electronics, Inc. | &nbsp;&nbsp; 111000 | 111357 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 422000 | 750678 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 49000 | 2209597 |
| E Ink Holdings, Inc. | &nbsp;&nbsp; 22000 | 130216 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 366155 | 411779 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 2000 | 159057 |
| Eva Airways Corp. | &nbsp;&nbsp; 67000 | 81121 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 27000 | 169445 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 81000 | 74507 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 44000 | 129311 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 289186 | 275678 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 4400 | 148418 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 212496 | 637312 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 13000 | 98507 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 8100 | 151319 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 227398 | 276156 |
| Innolux Corp. | &nbsp;&nbsp; 191861 | 162822 |
| International Games System Co. Ltd., Class C | &nbsp;&nbsp; 6000 | 132751 |
| Inventec Corp. | &nbsp;&nbsp; 67000 | 98139 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 407190 | 284503 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 1000 | 107615 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 50000 | 272922 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 2000 | 112332 |
| MediaTek, Inc. | &nbsp;&nbsp; 38000 | 2340783 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 298960 | 384596 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 14000 | 174813 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 7768 | 179411 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 12000 | 183659 |
| Shanghai Commercial & Savings Bank Ltd.(The) | &nbsp;&nbsp; 97225 | 124209 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 309066 | 326021 |
| Taiwan Business Bank | &nbsp;&nbsp; 180516 | 94586 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 275120 | 210024 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 47000 | 40676 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 44000 | 151243 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 113000 | 7050992 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 32000 | 83550 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 531306 | 432518 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 122000 | 282082 |
| United Microelectronics Corp. | &nbsp;&nbsp; 285000 | 589624 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 28000 | 118703 |
| Wistron Corp. | &nbsp;&nbsp; 76000 | 324681 |
| Yageo Corp. | &nbsp;&nbsp; 41380 | 387615 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 267820 | 417359 |
|  |  | 25880846 |
| **Thailand — 1.7%** | **Thailand — 1.7%** | **Thailand — 1.7%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 26200 | 320156 |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 108200 | 189603 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 280200 | 195122 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 15700 | 107323 |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 51300 | 115358 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 136500 | 227266 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 78800 | 705718 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 14800 | 95673 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 87300 | 96134 |
| Minor International PCL, NVDR | &nbsp;&nbsp; 79400 | 66396 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 21100 | 100745 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 629100 | 47730 |
| True Corp. PCL, NVDR | &nbsp;&nbsp; 261000 | 121635 |
|  |  | 2388859 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey — 0.3%** | **Turkey — 0.3%** | **Turkey — 0.3%** |
| Akbank TAS | &nbsp;&nbsp; 78768 | $161960 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 13756 | 96422 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 30115 | 79554 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 88605 | 87516 |
|  |  | 425452 |
| **United Arab Emirates — 2.5%** | **United Arab Emirates — 2.5%** | **United Arab Emirates — 2.5%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 79893 | 329701 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 36576 | 253985 |
| Air Arabia PJSC | &nbsp;&nbsp; 54766 | 80690 |
| Aldar Properties PJSC | &nbsp;&nbsp; 97020 | 285281 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 72758 | 164328 |
| Emaar Properties PJSC | &nbsp;&nbsp; 167302 | 738373 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 47771 | 429192 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 87163 | 481253 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 111362 | 594852 |
| Salik Co. PJSC | &nbsp;&nbsp; 46511 | 81042 |
|  |  | 3438697 |
| **Total Common Stocks — 97.4%** <br>**(Cost: $94,618,703)** | **Total Common Stocks — 97.4%** <br>**(Cost: $94,618,703)** | 136153393 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.7%** | **Brazil — 1.7%** | **Brazil — 1.7%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 133828 | 552124 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 32079 | 131345 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 137064 | 1250727 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 148150 | 412387 |
|  |  | 2346583 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 3602 | 274899 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 11452 | 194183 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., 6.00% | &nbsp;&nbsp; 24188 | $2659 |
| **Total Preferred Stocks — 2.0%** <br>**(Cost: $1,596,449)** | **Total Preferred Stocks — 2.0%** <br>**(Cost: $1,596,449)** | 2818324 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $96,215,152)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $96,215,152)** | 138971717 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 157554 | 157633 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 830000 | 830000 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $987,617)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $987,617)** | 987633 |
| **Total Investments — 100.1%** <br>**(Cost: $97,202,769)** | **Total Investments — 100.1%** <br>**(Cost: $97,202,769)** | 139959350 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (198153)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $139761197 |

---

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1339659 | $— | &nbsp;&nbsp; $(1182045 )<sup>(a)</sup><br>| $3 | $16 | $157633 | 157554 | $5408 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 410000 | 420000 <br><sup>(a)</sup><br>|  |  |  | 830000 | 830000 | 12449 |  |
|  |  |  |  | $3 | $16 | $987633 |  | $17857 | $— |

---

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EM ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 9 | 03/20/26 | &nbsp;&nbsp; $722 | $31864 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31864 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31864 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18129 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31322 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $395273 |

---

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $17802001 | &nbsp;&nbsp; $118351390 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $136153393 |
| Preferred Stocks | &nbsp;&nbsp; 2540766 | &nbsp;&nbsp; 277558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2818324 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 987633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 987633 |
|  | &nbsp;&nbsp; $21330400 | &nbsp;&nbsp; $118628948 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $139959350 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $31864 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31864 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>ESG <br> Advanced <br> MSCI EAFE <br> ETF <br>| &nbsp;&nbsp; iShares <br>ESG <br> Advanced <br> MSCI EM <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $706067593 | $138971717 |
| Investments, at value—affiliated<sup>(c)</sup> | 567729 | 987633 |
| Cash | 5513 | 264795 |
| Cash pledged for futures contracts | 185000 | 15000 |
| Foreign currency, at value<sup>(d)</sup> | 1077756 | 279329 |
| Receivables: |  |  |
| Investments sold | 15575725 | 11642669 |
| Securities lending income—affiliated | 255 | 887 |
| Loans |  | 130000 |
| Dividends—unaffiliated | 286408 | 181138 |
| Dividends—affiliated | 703 | 2536 |
| Tax reclaims | 1542683 | 19004 |
| Variation margin on futures contracts | 14673 |  |
| Total assets | 725324038 | 152494708 |
| **LIABILITIES** |  |  |
| Bank borrowings |  | 130000 |
| Collateral on securities loaned, at value | 437729 | 157677 |
| Payables: |  |  |
| Investments purchased | 15798354 | 11728171 |
| Deferred foreign capital gain tax |  | 569417 |
| Interest expense |  | 34 |
| Investment advisory fees | 64067 | 16857 |
| Professional fees | 35117 |  |
| Due to custodian |  | 130000 |
| Variation margin on futures contracts |  | 1355 |
| Total liabilities | 16335267 | 12733511 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $708988771 | $139761197 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $541980637 | $104018451 |
| Accumulated earnings | 167008134 | 35742746 |
| NET ASSETS | $708988771 | $139761197 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 8600000 | 2700000 |
| Net asset value | $82.44 | $51.76 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $541431453 | $96215152 |
| <sup>(b)</sup> Securities loaned, at value | $416352 | $149503 |
| <sup>(c)</sup> Investments, at cost—affiliated | $567729 | $987617 |
| <sup>(d)</sup> Foreign currency, at cost | $1079485 | $278975 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>ESG <br> Advanced <br> MSCI EAFE <br> ETF <br>| &nbsp;&nbsp; iShares <br>ESG <br> Advanced <br> MSCI EM <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $4018824 | &nbsp;&nbsp;&nbsp; $1100769 |
| Dividends—affiliated | &nbsp;&nbsp; 4188 | &nbsp;&nbsp;&nbsp; 12449 |
| Interest—unaffiliated | &nbsp;&nbsp; 4476 | &nbsp;&nbsp;&nbsp; 1193 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 2880 | &nbsp;&nbsp;&nbsp; 5408 |
| Foreign taxes withheld | &nbsp;&nbsp; (319489)<br>| &nbsp;&nbsp;&nbsp; (117207)<br>|
| Total investment income | &nbsp;&nbsp; 3710879 | &nbsp;&nbsp;&nbsp; 1002612 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 410734 | &nbsp;&nbsp;&nbsp; 97478 |
| Professional | &nbsp;&nbsp; 30682 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 981 |
| Commitment costs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 949 |
| Total expenses | &nbsp;&nbsp; 441510 | &nbsp;&nbsp;&nbsp; 99408 |
| Net investment income | &nbsp;&nbsp; 3269369 | &nbsp;&nbsp;&nbsp; 903204 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (721378)<br>| &nbsp;&nbsp;&nbsp; 2692812 |
| Investments—affiliated | &nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; 3 |
| Foreign currency transactions | &nbsp;&nbsp; 25615 | &nbsp;&nbsp;&nbsp; (3263)<br>|
| Futures contracts | &nbsp;&nbsp; 649145 | &nbsp;&nbsp;&nbsp; 18129 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 56880713 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 56833954 | &nbsp;&nbsp;&nbsp; 2707681 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 38925329 | &nbsp;&nbsp;&nbsp; 22002092 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 |
| Foreign currency translations | &nbsp;&nbsp; 26451 | &nbsp;&nbsp;&nbsp; (2543)<br>|
| Futures contracts | &nbsp;&nbsp; 10556 | &nbsp;&nbsp;&nbsp; 31322 |
|  | &nbsp;&nbsp; 38962336 | &nbsp;&nbsp;&nbsp; 22030887 |
| Net realized and unrealized gain | &nbsp;&nbsp; 95796290 | &nbsp;&nbsp;&nbsp; 24738568 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $99065659 | &nbsp;&nbsp;&nbsp; $25641772 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4415)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(125867)<br>|

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>ESG Advanced MSCI EAFE ETF  | iShares <br>ESG Advanced MSCI EAFE ETF  | iShares <br>ESG Advanced MSCI EM ETF  | iShares <br>ESG Advanced MSCI EM ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3269369 | &nbsp;&nbsp;&nbsp; $19097267 | &nbsp;&nbsp;&nbsp; $903204 | &nbsp;&nbsp;&nbsp; $2620796 |
| Net realized gain (loss) | &nbsp;&nbsp; 56833954 | &nbsp;&nbsp;&nbsp; 12457990 | &nbsp;&nbsp;&nbsp; 2707681 | &nbsp;&nbsp;&nbsp; (1118731)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 38962336 | &nbsp;&nbsp;&nbsp; 22815554 | &nbsp;&nbsp;&nbsp; 22030887 | &nbsp;&nbsp;&nbsp; 13451767 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 99065659 | &nbsp;&nbsp;&nbsp; 54370811 | &nbsp;&nbsp;&nbsp; 25641772 | &nbsp;&nbsp;&nbsp; 14953832 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (21537247 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (23068071)<br>| &nbsp;&nbsp;&nbsp; (2773061 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2989017)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (189991238)<br>| &nbsp;&nbsp;&nbsp; 82081264 | &nbsp;&nbsp;&nbsp; 9169395 | &nbsp;&nbsp;&nbsp; 16208182 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (112462826)<br>| &nbsp;&nbsp;&nbsp; 113384004 | &nbsp;&nbsp;&nbsp; 32038106 | &nbsp;&nbsp;&nbsp; 28172997 |
| Beginning of period | &nbsp;&nbsp; 821451597 | &nbsp;&nbsp;&nbsp; 708067593 | &nbsp;&nbsp;&nbsp; 107723091 | &nbsp;&nbsp;&nbsp; 79550094 |
| End of period | &nbsp;&nbsp; $708988771 | &nbsp;&nbsp;&nbsp; $821451597 | &nbsp;&nbsp;&nbsp; $139761197 | &nbsp;&nbsp;&nbsp; $107723091 |

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Advanced MSCI EAFE ETF  | iShares ESG Advanced MSCI EAFE ETF  | iShares ESG Advanced MSCI EAFE ETF  | iShares ESG Advanced MSCI EAFE ETF  | iShares ESG Advanced MSCI EAFE ETF  | iShares ESG Advanced MSCI EAFE ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $74.00 | &nbsp;&nbsp;&nbsp; $71.52 | &nbsp;&nbsp;&nbsp; $59.48 | &nbsp;&nbsp;&nbsp; $51.37 | &nbsp;&nbsp;&nbsp; $70.24 | &nbsp;&nbsp;&nbsp; $55.79 |
| Net investment income<sup>(a)</sup> | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 10.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp; (18.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.91 |
| Net increase (decrease) from investment operations | 10.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp; (17.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.27 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.50 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $82.44 | &nbsp;&nbsp;&nbsp; $74.00 | &nbsp;&nbsp;&nbsp; $71.52 | &nbsp;&nbsp;&nbsp; $59.48 | &nbsp;&nbsp;&nbsp; $51.37 | &nbsp;&nbsp;&nbsp; $70.24 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 15.16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.47 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.17<br> %<br>| &nbsp;&nbsp;&nbsp; (24.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.47<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.12 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Net investment income | 0.96 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $708989 | &nbsp;&nbsp;&nbsp; $821452 | &nbsp;&nbsp;&nbsp; $708068 | &nbsp;&nbsp;&nbsp; $475876 | &nbsp;&nbsp;&nbsp; $354432 | &nbsp;&nbsp;&nbsp; $245846 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.02%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Advanced MSCI EM ETF  | iShares ESG Advanced MSCI EM ETF  | iShares ESG Advanced MSCI EM ETF  | iShares ESG Advanced MSCI EM ETF  | iShares ESG Advanced MSCI EM ETF  | iShares ESG Advanced MSCI EM ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Period From <br>10/06/20<sup>(a)</sup> <br>to 08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $43.09 | &nbsp;&nbsp;&nbsp; $37.88 | &nbsp;&nbsp;&nbsp; $34.97 | &nbsp;&nbsp;&nbsp; $35.47 | &nbsp;&nbsp;&nbsp; $45.17 | &nbsp;&nbsp;&nbsp; $35.39 |
| Net investment income<sup>(b)</sup> | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 9.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.42 |
| Net increase (decrease) from investment operations | 9.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (8.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.13 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.07 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $51.76 | &nbsp;&nbsp;&nbsp; $43.09 | &nbsp;&nbsp;&nbsp; $37.88 | &nbsp;&nbsp;&nbsp; $34.97 | &nbsp;&nbsp;&nbsp; $35.47 | &nbsp;&nbsp;&nbsp; $45.17 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 22.99 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp; (19.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.74 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.16 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16 %<sup>(i)</sup><br>|
| Net investment income | 1.48 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $139761 | &nbsp;&nbsp;&nbsp; $107723 | &nbsp;&nbsp;&nbsp; $79550 | &nbsp;&nbsp;&nbsp; $55955 | &nbsp;&nbsp;&nbsp; $35468 | &nbsp;&nbsp;&nbsp; $13550 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

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

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

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> ESG Advanced MSCI EAFE Diversified <br> ESG Advanced MSCI EM Diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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

**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.

Notes to Financial Statements

------

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

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

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

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

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

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| ESG Advanced MSCI EAFE |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $206059 | &nbsp;&nbsp;&nbsp; $(206059) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Morgan Stanley | &nbsp;&nbsp; 210293 | &nbsp;&nbsp;&nbsp; (210293) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $416352 | &nbsp;&nbsp;&nbsp; $(416352) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| ESG Advanced MSCI EM |  |  |  |  |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; $138382 | &nbsp;&nbsp;&nbsp; $(138382) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| UBS AG | &nbsp;&nbsp; 11121 | &nbsp;&nbsp;&nbsp; (11121) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $149503 | &nbsp;&nbsp;&nbsp; $(149503) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

Notes to Financial Statements

------

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

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

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

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

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| ESG Advanced MSCI EAFE | 0.12% |
| ESG Advanced MSCI EM | 0.16 |

---

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $834 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 1248 |

---

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

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

For the six months ended February 28, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $27647907 | &nbsp;&nbsp;&nbsp; $28894525 | &nbsp;&nbsp;&nbsp; $(1426225) |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 7213382 | &nbsp;&nbsp;&nbsp; 2377727 | &nbsp;&nbsp;&nbsp; 692320 |

---

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

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

***7. PURCHASES AND SALES***

For the six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $81278831 | &nbsp;&nbsp;&nbsp; $108066776 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 27199334 | &nbsp;&nbsp;&nbsp; 21830251 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $176329524 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 1255129 | &nbsp;&nbsp;&nbsp; — |

---

***8. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 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 August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $(31965558)<br>|
| ESG Advanced MSCI EM | &nbsp;&nbsp; (6698497)<br>|

---

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

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

Notes to Financial Statements

------

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

As of February 28, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $556581650 | &nbsp;&nbsp;&nbsp; $195902467 | &nbsp;&nbsp;&nbsp; $(45765977) | &nbsp;&nbsp;&nbsp; $150136490 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 99483530 | &nbsp;&nbsp;&nbsp; 46769716 | &nbsp;&nbsp;&nbsp; (6262032) | &nbsp;&nbsp;&nbsp; 40507684 |

---

***9. LINE OF CREDIT***

The iShares ESG Advanced MSCI EM ETF, along with certain other iShares funds ("Participating Funds"), is a party to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the six months ended February 28, 2026, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| ESG Advanced MSCI EM | &nbsp;&nbsp; $2800000 | &nbsp;&nbsp;&nbsp; $32376 | &nbsp;&nbsp;&nbsp;&nbsp;4.93% |

---

***10. PRINCIPAL RISKS***

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

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

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

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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

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

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Notes to Financial Statements

------

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

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

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

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Advanced MSCI EAFE |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; $170374663 |
| Shares redeemed | &nbsp;&nbsp; (2500000)<br>| &nbsp;&nbsp;&nbsp; (189991238)<br>| &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (88293399)<br>|
|  | &nbsp;&nbsp; (2500000)<br>| &nbsp;&nbsp;&nbsp; $(189991238)<br>| &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; $82081264 |
| ESG Advanced MSCI EM |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $9169395 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $16208182 |

---

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

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

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

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares ESG Advanced MSCI EAFE ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

***13. SUBSEQUENT EVENTS***

Management 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.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |

---

Glossary of Terms Used in this Report

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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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©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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![](g839764img8b2b2d753.gif)

------

February 28, 2026

![](g839764imgacd717b91.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI China Multisector Tech ETF \| TCHI \| NASDAQ |
| • iShares MSCI Japan Value ETF \| EWJV \| NASDAQ |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_4ee292f6-fbd2-4029-89c5-1de7699739fc_SOIs-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_4ee292f6-fbd2-4029-89c5-1de7699739fc_FS-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 11 |
| [Statements of Operations](#xx_4ee292f6-fbd2-4029-89c5-1de7699739fc_FS-Footer-iSharesReport-1221_2)  | &nbsp;&nbsp; 12 |
| [Statements of Changes in Net Assets](#xx_4ee292f6-fbd2-4029-89c5-1de7699739fc_FS-Footer-iSharesReport-1221_3)  | &nbsp;&nbsp; 13 |
| [Financial Highlights](#xx_4ee292f6-fbd2-4029-89c5-1de7699739fc_FS-Footer-iSharesReport-1221_4)  | &nbsp;&nbsp; 14 |
| [Notes to Financial Statements](#xx_4ee292f6-fbd2-4029-89c5-1de7699739fc_NTFS-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 16 |
| [Additional Information](#xx_4ee292f6-fbd2-4029-89c5-1de7699739fc_SAI-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 24 |
| [Glossary of Terms Used in these Financial Statements](#xx_4ee292f6-fbd2-4029-89c5-1de7699739fc_Abbreviations-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 25 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI China Multisector Tech ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Broadline Retail — 13.2%** | **Broadline Retail — 13.2%** | **Broadline Retail — 13.2%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 91200 | $1650423 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 133000 | 1765666 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 17708 | 1836851 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 33668 | 586496 |
|  |  | 5839436 |
| **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| Beijing Compass Technology Development Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 3800 | 64187 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 103652 | 339948 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | &nbsp;&nbsp; 3500 | 169266 |
|  |  | 573401 |
| **Communications Equipment — 6.3%** | **Communications Equipment — 6.3%** | **Communications Equipment — 6.3%** |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 85500 | 350825 |
| CICT Mobile Communication Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22800 | 57644 |
| Guangzhou Haige Communications Group, Inc. Co., <br> Class A<br>| &nbsp;&nbsp; 15200 | 39073 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 15200 | 104883 |
| QuantumCTek Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 668 | 65872 |
| Shenzhen Sunway Communication Co. Ltd., Class A | &nbsp;&nbsp; 5700 | 63453 |
| Suzhou TFC Optical Communication Co. Ltd., Class A | &nbsp;&nbsp; 5068 | 270892 |
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 43000 | 812104 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 7640 | 41784 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 7240 | 560406 |
| ZTE Corp., Class A | &nbsp;&nbsp; 26600 | 149542 |
| ZTE Corp., Class H | &nbsp;&nbsp; 79800 | 276493 |
|  |  | 2792971 |
| **Diversified Consumer Services — 2.9%** | **Diversified Consumer Services — 2.9%** | **Diversified Consumer Services — 2.9%** |
| New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 146600 | 806255 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 44935 | 473165 |
|  |  | 1279420 |
| **Electrical Equipment — 7.0%** | **Electrical Equipment — 7.0%** | **Electrical Equipment — 7.0%** |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 5700 | 47648 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 22740 | 1130539 |
| Contemporary Amperex Technology Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 8700 | 549757 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 13300 | 120565 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 32300 | 46591 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 5775 | 36629 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 11400 | 62814 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 22800 | 96527 |
| JL Mag Rare-Earth Co. Ltd., Class A | &nbsp;&nbsp; 7600 | 45523 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 5751 | 87495 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 3892 | 33554 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 9500 | 36438 |
| Shenzhen Megmeet Electrical Co. Ltd. | &nbsp;&nbsp; 2300 | 41695 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 13320 | 279657 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 11400 | 43233 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 32780 | 144835 |
| Wolong Electric Group Co. Ltd., Class A | &nbsp;&nbsp; 9500 | 61928 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 13300 | 63976 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 13300 | 152078 |
|  |  | 3081482 |
| **Electronic Equipment, Instruments & Components — 11.1%** | **Electronic Equipment, Instruments & Components — 11.1%** | **Electronic Equipment, Instruments & Components — 11.1%** |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 85500 | 406414 |
| Accelink Technologies Co. Ltd., Class A | &nbsp;&nbsp; 5400 | 59521 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 14200 | 121738 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 232200 | 151460 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 13300 | 122226 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 45600 | $38010 |
| Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp; 6440 | 336187 |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 87400 | 33219 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 85500 | 690714 |
| GoerTek, Inc., Class A | &nbsp;&nbsp; 22800 | 90005 |
| Hgtech Co. Ltd., Class A | &nbsp;&nbsp; 5700 | 74429 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 32300 | 165138 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 47500 | 106212 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 47500 | 346364 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 4040 | 47171 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20900 | 29890 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1232 | 27202 |
| Shannon Semiconductor Technology Co. Ltd. | &nbsp;&nbsp; 3800 | 81934 |
| Shengyi Electronics Co. Ltd., Class A | &nbsp;&nbsp; 3800 | 47593 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 15200 | 152927 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 4320 | 179398 |
| Shenzhen Everwin Precision Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9500 | 53448 |
| Shenzhen Kinwong Electronic Co. Ltd., Class A | &nbsp;&nbsp; 5700 | 55030 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 76000 | 562013 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 3981 | 46499 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 11400 | 141325 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 133480 | 96524 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 17090 | 64507 |
| Universal Scientific Industrial Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 200 | 1384 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 5600 | 248258 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7600 | 37109 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 28568 | 64689 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 13300 | 161545 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 20900 | 58588 |
|  |  | 4898671 |
| **Entertainment — 6.4%** | **Entertainment — 6.4%** | **Entertainment — 6.4%** |
| 37 Interactive Entertainment Network Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 15200 | 54190 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 19000 | 54315 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1292000 | 335384 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 13300 | 71829 |
| Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp; 15200 | 50161 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 113200 | 375950 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 11400 | 40615 |
| NetEase Cloud Music, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3800 | 74928 |
| NetEase, Inc. | &nbsp;&nbsp; 71400 | 1608298 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 2299 | 33565 |
| Zhejiang Century Huatong Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 47500 | 127260 |
|  |  | 2826495 |
| **Household Durables — 4.6%** | **Household Durables — 4.6%** | **Household Durables — 4.6%** |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 1108 | 23070 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 3800 | 38331 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp; 17100 | 93278 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 39900 | 149244 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 262200 | 890354 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 23300 | 266802 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 45300 | 524358 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 30400 | 45736 |
|  |  | 2031173 |
| **Interactive Media & Services — 13.7%** | **Interactive Media & Services — 13.7%** | **Interactive Media & Services — 13.7%** |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 102600 | 1593720 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 27280 | 761512 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China Multisector Tech ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 206700 | $1639034 |
| Kunlun Tech Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7600 | 67518 |
| Meitu, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 399000 | 287399 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 25752 | 1694323 |
|  |  | 6043506 |
| **IT Services — 1.8%** | **IT Services — 1.8%** | **IT Services — 1.8%** |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 121600 | 629941 |
| Isoftstone Information Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5825 | 42028 |
| Range Intelligent Computing Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9520 | 142897 |
|  |  | 814866 |
| **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 76000 | 245597 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 9500 | 156246 |
| RoboTechnik Intelligent Technology Co. Ltd. | &nbsp;&nbsp; 1100 | 66086 |
| Shandong Himile Mechanical Science & Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 5700 | 80036 |
| Shenzhen Envicool Technology Co. Ltd., Class A | &nbsp;&nbsp; 5700 | 89723 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 9500 | 100801 |
| UBTech Robotics Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 22950 | 354486 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | &nbsp;&nbsp; 11400 | 84760 |
|  |  | 1177735 |
| **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** |
| ACM Research Shanghai, Inc., Class A | &nbsp;&nbsp; 1726 | 43213 |
| Advanced Micro-Fabrication Equipment, Inc./China, <br> Class A<br>| &nbsp;&nbsp; 4049 | 207732 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3884 | 53629 |
| Anji Microelectronics Technology Shanghai Co. Ltd. | &nbsp;&nbsp; 1081 | 42236 |
| Bestechnic Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 840 | 25284 |
| Biwin Storage Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3800 | 91554 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2715 | 465065 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 7656 | 63589 |
| CSI Solar Co. Ltd., Class A | &nbsp;&nbsp; 23402 | 49546 |
| Dosilicon Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2800 | 57111 |
| GalaxyCore, Inc., Class A | &nbsp;&nbsp; 15264 | 37485 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2637000 | 403196 |
| GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp; 3800 | 165581 |
| Guobo Electronics Co. Ltd. | &nbsp;&nbsp; 3800 | 68035 |
| Hangzhou Chang Chuan Technology Co. Ltd., Class A | &nbsp;&nbsp; 3800 | 79887 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 17150 | 45223 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 11400 | 53431 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 78000 | 960953 |
| Hua Hong Semiconductor Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3059 | 56393 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 2715 | 76531 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 15053 | 570965 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 3800 | 73589 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20988 | 36939 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 11400 | 79789 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 64776 | 71078 |
| LONGi Green Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 47520 | 126733 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2572 | 59449 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 7421 | 176374 |
| National Silicon Industry Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 22800 | 72005 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 4680 | 321308 |
| Nexchip Semiconductor Corp., Class A | &nbsp;&nbsp; 12163 | 62928 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 7620 | 136292 |
| Piotech, Inc., Class A | &nbsp;&nbsp; 1882 | 101110 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 1900 | 49664 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 30400 | 73848 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 4624 | 46366 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 1900 | $21633 |
| Shenzhen Techwinsemi Technology Co. Ltd. | &nbsp;&nbsp; 1500 | 55727 |
| Skyverse Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2276 | 65275 |
| Suzhou Maxwell Technologies Co. Ltd., Class A | &nbsp;&nbsp; 1800 | 76499 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 24700 | 37082 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 18600 | 41059 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 9500 | 71766 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 34200 | 89804 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15200 | 42274 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 5719 | 66338 |
| United Nova Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 51965 | 58797 |
| Verisilicon Microelectronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3800 | 153409 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15288 | 53232 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 494000 | 217648 |
| Yuanjie Semiconductor Technology Co. Ltd. | &nbsp;&nbsp; 551 | 61600 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 7600 | 61639 |
|  |  | 6277893 |
| **Software — 6.9%** | **Software — 6.9%** | **Software — 6.9%** |
| 360 Security Technology, Inc., Class A | &nbsp;&nbsp; 45946 | 83019 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 3045 | 133729 |
| China National Software & Service Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5849 | 37960 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 3800 | 55831 |
| Geovis Technology Co. Ltd. | &nbsp;&nbsp; 3800 | 37539 |
| Horizon Robotics<sup>(a)</sup> | &nbsp;&nbsp; 535800 | 562034 |
| Hundsun Technologies, Inc., Class A | &nbsp;&nbsp; 12420 | 54290 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 15200 | 123299 |
| Jiangsu Hoperun Software Co. Ltd., Class A | &nbsp;&nbsp; 5700 | 43081 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 323000 | 414471 |
| Pony AI, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20700 | 309303 |
| Sangfor Technologies, Inc., Class A | &nbsp;&nbsp; 1900 | 36376 |
| SenseTime Group, Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 3021000 | 986310 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 15288 | 53813 |
| Shanghai Stonehill Technology Co.Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 36100 | 58132 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 22800 | 47227 |
|  |  | 3036414 |
| **Technology Hardware, Storage & Peripherals — 7.6%** | **Technology Hardware, Storage & Peripherals — 7.6%** | **Technology Hardware, Storage & Peripherals — 7.6%** |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 4201 | 59119 |
| China Greatwall Technology Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20900 | 50471 |
| Founder Technology Group Corp.<sup>(a)</sup> | &nbsp;&nbsp; 26600 | 43836 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 5700 | 76301 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 9500 | 88160 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 888000 | 1096078 |
| Sharetronic Data Technology Co. Ltd., Class A | &nbsp;&nbsp; 1900 | 73610 |
| Shenzhen Longsys Electronics Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2600 | 110176 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 7884 | 66283 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 383800 | 1697513 |
|  |  | 3361547 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $39,877,585)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $39,877,585)** | 44035010 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 424110 | 424322 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China Multisector Tech ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 20000 | $20000 |
| **Total Short-Term Securities — 1.0%** <br>**(Cost: $444,316)** | **Total Short-Term Securities — 1.0%** <br>**(Cost: $444,316)** | 444322 |
| **Total Investments — 100.7%** <br>**(Cost: $40,321,901)** | **Total Investments — 100.7%** <br>**(Cost: $40,321,901)** | 44479332 |
| **Liabilities in Excess of Other Assets — (0.7)%** | **Liabilities in Excess of Other Assets — (0.7)%** | (294063)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $44185269 |

---

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1584968 | $— | &nbsp;&nbsp; $(1160730 )<sup>(a)</sup><br>| $95 | $(11)<br>| $424322 | 424110 | $15393 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 20000 | 0 <br><sup>(a)</sup><br>|  |  |  | 20000 | 20000 | 683 |  |
|  |  |  |  | $95 | $(11) | $444322 |  | $16076 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI China Index | 5 | 03/20/26 | &nbsp;&nbsp; $163 | $(1630) |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China Multisector Tech ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1630 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1630 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4181)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4181)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2643)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2643)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $98468 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $6313224 | &nbsp;&nbsp; $37721786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44035010 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 444322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 444322 |
|  | &nbsp;&nbsp; $6757546 | &nbsp;&nbsp; $37721786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44479332 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1630)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1630)<br>|

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Japan Value ETF** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Automobile Components — 2.3%** | **Automobile Components — 2.3%** | **Automobile Components — 2.3%** |
| Aisin Corp. | &nbsp;&nbsp; 135200 | $2399872 |
| Bridgestone Corp. | &nbsp;&nbsp; 331700 | 8007262 |
| Denso Corp. | &nbsp;&nbsp; 507000 | 7274393 |
|  |  | 17681527 |
| **Automobiles — 11.6%** | **Automobiles — 11.6%** | **Automobiles — 11.6%** |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 1060200 | 10620491 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 146000 | 2721142 |
| Subaru Corp. | &nbsp;&nbsp; 163700 | 3070537 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 446600 | 6754097 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2687600 | 65116128 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 264500 | 2103296 |
|  |  | 90385691 |
| **Banks — 20.0%** | **Banks — 20.0%** | **Banks — 20.0%** |
| Chiba Bank Ltd.(The) | &nbsp;&nbsp; 169000 | 2513677 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 513400 | 10050858 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 3194100 | 59295251 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 709850 | 31669227 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 296300 | 3615398 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 1047800 | 39539335 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 180500 | 6293833 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 287300 | 3102018 |
|  |  | 156079597 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 429900 | 4680596 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 112600 | 1954479 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 38400 | 1207593 |
|  |  | 7842668 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 152100 | 807475 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| AGC, Inc. | &nbsp;&nbsp; 55100 | 2443742 |
| **Capital Markets — 2.5%** | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 379800 | 3991430 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 279600 | 3805057 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 864100 | 8022354 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 169000 | 3614688 |
|  |  | 19433529 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Asahi Kasei Corp. | &nbsp;&nbsp; 388700 | 4580997 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 371800 | 2759029 |
| Nitto Denko Corp. | &nbsp;&nbsp; 95900 | 2223963 |
| Toray Industries, Inc. | &nbsp;&nbsp; 396500 | 3395315 |
|  |  | 12959304 |
| **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 118300 | 2458535 |
| Secom Co. Ltd. | &nbsp;&nbsp; 112600 | 4368586 |
| Toppan Holdings, Inc. | &nbsp;&nbsp; 63100 | 2161473 |
|  |  | 8988594 |
| **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** |
| Obayashi Corp. | &nbsp;&nbsp; 180500 | 5095682 |
| Shimizu Corp. | &nbsp;&nbsp; 101400 | 2266405 |
|  |  | 7362087 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Tsuruha Holdings, Inc. | &nbsp;&nbsp; 67600 | 1136298 |
| **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** |
| NTT, Inc. | &nbsp;&nbsp; 8500700 | 8316524 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 196100 | $3311933 |
| Kansai Electric Power Co., Inc.(The) | &nbsp;&nbsp; 279600 | 5050068 |
|  |  | 8362001 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 24200 | 2144961 |
| **Electronic Equipment, Instruments & Components — 2.5%** | **Electronic Equipment, Instruments & Components — 2.5%** | **Electronic Equipment, Instruments & Components — 2.5%** |
| Kyocera Corp. | &nbsp;&nbsp; 363100 | 6412943 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 470100 | 12293074 |
| Shimadzu Corp. | &nbsp;&nbsp; 29100 | 809981 |
|  |  | 19515998 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 253500 | 2456867 |
| ORIX Corp. | &nbsp;&nbsp; 331700 | 11642371 |
|  |  | 14099238 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Kikkoman Corp. | &nbsp;&nbsp; 135200 | 1300063 |
| **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 96500 | 4028296 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Central Japan Railway Co. | &nbsp;&nbsp; 79200 | 2337638 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 29100 | 848785 |
| West Japan Railway Co. | &nbsp;&nbsp; 112600 | 2422207 |
|  |  | 5608630 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Olympus Corp. | &nbsp;&nbsp; 162700 | 1594257 |
| **Household Durables — 3.7%** | **Household Durables — 3.7%** | **Household Durables — 3.7%** |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 663500 | 10699637 |
| Sekisui House Ltd. | &nbsp;&nbsp; 180600 | 4412085 |
| Sony Group Corp. | &nbsp;&nbsp; 613400 | 14100998 |
|  |  | 29212720 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; 3800 | 1074316 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 101400 | 1974654 |
|  |  | 3048970 |
| **Insurance — 5.4%** | **Insurance — 5.4%** | **Insurance — 5.4%** |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 997300 | 10233642 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 507000 | 6602480 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 46100 | 1504744 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 362900 | 10112718 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 162700 | 6455057 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 179400 | 7450776 |
|  |  | 42359417 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Fujitsu Ltd. | &nbsp;&nbsp; 185900 | 4144252 |
| Otsuka Corp. | &nbsp;&nbsp; 62500 | 1260497 |
|  |  | 5404749 |
| **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 79200 | 2147266 |
| Shimano, Inc. | &nbsp;&nbsp; 20400 | 2177817 |
|  |  | 4325083 |
| **Machinery — 4.4%** | **Machinery — 4.4%** | **Machinery — 4.4%** |
| FANUC Corp. | &nbsp;&nbsp; 129300 | 5854718 |
| Komatsu Ltd. | &nbsp;&nbsp; 262700 | 12609693 |
| Kubota Corp. | &nbsp;&nbsp; 279600 | 5683483 |
| Makita Corp. | &nbsp;&nbsp; 62900 | 2433818 |
| SMC Corp. | &nbsp;&nbsp; 16900 | 8084167 |
|  |  | 34665879 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Japan Value ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Marine Transportation — 1.1%** | **Marine Transportation — 1.1%** | **Marine Transportation — 1.1%** |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 95900 | $1541763 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 96500 | 3580594 |
| Nippon Yusen KK | &nbsp;&nbsp; 112600 | 3866267 |
|  |  | 8988624 |
| **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** |
| JFE Holdings, Inc. | &nbsp;&nbsp; 162700 | 2290344 |
| Nippon Steel Corp. | &nbsp;&nbsp; 1385800 | 5629794 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 67600 | 5490340 |
|  |  | 13410478 |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 2197 | 2043872 |
| **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 777400 | 7416899 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 231160 | 2210206 |
| Inpex Corp. | &nbsp;&nbsp; 247700 | 6047028 |
|  |  | 15674133 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| ANA Holdings, Inc. | &nbsp;&nbsp; 29300 | 638881 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 12400 | 256205 |
|  |  | 895086 |
| **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** |
| Kao Corp. | &nbsp;&nbsp; 129300 | 5521288 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 513400 | 8543748 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 79700 | 2683220 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 214100 | 5055391 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 446400 | 16707503 |
|  |  | 32989862 |
| **Real Estate Management & Development — 2.8%** | **Real Estate Management & Development — 2.8%** | **Real Estate Management & Development — 2.8%** |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 84500 | 1945846 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 152100 | 5488753 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 130100 | 1724128 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 197300 | 6653600 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 170200 | 5753842 |
|  |  | 21566169 |
| **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** |
| Kioxia Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 18500 | 2500171 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 507000 | 9561412 |
|  |  | 12061583 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 112600 | $2255655 |
| **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |
| Canon, Inc. | &nbsp;&nbsp; 246200 | 7440611 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 313000 | 6436534 |
|  |  | 13877145 |
| **Tobacco — 1.6%** | **Tobacco — 1.6%** | **Tobacco — 1.6%** |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 338000 | 12931680 |
| **Trading Companies & Distributors — 12.0%** | **Trading Companies & Distributors — 12.0%** | **Trading Companies & Distributors — 12.0%** |
| Marubeni Corp. | &nbsp;&nbsp; 396300 | 15165515 |
| Mitsubishi Corp. | &nbsp;&nbsp; 914000 | 30843419 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 696900 | 26126567 |
| Sumitomo Corp. | &nbsp;&nbsp; 304200 | 12917290 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 196100 | 8765788 |
|  |  | 93818579 |
| **Wireless Telecommunication Services — 4.5%** | **Wireless Telecommunication Services — 4.5%** | **Wireless Telecommunication Services — 4.5%** |
| KDDI Corp. | &nbsp;&nbsp; 830500 | 14265919 |
| SoftBank Corp. | &nbsp;&nbsp; 8213400 | 11234309 |
| SoftBank Group Corp. | &nbsp;&nbsp; 364900 | 9343608 |
|  |  | 34843836 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $606,389,642)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $606,389,642)** | 779985288 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 90000 | 90000 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $90,000)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $90,000)** | 90000 |
| **Total Investments — 99.7%** <br>**(Cost: $606,479,642)** | **Total Investments — 99.7%** <br>**(Cost: $606,479,642)** | 780075288 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 2043441 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $782118729 |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Japan Value ETF** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $— | $— | &nbsp;&nbsp; $0 <br><sup>(b)</sup><br>| $— | $— | $— |  | $1422 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 60000 | 30000 <br><sup>(b)</sup><br>|  |  |  | 90000 | 90000 | 5243 |  |
|  |  |  |  | $— | $— | $90000 |  | $6665 | $— |

---

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

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | 77 | 03/12/26 | &nbsp;&nbsp; $1937 | $46499 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46499 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $727901 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $727901 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18867)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18867)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4121067 |

---

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Japan Value ETF** 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1985083 | &nbsp;&nbsp; $778000205 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $779985288 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90000 |
|  | &nbsp;&nbsp; $2075083 | &nbsp;&nbsp; $778000205 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $780075288 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46499 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI China <br> Multisector <br> Tech ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Japan <br> Value ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $44035010 | $779985288 |
| Investments, at value—affiliated<sup>(c)</sup> | 444322 | 90000 |
| Cash | 2555471 | 216 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 199667 |
| Foreign currency, at value<sup>(e)</sup> | 22143 | 2528023 |
| Receivables: |  |  |
| Investments sold | 2492000 | 3330618 |
| Securities lending income—affiliated | 326 |  |
| Dividends—unaffiliated |  | 797956 |
| Dividends—affiliated | 34 | 735 |
| Variation margin on futures contracts |  | 68752 |
| Total assets | 49549306 | 787001255 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 424204 |  |
| Payables: |  |  |
| Investments purchased | 4917640 | 4800948 |
| Investment advisory fees | 20556 | 81578 |
| Variation margin on futures contracts | 1637 |  |
| Total liabilities | 5364037 | 4882526 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $44185269 | $782118729 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $45324806 | $603866189 |
| Accumulated earnings (loss) | (1139537) | 178252540 |
| NET ASSETS | $44185269 | $782118729 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 1900000 | 16900000 |
| Net asset value | $23.26 | $46.28 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $39877585 | $606389642 |
| <sup>(b)</sup> Securities loaned, at value | $290676 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $444316 | $90000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $200426 |
| <sup>(e)</sup> Foreign currency, at cost | $22139 | $2554029 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI China <br> Multisector <br> Tech ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Japan <br> Value ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $95447 | &nbsp;&nbsp;&nbsp; $7433686 |
| Dividends—affiliated | &nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp; 5243 |
| Interest—unaffiliated | &nbsp;&nbsp; 698 | &nbsp;&nbsp;&nbsp; 91 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 15393 | &nbsp;&nbsp;&nbsp; 1422 |
| Foreign taxes withheld | &nbsp;&nbsp; (4018)<br>| &nbsp;&nbsp;&nbsp; (743369)<br>|
| Total investment income | &nbsp;&nbsp; 108203 | &nbsp;&nbsp;&nbsp; 6697073 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 119955 | &nbsp;&nbsp;&nbsp; 405493 |
| Commitment costs | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 2398 |
| Total expenses | &nbsp;&nbsp; 120138 | &nbsp;&nbsp;&nbsp; 407891 |
| Net investment income (loss) | &nbsp;&nbsp; (11935)<br>| &nbsp;&nbsp;&nbsp; 6289182 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1776522)<br>| &nbsp;&nbsp;&nbsp; 11799124 |
| Investments—affiliated | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; (277425)<br>|
| Futures contracts | &nbsp;&nbsp; (4181)<br>| &nbsp;&nbsp;&nbsp; 727901 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11163666 |
|  | &nbsp;&nbsp; (1780530)<br>| &nbsp;&nbsp;&nbsp; 23413266 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 242343 | &nbsp;&nbsp;&nbsp; 103893373 |
| Investments—affiliated | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; (233)<br>| &nbsp;&nbsp;&nbsp; (22060)<br>|
| Futures contracts | &nbsp;&nbsp; (2643)<br>| &nbsp;&nbsp;&nbsp; (18867)<br>|
|  | &nbsp;&nbsp; 239456 | &nbsp;&nbsp;&nbsp; 103852446 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1541074)<br>| &nbsp;&nbsp;&nbsp; 127265712 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(1553009)<br>| &nbsp;&nbsp;&nbsp; $133554894 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI China Multisector Tech ETF  | iShares <br>MSCI China Multisector Tech ETF  | iShares <br>MSCI Japan Value ETF  | iShares <br>MSCI Japan Value ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(11935)<br>| &nbsp;&nbsp;&nbsp; $204116 | &nbsp;&nbsp;&nbsp; $6289182 | &nbsp;&nbsp;&nbsp; $8236843 |
| Net realized gain (loss) | &nbsp;&nbsp; (1780530)<br>| &nbsp;&nbsp;&nbsp; (747659)<br>| &nbsp;&nbsp;&nbsp; 23413266 | &nbsp;&nbsp;&nbsp; 15356813 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 239456 | &nbsp;&nbsp;&nbsp; 5945847 | &nbsp;&nbsp;&nbsp; 103852446 | &nbsp;&nbsp;&nbsp; 37389451 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (1553009)<br>| &nbsp;&nbsp;&nbsp; 5402304 | &nbsp;&nbsp;&nbsp; 133554894 | &nbsp;&nbsp;&nbsp; 60983107 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (876918 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (281695)<br>| &nbsp;&nbsp;&nbsp; (21689894 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (10789285)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 18181456 | &nbsp;&nbsp;&nbsp; 17250376 | &nbsp;&nbsp;&nbsp; 191504681 | &nbsp;&nbsp;&nbsp; 157564547 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 15751529 | &nbsp;&nbsp;&nbsp; 22370985 | &nbsp;&nbsp;&nbsp; 303369681 | &nbsp;&nbsp;&nbsp; 207758369 |
| Beginning of period | &nbsp;&nbsp; 28433740 | &nbsp;&nbsp;&nbsp; 6062755 | &nbsp;&nbsp;&nbsp; 478749048 | &nbsp;&nbsp;&nbsp; 270990679 |
| End of period | &nbsp;&nbsp; $44185269 | &nbsp;&nbsp;&nbsp; $28433740 | &nbsp;&nbsp;&nbsp; $782118729 | &nbsp;&nbsp;&nbsp; $478749048 |

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI China Multisector Tech ETF  | iShares MSCI China Multisector Tech ETF  | iShares MSCI China Multisector Tech ETF  | iShares MSCI China Multisector Tech ETF  | iShares MSCI China Multisector Tech ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Period From <br>01/25/22<sup>(a)</sup> <br>to 08/31/22<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $15.16 | &nbsp;&nbsp;&nbsp; $17.88 | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $24.81 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp; (5.02)<br>|
| Net increase (decrease) from investment operations | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (4.90)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.46 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $15.16 | &nbsp;&nbsp;&nbsp; $17.88 | &nbsp;&nbsp;&nbsp; $19.86 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 0.16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 60.50<br> %<br>| &nbsp;&nbsp;&nbsp; (11.40)%<br>| &nbsp;&nbsp;&nbsp; (8.96)%<br>| &nbsp;&nbsp;&nbsp; (19.74 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(i)</sup><br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.06 )%<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $44185 | &nbsp;&nbsp;&nbsp; $28434 | &nbsp;&nbsp;&nbsp; $6063 | &nbsp;&nbsp;&nbsp; $7152 | &nbsp;&nbsp;&nbsp; $7944 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Japan Value ETF  | iShares MSCI Japan Value ETF  | iShares MSCI Japan Value ETF  | iShares MSCI Japan Value ETF  | iShares MSCI Japan Value ETF  | iShares MSCI Japan Value ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $38.00 | &nbsp;&nbsp;&nbsp; $33.46 | &nbsp;&nbsp;&nbsp; $28.16 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $27.73 | &nbsp;&nbsp;&nbsp; $23.22 |
| Net investment income<sup>(a)</sup> | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 9.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| Net increase (decrease) from investment operations | 10.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.75 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $46.28 | &nbsp;&nbsp;&nbsp; $38.00 | &nbsp;&nbsp;&nbsp; $33.46 | &nbsp;&nbsp;&nbsp; $28.16 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $27.73 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 27.18 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.46<br> %<br>| &nbsp;&nbsp;&nbsp; (11.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.62<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.15 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Net investment income | 2.33 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $782119 | &nbsp;&nbsp;&nbsp; $478749 | &nbsp;&nbsp;&nbsp; $270991 | &nbsp;&nbsp;&nbsp; $225266 | &nbsp;&nbsp;&nbsp; $80852 | &nbsp;&nbsp;&nbsp; $44361 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

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

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

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> MSCI China Multisector Tech Diversified <br> MSCI Japan Value<sup>(a)</sup> Diversified

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

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

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

**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.

Notes to Financial Statements

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

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

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

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

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

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

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

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

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI China Multisector Tech |  |  |  |  |
| Morgan Stanley | &nbsp;&nbsp; $290676 | &nbsp;&nbsp;&nbsp; $(290676) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

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

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

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

Notes to Financial Statements

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

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

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

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

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

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| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| MSCI China Multisector Tech | 0.59% |
| MSCI Japan Value | 0.15 |

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

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| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI China Multisector Tech | &nbsp;&nbsp; $3258 |
| MSCI Japan Value | &nbsp;&nbsp; 300 |

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

2026 iShares Semi-Annual Financial Statements and Additional Information

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

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

For the six months ended February 28, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

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| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Japan Value | &nbsp;&nbsp; $2975858 | &nbsp;&nbsp;&nbsp; $1880676 | &nbsp;&nbsp;&nbsp; $(19963) |

---

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

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

***7. PURCHASES AND SALES***

For the six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

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| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI China Multisector Tech | &nbsp;&nbsp; $23846753 | &nbsp;&nbsp;&nbsp; $8113331 |
| MSCI Japan Value | &nbsp;&nbsp; 85588593 | &nbsp;&nbsp;&nbsp; 86213283 |

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For the six months ended February 28, 2026, in-kind transactions were as follows:

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| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI China Multisector Tech | &nbsp;&nbsp; $1454236 | &nbsp;&nbsp;&nbsp; $— |
| MSCI Japan Value | &nbsp;&nbsp; 214200047 | &nbsp;&nbsp;&nbsp; 38113713 |

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***8. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 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 August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

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| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| MSCI China Multisector Tech | &nbsp;&nbsp; $(2182481)<br>|
| MSCI Japan Value | &nbsp;&nbsp; (1845630)<br>|

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

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

As of February 28, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI China Multisector Tech | &nbsp;&nbsp; $40995271 | &nbsp;&nbsp;&nbsp; $6440799 | &nbsp;&nbsp;&nbsp; $(2958368) | &nbsp;&nbsp;&nbsp; $3482431 |
| MSCI Japan Value | &nbsp;&nbsp; 617147642 | &nbsp;&nbsp;&nbsp; 179818262 | &nbsp;&nbsp;&nbsp; (16844117) | &nbsp;&nbsp;&nbsp; 162974145 |

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Notes to Financial Statements

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

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

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2026, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

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

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

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

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

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

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 issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

The Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

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

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI China Multisector Tech |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $18181456 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $17250376 |
| MSCI Japan Value |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp; $230480160 | &nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; $207206484 |
| Shares redeemed | &nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (38975479)<br>| &nbsp;&nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; (49641937)<br>|
|  | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; $191504681 | &nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; $157564547 |

---

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

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

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

Notes to Financial Statements

------

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

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

***12. 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the 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**.

Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

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

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

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

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

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

![](g839764img54b7ebae2.gif)

![](g839764img71f7463d3.gif)

------

February 28, 2026

![](g839764img8b2392651.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI Brazil Small-Cap ETF \| EWZS \| NASDAQ |
| • iShares MSCI China ETF \| MCHI \| NASDAQ |
| • iShares MSCI China Small-Cap ETF \| ECNS \| NYSE Arca |
| • iShares MSCI Indonesia ETF \| EIDO \| NYSE Arca |
| • iShares MSCI Peru and Global Exposure ETF \| EPU \| NYSE Arca |
| • iShares MSCI Philippines ETF \| EPHE \| NYSE Arca |
| • iShares MSCI Poland ETF \| EPOL \| NYSE Arca |
| • iShares MSCI Qatar ETF \| QAT \| NASDAQ |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_4cc6047e-cac5-4f4b-8c3f-963ffbf6bb3c_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_4cc6047e-cac5-4f4b-8c3f-963ffbf6bb3c_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 34 |
| [Statements of Operations](#xx_4cc6047e-cac5-4f4b-8c3f-963ffbf6bb3c_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 36 |
| [Statements of Changes in Net Assets](#xx_4cc6047e-cac5-4f4b-8c3f-963ffbf6bb3c_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 38 |
| [Financial Highlights](#xx_4cc6047e-cac5-4f4b-8c3f-963ffbf6bb3c_FS-Footer-iSharesReport_9)  | &nbsp;&nbsp; 42 |
| [Notes to Financial Statements](#xx_4cc6047e-cac5-4f4b-8c3f-963ffbf6bb3c_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 50 |
| [Additional Information](#xx_4cc6047e-cac5-4f4b-8c3f-963ffbf6bb3c_SAI-Footer-iSharesReport-216_1)  | &nbsp;&nbsp; 60 |
| [Glossary of Terms Used in these Financial Statements](#xx_4cc6047e-cac5-4f4b-8c3f-963ffbf6bb3c_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 61 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Brazil Small-Cap ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
| Fras-Le SA | &nbsp;&nbsp; 379847 | $1812359 |
| Mahle-Metal Leve SA | &nbsp;&nbsp; 293843 | 2072062 |
|  |  | 3884421 |
| **Banks — 3.2%** | **Banks — 3.2%** | **Banks — 3.2%** |
| Banco Abc Brasil Sa, NVS<sup>(a)</sup> | &nbsp;&nbsp; 15491 | 81315 |
| Inter & Co., Inc., Class A | &nbsp;&nbsp; 1311505 | 11423209 |
|  |  | 11504524 |
| **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** |
| Magazine Luiza SA | &nbsp;&nbsp; 2102771 | 3835152 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| Patria Investments Ltd., Class A | &nbsp;&nbsp; 360540 | 4730285 |
| Vinci Compass Investments Ltd. | &nbsp;&nbsp; 134360 | 1597540 |
|  |  | 6327825 |
| **Commercial Services & Supplies — 3.4%** | **Commercial Services & Supplies — 3.4%** | **Commercial Services & Supplies — 3.4%** |
| GPS Participacoes e Empreendimentos SA<sup>(b)</sup> | &nbsp;&nbsp; 2438986 | 8758750 |
| Orizon Valorizacao de Residuos SA<sup>(a)</sup> | &nbsp;&nbsp; 260499 | 3777020 |
|  |  | 12535770 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Intelbras SA Industria de Telecomunicacao <br> Eletronica Brasileira<br>| &nbsp;&nbsp; 532686 | 1456795 |
| **Consumer Staples Distribution & Retail — 4.6%** | **Consumer Staples Distribution & Retail — 4.6%** | **Consumer Staples Distribution & Retail — 4.6%** |
| Grupo Mateus SA | &nbsp;&nbsp; 3121444 | 3482816 |
| Sendas Distribuidora SA | &nbsp;&nbsp; 7335815 | 13365164 |
|  |  | 16847980 |
| **Diversified Consumer Services — 2.4%** | **Diversified Consumer Services — 2.4%** | **Diversified Consumer Services — 2.4%** |
| Afya Ltd., Class A | &nbsp;&nbsp; 80974 | 1101247 |
| Cogna Educacao SA | &nbsp;&nbsp; 11188115 | 7638428 |
|  |  | 8739675 |
| **Electric Utilities — 4.1%** | **Electric Utilities — 4.1%** | **Electric Utilities — 4.1%** |
| Alupar Investimento SA | &nbsp;&nbsp; 893272 | 6220581 |
| Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp; 1017926 | 8772451 |
|  |  | 14993032 |
| **Financial Services — 2.6%** | **Financial Services — 2.6%** | **Financial Services — 2.6%** |
| Pagseguro Digital Ltd., Class A | &nbsp;&nbsp; 903477 | 9585891 |
| **Food Products — 3.5%** | **Food Products — 3.5%** | **Food Products — 3.5%** |
| M Dias Branco SA | &nbsp;&nbsp; 367469 | 1677319 |
| Minerva SA/Brazil | &nbsp;&nbsp; 2439676 | 2484172 |
| Sao Martinho SA | &nbsp;&nbsp; 844793 | 2959618 |
| SLC Agricola SA | &nbsp;&nbsp; 1081261 | 3475896 |
| Tres Tentos Agroindustrial SA, Class S | &nbsp;&nbsp; 676807 | 2258884 |
|  |  | 12855889 |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| Simpar SA | &nbsp;&nbsp; 828063 | 2043304 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| &nbsp;&nbsp; 2636589 | 2262946 |
|  |  | 4306250 |
| **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |
| Fleury SA | &nbsp;&nbsp; 1334574 | 4378725 |
| Hapvida Participacoes e Investimentos SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 1770735 | 3623332 |
| Odontoprev SA | &nbsp;&nbsp; 1479159 | 4224108 |
|  |  | 12226165 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 2170584 | 8552774 |
| **Household Durables — 6.8%** | **Household Durables — 6.8%** | **Household Durables — 6.8%** |
| Cury Construtora e Incorporadora SA | &nbsp;&nbsp; 790967 | 5995704 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Cyrela Brazil Realty SA Empreendimentos <br> e Participacoes<br>| &nbsp;&nbsp; 1456868 | $8727283 |
| Direcional Engenharia SA | &nbsp;&nbsp; 1833687 | 5837467 |
| MRV Engenharia e Participacoes SA<sup>(a)</sup> | &nbsp;&nbsp; 2135324 | 4265233 |
|  |  | 24825687 |
| **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** |
| Auren Energia SA | &nbsp;&nbsp; 1992529 | 4609654 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| IRB-Brasil Resseguros SA<sup>(a)</sup> | &nbsp;&nbsp; 308912 | 3729962 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| VTEX, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 333469 | 1143799 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| Marcopolo SA | &nbsp;&nbsp; 1099836 | 1398797 |
| **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** |
| Hidrovias do Brasil SA<sup>(a)</sup> | &nbsp;&nbsp; 3317910 | 2718272 |
| **Metals & Mining — 7.6%** | **Metals & Mining — 7.6%** | **Metals & Mining — 7.6%** |
| Aura Minerals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 98194 | 8292483 |
| Aura Minerals, Inc. | &nbsp;&nbsp; 82905 | 7001327 |
| Cia. Brasileira de Aluminio<sup>(a)</sup> | &nbsp;&nbsp; 1058624 | 2095979 |
| Cia. Siderurgica Nacional SA<sup>(a)</sup> | &nbsp;&nbsp; 3234282 | 5438313 |
| Sigma Lithium Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 332029 | 4784538 |
|  |  | 27612640 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| Brava Energia<sup>(a)</sup> | &nbsp;&nbsp; 2014282 | 7323947 |
| Petroreconcavo SA | &nbsp;&nbsp; 715765 | 1720126 |
|  |  | 9044073 |
| **Paper & Forest Products — 0.7%** | **Paper & Forest Products — 0.7%** | **Paper & Forest Products — 0.7%** |
| Dexco SA | &nbsp;&nbsp; 2490536 | 2633123 |
| **Personal Care Products — 2.4%** | **Personal Care Products — 2.4%** | **Personal Care Products — 2.4%** |
| Natura Cosmeticos SA<sup>(a)</sup> | &nbsp;&nbsp; 4842475 | 8605276 |
| **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| Hypera SA | &nbsp;&nbsp; 1607379 | 7236576 |
| **Real Estate Management & Development — 9.5%** | **Real Estate Management & Development — 9.5%** | **Real Estate Management & Development — 9.5%** |
| Allos SA | &nbsp;&nbsp; 1912864 | 12197703 |
| Iguatemi SA | &nbsp;&nbsp; 1173667 | 6689661 |
| JHSF Participacoes SA | &nbsp;&nbsp; 1667650 | 3226975 |
| Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 1807842 | 12413155 |
|  |  | 34527494 |
| **Specialty Retail — 7.7%** | **Specialty Retail — 7.7%** | **Specialty Retail — 7.7%** |
| C&A Modas SA | &nbsp;&nbsp; 1169460 | 2951880 |
| Cosan SA<sup>(a)</sup> | &nbsp;&nbsp; 6979066 | 8563020 |
| Lojas Renner SA | &nbsp;&nbsp; 5456997 | 16584417 |
|  |  | 28099317 |
| **Textiles, Apparel & Luxury Goods — 3.1%** | **Textiles, Apparel & Luxury Goods — 3.1%** | **Textiles, Apparel & Luxury Goods — 3.1%** |
| Azzas 2154 SA | &nbsp;&nbsp; 727450 | 3713521 |
| Grendene SA | &nbsp;&nbsp; 1711365 | 1702519 |
| Vivara Participacoes SA | &nbsp;&nbsp; 704092 | 4278253 |
| Vulcabras SA | &nbsp;&nbsp; 433080 | 1607630 |
|  |  | 11301923 |
| **Transportation Infrastructure — 1.1%** | **Transportation Infrastructure — 1.1%** | **Transportation Infrastructure — 1.1%** |
| EcoRodovias Infraestrutura e Logistica SA | &nbsp;&nbsp; 1887030 | 3942279 |
| **Water Utilities — 5.0%** | **Water Utilities — 5.0%** | **Water Utilities — 5.0%** |
| Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp; 1030466 | 10995121 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Brazil Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Water Utilities (continued)** | **Water Utilities (continued)** | **Water Utilities (continued)** |
| Cia De Sanena Do Parana | &nbsp;&nbsp; 833736 | $7334730 |
|  |  | 18329851 |
| **Total Common Stocks — 87.1%** <br>**(Cost: $265,989,977)** | **Total Common Stocks — 87.1%** <br>**(Cost: $265,989,977)** | 317410866 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Banks — 1.8%** | **Banks — 1.8%** | **Banks — 1.8%** |
| Banco ABC Brasil SA, Preference Shares, NVS | &nbsp;&nbsp; 441576 | 2336869 |
| Banco do Estado do Rio Grande do Sul SA, Class B, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 1097727 | 3978497 |
|  |  | 6315366 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| Braskem SA, Class A, Preference Shares, NVS | &nbsp;&nbsp; 1028606 | 1924184 |
| Unipar Carbocloro SA, Preference Shares, NVS | &nbsp;&nbsp; 291761 | 4012319 |
|  |  | 5936503 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Marcopolo SA, Preference Shares, NVS | &nbsp;&nbsp; 4113729 | 5520815 |
| **Metals & Mining — 5.5%** | **Metals & Mining — 5.5%** | **Metals & Mining — 5.5%** |
| Bradespar SA, Preference Shares, NVS | &nbsp;&nbsp; 1382680 | 6696956 |
| Cia. de Ferro Ligas da Bahia FERBASA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 893280 | 1477619 |
| Metalurgica Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 4542444 | 8275905 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, <br> Class A, Preference Shares, NVS<br>| &nbsp;&nbsp; 2671885 | 3684819 |
|  |  | 20135299 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| Alpargatas SA, Preference Shares, NVS | &nbsp;&nbsp; 837906 | 2512165 |
| **Water Utilities — 1.0%** | **Water Utilities — 1.0%** | **Water Utilities — 1.0%** |
| Cia. De Sanena Do Parana, Preference Shares, NVS | &nbsp;&nbsp; 2125442 | 3561406 |
| **Total Preferred Stocks — 12.1%** <br>**(Cost: $33,001,384)** | **Total Preferred Stocks — 12.1%** <br>**(Cost: $33,001,384)** | 43981554 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Hypera SA (Expires 03/31/26, Strike Price <br> BRL 21.25)<sup>(a)</sup><br>| &nbsp;&nbsp; 109802 | $44979 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 44979 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $298,991,361)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $298,991,361)** | 361437399 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 4112757 | 4114814 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 710000 | 710000 |
| **Total Short-Term Securities — 1.3%** <br>**(Cost: $4,824,687)** | **Total Short-Term Securities — 1.3%** <br>**(Cost: $4,824,687)** | 4824814 |
| **Total Investments — 100.5%** <br>**(Cost: $303,816,048)** | **Total Investments — 100.5%** <br>**(Cost: $303,816,048)** | 366262213 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (1932302)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $364329911 |

---

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1257961<br> $2856574 <br><sup>(a)</sup><br>| $— | $247 | $32 | $4114814 | 4112757 | $20090 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 450000<br> 260000 <br><sup>(a)</sup><br>|  |  |  | 710000 | 710000 | 8078 |  |
|  |  |  | $247 | $32 | $4824814 |  | $28168 | $— |

---

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Brazil Small-Cap ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Brazil Index | 27 | 03/20/26 | &nbsp;&nbsp; $2201 | $328829 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $328829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $328829 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $311232 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $311232 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $273428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $273428 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2275375 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $309118383 | &nbsp;&nbsp; $8292483 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317410866 |
| Preferred Stocks | &nbsp;&nbsp; 43981554 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43981554 |
| Rights | &nbsp;&nbsp; 44979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44979 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 4824814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4824814 |
|  | &nbsp;&nbsp; $357969730 | &nbsp;&nbsp; $8292483 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $366262213 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Brazil Small-Cap ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $328829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $328829 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI China ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 422092 | $3510738 |
| AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp; 7484000 | 4063936 |
| Kuang-Chi Technologies Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 343072 | 2395706 |
|  |  | 9970380 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6321600 | 8298544 |
| JD Logistics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5331900 | 7579243 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 751883 | 4147194 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 527000 | 1504647 |
| ZTO Express Cayman, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 1109190 | 26778730 |
|  |  | 48308358 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| Changzhou Xingyu Automotive Lighting Systems <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 51473 | 1143543 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 308898 | 2713913 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1616000 | 13410034 |
| Hesai Group<sup>(a)</sup> | &nbsp;&nbsp; 301400 | 8208693 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 502472 | 1414219 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 91200 | 1645802 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 276685 | 2725265 |
| Sailun Group Co. Ltd., Class A | &nbsp;&nbsp; 497961 | 1139731 |
| Wanxiang Qianchao Co. Ltd., Class A | &nbsp;&nbsp; 522200 | 1523025 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | &nbsp;&nbsp; 355800 | 845809 |
|  |  | 34770034 |
| **Automobiles — 3.9%** | **Automobiles — 3.9%** | **Automobiles — 3.9%** |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 344556 | 2747776 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 1001400 | 1164667 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 858706 | 11152040 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 9750400 | 117542012 |
| Chongqing Afari Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 731400 | 1240341 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 1331420 | 2144609 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 5940000 | 7430940 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 17197000 | 35500109 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 6145500 | 10069898 |
| Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp; 1022300 | 1197828 |
| Li Auto, Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 3310380 | 29065709 |
| NIO, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4909110 | 24267766 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 1204704 | 2512400 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 257000 | 4016095 |
| XPeng, Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 3311172 | 29027471 |
| Yadea Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3342000 | 4863854 |
| Zhejiang Leapmotor Technology Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1354000 | 7061619 |
|  |  | 291005134 |
| **Banks — 11.0%** | **Banks — 11.0%** | **Banks — 11.0%** |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 13547400 | 12637408 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 73166000 | 49540398 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 3292699 | 2586800 |
| Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp; 628000 | 896668 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 648474 | 1527994 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 6346000 | 4882817 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 187952000 | 111220429 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 8478372 | 8092446 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 23100200 | 20216649 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 1156028 | 2738065 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 2890015 | 4359759 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 1954904 | 3205531 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 1046395 | $4772251 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 2323610 | 3278390 |
| Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp; 745161 | 883004 |
| China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp; 1737700 | 1822828 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 21873800 | 20126007 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 3449214 | 4317445 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 254299000 | 258722205 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 7330100 | 3459980 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 3276125 | 18488990 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 10323150 | 64217198 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 5687970 | 3216112 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 17472160 | 9028422 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 3448390 | 1497354 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1359304 | 1285829 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 6076000 | 4574436 |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 1386400 | 1835290 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 2100161 | 2047383 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 10004200 | 10089128 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 172220000 | 141643675 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 3379910 | 9020187 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 3081055 | 4893268 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 4843600 | 3508072 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 23575000 | 14834751 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5047222 | 7147003 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 1556100 | 1907461 |
|  |  | 818521633 |
| **Beverages — 1.7%** | **Beverages — 1.7%** | **Beverages — 1.7%** |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 68396 | 1207523 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 1695 | 15030 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 4269500 | 15003953 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 84410 | 2970116 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 205203 | 933983 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 229576 | 1779364 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 198935 | 42160941 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 233250 | 3752533 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 5330400 | 32159482 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 192586 | 4518758 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 109063 | 992500 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 1642000 | 11108902 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 619977 | 9393612 |
|  |  | 125996697 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| 3SBio, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 4827500 | 13608567 |
| Akeso, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1709000 | 23282839 |
| Beijing Wantai Biological Pharmacy Enterprise Co. <br> Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 172965 | 1034470 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 2265370 | 55923808 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 390710 | 984155 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3903500 | 42469592 |
| Legend Biotech Corp., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 194764 | 3700516 |
| Remegen Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 496000 | 5077510 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 1035500 | 948856 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 129100 | $6365760 |
|  |  | 153396073 |
| **Broadline Retail — 15.1%** | **Broadline Retail — 15.1%** | **Broadline Retail — 15.1%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 45474768 | 822945032 |
| CCOOP Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2930200 | 986578 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 6327196 | 83997851 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 1311612 | 5946539 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1877943 | 194799028 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 826184 | 14392125 |
|  |  | 1123067153 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 276870 | 1129209 |
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Beijing Compass Technology Development Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 94700 | 1599611 |
| BOC International China Co. Ltd., Class A | &nbsp;&nbsp; 455200 | 948574 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 798700 | 1010398 |
| Capital Securities Co. Ltd., Class A | &nbsp;&nbsp; 314000 | 836989 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 942036 | 1089699 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 37522000 | 4069205 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 1141000 | 2426182 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 9298000 | 11741772 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 690800 | 996865 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 439302 | 2215473 |
| China International Capital Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 4793600 | 12353881 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 1177868 | 2846897 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 1956359 | 7797529 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 4159300 | 14888105 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 674799 | 2343665 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 565211 | 1148513 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 2516151 | 8252222 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 654599 | 1586160 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 1385200 | 1549311 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 940199 | 2853801 |
| GF Securities Co. Ltd., Class H | &nbsp;&nbsp; 2777400 | 6099302 |
| Guolian Securities Co. Ltd., Class A | &nbsp;&nbsp; 734000 | 1052653 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 1058533 | 1936919 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 2260043 | 6232891 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 5102232 | 10390359 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 741770 | 898678 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 85487 | 4134308 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 1188293 | 3698179 |
| Huatai Securities Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 3593200 | 7684585 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 1460192 | 1435545 |
| Orient Securities Co. Ltd./China, Class A | &nbsp;&nbsp; 1193321 | 1756563 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 1104300 | 1199654 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 3614879 | 2637160 |
| Sinolink Securities Co. Ltd., Class A | &nbsp;&nbsp; 502400 | 667705 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 830135 | 1122867 |
| Tianfeng Securities Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1632900 | 974971 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 753630 | 877993 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 628000 | 975695 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 1256000 | 1172499 |
|  |  | 137503378 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 269866 | 2871129 |
| Ganfeng Lithium Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1258000 | 11026928 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 330710 | $2037080 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 1123210 | 4204852 |
| Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp; 163300 | 1220016 |
| Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp; 859800 | 1553719 |
| Inner Mongolia Junzheng Energy & Chemical <br> Industry Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 1382170 | 1209222 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1077100 | 2043004 |
| Kingfa Sci & Tech Co. Ltd., Class A | &nbsp;&nbsp; 418800 | 1176666 |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 377300 | 1284516 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 1161900 | 4050948 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 833100 | 4617207 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 1592092 | 3616063 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 534495 | 1818985 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 341100 | 1917214 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 339940 | 1407329 |
| Sinoma Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 267500 | 1970887 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 226651 | 1869013 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 494373 | 6691487 |
| Yunnan Energy New Material Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 154800 | 1393441 |
| Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp; 288500 | 1863936 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 253300 | 3172120 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 422572 | 2557606 |
| Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp; 548400 | 1309828 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 479299 | 2199072 |
|  |  | 69082268 |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |
| Zhejiang Weiming Environment Protection Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 282260 | 1158355 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 2083000 | 8547004 |
| CICT Mobile Communication Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 531561 | 1343916 |
| Guangzhou Haige Communications Group, Inc. Co., <br> Class A<br>| &nbsp;&nbsp; 389800 | 1002014 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 384800 | 2655182 |
| QuantumCTek Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16132 | 1590797 |
| Shenzhen Sunway Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 152900 | 1702099 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 123072 | 6578382 |
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 971000 | 18338437 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 192131 | 1050769 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 178227 | 13795508 |
| ZTE Corp., Class A | &nbsp;&nbsp; 635184 | 3570932 |
| ZTE Corp., Class H<sup>(c)</sup> | &nbsp;&nbsp; 2006840 | 6953357 |
|  |  | 67128397 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 5347500 | 1977891 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 3293698 | 3023213 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 10925000 | 7229588 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6627478 | 4866636 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 3454000 | 4102273 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 3014400 | 1408882 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 2831597 | 2362817 |
| Sichuan Road and Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 1141840 | 1654298 |
|  |  | 26625598 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 625591 | $2331355 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 3292500 | 10317452 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 625905 | 2458355 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 9891522 | 8576323 |
|  |  | 23683485 |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14952000 | 10627613 |
| JD Health International, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2975350 | 21534290 |
| Yonghui Superstores Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1462700 | 906079 |
|  |  | 33067982 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 890400 | 1930121 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 3582690 | 19703693 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 1103396 | 11618760 |
|  |  | 31322453 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 11732200 | 16694046 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| China XD Electric Co. Ltd., Class A | &nbsp;&nbsp; 798500 | 1868173 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 153986 | 1287221 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 705419 | 35070514 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(c)</sup><br>| &nbsp;&nbsp; 263000 | 16619089 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 478900 | 2583233 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 328636 | 2979095 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 775000 | 1117900 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 539620 | 2232375 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 136438 | 865381 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 289592 | 1595649 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 536900 | 2273044 |
| JL Mag Rare-Earth Co. Ltd., Class A | &nbsp;&nbsp; 183700 | 1100346 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 1264288 | 5028111 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 141927 | 2159262 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 113931 | 982238 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 224000 | 859165 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2073701 | 2745044 |
| Shenzhen Megmeet Electrical Co. Ltd. | &nbsp;&nbsp; 54900 | 995249 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 331420 | 6958260 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 314008 | 1190837 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 808234 | 3571085 |
| Wolong Electric Group Co. Ltd., Class A | &nbsp;&nbsp; 251900 | 1642057 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 337621 | 1624017 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 301806 | 3450988 |
|  |  | 100798333 |
| **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 2068000 | 9829986 |
| Accelink Technologies Co. Ltd., Class A | &nbsp;&nbsp; 136800 | 1507873 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 366500 | 3142035 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 5890100 | 3842004 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 301977 | 2775147 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1031800 | 860063 |
| Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp; 157180 | 8205255 |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2022976 | 768884 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 2112706 | 17067554 |
| GoerTek, Inc., Class A | &nbsp;&nbsp; 538800 | 2126952 |
| Hgtech Co. Ltd., Class A | &nbsp;&nbsp; 154900 | 2022642 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 798642 | $4083160 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 1138113 | 2544858 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 1156241 | 8431156 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 87812 | 1025286 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 518800 | 741953 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 48088 | 1061776 |
| Shannon Semiconductor Technology Co. Ltd. | &nbsp;&nbsp; 73300 | 1580463 |
| Shengyi Electronics Co. Ltd., Class A | &nbsp;&nbsp; 113236 | 1418227 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 393000 | 3953976 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 105551 | 4383260 |
| Shenzhen Everwin Precision Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 219000 | 1232122 |
| Shenzhen Kinwong Electronic Co. Ltd., Class A | &nbsp;&nbsp; 148300 | 1431752 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 1887600 | 13958627 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 122385 | 1429484 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 292400 | 3624869 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 3267360 | 2362738 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 444227 | 1676760 |
| Universal Scientific Industrial Shanghai Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5500 | 38056 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 137600 | 6100058 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 206700 | 1009270 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 663764 | 1503024 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 304718 | 3701176 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 530600 | 1487401 |
|  |  | 120927847 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 4740000 | 6120917 |
| Yantai Jereh Oilfield Services Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 161192 | 2755196 |
|  |  | 8876113 |
| **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 364500 | 1299490 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 460700 | 1316994 |
| China Ruyi Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 30904000 | 8022210 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 302500 | 1633706 |
| Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp; 364500 | 1202886 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 2777400 | 9224060 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 314080 | 1118980 |
| NetEase Cloud Music, Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 231850 | 4571594 |
| NetEase, Inc. | &nbsp;&nbsp; 4610060 | 103842428 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 1517409 | 22154171 |
| Zhejiang Century Huatong Group Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 1166000 | 3123895 |
|  |  | 157510414 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Far East Horizon Ltd. | &nbsp;&nbsp; 6153000 | 6080552 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Angel Yeast Co. Ltd., Class A | &nbsp;&nbsp; 137211 | 879316 |
| China Feihe Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 9538000 | 4626218 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 8215000 | 16928147 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 734485 | 3845781 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 260197 | 2078663 |
| Henan Shuanghui Investment & Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 547690 | 2097048 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 991623 | 3766951 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 866968 | $5925364 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 746399 | 947247 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 5188000 | 8663698 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 12451000 | 7798387 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 1022923 | 2382549 |
|  |  | 59939369 |
| **Gas Utilities — 0.7%** | **Gas Utilities — 0.7%** | **Gas Utilities — 0.7%** |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 1344500 | 6046786 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 7315000 | 7567914 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 2456400 | 6581903 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 2097700 | 18404096 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 403296 | 1198190 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 10318000 | 11060333 |
|  |  | 50859222 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 3194200 | 2374115 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| APT Medical, Inc., Class A | &nbsp;&nbsp; 23514 | 843931 |
| Jiangsu Yuyue Medical Equipment & Supply Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 163000 | 919290 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 6656400 | 4331030 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 131225 | 2494579 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 197839 | 5355483 |
| Shenzhen New Industries Biomedical Engineering <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 139568 | 1065091 |
|  |  | 15009404 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 1496610 | 2309374 |
| Guangzhou Baiyunshan Pharmaceutical Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 215995 | 795196 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 272880 | 1428088 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 440597 | 1103372 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 3532800 | 9524571 |
|  |  | 15160601 |
| **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** |
| H World Group Ltd., ADR | &nbsp;&nbsp; 529142 | 28996982 |
| Haidilao International Holding Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4372000 | 9813916 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 13179840 | 135712767 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 3418000 | 9004197 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 1639434 | 85083534 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 942719 | 52154416 |
|  |  | 320765812 |
| **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 42784 | 890804 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 95700 | 965335 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp; 438819 | 2393689 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 979146 | 3662442 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 6443200 | 21879215 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 583000 | 6675770 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 1074900 | 12442226 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 716000 | 1077205 |
|  |  | 49986686 |
| **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 28393000 | 11394810 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 6531000 | 6309078 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 3235876 | 4018532 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** |
| China Power International Development Ltd. | &nbsp;&nbsp; 9881000 | $4138702 |
| China Resources Power Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5454599 | 13003949 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4584726 | 2779460 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 3924741 | 14893246 |
| Datang International Power Generation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1972100 | 1147162 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 2890300 | 2068457 |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 1507200 | 1119928 |
| Huaneng Power International, Inc., Class A | &nbsp;&nbsp; 1469052 | 1550138 |
| Huaneng Power International, Inc., Class H | &nbsp;&nbsp; 11058000 | 8513757 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 1245200 | 2404462 |
| Shanghai Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 457500 | 1457017 |
| Shenergy Co. Ltd., Class A | &nbsp;&nbsp; 785938 | 980515 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 790662 | 1663535 |
| Wintime Energy Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2968000 | 790418 |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 1911176 | 1484625 |
|  |  | 79717791 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| CITIC Ltd. | &nbsp;&nbsp; 10801000 | 17218084 |
| **Insurance — 5.1%** | **Insurance — 5.1%** | **Insurance — 5.1%** |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 429905 | 2783813 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 19692000 | 78996849 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 1080947 | 6421473 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 6985200 | 31970974 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 3808324 | 11089566 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 320676 | 3527507 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 2471800 | 17394577 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 1536600 | 1917490 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 23048000 | 18827365 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 18244462 | 37644609 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 1707143 | 15679316 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 17720000 | 153289320 |
|  |  | 379542859 |
| **Interactive Media & Services — 17.3%** | **Interactive Media & Services — 17.3%** | **Interactive Media & Services — 17.3%** |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5890706 | 91502314 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 663845 | 18530998 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 6764400 | 53638528 |
| Kunlun Tech Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 192300 | 1708384 |
| Meitu, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 9707500 | 6992301 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 16895500 | 1111619591 |
|  |  | 1283992116 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2981200 | 15443906 |
| Isoftstone Information Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 170200 | 1228015 |
| Range Intelligent Computing Technology Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 214000 | 3212193 |
|  |  | 19884114 |
| **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3208000 | 4888754 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 63337 | 550279 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 233225 | 1005178 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 390239 | 5574849 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1013981 | 15388429 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9283000 | 47661027 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 995500 | 8042292 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
| XtalPi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4536000 | $5982391 |
|  |  | 89093199 |
| **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 1201600 | 6607643 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 3915547 | 3585644 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 11583000 | 8576048 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 1718000 | 5551777 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 210144 | 3456217 |
| RoboTechnik Intelligent Technology Co. Ltd. | &nbsp;&nbsp; 26700 | 1604091 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 1328693 | 4477776 |
| Shandong Himile Mechanical Science & Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 128300 | 1801521 |
| Shenzhen Envicool Technology Co. Ltd., Class A | &nbsp;&nbsp; 150800 | 2373727 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 213030 | 2260384 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 1830500 | 9636256 |
| UBTech Robotics Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 570850 | 8817368 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 1006568 | 4080860 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 5195000 | 21617994 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 1884916 | 3365173 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 344951 | 1492759 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 289500 | 2152446 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | &nbsp;&nbsp; 69483 | 600557 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 1260600 | 7136943 |
| Zoomlion Heavy Industry Science and Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 1131416 | 1645653 |
|  |  | 100840837 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 1993850 | 4359056 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 6848600 | 13289945 |
| Orient Overseas International Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 353000 | 6741711 |
|  |  | 24390712 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Bluefocus Intelligent Communications Group Co. <br> Ltd.<sup>(a)</sup><br>| &nbsp;&nbsp; 570200 | 1532364 |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1090600 | 4393858 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2341538 | 2410320 |
| Leo Group Co. Ltd., Class A | &nbsp;&nbsp; 1065400 | 1487431 |
|  |  | 9823973 |
| **Metals & Mining — 5.0%** | **Metals & Mining — 5.0%** | **Metals & Mining — 5.0%** |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 2064400 | 4124148 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 9936000 | 17917077 |
| Baiyin Nonferrous Group Co. Ltd., Class A | &nbsp;&nbsp; 1162500 | 1821030 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 3494149 | 3666536 |
| Chengtun Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 466500 | 1146138 |
| Chifeng Jilong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 277100 | 1620980 |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 635400 | 16635181 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 7555500 | 34078917 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 3622000 | 6923086 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 591200 | 5376561 |
| China Rare Earth Resources And Technology Co. <br> Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 186150 | 1763329 |
| Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp; 502400 | 1319538 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 2733000 | 9542185 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 9921000 | 30521325 |
| Guangdong HEC Technology Holding Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 486000 | 2656964 |
| Henan Shenhuo Coal Industry & Electricity Power <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 353700 | 1671390 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp; 1109500 | $1083992 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 7447092 | 3516470 |
| Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 281400 | 2265560 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 318800 | 2694998 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 2763000 | 16027935 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp; 511400 | 1827451 |
| MMG Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 11243200 | 15436650 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 560591 | 3883810 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 2499500 | 13186679 |
| Shandong Hongqiao Aluminum Industry Holding Co. <br> Ltd.<sup>(a)</sup><br>| &nbsp;&nbsp; 433100 | 1840428 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 1876500 | 1934011 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 434721 | 1971113 |
| Sinomine Resource Group Co. Ltd., Class A | &nbsp;&nbsp; 111500 | 1479077 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 747200 | 1922224 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 2050300 | 2367760 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 371400 | 1873817 |
| Western Superconducting Technologies Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 108671 | 1427570 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 253700 | 2593374 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 553248 | 2510874 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 4556000 | 20082907 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 758000 | 3532783 |
| Zijin Gold International Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 557700 | 16454549 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 3135600 | 18091921 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 16006000 | 91616090 |
|  |  | 370406428 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 4884000 | 8110808 |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 1289100 | 3051369 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 5101388 | 4805910 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 59797000 | 41610859 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 1033552 | 6363076 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 8940500 | 51260259 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 681100 | 2043047 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., <br> Class A <br>| &nbsp;&nbsp; 351800 | 1573664 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 2427100 | 4938773 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 3452992 | 5473116 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 55776000 | 67933563 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 1532289 | 5289862 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 994330 | 1063081 |
| Shanxi Lu'an Environmental Energy Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 502400 | 1090351 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 934065 | 2412422 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 8613500 | 15394064 |
|  |  | 222414224 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp; 439600 | 1105014 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2064514 | 2531940 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2745696 | 2293855 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1802034 | 1929103 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6916822 | 1711872 |
| Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp; 160400 | 1286394 |
|  |  | 9753164 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Giant Biogene Holding Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 992400 | $4040406 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 1638500 | 6095722 |
|  |  | 10136128 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 214188 | 960605 |
| Changchun High-Tech Industry Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 71196 | 992498 |
| China Resources Sanjiu Medical & Pharmaceutical <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 266735 | 1122884 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 224189 | 1078725 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 21340400 | 26863451 |
| Haisco Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 156000 | 1061225 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4006000 | 17834639 |
| Hebei Changshan Biochemical Pharmaceutical Co. <br> Ltd.<sup>(a)</sup><br>| &nbsp;&nbsp; 143900 | 978268 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 1011480 | 8315327 |
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 75036 | 1013922 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 339684 | 1308942 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 173331 | 1240704 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 270565 | 1203000 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 27320000 | 21067340 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 278662 | 2276830 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 94309 | 2243891 |
|  |  | 89562251 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 991006 | 15935376 |
| **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 2360000 | 4563458 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 1446370 | 2087478 |
| China Overseas Land & Investment Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 10163500 | 18567271 |
| China Resources Land Ltd. | &nbsp;&nbsp; 8499165 | 34350826 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1817000 | 11015295 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1571328 | 1108011 |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 1832600 | 1134376 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 5410358 | 29808390 |
| Longfor Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 5625500 | 7122452 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1885075 | 1867087 |
| Shanghai Zhangjiang High-Tech Park Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 251200 | 1509573 |
|  |  | 113134217 |
| **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** |
| ACM Research Shanghai, Inc., Class A | &nbsp;&nbsp; 36699 | 918817 |
| Advanced Micro-Fabrication Equipment, Inc./China, <br> Class A<br>| &nbsp;&nbsp; 102947 | 5281638 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 70916 | 979181 |
| Anji Microelectronics Technology Shanghai Co. Ltd. | &nbsp;&nbsp; 25273 | 987441 |
| Bestechnic Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 28003 | 842903 |
| Biwin Storage Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72917 | 1756805 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 66544 | 11398643 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 209239 | 1737879 |
| CSI Solar Co. Ltd., Class A | &nbsp;&nbsp; 588104 | 1245128 |
| Dosilicon Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 69000 | 1407385 |
| GalaxyCore, Inc., Class A | &nbsp;&nbsp; 341562 | 838799 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 65495000 | 10014145 |
| GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp; 105987 | 4618266 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Guobo Electronics Co. Ltd. | &nbsp;&nbsp; 60711 | $1086960 |
| Hangzhou Chang Chuan Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 97600 | 2051837 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 435830 | 1149235 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 270000 | 1265475 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1939000 | 23888311 |
| Hua Hong Semiconductor Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 61247 | 1129089 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 56259 | 1585847 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 369077 | 13999206 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 81800 | 1584106 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 565996 | 996156 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 275800 | 1930341 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1634898 | 1793957 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 1213001 | 3234999 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 62090 | 1435140 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 187601 | 4458686 |
| National Silicon Industry Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 510653 | 1612699 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 114405 | 7854529 |
| Nexchip Semiconductor Corp., Class A | &nbsp;&nbsp; 320201 | 1656643 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 191745 | 3429565 |
| Piotech, Inc., Class A | &nbsp;&nbsp; 44943 | 2414563 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 68400 | 1787920 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 816500 | 1983441 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 102369 | 1026473 |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 76000 | 865313 |
| Shenzhen Techwinsemi Technology Co. Ltd. | &nbsp;&nbsp; 35700 | 1326310 |
| Skyverse Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 54600 | 1565917 |
| Suzhou Maxwell Technologies Co. Ltd., Class A | &nbsp;&nbsp; 44300 | 1882735 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 690872 | 1037210 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 503529 | 1111533 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 233296 | 1762389 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 721599 | 1894802 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 371923 | 1034391 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 136893 | 1587899 |
| United Nova Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1335760 | 1511368 |
| Verisilicon Microelectronics Shanghai Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 83738 | 3380561 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 344809 | 1200616 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 11884000 | 5235881 |
| Yuanjie Semiconductor Technology Co. Ltd. | &nbsp;&nbsp; 13335 | 1490809 |
| Zhejiang Jingsheng Mechanical & Electrical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 204793 | 1660958 |
|  |  | 153930900 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
| 360 Security Technology, Inc., Class A | &nbsp;&nbsp; 1078648 | 1948992 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 76532 | 3361092 |
| China National Software & Service Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 160035 | 1038620 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 76700 | 1126908 |
| Geovis Technology Co. Ltd. | &nbsp;&nbsp; 128563 | 1270038 |
| Horizon Robotics<sup>(a)(c)</sup> | &nbsp;&nbsp; 13269600 | 13919299 |
| Hundsun Technologies, Inc., Class A | &nbsp;&nbsp; 319401 | 1396169 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 377362 | 3061072 |
| Jiangsu Hoperun Software Co. Ltd., Class A | &nbsp;&nbsp; 129300 | 977248 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8016000 | 10286056 |
| Pony AI, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 501300 | 7490511 |
| Sangfor Technologies, Inc., Class A | &nbsp;&nbsp; 66900 | 1280835 |
| SenseTime Group, Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 73687000 | 24057674 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 343490 | 1209060 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Shanghai Stonehill Technology Co.Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 903000 | $1454118 |
|  |  | 73877692 |
| **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 308224 | 3619112 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5235400 | 8745068 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1421400 | 41821769 |
|  |  | 54185949 |
| **Technology Hardware, Storage & Peripherals — 3.3%** | **Technology Hardware, Storage & Peripherals — 3.3%** | **Technology Hardware, Storage & Peripherals — 3.3%** |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 86030 | 1210665 |
| China Greatwall Technology Group Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 519800 | 1255267 |
| Founder Technology Group Corp.<sup>(a)</sup> | &nbsp;&nbsp; 662500 | 1091770 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 137800 | 1844616 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 227816 | 2114122 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 21356000 | 26360184 |
| Sharetronic Data Technology Co. Ltd., Class A | &nbsp;&nbsp; 54600 | 2115312 |
| Shenzhen Longsys Electronics Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 55800 | 2364552 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 179801 | 1511636 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 45582200 | 201605991 |
|  |  | 241474115 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 3329600 | 36029336 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 12290000 | 7618693 |
| Laopu Gold Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 74800 | 6877949 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 6157500 | 17643101 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 2189900 | 17611304 |
|  |  | 85780383 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Smoore International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4906000 | 7414385 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 557100 | 6186967 |
| **Transportation Infrastructure — 0.3%** | **Transportation Infrastructure — 0.3%** | **Transportation Infrastructure — 0.3%** |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 7847700 | 5657626 |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 942000 | 1330202 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 3368000 | 7525199 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 3224000 | 4195148 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 209499 | 930869 |
|  |  | 19639044 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 7748000 | 7547101 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 4912627 | $3520002 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $6,882,409,614)** | **Total Common Stocks — 99.7%** <br>**(Cost: $6,882,409,614)** | 7413156247 |
| **Rights** | **Rights** | **Rights** |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd. (Expires <br> 12/31/49)<sup>(d)</sup><br>| &nbsp;&nbsp; 72782 |  |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $6,882,409,614)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $6,882,409,614)** | 7413156247 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 79176246 | 79215835 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 3730000 | 3730000 |
| **Total Short-Term Securities — 1.1%** <br>**(Cost: $82,945,835)** | **Total Short-Term Securities — 1.1%** <br>**(Cost: $82,945,835)** | 82945835 |
| **Total Investments — 100.8%** <br>**(Cost: $6,965,355,449)** | **Total Investments — 100.8%** <br>**(Cost: $6,965,355,449)** | 7496102082 |
| **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (60714840)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7435387242 |

---

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

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

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

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

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

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $95407959 | $— | &nbsp;&nbsp; $(16192202 )<sup>(a)</sup><br>| $78 | $— | $79215835 | 79176246 | $1169081 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>|  | 3730000 <br><sup>(a)</sup><br>|  |  |  | 3730000 | 3730000 | 82901 |  |
|  |  |  |  | $78 | $— | $82945835 |  | $1251982 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI China Index | 499 | 03/20/26 | &nbsp;&nbsp; $16252 | $(721287) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $721287 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $721287 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1207007 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1207007 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2508514)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2508514)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $19085700 |

---

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $537702156 | &nbsp;&nbsp; $6875454091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7413156247 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 82945835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82945835 |
|  | &nbsp;&nbsp; $620647991 | &nbsp;&nbsp; $6875454091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7496102082 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(721287)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(721287)<br>|

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI China Small-Cap ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Cirrus Aircraft Ltd. | &nbsp;&nbsp; 37800 | $299808 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| Hangzhou SF Intra-City Industrial Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 129600 | 216652 |
| **Automobile Components — 3.5%** | **Automobile Components — 3.5%** | **Automobile Components — 3.5%** |
| Minth Group Ltd. | &nbsp;&nbsp; 386800 | 2162122 |
| Nexteer Automotive Group Ltd. | &nbsp;&nbsp; 432000 | 411585 |
| Tianneng Power International Ltd. | &nbsp;&nbsp; 348000 | 331270 |
| Weifu High-Technology Group Co. Ltd., Class B | &nbsp;&nbsp; 70200 | 134163 |
| WeRide, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 144000 | 326168 |
|  |  | 3365308 |
| **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
| BAIC Motor Corp. Ltd., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 918068 | 213033 |
| Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 1512000 | 803861 |
|  |  | 1016894 |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Bank of Zhengzhou Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 648000 | 92768 |
| China Bohai Bank Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 1485000 | 172732 |
|  |  | 265500 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| China Foods Ltd. | &nbsp;&nbsp; 432000 | 222533 |
| China Huiyuan Juice Group Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 81000 |  |
| China Resources Beverage Holdings Co. Ltd. | &nbsp;&nbsp; 236800 | 303864 |
| Yantai Changyu Pioneer Wine Co. Ltd., Class B | &nbsp;&nbsp; 102600 | 101998 |
|  |  | 628395 |
| **Biotechnology — 7.7%** | **Biotechnology — 7.7%** | **Biotechnology — 7.7%** |
| Abbisko Cayman Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 251000 | 406756 |
| Alphamab Oncology<sup>(a)(b)</sup> | &nbsp;&nbsp; 270000 | 300780 |
| Ascentage Pharma Group International<sup>(a)(b)</sup> | &nbsp;&nbsp; 140400 | 840221 |
| Ascletis Pharma, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 137000 | 276229 |
| Biocytogen Pharmaceuticals Beijing Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 27500 | 183839 |
| CanSino Biologics, Inc., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 43200 | 195251 |
| CARsgen Therapeutics Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 189000 | 341969 |
| CStone Pharmaceuticals<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 540000 | 460131 |
| CTEG, NVS<sup>(d)</sup> | &nbsp;&nbsp; 600000 | 1 |
| Duality Biotherapeutics, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 13400 | 540185 |
| Everest Medicines Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 132386 | 641037 |
| GenFleet Therapeutics Shanghai, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 33200 | 116277 |
| InnoCare Pharma Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 436000 | 673531 |
| Jacobio Pharmaceuticals Group Co. Ltd. <sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 194400 | 153707 |
| Keymed Biosciences, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 103500 | 685505 |
| Lepu Biopharma Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 432000 | 249504 |
| Nanjing Leads Biolabs Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 16200 | 129396 |
| Shandong BoAn Biotechnology Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 97200 | 92063 |
| Shanghai Henlius Biotech, Inc., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 31300 | 267882 |
| Zai Lab Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 507600 | 963525 |
|  |  | 7517789 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| China Lesso Group Holdings Ltd., Class L | &nbsp;&nbsp; 486000 | 424114 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| Central China Securities Co. Ltd., Class H | &nbsp;&nbsp; 486000 | 129580 |
| China Everbright Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 494000 | 554512 |
| JF SmartInvest Holdings Ltd. | &nbsp;&nbsp; 57700 | 262690 |
| Noah Holdings Ltd., ADR | &nbsp;&nbsp; 20250 | 239355 |
| Up Fintech Holding Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 55998 | 437904 |
|  |  | 1624041 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals — 4.0%** | **Chemicals — 4.0%** | **Chemicals — 4.0%** |
| China BlueChemical Ltd., Class H | &nbsp;&nbsp; 756000 | $281742 |
| China Risun Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 540000 | 174630 |
| China XLX Fertiliser Ltd. | &nbsp;&nbsp; 324000 | 489888 |
| Dongyue Group Ltd. | &nbsp;&nbsp; 648000 | 1159647 |
| Fufeng Group Ltd. | &nbsp;&nbsp; 628600 | 652856 |
| Global New Material International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 389000 | 418700 |
| Huabao International Holdings Ltd. | &nbsp;&nbsp; 378000 | 218874 |
| Shanghai Chlor-Alkali Chemical Co. Ltd., Class B | &nbsp;&nbsp; 183693 | 137490 |
| Sinofert Holdings Ltd. | &nbsp;&nbsp; 1628000 | 386470 |
| Untrade.Lumena Newmat, NVS<sup>(d)</sup> | &nbsp;&nbsp; 21700 |  |
|  |  | 3920297 |
| **Commercial Services & Supplies — 1.7%** | **Commercial Services & Supplies — 1.7%** | **Commercial Services & Supplies — 1.7%** |
| Binjiang Service Group Co. Ltd. | &nbsp;&nbsp; 47359 | 136638 |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 1836000 | 1201546 |
| Dynagreen Environmental Protection Group Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 162000 | 114961 |
| Tuhu Car, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 91800 | 168853 |
| Untrade Hongjiu Fruit, NVS<sup>(d)</sup> | &nbsp;&nbsp; 211280 | 18796 |
|  |  | 1640794 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| CIG Shanghai Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 22800 | 195260 |
| **Construction & Engineering — 3.0%** | **Construction & Engineering — 3.0%** | **Construction & Engineering — 3.0%** |
| China Communications Services Corp. Ltd., Class H | &nbsp;&nbsp; 1180000 | 669854 |
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 729000 | 1236102 |
| Greentown Management Holdings Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 270000 | 97409 |
| Sinopec Engineering Group Co. Ltd., Class H | &nbsp;&nbsp; 702000 | 709765 |
| Xinte Energy Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 194400 | 177063 |
|  |  | 2890193 |
| **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
| BBMG Corp., Class H | &nbsp;&nbsp; 1242000 | 134768 |
| China Resources Building Materials Technology <br> Holdings Ltd.<br>| &nbsp;&nbsp; 1188000 | 284880 |
| CSG Holding Co. Ltd., Class B | &nbsp;&nbsp; 572447 | 125853 |
| MH Development NPV, NVS<sup>(d)</sup> | &nbsp;&nbsp; 112000 |  |
| West China Cement Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 950000 | 366050 |
|  |  | 911551 |
| **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** |
| FinVolution Group, ADR | &nbsp;&nbsp; 45468 | 255530 |
| Lufax Holding Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 131382 | 341593 |
| Qfin Holdings, Inc. | &nbsp;&nbsp; 48193 | 701690 |
| Yixin Group Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 837000 | 294668 |
|  |  | 1593481 |
| **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
| East Buy Holding Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 216000 | 701120 |
| Guoquan Food Shanghai Co. Ltd., Class H | &nbsp;&nbsp; 324000 | 169116 |
| Ping An Healthcare and Technology Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 432000 | 725559 |
| Sun Art Retail Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1215000 | 254627 |
|  |  | 1850422 |
| **Distributors — 0.6%** | **Distributors — 0.6%** | **Distributors — 0.6%** |
| China Tobacco International HK Co. Ltd. | &nbsp;&nbsp; 108000 | 597397 |
| **Diversified Consumer Services — 1.2%** | **Diversified Consumer Services — 1.2%** | **Diversified Consumer Services — 1.2%** |
| Beauty Farm Medical And Health Industry, Inc. | &nbsp;&nbsp; 39000 | 131306 |
| China East Education Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 270000 | 223998 |
| China Education Group Holdings Ltd. | &nbsp;&nbsp; 594000 | 219040 |
| Fenbi Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 675000 | 129876 |
| Fu Shou Yuan International Group Ltd. | &nbsp;&nbsp; 702000 | 237565 |
| Tianli International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 648000 | 207071 |
|  |  | 1148856 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| Yuexiu REIT | &nbsp;&nbsp; 1242000 | $136529 |
| **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** |
| C Fiber Optic, NVS<sup>(d)</sup> | &nbsp;&nbsp; 181600 |  |
| Harbin Electric Co. Ltd., Class H | &nbsp;&nbsp; 338000 | 1212986 |
| REPT BATTERO Energy Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 162000 | 295326 |
| Trony Solar Holdings Co. Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 216000 | 1 |
|  |  | 1508313 |
| **Electronic Equipment, Instruments & Components — 5.6%** | **Electronic Equipment, Instruments & Components — 5.6%** | **Electronic Equipment, Instruments & Components — 5.6%** |
| Anxin-China Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 672000 | 1 |
| FIH Mobile Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 162000 | 456600 |
| Ingdan, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 284000 | 113989 |
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 305500 | 1577578 |
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 486000 | 1466872 |
| Q Technology Group Co. Ltd. | &nbsp;&nbsp; 270000 | 305358 |
| RoboSense Technology Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 129600 | 595478 |
| Wasion Holdings Ltd. | &nbsp;&nbsp; 248000 | 878959 |
|  |  | 5394835 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Dalipal Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 216000 | 164000 |
| **Entertainment — 3.0%** | **Entertainment — 3.0%** | **Entertainment — 3.0%** |
| Damai Entertainment Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5940000 | 619255 |
| iQIYI, Inc., ADR<sup>(b)(c)</sup> | &nbsp;&nbsp; 240624 | 384999 |
| Maoyan Entertainment<sup>(a)(c)</sup> | &nbsp;&nbsp; 194400 | 158194 |
| NetDragon Websoft Holdings Ltd. | &nbsp;&nbsp; 135000 | 155375 |
| SMI Holdings Group Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 267200 |  |
| Tanwan, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 103800 | 234561 |
| XD, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 148800 | 1400148 |
|  |  | 2952532 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| CSSC Hong Kong Shipping Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 756000 | 243138 |
| Lianlian DigiTech Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 108000 | 102155 |
| SY Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 270000 | 366446 |
|  |  | 711739 |
| **Food Products — 1.8%** | **Food Products — 1.8%** | **Food Products — 1.8%** |
| Anjoy Foods Group Co. Ltd. | &nbsp;&nbsp; 15800 | 162771 |
| China Modern Dairy Holdings Ltd. | &nbsp;&nbsp; 1188000 | 215159 |
| China Youran Dairy Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 702000 | 452721 |
| COFCO Joycome Foods Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1350000 | 267052 |
| Star Plus Legend Holdings Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 135000 | 106987 |
| Yihai International Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 270820 | 563638 |
|  |  | 1768328 |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| Towngas Smart Energy Co. Ltd. | &nbsp;&nbsp; 540000 | 267723 |
| Zhongyu Energy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 378000 | 125423 |
|  |  | 393146 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Guangshen Railway Co. Ltd. | &nbsp;&nbsp; 756000 | 211446 |
| **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** |
| AK Medical Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 254000 | 208726 |
| Angelalign Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 32400 | 311605 |
| Lifetech Scientific Corp. <sup>(b)</sup> | &nbsp;&nbsp; 1620000 | 339243 |
| MicroPort NeuroScientific Corp.<sup>(c)</sup> | &nbsp;&nbsp; 184000 | 266089 |
| Microport Scientific Corp.<sup>(b)</sup> | &nbsp;&nbsp; 475200 | 664104 |
| Shanghai Conant Optical Co. Ltd., Class H | &nbsp;&nbsp; 97200 | 766166 |
| Shanghai MicroPort MedBot Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 189000 | 672499 |
| Untrade Hosa International Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 220000 |  |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Zylox-Tonbridge Medical Technology Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 81000 | $225426 |
|  |  | 3453858 |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |
| China Resources Medical Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 432000 | 169263 |
| Genertec Universal Medical Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 432000 | 337436 |
| Gushengtang Holdings Ltd. | &nbsp;&nbsp; 75600 | 266705 |
| Hygeia Healthcare Holdings Co. Ltd., Class C<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 172800 | 292674 |
| Jinxin Fertility Group Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1107000 | 352457 |
| YSB, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 118800 | 74907 |
|  |  | 1493442 |
| **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
| Medlive Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 101000 | 116009 |
| Untrade NH Health<sup>(d)</sup> | &nbsp;&nbsp; 132000 | 143146 |
| Yidu Tech, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp; 318600 | 241901 |
|  |  | 501056 |
| **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 17010 | 667983 |
| China Travel International Investment Hong Kong <br> Ltd.<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 950000 | 161117 |
| DPC Dash Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 43200 | 353401 |
| Haichang Ocean Park Holdings Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1620000 | 109903 |
| Sichuan Baicha Baidao Industrial Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 151200 | 124411 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 492000 | 673271 |
|  |  | 2090086 |
| **Household Durables — 1.4%** | **Household Durables — 1.4%** | **Household Durables — 1.4%** |
| Chervon Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 75600 | 235978 |
| Skyworth Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 342000 | 306215 |
| TCL Electronics Holdings Ltd. | &nbsp;&nbsp; 506000 | 791921 |
|  |  | 1334114 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Blue Moon Group Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 567000 | 208003 |
| **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** |
| Beijing Jingneng Clean Energy Co. Ltd., Class H | &nbsp;&nbsp; 756000 | 228827 |
| CGN New Energy Holdings Co. Ltd. | &nbsp;&nbsp; 648000 | 222675 |
| China Datang Corp. Renewable Power Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 1188000 | 289564 |
| Xinyi Energy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1188000 | 192424 |
|  |  | 933490 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| Chongqing Machinery & Electric Co. Ltd., Class H | &nbsp;&nbsp; 540000 | 253143 |
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 225632 | 442390 |
|  |  | 695533 |
| **Insurance — 1.1%** | **Insurance — 1.1%** | **Insurance — 1.1%** |
| ZhongAn Online P&C Insurance Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 534600 | 1044001 |
| **Interactive Media & Services — 2.7%** | **Interactive Media & Services — 2.7%** | **Interactive Media & Services — 2.7%** |
| Autohome, Inc., ADR | &nbsp;&nbsp; 31714 | 608275 |
| Hello Group, Inc., ADR | &nbsp;&nbsp; 58733 | 380002 |
| JOYY, Inc., ADR | &nbsp;&nbsp; 13836 | 825594 |
| Newborn Town, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 324000 | 390486 |
| Weibo Corp., Class A | &nbsp;&nbsp; 43214 | 431378 |
|  |  | 2635735 |
| **IT Services — 3.1%** | **IT Services — 3.1%** | **IT Services — 3.1%** |
| Chinasoft International Ltd. | &nbsp;&nbsp; 1152000 | 627769 |
| INESA Intelligent Tech, Inc., Class B | &nbsp;&nbsp; 140442 | 102665 |
| Kingsoft Cloud Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1368980 | 1244682 |
| National Agricultural Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 108900 |  |
| Vnet Group, Inc., ADR<sup>(b)(c)</sup> | &nbsp;&nbsp; 73062 | 787609 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| WellCell Holdings Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 142400 | $211042 |
|  |  | 2973767 |
| **Leisure Products — 0.2%** | **Leisure Products — 0.2%** | **Leisure Products — 0.2%** |
| Bloks Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 24600 | 198018 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Joinn Laboratories China Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 54000 | 147463 |
| **Machinery — 3.8%** | **Machinery — 3.8%** | **Machinery — 3.8%** |
| China Yuchai International Ltd. | &nbsp;&nbsp; 4655 | 234053 |
| CIMC Enric Holdings Ltd. | &nbsp;&nbsp; 325193 | 531222 |
| First Tractor Co. Ltd., Class H | &nbsp;&nbsp; 216000 | 274725 |
| LK Technology Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 270491 | 115888 |
| Lonking Holdings Ltd. | &nbsp;&nbsp; 918000 | 400670 |
| Precision Tsugami China Corp. Ltd. | &nbsp;&nbsp; 72000 | 408705 |
| Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp; 568000 | 1142187 |
| Shanghai Mechanical and Electrical Industry Co. Ltd., <br> Class B<br>| &nbsp;&nbsp; 102605 | 163150 |
| Shanghai Zhenhua Heavy Industries Co. Ltd., Class B | &nbsp;&nbsp; 523840 | 144056 |
| Shenzhen Dobot Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 58400 | 288802 |
|  |  | 3703458 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Qunabox Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 37800 | 108432 |
| Xinhua Winshare Publishing and Media Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 162000 | 212235 |
|  |  | 320667 |
| **Metals & Mining — 2.8%** | **Metals & Mining — 2.8%** | **Metals & Mining — 2.8%** |
| China Hanking Holdings Ltd. | &nbsp;&nbsp; 352000 | 183972 |
| China Metal Recycling Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 184800 |  |
| Jinchuan Group International Resources Co. Ltd.<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 1372000 | 89790 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 219400 | 754405 |
| Maanshan Iron & Steel Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 648000 | 226297 |
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 1080000 | 464700 |
| Tiangong International Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 648000 | 348859 |
| Tongguan Gold Group Ltd. | &nbsp;&nbsp; 1100000 | 548961 |
| Untrade Real Gold Mining, NVS<sup>(d)</sup> | &nbsp;&nbsp; 126000 |  |
| Xinjiang Xinxin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 378000 | 141393 |
| Youyuan International Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 120000 |  |
|  |  | 2758377 |
| **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** |
| CGN Mining Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1525000 | 956200 |
| China Qinfa Group Ltd. | &nbsp;&nbsp; 432000 | 206519 |
| Kinetic Development Group Ltd. | &nbsp;&nbsp; 1296000 | 340951 |
| Sinopec Kantons Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 432000 | 238318 |
|  |  | 1741988 |
| **Paper & Forest Products — 1.3%** | **Paper & Forest Products — 1.3%** | **Paper & Forest Products — 1.3%** |
| China Forestry Holdings Co. Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 306000 | 1 |
| Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp; 648000 | 319680 |
| Nine Dragons Paper Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 810000 | 911154 |
| Qunxing Paper Holdings Co. Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 148000 |  |
| Superb Summit International Group Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 2975 |  |
|  |  | 1230835 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| Shanghai Chicmax Cosmetic Co. Ltd., Class H | &nbsp;&nbsp; 37800 | 290722 |
| **Pharmaceuticals — 6.8%** | **Pharmaceuticals — 6.8%** | **Pharmaceuticals — 6.8%** |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | &nbsp;&nbsp; 127000 | 140601 |
| China Animal Healthcare Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 140000 |  |
| China Medical System Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 611000 | 1135631 |
| China Resources Pharmaceutical Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 945000 | 549258 |
| China Shineway Pharmaceutical Group Ltd. | &nbsp;&nbsp; 162000 | 193977 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 1512000 | $390084 |
| Consun Pharmaceutical Group Ltd. | &nbsp;&nbsp; 219000 | 503510 |
| Grand Pharmaceutical Group Ltd., Class L | &nbsp;&nbsp; 621000 | 621922 |
| Hua Han Health Industry Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 505580 | 1 |
| HUTCHMED China Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 281165 | 814075 |
| Luye Pharma Group Ltd. <sup>(a)(b)</sup> | &nbsp;&nbsp; 1107000 | 366133 |
| Ocumension Therapeutics<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 162000 | 155224 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2106000 | 417932 |
| Simcere Pharmaceutical Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 450000 | 715378 |
| SSY Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 540000 | 186461 |
| Sunshine Lake Pharma Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 54070 | 296496 |
| Tong Ren Tang Technologies Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 270000 | 151011 |
|  |  | 6637694 |
| **Real Estate Management & Development — 8.5%** | **Real Estate Management & Development — 8.5%** | **Real Estate Management & Development — 8.5%** |
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 2700000 | 547982 |
| China Overseas Grand Oceans Group Ltd. | &nbsp;&nbsp; 918000 | 342437 |
| China Overseas Property Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 720000 | 391301 |
| Country Garden Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9270000 | 418478 |
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 1080000 | 870229 |
| Evergrande Property Services Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2673000 | 395325 |
| Greentown China Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 513000 | 684890 |
| Greentown Service Group Co. Ltd., Class L | &nbsp;&nbsp; 756000 | 420530 |
| Guangdong Hong Kong Greater Bay Area Holdings <br> Ltd.<sup>(b)</sup><br>| &nbsp;&nbsp; 204000 | 156560 |
| Hopson Development Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 577824 | 237824 |
| K Wah International Holdings Ltd. | &nbsp;&nbsp; 594000 | 214443 |
| Logan Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 701000 | 115245 |
| Onewo, Inc., Class H | &nbsp;&nbsp; 118800 | 288869 |
| Poly Property Group Co. Ltd. | &nbsp;&nbsp; 1080000 | 290879 |
| Poly Property Services Co. Ltd., Class H | &nbsp;&nbsp; 75600 | 308964 |
| Radiance Holdings Group Co. Ltd., Class L<sup>(b)(c)</sup> | &nbsp;&nbsp; 432000 | 90831 |
| Seazen Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1296000 | 379988 |
| Shanghai Jinqiao Export Processing Zone <br> Development Co. Ltd., Class B<br>| &nbsp;&nbsp; 124283 | 93337 |
| Shenzhen Investment Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1404000 | 150616 |
| Shoucheng Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1405600 | 394344 |
| Shui On Land Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1890000 | 159055 |
| Sunac China Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4752000 | 756036 |
| Sunac Services Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 864000 | 146461 |
| Yuexiu Property Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 702000 | 411242 |
|  |  | 8265866 |
| **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** |
| Black Sesame International Holding Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 75600 | 183494 |
| Daqo New Energy Corp., ADR<sup>(b)</sup> | &nbsp;&nbsp; 21947 | 529362 |
| Fortior Technology Shenzhen Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 5400 | 88857 |
| JinkoSolar Holding Co. Ltd., ADR | &nbsp;&nbsp; 15571 | 393791 |
|  |  | 1195504 |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| AsiaInfo Technologies Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 194400 | 180019 |
| Dmall, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 182100 | 196918 |
| Inspur Digital Enterprise Technology Ltd. | &nbsp;&nbsp; 324000 | 153717 |
| Linklogis, Inc., Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 486000 | 134386 |
| Marketingforce Management Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 37800 | 177692 |
| Ming Yuan Cloud Group Holdings Ltd. | &nbsp;&nbsp; 486000 | 160562 |
| Phancy Group Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 81000 | 410856 |
| Tuya, Inc. | &nbsp;&nbsp; 135540 | 345627 |
| Weimob, Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1620000 | 398042 |
| Youzan Technology Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11448000 | 185103 |
|  |  | 2342922 |
| **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| Boshiwa International Holding Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 67000 |  |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Topsports International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1069000 | $428755 |
| XXF Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 505500 | 77616 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 351000 | 463921 |
|  |  | 970292 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| Legend Holdings Corp., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 286200 | 333925 |
| **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** |
| 361 Degrees International Ltd. | &nbsp;&nbsp; 432000 | 311452 |
| Fuguiniao Co. Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 43200 |  |
| JNBY Design Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 108000 | 296853 |
| Lao Feng Xiang Co. Ltd., Class B | &nbsp;&nbsp; 101700 | 345815 |
| Shenzhen Hipine Precision Technology Co. Ltd., NVS | &nbsp;&nbsp; 6000 | 110208 |
| Xtep International Holdings Ltd. | &nbsp;&nbsp; 783000 | 532309 |
|  |  | 1596637 |
| **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** |
| RLX Technology, Inc., ADR | &nbsp;&nbsp; 138393 | 334911 |
| **Transportation Infrastructure — 3.1%** | **Transportation Infrastructure — 3.1%** | **Transportation Infrastructure — 3.1%** |
| Anhui Expressway Co. Ltd., Class H | &nbsp;&nbsp; 216000 | 381572 |
| Beijing Capital International Airport Co. Ltd., <br> Class H<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 972000 | 290214 |
| Cosco Shipping International Hong Kong Co. Ltd. | &nbsp;&nbsp; 216000 | 214274 |
| Cosco Shipping Ports Ltd. | &nbsp;&nbsp; 594000 | 492246 |
| Hainan Meilan International Airport Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 108000 | 119951 |
| Shenzhen Expressway Corp. Ltd., Class H | &nbsp;&nbsp; 222000 | 203743 |
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 729000 | 849258 |
| Sichuan Expressway Co. Ltd., Class H | &nbsp;&nbsp; 324000 | 231920 |
| Yuexiu Transport Infrastructure Ltd. | &nbsp;&nbsp; 379601 | 222947 |
|  |  | 3006125 |
| **Water Utilities — 1.0%** | **Water Utilities — 1.0%** | **Water Utilities — 1.0%** |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 2052000 | 741123 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Water Utilities (continued)** | **Water Utilities (continued)** | **Water Utilities (continued)** |
| China Water Affairs Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 386000 | $258635 |
|  |  | 999758 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $90,972,893)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $90,972,893)** | 96785867 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 18.8%** | **Money Market Funds — 18.8%** | **Money Market Funds — 18.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 18259926 | 18269056 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 70000 | 70000 |
| **Total Short-Term Securities — 18.8%** <br>**(Cost: $18,339,052)** | **Total Short-Term Securities — 18.8%** <br>**(Cost: $18,339,052)** | 18339056 |
| **Total Investments — 118.3%** <br>**(Cost: $109,311,945)** | **Total Investments — 118.3%** <br>**(Cost: $109,311,945)** | 115124923 |
| **Liabilities in Excess of Other Assets — (18.3)%** | **Liabilities in Excess of Other Assets — (18.3)%** | (17831945)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $97292978 |

---

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $21284700 | $—<br> $(3015535 )<sup>(a)</sup><br>| $691 | $(800)<br>| $18269056 | 18259926 | $470149 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 160000 | —<br> (90000 )<sup>(a)</sup><br>|  |  | 70000 | 70000 | 1434 |  |
|  |  |  | $691 | $(800) | $18339056 |  | $471583 | $— |

---

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China Small-Cap ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI China Index | 13 | 03/20/26 | &nbsp;&nbsp; $423 | $(6392) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6392 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6392 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8534 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8534 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27416)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27416)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $484414 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $15759960 | &nbsp;&nbsp; $80774170 | &nbsp;&nbsp; $251737 | &nbsp;&nbsp; $96785867 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 18339056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18339056 |
|  | &nbsp;&nbsp; $34099016 | &nbsp;&nbsp; $80774170 | &nbsp;&nbsp; $251737 | &nbsp;&nbsp; $115124923 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI China Small-Cap ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6392)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6392)<br>|

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Indonesia ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 37.2%** | **Banks — 37.2%** | **Banks — 37.2%** |
| Bank Aladin Syariah Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 21057500 | $722222 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 112763690 | 48148940 |
| Bank Jago Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 11350700 | 1075039 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 74155420 | 23275294 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 33390716 | 8751807 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 137066054 | 31897914 |
| Bank Tabungan Negara Persero Tbk PT | &nbsp;&nbsp; 18278226 | 1512927 |
|  |  | 115384143 |
| **Broadline Retail — 3.5%** | **Broadline Retail — 3.5%** | **Broadline Retail — 3.5%** |
| Bukalapak.com PT Tbk<sup>(a)</sup> | &nbsp;&nbsp; 156931900 | 1365778 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 2026009400 | 7370647 |
| Mitra Adiperkasa Tbk PT | &nbsp;&nbsp; 24593300 | 1965704 |
|  |  | 10702129 |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| Pacific Strategic Financial Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 24417200 | 1820549 |
| Pool Advista Indonesia Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 7126300 |  |
|  |  | 1820549 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| Avia Avian Tbk PT | &nbsp;&nbsp; 33396400 | 876003 |
| Barito Pacific Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 30630355 | 3635813 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 11323252 | 4527135 |
| ESSA Industries Indonesia Tbk PT | &nbsp;&nbsp; 22485600 | 865123 |
|  |  | 9904074 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Waskita Karya Persero Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 61414619 | 295992 |
| Wijaya Karya Persero Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 20339300 | 185619 |
|  |  | 481611 |
| **Construction Materials — 1.0%** | **Construction Materials — 1.0%** | **Construction Materials — 1.0%** |
| Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp; 3771144 | 1392948 |
| Semen Indonesia Persero Tbk PT | &nbsp;&nbsp; 10298741 | 1791981 |
|  |  | 3184929 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| BFI Finance Indonesia Tbk PT | &nbsp;&nbsp; 21797200 | 1020626 |
| **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** |
| Midi Utama Indonesia Tbk PT | &nbsp;&nbsp; 27635100 | 509330 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 43170500 | 4293285 |
|  |  | 4802615 |
| **Diversified Telecommunication Services — 7.2%** | **Diversified Telecommunication Services — 7.2%** | **Diversified Telecommunication Services — 7.2%** |
| Dayamitra Telekomunikasi PT | &nbsp;&nbsp; 10089800 | 315964 |
| Inovisi Infracom Tbk PT, NVS<sup>(b)</sup> | &nbsp;&nbsp; 9476400 |  |
| Sarana Menara Nusantara Tbk PT | &nbsp;&nbsp; 46178300 | 1390996 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 97776490 | 20645916 |
|  |  | 22352876 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| MD Entertainment Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 6354920 | 3182053 |
| MNC Digital Entertainment Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 12180200 | 464976 |
|  |  | 3647029 |
| **Food Products — 4.6%** | **Food Products — 4.6%** | **Food Products — 4.6%** |
| Astra Agro Lestari Tbk PT | &nbsp;&nbsp; 737400 | 329884 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 17562725 | 4449266 |
| Cisarua Mountain Dairy PT TBK | &nbsp;&nbsp; 4124700 | 1273207 |
| Dharma Satya Nusantara Tbk PT | &nbsp;&nbsp; 3963800 | 326278 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 10375530 | 3989639 |
| Inti Agri Resources Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 190840700 |  |
| Japfa Comfeed Indonesia Tbk PT | &nbsp;&nbsp; 17243300 | 2444767 |
| Sawit Sumbermas Sarana Tbk PT | &nbsp;&nbsp; 10752300 | 1006926 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Triputra Agro Persada PT | &nbsp;&nbsp; 3956200 | $383467 |
|  |  | 14203434 |
| **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** |
| Perusahaan Gas Negara Tbk PT | &nbsp;&nbsp; 25994307 | 3703908 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| Medikaloka Hermina Tbk PT | &nbsp;&nbsp; 21416100 | 1640510 |
| Mitra Keluarga Karyasehat Tbk PT | &nbsp;&nbsp; 12242000 | 1606466 |
|  |  | 3246976 |
| **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** |
| Barito Renewables Energy Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 10537600 | 5169804 |
| **Industrial Conglomerates — 4.4%** | **Industrial Conglomerates — 4.4%** | **Industrial Conglomerates — 4.4%** |
| Astra International Tbk PT | &nbsp;&nbsp; 34303130 | 13649150 |
| **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** |
| Transcoal Pacific Tbk PT | &nbsp;&nbsp; 2856000 | 2103883 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Elang Mahkota Teknologi Tbk PT | &nbsp;&nbsp; 35151000 | 1865686 |
| Solusi Sinergi Digital Tbk PT | &nbsp;&nbsp; 2265000 | 347353 |
|  |  | 2213039 |
| **Metals & Mining — 11.6%** | **Metals & Mining — 11.6%** | **Metals & Mining — 11.6%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 28484384 | 12993851 |
| Aneka Tambang Tbk | &nbsp;&nbsp; 20890054 | 5431690 |
| Bumi Resources Minerals Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 135119100 | 7810466 |
| Merdeka Copper Gold Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 24664106 | 5516902 |
| Petrosea Tbk PT | &nbsp;&nbsp; 4740000 | 1728321 |
| Vale Indonesia Tbk PT | &nbsp;&nbsp; 5578500 | 2622777 |
|  |  | 36104007 |
| **Oil, Gas & Consumable Fuels — 11.1%** | **Oil, Gas & Consumable Fuels — 11.1%** | **Oil, Gas & Consumable Fuels — 11.1%** |
| Adaro Andalan Indonesia PT | &nbsp;&nbsp; 1837700 | 1012637 |
| AKR Corporindo Tbk PT | &nbsp;&nbsp; 22350900 | 1726479 |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 24537139 | 3421184 |
| Bukit Asam Tbk PT | &nbsp;&nbsp; 12363800 | 1916332 |
| Bumi Resources Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 295689300 | 4536822 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1949600 | 9178180 |
| Energi Mega Persada Tbk PT, NVS<sup>(a)</sup> | &nbsp;&nbsp; 21766200 | 2292775 |
| Indo Tambangraya Megah Tbk PT | &nbsp;&nbsp; 1018200 | 1382237 |
| Medco Energi Internasional Tbk PT | &nbsp;&nbsp; 20876786 | 2149726 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 40216600 | 3827908 |
| Raharja Energi Cepu PT | &nbsp;&nbsp; 829800 | 356371 |
| Rukun Raharja Tbk PT | &nbsp;&nbsp; 1293800 | 346720 |
| Sekawan Intipratama Tbk PT, NVS<sup>(b)</sup> | &nbsp;&nbsp; 30572100 |  |
| Sugih Energy Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 39886700 |  |
| Trada Alam Minera Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 163879000 |  |
| United Tractors Tbk PT | &nbsp;&nbsp; 1355796 | 2309245 |
|  |  | 34456616 |
| **Paper & Forest Products — 2.3%** | **Paper & Forest Products — 2.3%** | **Paper & Forest Products — 2.3%** |
| Indah Kiat Pulp & Paper Tbk PT | &nbsp;&nbsp; 6366300 | 4393317 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | &nbsp;&nbsp; 4187400 | 2738292 |
|  |  | 7131609 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| Industri Jamu Dan Farmasi Sido Muncul Tbk PT | &nbsp;&nbsp; 30800937 | 992097 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 45727085 | 3002194 |
| **Real Estate Management & Development — 1.2%** | **Real Estate Management & Development — 1.2%** | **Real Estate Management & Development — 1.2%** |
| Bumi Serpong Damai Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 18748522 | 926408 |
| Ciputra Development Tbk PT | &nbsp;&nbsp; 28307813 | 1299409 |
| Hanson International Tbk PT, NVS<sup>(b)</sup> | &nbsp;&nbsp; 372896535 |  |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Indonesia ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| MNC Tourism Indonesia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 53856600 | $395131 |
| Pakuwon Jati Tbk PT | &nbsp;&nbsp; 54834577 | 1197104 |
| Rimo International Lestari Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 54096000 |  |
|  |  | 3818052 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| Map Aktif Adiperkasa PT | &nbsp;&nbsp; 27519600 | 1154717 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| Gudang Garam Tbk PT | &nbsp;&nbsp; 1316500 | 1358512 |
| **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** |
| Jasa Marga Persero Tbk PT | &nbsp;&nbsp; 6486208 | 1431116 |
| **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
| XLSMART Telecom Sejahtera Tbk. PT | &nbsp;&nbsp; 14673400 | 2770252 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $406,815,757)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $406,815,757)** | 309809947 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 430000 | $430000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $430,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $430,000)** | 430000 |
| **Total Investments — 100.0%** <br>**(Cost: $407,245,757)** | **Total Investments — 100.0%** <br>**(Cost: $407,245,757)** | 310239947 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (102740)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $310137207 |

---

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $240000<br> $190000 <br><sup>(a)</sup><br>| $— | $— | $— | $430000 | 430000 | $5190 | $— |

---

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

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

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61937 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61937 |

---

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $59386555 | &nbsp;&nbsp; $249941781 | &nbsp;&nbsp; $481611 | &nbsp;&nbsp; $309809947 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 430000 |
|  | &nbsp;&nbsp; $59816555 | &nbsp;&nbsp; $249941781 | &nbsp;&nbsp; $481611 | &nbsp;&nbsp; $310239947 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Peru and Global Exposure ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 25.8%** | **Banks — 25.8%** | **Banks — 25.8%** |
| Banco BBVA Peru SA | &nbsp;&nbsp; 16525084 | $10294315 |
| Credicorp Ltd. | &nbsp;&nbsp; 379072 | 131302959 |
| Intercorp Financial Services, Inc. | &nbsp;&nbsp; 304505 | 14731952 |
|  |  | 156329226 |
| **Broadline Retail — 2.4%** | **Broadline Retail — 2.4%** | **Broadline Retail — 2.4%** |
| Falabella SA | &nbsp;&nbsp; 2001189 | 14858952 |
| **Construction Materials — 1.8%** | **Construction Materials — 1.8%** | **Construction Materials — 1.8%** |
| Cementos Pacasmayo SAA | &nbsp;&nbsp; 5077026 | 10668564 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| InRetail Peru Corp.<sup>(a)</sup> | &nbsp;&nbsp; 295684 | 8426994 |
| **Diversified Consumer Services — 2.2%** | **Diversified Consumer Services — 2.2%** | **Diversified Consumer Services — 2.2%** |
| Laureate Education, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 420592 | 13601945 |
| **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 1820591 | 13343884 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Casa Grande SAA | &nbsp;&nbsp; 1009717 | 3461027 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| Auna SA, Class A<sup>(b)</sup> | &nbsp;&nbsp; 1156132 | 6173745 |
| **Metals & Mining — 54.3%** | **Metals & Mining — 54.3%** | **Metals & Mining — 54.3%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 692137 | 30225623 |
| Corp. Aceros Arequipa SA, NVS | &nbsp;&nbsp; 4990753 | 2186708 |
| Fortuna Mining Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1302222 | 17795109 |
| Hochschild Mining PLC | &nbsp;&nbsp; 2673010 | 29072071 |
| MMG Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13204000 | 18128783 |
| Pan American Silver Corp. | &nbsp;&nbsp; 302935 | 20782711 |
| Sociedad Minera Cerro Verde SAA | &nbsp;&nbsp; 217542 | 13487604 |
| Southern Copper Corp. | &nbsp;&nbsp; 672107 | 146720959 |
| Triple Flag Precious Metals Corp. | &nbsp;&nbsp; 381837 | 15787989 |
| Volcan Cia. Minera SAA, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 77431684 | 18463591 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 102787 | $16748995 |
|  |  | 329400143 |
| **Real Estate Management & Development — 2.9%** | **Real Estate Management & Development — 2.9%** | **Real Estate Management & Development — 2.9%** |
| Parque Arauco SA | &nbsp;&nbsp; 3656870 | 17361182 |
| **Trading Companies & Distributors — 2.6%** | **Trading Companies & Distributors — 2.6%** | **Trading Companies & Distributors — 2.6%** |
| Ferreycorp SAA | &nbsp;&nbsp; 12958856 | 16029584 |
| **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** |
| Inversiones Portuarias Chancay SAA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 65752218 | 3037733 |
| **Wireless Telecommunication Services — 1.5%** | **Wireless Telecommunication Services — 1.5%** | **Wireless Telecommunication Services — 1.5%** |
| Empresa Nacional de Telecomunicaciones SA | &nbsp;&nbsp; 2046473 | 9133293 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $412,576,551)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $412,576,551)** | 601826272 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 990000 | 990000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $990,000)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $990,000)** | 990000 |
| **Total Investments — 99.4%** <br>**(Cost: $413,566,551)** | **Total Investments — 99.4%** <br>**(Cost: $413,566,551)** | 602816272 |
| **Other Assets Less Liabilities — 0.6%** | **Other Assets Less Liabilities — 0.6%** | 3899834 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $606716106 |

---

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $660000<br> $330000 <br><sup>(a)</sup><br>| $— | $— | $— | $990000 | 990000 | $10766 | $— |

---

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 43 | 03/20/26 | &nbsp;&nbsp; $3448 | $29999 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Peru and Global Exposure ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29999 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29999 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106072 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106072 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33082 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33082 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3170458 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $537264236 | &nbsp;&nbsp; $64562036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $601826272 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 990000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 990000 |
|  | &nbsp;&nbsp; $538254236 | &nbsp;&nbsp; $64562036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $602816272 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $29999 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29999 |

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Philippines ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 18.8%** | **Banks — 18.8%** | **Banks — 18.8%** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 3991595 | $8029568 |
| BDO Unibank, Inc. | &nbsp;&nbsp; 6922321 | 16462339 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 6288794 | 8397418 |
| Philippine National Bank | &nbsp;&nbsp; 2072330 | 2307181 |
|  |  | 35196506 |
| **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** |
| Puregold Price Club, Inc. | &nbsp;&nbsp; 5452560 | 3971344 |
| Robinsons Retail Holdings, Inc. | &nbsp;&nbsp; 2977100 | 1969589 |
|  |  | 5940933 |
| **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** |
| Converge Information and Communications Technology <br> Solutions, Inc.<br>| &nbsp;&nbsp; 11812400 | 2949771 |
| **Electric Utilities — 6.2%** | **Electric Utilities — 6.2%** | **Electric Utilities — 6.2%** |
| Manila Electric Co. | &nbsp;&nbsp; 777170 | 8598534 |
| Synergy Grid & Development Phils, Inc., Class P | &nbsp;&nbsp; 8901000 | 3083579 |
|  |  | 11682113 |
| **Food Products — 5.1%** | **Food Products — 5.1%** | **Food Products — 5.1%** |
| Century Pacific Food, Inc. | &nbsp;&nbsp; 6157700 | 4266021 |
| Monde Nissin Corp.<sup>(a)</sup> | &nbsp;&nbsp; 21076600 | 2408510 |
| Universal Robina Corp. | &nbsp;&nbsp; 2100678 | 2914320 |
|  |  | 9588851 |
| **Hotels, Restaurants & Leisure — 4.9%** | **Hotels, Restaurants & Leisure — 4.9%** | **Hotels, Restaurants & Leisure — 4.9%** |
| DigiPlus Interactive Corp. | &nbsp;&nbsp; 7282330 | 2033218 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 1947161 | 7231993 |
|  |  | 9265211 |
| **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
| ACEN Corp. | &nbsp;&nbsp; 16533663 | 804974 |
| **Industrial Conglomerates — 18.3%** | **Industrial Conglomerates — 18.3%** | **Industrial Conglomerates — 18.3%** |
| Aboitiz Equity Ventures, Inc. | &nbsp;&nbsp; 7597900 | 4506168 |
| Alliance Global Group, Inc. | &nbsp;&nbsp; 18250839 | 2721880 |
| Ayala Corp. | &nbsp;&nbsp; 545618 | 5677114 |
| DMCI Holdings, Inc. | &nbsp;&nbsp; 15572000 | 2605910 |
| GT Capital Holdings, Inc. | &nbsp;&nbsp; 442426 | 5140474 |
| JG Summit Holdings, Inc. | &nbsp;&nbsp; 6744561 | 3508832 |
| LT Group, Inc. | &nbsp;&nbsp; 12362500 | 3348691 |
| SM Investments Corp. | &nbsp;&nbsp; 550696 | 6732692 |
|  |  | 34241761 |
| **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| Apex Mining Co., Inc. | &nbsp;&nbsp; 6047200 | 1836779 |
| **Office REITs — 1.1%** | **Office REITs — 1.1%** | **Office REITs — 1.1%** |
| AREIT, Inc. | &nbsp;&nbsp; 1076300 | 784851 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Office REITs (continued)** | **Office REITs (continued)** | **Office REITs (continued)** |
| RL Commercial REIT, Inc. | &nbsp;&nbsp; 10174000 | $1333832 |
|  |  | 2118683 |
| **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| Semirara Mining & Power Corp., Class A | &nbsp;&nbsp; 4948600 | 2402858 |
| **Real Estate Management & Development — 10.1%** | **Real Estate Management & Development — 10.1%** | **Real Estate Management & Development — 10.1%** |
| Ayala Land, Inc. | &nbsp;&nbsp; 15298350 | 5543703 |
| Megaworld Corp. | &nbsp;&nbsp; 63761960 | 2498944 |
| Robinsons Land Corp. | &nbsp;&nbsp; 2564506 | 822868 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp; 27326635 | 10180377 |
|  |  | 19045892 |
| **Transportation Infrastructure — 20.5%** | **Transportation Infrastructure — 20.5%** | **Transportation Infrastructure — 20.5%** |
| International Container Terminal Services, Inc. | &nbsp;&nbsp; 3080413 | 38400295 |
| **Water Utilities — 3.6%** | **Water Utilities — 3.6%** | **Water Utilities — 3.6%** |
| Manila Water Co., Inc. | &nbsp;&nbsp; 5258629 | 3675067 |
| Maynilad Water Services, Inc., NVS<sup>(b)</sup> | &nbsp;&nbsp; 8070900 | 3079161 |
|  |  | 6754228 |
| **Wireless Telecommunication Services — 3.8%** | **Wireless Telecommunication Services — 3.8%** | **Wireless Telecommunication Services — 3.8%** |
| PLDT, Inc. | &nbsp;&nbsp; 293614 | 7125456 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $183,615,185)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $183,615,185)** | 187354311 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 210000 | 210000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $210,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $210,000)** | 210000 |
| **Total Investments — 100.0%** <br>**(Cost: $183,825,185)** | **Total Investments — 100.0%** <br>**(Cost: $183,825,185)** | 187564311 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (67945)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $187496366 |

---

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $80000<br> $130000 <br><sup>(a)</sup><br>| $— | $— | $— | $210000 | 210000 | $2399 | $— |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Philippines ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41036 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(834)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(834)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $103320 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $92791273 | &nbsp;&nbsp; $94563038 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187354311 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210000 |
|  | &nbsp;&nbsp; $93001273 | &nbsp;&nbsp; $94563038 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187564311 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Poland ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 34.8%** | **Banks — 34.8%** | **Banks — 34.8%** |
| Alior Bank SA | &nbsp;&nbsp; 422620 | $14171725 |
| Bank Handlowy w Warszawie SA | &nbsp;&nbsp; 110743 | 3688179 |
| Bank Millennium SA<sup>(a)</sup> | &nbsp;&nbsp; 2832989 | 13777797 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 801721 | 50797646 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 67390 | 19585952 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 3778160 | 97887014 |
| Santander Bank Polska SA | &nbsp;&nbsp; 168235 | 27941502 |
|  |  | 227849815 |
| **Broadline Retail — 5.0%** | **Broadline Retail — 5.0%** | **Broadline Retail — 5.0%** |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 3254586 | 25327096 |
| Pepco Group NV | &nbsp;&nbsp; 906452 | 7485085 |
|  |  | 32812181 |
| **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| XTB SA<sup>(b)</sup> | &nbsp;&nbsp; 345377 | 8601034 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Grupa Azoty SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 373004 | 1732887 |
| **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** |
| Budimex SA<sup>(c)</sup> | &nbsp;&nbsp; 60253 | 13589021 |
| **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** |
| KRUK SA | &nbsp;&nbsp; 83211 | 10793169 |
| **Consumer Staples Distribution & Retail — 4.9%** | **Consumer Staples Distribution & Retail — 4.9%** | **Consumer Staples Distribution & Retail — 4.9%** |
| Dino Polska SA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 2001008 | 22499527 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 1552415 | 9714285 |
|  |  | 32213812 |
| **Diversified Telecommunication Services — 2.6%** | **Diversified Telecommunication Services — 2.6%** | **Diversified Telecommunication Services — 2.6%** |
| Cyfrowy Polsat SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 1318185 | 4679039 |
| Orange Polska SA | &nbsp;&nbsp; 3168879 | 12439181 |
|  |  | 17118220 |
| **Electric Utilities — 5.9%** | **Electric Utilities — 5.9%** | **Electric Utilities — 5.9%** |
| Enea SA<sup>(a)</sup> | &nbsp;&nbsp; 1332771 | 9215041 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 4170999 | 13172606 |
| Tauron Polska Energia SA<sup>(a)</sup> | &nbsp;&nbsp; 4946633 | 16285554 |
|  |  | 38673201 |
| **Entertainment — 3.0%** | **Entertainment — 3.0%** | **Entertainment — 3.0%** |
| CD Projekt SA<sup>(c)</sup> | &nbsp;&nbsp; 292781 | 19883021 |
| **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
| Diagnostyka SA, NVS | &nbsp;&nbsp; 50233 | 2659269 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| AmRest Holdings SE<sup>(c)</sup> | &nbsp;&nbsp; 499105 | 1734611 |
| **Insurance — 7.6%** | **Insurance — 7.6%** | **Insurance — 7.6%** |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 2636968 | 49959485 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining — 7.2%** | **Metals & Mining — 7.2%** | **Metals & Mining — 7.2%** |
| Grupa Kety SA | &nbsp;&nbsp; 45972 | $13920229 |
| Jastrzebska Spolka Weglowa SA, Class S<sup>(a)(c)</sup> | &nbsp;&nbsp; 360008 | 2736142 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 324781 | 30627486 |
|  |  | 47283857 |
| **Oil, Gas & Consumable Fuels — 12.4%** | **Oil, Gas & Consumable Fuels — 12.4%** | **Oil, Gas & Consumable Fuels — 12.4%** |
| ORLEN SA | &nbsp;&nbsp; 2521115 | 81203063 |
| **Professional Services — 2.3%** | **Professional Services — 2.3%** | **Professional Services — 2.3%** |
| Benefit Systems SA<sup>(a)</sup> | &nbsp;&nbsp; 13700 | 14821206 |
| **Software — 1.9%** | **Software — 1.9%** | **Software — 1.9%** |
| Asseco Poland SA | &nbsp;&nbsp; 251300 | 12417399 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Auto Partner SA | &nbsp;&nbsp; 495447 | 2504170 |
| Modivo SA<sup>(a)</sup> | &nbsp;&nbsp; 248015 | 7695796 |
|  |  | 10199966 |
| **Textiles, Apparel & Luxury Goods — 4.0%** | **Textiles, Apparel & Luxury Goods — 4.0%** | **Textiles, Apparel & Luxury Goods — 4.0%** |
| LPP SA | &nbsp;&nbsp; 4568 | 26433027 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $539,923,066)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $539,923,066)** | 649978244 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 13164593 | 13171176 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1720000 | 1720000 |
| **Total Short-Term Securities — 2.3%** <br>**(Cost: $14,891,176)** | **Total Short-Term Securities — 2.3%** <br>**(Cost: $14,891,176)** | 14891176 |
| **Total Investments — 101.6%** <br>**(Cost: $554,814,242)** | **Total Investments — 101.6%** <br>**(Cost: $554,814,242)** | 664869420 |
| **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | (10462422)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $654406998 |

---

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

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Poland ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $19856314 | $—<br> $(6684659 )<sup>(a)</sup><br>| $1054 | $(1533)<br>| $13171176 | 13164593 | $231949 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2120000 | —<br> (400000 )<sup>(a)</sup><br>|  |  | 1720000 | 1720000 | 30014 |  |
|  |  |  | $1054 | $(1533) | $14891176 |  | $261963 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| WIG20 Index | 200 | 03/20/26 | &nbsp;&nbsp; $3852 | $307041 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $307041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $307041 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $921069 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $921069 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $648408 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $648408 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $5862919 |

---

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Poland ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $7925236 | &nbsp;&nbsp; $642053008 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $649978244 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 14891176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14891176 |
|  | &nbsp;&nbsp; $22816412 | &nbsp;&nbsp; $642053008 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $664869420 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $307041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $307041 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Qatar ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| Gulf Warehousing Co. | &nbsp;&nbsp; 532891 | $335656 |
| **Banks — 55.2%** | **Banks — 55.2%** | **Banks — 55.2%** |
| Al Rayan Bank | &nbsp;&nbsp; 5073082 | 3234122 |
| Commercial Bank PSQC(The) | &nbsp;&nbsp; 2481925 | 3302651 |
| Doha Bank QPSC | &nbsp;&nbsp; 2406272 | 1947596 |
| Dukhan Bank | &nbsp;&nbsp; 1791961 | 1758873 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 915989 | 2835819 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 1565403 | 10173471 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 3015015 | 15965372 |
|  |  | 39217904 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 5365173 | 1538828 |
| **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** |
| Estithmar Holding QPSC<sup>(a)</sup> | &nbsp;&nbsp; 1010561 | 1052331 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| Qatar National Cement Co. QSC | &nbsp;&nbsp; 533795 | 430580 |
| Qatari Investors Group QSC | &nbsp;&nbsp; 796567 | 334166 |
|  |  | 764746 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Al Meera Consumer Goods Co. QSC | &nbsp;&nbsp; 136629 | 573169 |
| **Diversified Telecommunication Services — 4.4%** | **Diversified Telecommunication Services — 4.4%** | **Diversified Telecommunication Services — 4.4%** |
| Ooredoo QPSC | &nbsp;&nbsp; 848987 | 3157947 |
| **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** |
| Gulf International Services QSC | &nbsp;&nbsp; 1245591 | 889223 |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| Salam International Investment Ltd. QSC | &nbsp;&nbsp; 1643470 | 358162 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Baladna<sup>(a)</sup> | &nbsp;&nbsp; 1214503 | 414547 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Medicare Group | &nbsp;&nbsp; 336791 | 490205 |
| **Industrial Conglomerates — 7.7%** | **Industrial Conglomerates — 7.7%** | **Industrial Conglomerates — 7.7%** |
| Aamal Co. | &nbsp;&nbsp; 2462509 | 595365 |
| Industries Qatar QSC | &nbsp;&nbsp; 1371404 | 4549084 |
| Mannai Corp. QSC | &nbsp;&nbsp; 234459 | 327943 |
|  |  | 5472392 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Meeza QSTP LLC | &nbsp;&nbsp; 437251 | 403810 |
| **Marine Transportation — 3.9%** | **Marine Transportation — 3.9%** | **Marine Transportation — 3.9%** |
| Qatar Navigation QSC | &nbsp;&nbsp; 897439 | 2755418 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** |
| Qatar Aluminum Manufacturing Co. | &nbsp;&nbsp; 2875219 | $1372482 |
| **Multi-Utilities — 2.4%** | **Multi-Utilities — 2.4%** | **Multi-Utilities — 2.4%** |
| Nebras Energy | &nbsp;&nbsp; 428697 | 1734901 |
| **Oil, Gas & Consumable Fuels — 7.9%** | **Oil, Gas & Consumable Fuels — 7.9%** | **Oil, Gas & Consumable Fuels — 7.9%** |
| Qatar Fuel QSC | &nbsp;&nbsp; 564143 | 2290779 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 2471073 | 3342449 |
|  |  | 5633228 |
| **Real Estate Management & Development — 4.0%** | **Real Estate Management & Development — 4.0%** | **Real Estate Management & Development — 4.0%** |
| Barwa Real Estate Co. | &nbsp;&nbsp; 2124906 | 1493289 |
| Ezdan Holding Group QSC<sup>(a)</sup> | &nbsp;&nbsp; 1875576 | 476153 |
| Mazaya Real Estate Development QPSC<sup>(a)</sup> | &nbsp;&nbsp; 1623523 | 263813 |
| United Development Co. QSC | &nbsp;&nbsp; 2230769 | 594008 |
|  |  | 2827263 |
| **Wireless Telecommunication Services — 1.8%** | **Wireless Telecommunication Services — 1.8%** | **Wireless Telecommunication Services — 1.8%** |
| Vodafone Qatar PQSC | &nbsp;&nbsp; 1773673 | 1295916 |
| **Total Common Stocks — 98.9%** <br>**(Cost: $50,431,217)** | **Total Common Stocks — 98.9%** <br>**(Cost: $50,431,217)** | 70288128 |
| **Rights** | **Rights** | **Rights** |
| **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
| Lesha Bank LLC, CVR | &nbsp;&nbsp; 923144 | 458437 |
| **Total Rights — 0.6%** <br>**(Cost: $231,786)** | **Total Rights — 0.6%** <br>**(Cost: $231,786)** | 458437 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $50,663,003)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $50,663,003)** | 70746565 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 50000 | 50000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $50,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $50,000)** | 50000 |
| **Total Investments — 99.6%** <br>**(Cost: $50,713,003)** | **Total Investments — 99.6%** <br>**(Cost: $50,713,003)** | 70796565 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 304594 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $71101159 |

---

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Qatar ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $—<br> $50000 <br><sup>(a)</sup><br>| $— | $— | $— | $50000 | 50000 | $362 | $— |

---

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 4 | 03/20/26 | &nbsp;&nbsp; $321 | $4098 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4098 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(120)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(120)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4098 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $160370 |

---

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Qatar ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $36988621 | &nbsp;&nbsp; $33299507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70288128 |
| Rights | &nbsp;&nbsp; 458437 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 458437 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50000 |
|  | &nbsp;&nbsp; $37497058 | &nbsp;&nbsp; $33299507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70796565 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $4098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4098 |

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Brazil <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Indonesia <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $361437399 | $7413156247 | $96785867 | $309809947 |
| Investments, at value—affiliated<sup>(c)</sup> | 4824814 | 82945835 | 18339056 | 430000 |
| Cash | 4028 | 455431 | 2795 |  |
| Cash pledged for futures contracts | 145000 | 1878000 | 13000 |  |
| Foreign currency, at value<sup>(d)</sup> | 474137 | 51489271 | 79395 | 41359 |
| Receivables: |  |  |  |  |
| Investments sold | 5362012 | 82974189 | 6370628 | 6501827 |
| Securities lending income—affiliated | 1836 | 99293 | 55250 |  |
| Capital shares sold |  |  |  | 39029 |
| Dividends—unaffiliated | 1680741 | 60298 | 35392 |  |
| Dividends—affiliated | 1024 | 8261 | 163 | 857 |
| Total assets | 373930991 | 7633066825 | 121681546 | 316823019 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  |  |  | 49136 |
| Collateral on securities loaned, at value | 4115500 | 79041067 | 18274306 |  |
| Payables: |  |  |  |  |
| Investments purchased | 5354927 | 113397439 | 6071947 | 6508719 |
| Capital shares redeemed |  | 2126658 |  |  |
| Investment advisory fees | 106159 | 3103407 | 39114 | 127957 |
| Variation margin on futures contracts | 24494 | 11012 | 3201 |  |
| Total liabilities | 9601080 | 197679583 | 24388568 | 6685812 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $364329911 | $7435387242 | $97292978 | $310137207 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $416715536 | $9518344924 | $144964565 | $718499433 |
| Accumulated loss | (52385625) | (2082957682) | (47671587) | (408362226) |
| NET ASSETS | $364329911 | $7435387242 | $97292978 | $310137207 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 23350000 | 125600000 | 2700000 | 17250000 |
| Net asset value | $15.60 | $59.20 | $36.03 | $17.98 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $298991361 | $6882409614 | $90972893 | $406815757 |
| <sup>(b)</sup> Securities loaned, at value | $3603076 | $74039749 | $15950371 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $4824687 | $82945835 | $18339052 | $430000 |
| <sup>(d)</sup> Foreign currency, at cost | $472618 | $51545263 | $79536 | $41359 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited)(continued)

February 28, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Peru <br> and Global <br> Exposure <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Philippines <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Poland <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Qatar <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $601826272 | $187354311 | $649978244 | $70746565 |
| Investments, at value—affiliated<sup>(c)</sup> | 990000 | 210000 | 14891176 | 50000 |
| Cash | 331626 | 4077 |  | 7864 |
| Cash pledged for futures contracts | 27000 | 5000 |  | 10000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  | 237326 |  |
| Foreign currency, at value<sup>(e)</sup> | 79646 | 4465 | 1090982 | 211772 |
| Receivables: |  |  |  |  |
| Investments sold | 25720147 | 5258791 | 13358908 | 569552 |
| Securities lending income—affiliated |  |  | 64952 |  |
| Capital shares sold |  |  | 665784 |  |
| Dividends—unaffiliated | 3333 | 17262 | 971 | 83624 |
| Dividends—affiliated | 2951 | 505 | 4186 | 64 |
| Tax reclaims |  |  | 3205471 |  |
| Total assets | 628980975 | 192854411 | 683498000 | 71679441 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  |  | 115692 |  |
| Collateral on securities loaned, at value |  |  | 13172831 |  |
| Payables: |  |  |  |  |
| Investments purchased | 22019294 | 5286565 | 14119531 | 548061 |
| Capital shares redeemed | 16254 |  |  |  |
| Investment advisory fees | 226513 | 70706 | 248829 | 29383 |
| IRS compliance fee for foreign withholding tax claims |  |  | 1361971 |  |
| Professional fees |  |  | 15952 |  |
| Variation margin on futures contracts | 2808 | 774 | 56196 | 838 |
| Total liabilities | 22264869 | 5358045 | 29091002 | 578282 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $606716106 | $187496366 | $654406998 | $71101159 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $586780531 | $294141229 | $701353643 | $76891087 |
| Accumulated earnings (loss) | 19935575 | (106644863) | (46946645) | (5789928) |
| NET ASSETS | $606716106 | $187496366 | $654406998 | $71101159 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 6500000 | 6700000 | 17100000 | 3650000 |
| Net asset value | $93.34 | $27.98 | $38.27 | $19.48 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $412576551 | $183615185 | $539923066 | $50663003 |
| <sup>(b)</sup> Securities loaned, at value | $— | $— | $12528411 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $990000 | $210000 | $14891176 | $50000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $233510 | $— |
| <sup>(e)</sup> Foreign currency, at cost | $79460 | $4329 | $1090762 | $211787 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Brazil <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Indonesia <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $6142103 | &nbsp;&nbsp;&nbsp; $49329054 | &nbsp;&nbsp;&nbsp; $822381 | &nbsp;&nbsp;&nbsp; $3228152 |
| Dividends—affiliated | &nbsp;&nbsp; 8078 | &nbsp;&nbsp;&nbsp; 82901 | &nbsp;&nbsp;&nbsp; 1434 | &nbsp;&nbsp;&nbsp; 5190 |
| Interest—unaffiliated | &nbsp;&nbsp; 4059 | &nbsp;&nbsp;&nbsp; 26652 | &nbsp;&nbsp;&nbsp; 1424 | &nbsp;&nbsp;&nbsp; 348 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 20090 | &nbsp;&nbsp;&nbsp; 1169081 | &nbsp;&nbsp;&nbsp; 470149 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (264636)<br>| &nbsp;&nbsp;&nbsp; (3937078)<br>| &nbsp;&nbsp;&nbsp; (7054)<br>| &nbsp;&nbsp;&nbsp; (589839)<br>|
| Total investment income | &nbsp;&nbsp; 5909694 | &nbsp;&nbsp;&nbsp; 46670610 | &nbsp;&nbsp;&nbsp; 1288334 | &nbsp;&nbsp;&nbsp; 2643851 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 542889 | &nbsp;&nbsp;&nbsp; 22011344 | &nbsp;&nbsp;&nbsp; 281203 | &nbsp;&nbsp;&nbsp; 901749 |
| Commitment costs | &nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp; 20439 | &nbsp;&nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp; 1603 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 119 |
| Total expenses | &nbsp;&nbsp; 543752 | &nbsp;&nbsp;&nbsp; 22031783 | &nbsp;&nbsp;&nbsp; 281720 | &nbsp;&nbsp;&nbsp; 903471 |
| Net investment income | &nbsp;&nbsp; 5365942 | &nbsp;&nbsp;&nbsp; 24638827 | &nbsp;&nbsp;&nbsp; 1006614 | &nbsp;&nbsp;&nbsp; 1740380 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 5342751 | &nbsp;&nbsp;&nbsp; (69145497)<br>| &nbsp;&nbsp;&nbsp; (37105)<br>| &nbsp;&nbsp;&nbsp; (8373484)<br>|
| Investments—affiliated | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (155318)<br>| &nbsp;&nbsp;&nbsp; 115442 | &nbsp;&nbsp;&nbsp; 2079 | &nbsp;&nbsp;&nbsp; (26613)<br>|
| Futures contracts | &nbsp;&nbsp; 311232 | &nbsp;&nbsp;&nbsp; 1207007 | &nbsp;&nbsp;&nbsp; 8534 | &nbsp;&nbsp;&nbsp; 61937 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 847036 | &nbsp;&nbsp;&nbsp; 68493767 | &nbsp;&nbsp;&nbsp; 3848874 | &nbsp;&nbsp;&nbsp; 2886319 |
|  | &nbsp;&nbsp; 6345948 | &nbsp;&nbsp;&nbsp; 670797 | &nbsp;&nbsp;&nbsp; 3823073 | &nbsp;&nbsp;&nbsp; (5451841)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 26709332 | &nbsp;&nbsp;&nbsp; (170606096)<br>| &nbsp;&nbsp;&nbsp; (7259742)<br>| &nbsp;&nbsp;&nbsp; 10189420 |
| Investments—affiliated | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (800)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 56840 | &nbsp;&nbsp;&nbsp; (57233)<br>| &nbsp;&nbsp;&nbsp; (434)<br>| &nbsp;&nbsp;&nbsp; (184)<br>|
| Futures contracts | &nbsp;&nbsp; 273428 | &nbsp;&nbsp;&nbsp; (2508514)<br>| &nbsp;&nbsp;&nbsp; (27416)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 27039632 | &nbsp;&nbsp;&nbsp; (173171843)<br>| &nbsp;&nbsp;&nbsp; (7288392)<br>| &nbsp;&nbsp;&nbsp; 10189236 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 33385580 | &nbsp;&nbsp;&nbsp; (172501046)<br>| &nbsp;&nbsp;&nbsp; (3465319)<br>| &nbsp;&nbsp;&nbsp; 4737395 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $38751522 | &nbsp;&nbsp;&nbsp; $(147862219)<br>| &nbsp;&nbsp;&nbsp; $(2458705)<br>| &nbsp;&nbsp;&nbsp; $6477775 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (unaudited)(continued)

Six Months Ended February 28, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Peru <br> and Global <br> Exposure <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Philippines <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Poland <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Qatar <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $2458138 | &nbsp;&nbsp;&nbsp; $1024802 | &nbsp;&nbsp;&nbsp; $2989518 | &nbsp;&nbsp;&nbsp; $646529 |
| Dividends—affiliated | &nbsp;&nbsp; 10766 | &nbsp;&nbsp;&nbsp; 2399 | &nbsp;&nbsp;&nbsp; 30014 | &nbsp;&nbsp;&nbsp; 362 |
| Interest—unaffiliated | &nbsp;&nbsp; 2177 | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp; 73 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 231949 | &nbsp;&nbsp;&nbsp; — |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 893886 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (122341)<br>| &nbsp;&nbsp;&nbsp; (251231)<br>| &nbsp;&nbsp;&nbsp; (5530)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 2348740 | &nbsp;&nbsp;&nbsp; 776181 | &nbsp;&nbsp;&nbsp; 4140389 | &nbsp;&nbsp;&nbsp; 646964 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 823518 | &nbsp;&nbsp;&nbsp; 327557 | &nbsp;&nbsp;&nbsp; 1314276 | &nbsp;&nbsp;&nbsp; 197376 |
| Commitment costs | &nbsp;&nbsp; 1133 | &nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp; 2134 | &nbsp;&nbsp;&nbsp; 342 |
| Interest expense | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1216 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31844 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 824682 | &nbsp;&nbsp;&nbsp; 328086 | &nbsp;&nbsp;&nbsp; 1348254 | &nbsp;&nbsp;&nbsp; 198934 |
| Net investment income | &nbsp;&nbsp; 1524058 | &nbsp;&nbsp;&nbsp; 448095 | &nbsp;&nbsp;&nbsp; 2792135 | &nbsp;&nbsp;&nbsp; 448030 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 3009668 | &nbsp;&nbsp;&nbsp; (3134851)<br>| &nbsp;&nbsp;&nbsp; 2469496 | &nbsp;&nbsp;&nbsp; 457873 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1054 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (20908)<br>| &nbsp;&nbsp;&nbsp; (7284)<br>| &nbsp;&nbsp;&nbsp; 583862 | &nbsp;&nbsp;&nbsp; (1521)<br>|
| Futures contracts | &nbsp;&nbsp; 106072 | &nbsp;&nbsp;&nbsp; 41036 | &nbsp;&nbsp;&nbsp; 921069 | &nbsp;&nbsp;&nbsp; (120)<br>|
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 3455689 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17529561 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 6550521 | &nbsp;&nbsp;&nbsp; (3101099)<br>| &nbsp;&nbsp;&nbsp; 21505042 | &nbsp;&nbsp;&nbsp; 456232 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 159650614 | &nbsp;&nbsp;&nbsp; 17303520 | &nbsp;&nbsp;&nbsp; 80901824 | &nbsp;&nbsp;&nbsp; (1715830)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1533)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; (22632)<br>| &nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp; (402721)<br>| &nbsp;&nbsp;&nbsp; 196 |
| Futures contracts | &nbsp;&nbsp; 33082 | &nbsp;&nbsp;&nbsp; (834)<br>| &nbsp;&nbsp;&nbsp; 648408 | &nbsp;&nbsp;&nbsp; 4098 |
|  | &nbsp;&nbsp; 159661064 | &nbsp;&nbsp;&nbsp; 17303075 | &nbsp;&nbsp;&nbsp; 81145978 | &nbsp;&nbsp;&nbsp; (1711536)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 166211585 | &nbsp;&nbsp;&nbsp; 14201976 | &nbsp;&nbsp;&nbsp; 102651020 | &nbsp;&nbsp;&nbsp; (1255304)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $167735643 | &nbsp;&nbsp;&nbsp; $14650071 | &nbsp;&nbsp;&nbsp; $105443155 | &nbsp;&nbsp;&nbsp; $(807274)<br>|
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Brazil Small-Cap ETF  | iShares <br>MSCI Brazil Small-Cap ETF  | iShares <br>MSCI China ETF  | iShares <br>MSCI China ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5365942 | &nbsp;&nbsp;&nbsp; $5330088 | &nbsp;&nbsp;&nbsp; $24638827 | &nbsp;&nbsp;&nbsp; $102781489 |
| Net realized gain (loss) | &nbsp;&nbsp; 6345948 | &nbsp;&nbsp;&nbsp; (24545489)<br>| &nbsp;&nbsp;&nbsp; 670797 | &nbsp;&nbsp;&nbsp; (62321749)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 27039632 | &nbsp;&nbsp;&nbsp; 28605922 | &nbsp;&nbsp;&nbsp; (173171843)<br>| &nbsp;&nbsp;&nbsp; 2045334990 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 38751522 | &nbsp;&nbsp;&nbsp; 9390521 | &nbsp;&nbsp;&nbsp; (147862219)<br>| &nbsp;&nbsp;&nbsp; 2085794730 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4995636 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4842016)<br>| &nbsp;&nbsp;&nbsp; (94227897 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (165418557)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 151655337 | &nbsp;&nbsp;&nbsp; 47980631 | &nbsp;&nbsp;&nbsp; (212374683)<br>| &nbsp;&nbsp;&nbsp; 1647904022 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 185411223 | &nbsp;&nbsp;&nbsp; 52529136 | &nbsp;&nbsp;&nbsp; (454464799)<br>| &nbsp;&nbsp;&nbsp; 3568280195 |
| Beginning of period | &nbsp;&nbsp; 178918688 | &nbsp;&nbsp;&nbsp; 126389552 | &nbsp;&nbsp;&nbsp; 7889852041 | &nbsp;&nbsp;&nbsp; 4321571846 |
| End of period | &nbsp;&nbsp; $364329911 | &nbsp;&nbsp;&nbsp; $178918688 | &nbsp;&nbsp;&nbsp; $7435387242 | &nbsp;&nbsp;&nbsp; $7889852041 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI China Small-Cap ETF  | iShares <br>MSCI China Small-Cap ETF  | iShares <br>MSCI Indonesia ETF  | iShares <br>MSCI Indonesia ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1006614 | &nbsp;&nbsp;&nbsp; $3039475 | &nbsp;&nbsp;&nbsp; $1740380 | &nbsp;&nbsp;&nbsp; $12638836 |
| Net realized gain (loss) | &nbsp;&nbsp; 3823073 | &nbsp;&nbsp;&nbsp; 8030279 | &nbsp;&nbsp;&nbsp; (5451841)<br>| &nbsp;&nbsp;&nbsp; (39094633)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (7288392)<br>| &nbsp;&nbsp;&nbsp; 26029803 | &nbsp;&nbsp;&nbsp; 10189236 | &nbsp;&nbsp;&nbsp; (30334042)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (2458705)<br>| &nbsp;&nbsp;&nbsp; 37099557 | &nbsp;&nbsp;&nbsp; 6477775 | &nbsp;&nbsp;&nbsp; (56789839)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4190671 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3906562)<br>| &nbsp;&nbsp;&nbsp; (3347513 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (12499708)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 13122936 | &nbsp;&nbsp;&nbsp; 8017011 | &nbsp;&nbsp;&nbsp; (21175289)<br>| &nbsp;&nbsp;&nbsp; 52597583 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 6473560 | &nbsp;&nbsp;&nbsp; 41210006 | &nbsp;&nbsp;&nbsp; (18045027)<br>| &nbsp;&nbsp;&nbsp; (16691964)<br>|
| Beginning of period | &nbsp;&nbsp; 90819418 | &nbsp;&nbsp;&nbsp; 49609412 | &nbsp;&nbsp;&nbsp; 328182234 | &nbsp;&nbsp;&nbsp; 344874198 |
| End of period | &nbsp;&nbsp; $97292978 | &nbsp;&nbsp;&nbsp; $90819418 | &nbsp;&nbsp;&nbsp; $310137207 | &nbsp;&nbsp;&nbsp; $328182234 |

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Peru and Global Exposure ETF  | iShares <br>MSCI Peru and Global Exposure ETF  | iShares <br>MSCI Philippines ETF  | iShares <br>MSCI Philippines ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1524058 | &nbsp;&nbsp;&nbsp; $3970016 | &nbsp;&nbsp;&nbsp; $448095 | &nbsp;&nbsp;&nbsp; $2163920 |
| Net realized gain (loss) | &nbsp;&nbsp; 6550521 | &nbsp;&nbsp;&nbsp; 3393414 | &nbsp;&nbsp;&nbsp; (3101099)<br>| &nbsp;&nbsp;&nbsp; (10227982)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 159661064 | &nbsp;&nbsp;&nbsp; 31020583 | &nbsp;&nbsp;&nbsp; 17303075 | &nbsp;&nbsp;&nbsp; 2727956 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 167735643 | &nbsp;&nbsp;&nbsp; 38384013 | &nbsp;&nbsp;&nbsp; 14650071 | &nbsp;&nbsp;&nbsp; (5336106)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1066631 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (5114136)<br>| &nbsp;&nbsp;&nbsp; (847573 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2166273)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 273952824 | &nbsp;&nbsp;&nbsp; 53113622 | &nbsp;&nbsp;&nbsp; 69990341 | &nbsp;&nbsp;&nbsp; 3041903 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 440621836 | &nbsp;&nbsp;&nbsp; 86383499 | &nbsp;&nbsp;&nbsp; 83792839 | &nbsp;&nbsp;&nbsp; (4460476)<br>|
| Beginning of period | &nbsp;&nbsp; 166094270 | &nbsp;&nbsp;&nbsp; 79710771 | &nbsp;&nbsp;&nbsp; 103703527 | &nbsp;&nbsp;&nbsp; 108164003 |
| End of period | &nbsp;&nbsp; $606716106 | &nbsp;&nbsp;&nbsp; $166094270 | &nbsp;&nbsp;&nbsp; $187496366 | &nbsp;&nbsp;&nbsp; $103703527 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Poland ETF  | iShares <br>MSCI Poland ETF  | iShares <br>MSCI Qatar ETF  | iShares <br>MSCI Qatar ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2792135 | &nbsp;&nbsp;&nbsp; $23087094 | &nbsp;&nbsp;&nbsp; $448030 | &nbsp;&nbsp;&nbsp; $2874506 |
| Net realized gain | &nbsp;&nbsp; 21505042 | &nbsp;&nbsp;&nbsp; 23259078 | &nbsp;&nbsp;&nbsp; 456232 | &nbsp;&nbsp;&nbsp; 39764 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 81145978 | &nbsp;&nbsp;&nbsp; 38525156 | &nbsp;&nbsp;&nbsp; (1711536)<br>| &nbsp;&nbsp;&nbsp; 9227803 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 105443155 | &nbsp;&nbsp;&nbsp; 84871328 | &nbsp;&nbsp;&nbsp; (807274)<br>| &nbsp;&nbsp;&nbsp; 12142073 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (14909939 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (15757414)<br>| &nbsp;&nbsp;&nbsp; (827283 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3075482)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 118524485 | &nbsp;&nbsp;&nbsp; 64425949 | &nbsp;&nbsp;&nbsp; (5787451)<br>| &nbsp;&nbsp;&nbsp; 7729014 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 209057701 | &nbsp;&nbsp;&nbsp; 133539863 | &nbsp;&nbsp;&nbsp; (7422008)<br>| &nbsp;&nbsp;&nbsp; 16795605 |
| Beginning of period | &nbsp;&nbsp; 445349297 | &nbsp;&nbsp;&nbsp; 311809434 | &nbsp;&nbsp;&nbsp; 78523167 | &nbsp;&nbsp;&nbsp; 61727562 |
| End of period | &nbsp;&nbsp; $654406998 | &nbsp;&nbsp;&nbsp; $445349297 | &nbsp;&nbsp;&nbsp; $71101159 | &nbsp;&nbsp;&nbsp; $78523167 |

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Brazil Small-Cap ETF  | iShares MSCI Brazil Small-Cap ETF  | iShares MSCI Brazil Small-Cap ETF  | iShares MSCI Brazil Small-Cap ETF  | iShares MSCI Brazil Small-Cap ETF  | iShares MSCI Brazil Small-Cap ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp; $12.51 | &nbsp;&nbsp;&nbsp; $13.82 | &nbsp;&nbsp;&nbsp; $13.58 | &nbsp;&nbsp;&nbsp; $17.42 | &nbsp;&nbsp;&nbsp; $13.62 |
| Net investment income<sup>(a)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.79 |
| Net increase (decrease) from investment operations | 2.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.16 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.37 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $15.60 | &nbsp;&nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp; $12.51 | &nbsp;&nbsp;&nbsp; $13.82 | &nbsp;&nbsp;&nbsp; $13.58 | &nbsp;&nbsp;&nbsp; $17.42 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 19.76 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.81<br> %<br>| &nbsp;&nbsp;&nbsp; (6.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.95<br> %<br>| &nbsp;&nbsp;&nbsp; (18.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.34<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 5.44 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $364330 | &nbsp;&nbsp;&nbsp; $178919 | &nbsp;&nbsp;&nbsp; $126390 | &nbsp;&nbsp;&nbsp; $207293 | &nbsp;&nbsp;&nbsp; $82865 | &nbsp;&nbsp;&nbsp; $107976 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(i)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(i)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(i)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(i)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(i)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(i)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI China ETF  | iShares MSCI China ETF  | iShares MSCI China ETF  | iShares MSCI China ETF  | iShares MSCI China ETF  | iShares MSCI China ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $61.16 | &nbsp;&nbsp;&nbsp; $41.96 | &nbsp;&nbsp;&nbsp; $45.03 | &nbsp;&nbsp;&nbsp; $49.82 | &nbsp;&nbsp;&nbsp; $70.90 | &nbsp;&nbsp;&nbsp; $75.92 |
| Net investment income<sup>(a)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp;&nbsp; (21.30)<br>| &nbsp;&nbsp;&nbsp; (4.98)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.63 | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp; (20.29)<br>| &nbsp;&nbsp;&nbsp; (4.24)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.74 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $59.20 | &nbsp;&nbsp;&nbsp; $61.16 | &nbsp;&nbsp;&nbsp; $41.96 | &nbsp;&nbsp;&nbsp; $45.03 | &nbsp;&nbsp;&nbsp; $49.82 | &nbsp;&nbsp;&nbsp; $70.90 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (2.01 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 49.98<br> %<br>| &nbsp;&nbsp;&nbsp; (4.06)%<br>| &nbsp;&nbsp;&nbsp; (7.39)%<br>| &nbsp;&nbsp;&nbsp; (28.80)%<br>| &nbsp;&nbsp;&nbsp; (5.69)%<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 0.62 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7435387 | &nbsp;&nbsp;&nbsp; $7889852 | &nbsp;&nbsp;&nbsp; $4321572 | &nbsp;&nbsp;&nbsp; $7528252 | &nbsp;&nbsp;&nbsp; $7841066 | &nbsp;&nbsp;&nbsp; $6182469 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI China Small-Cap ETF  | iShares MSCI China Small-Cap ETF  | iShares MSCI China Small-Cap ETF  | iShares MSCI China Small-Cap ETF  | iShares MSCI China Small-Cap ETF  | iShares MSCI China Small-Cap ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $37.84 | &nbsp;&nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp; $27.94 | &nbsp;&nbsp;&nbsp; $34.59 | &nbsp;&nbsp;&nbsp; $53.83 | &nbsp;&nbsp;&nbsp; $45.21 |
| Net investment income<sup>(a)</sup> | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.62 | &nbsp;&nbsp;&nbsp; (5.05)<br>| &nbsp;&nbsp;&nbsp; (6.62)<br>| &nbsp;&nbsp;&nbsp; (18.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.86 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.92 | &nbsp;&nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp;&nbsp; (5.65)<br>| &nbsp;&nbsp;&nbsp; (16.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.45 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $36.03 | &nbsp;&nbsp;&nbsp; $37.84 | &nbsp;&nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp; $27.94 | &nbsp;&nbsp;&nbsp; $34.59 | &nbsp;&nbsp;&nbsp; $53.83 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.56 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 77.95<br> %<br>| &nbsp;&nbsp;&nbsp; (14.63)%<br>| &nbsp;&nbsp;&nbsp; (16.74)%<br>| &nbsp;&nbsp;&nbsp; (32.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.33<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 1.98 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $97293 | &nbsp;&nbsp;&nbsp; $90819 | &nbsp;&nbsp;&nbsp; $49609 | &nbsp;&nbsp;&nbsp; $61475 | &nbsp;&nbsp;&nbsp; $55338 | &nbsp;&nbsp;&nbsp; $88821 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Indonesia ETF  | iShares MSCI Indonesia ETF  | iShares MSCI Indonesia ETF  | iShares MSCI Indonesia ETF  | iShares MSCI Indonesia ETF  | iShares MSCI Indonesia ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp;&nbsp; $21.97 | &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $23.96 | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $19.69 |
| Net investment income<sup>(a)</sup> | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.42 | &nbsp;&nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Net increase (decrease) from investment operations | 0.52 | &nbsp;&nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.18 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $17.98 | &nbsp;&nbsp;&nbsp; $17.64 | &nbsp;&nbsp;&nbsp; $21.97 | &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $23.96 | &nbsp;&nbsp;&nbsp; $21.33 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.89 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (16.24)%<br>| &nbsp;&nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.88<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 1.07 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $310137 | &nbsp;&nbsp;&nbsp; $328182 | &nbsp;&nbsp;&nbsp; $344874 | &nbsp;&nbsp;&nbsp; $498431 | &nbsp;&nbsp;&nbsp; $443181 | &nbsp;&nbsp;&nbsp; $351958 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Peru and Global Exposure ETF  | iShares MSCI Peru and Global Exposure ETF  | iShares MSCI Peru and Global Exposure ETF  | iShares MSCI Peru and Global Exposure ETF  | iShares MSCI Peru and Global Exposure ETF  | iShares MSCI Peru and Global Exposure ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $53.58 | &nbsp;&nbsp;&nbsp; $40.88 | &nbsp;&nbsp;&nbsp; $32.34 | &nbsp;&nbsp;&nbsp; $25.51 | &nbsp;&nbsp;&nbsp; $27.00 | &nbsp;&nbsp;&nbsp; $31.65 |
| Net investment income<sup>(a)</sup> | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 39.68 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (5.00)<br>|
| Net increase (decrease) from investment operations | 40.04 | &nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;8.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; (4.21)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.28 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $93.34 | &nbsp;&nbsp;&nbsp; $53.58 | &nbsp;&nbsp;&nbsp; $40.88 | &nbsp;&nbsp;&nbsp; $32.34 | &nbsp;&nbsp;&nbsp; $25.51 | &nbsp;&nbsp;&nbsp; $27.00 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 74.95 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp; (13.49)%<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 1.01 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $606716 | &nbsp;&nbsp;&nbsp; $166094 | &nbsp;&nbsp;&nbsp; $79711 | &nbsp;&nbsp;&nbsp; $105103 | &nbsp;&nbsp;&nbsp; $127530 | &nbsp;&nbsp;&nbsp; $95862 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Philippines ETF  | iShares MSCI Philippines ETF  | iShares MSCI Philippines ETF  | iShares MSCI Philippines ETF  | iShares MSCI Philippines ETF  | iShares MSCI Philippines ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.93 | &nbsp;&nbsp;&nbsp; $27.73 | &nbsp;&nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp; $26.54 | &nbsp;&nbsp;&nbsp; $30.50 | &nbsp;&nbsp;&nbsp; $26.63 |
| Net investment income<sup>(a)</sup> | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.15 | &nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Net increase (decrease) from investment operations | 2.25 | &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.16 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.20 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $27.98 | &nbsp;&nbsp;&nbsp; $25.93 | &nbsp;&nbsp;&nbsp; $27.73 | &nbsp;&nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp; $26.54 | &nbsp;&nbsp;&nbsp; $30.50 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.80 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (4.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.91<br> %<br>| &nbsp;&nbsp;&nbsp; (6.16)%<br>| &nbsp;&nbsp;&nbsp; (11.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.57<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 0.75 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $187496 | &nbsp;&nbsp;&nbsp; $103704 | &nbsp;&nbsp;&nbsp; $108164 | &nbsp;&nbsp;&nbsp; $93074 | &nbsp;&nbsp;&nbsp; $108818 | &nbsp;&nbsp;&nbsp; $125043 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Poland ETF  | iShares MSCI Poland ETF  | iShares MSCI Poland ETF  | iShares MSCI Poland ETF  | iShares MSCI Poland ETF  | iShares MSCI Poland ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $31.70 | &nbsp;&nbsp;&nbsp; $24.65 | &nbsp;&nbsp;&nbsp; $19.19 | &nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp; $23.10 | &nbsp;&nbsp;&nbsp; $18.24 |
| Net investment income<sup>(a)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp; 1.93 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 7.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.86 |
| Net increase (decrease) from investment operations | 7.74 | &nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp; (10.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.02 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.17 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $38.27 | &nbsp;&nbsp;&nbsp; $31.70 | &nbsp;&nbsp;&nbsp; $24.65 | &nbsp;&nbsp;&nbsp; $19.19 | &nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp; $23.10 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 24.86 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.92 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.67 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.04<br> %<br>| &nbsp;&nbsp;&nbsp; (44.38 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.65 %<sup>(b)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.56 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.55 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 1.17 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(b)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $654407 | &nbsp;&nbsp;&nbsp; $445349 | &nbsp;&nbsp;&nbsp; $311809 | &nbsp;&nbsp;&nbsp; $228364 | &nbsp;&nbsp;&nbsp; $130373 | &nbsp;&nbsp;&nbsp; $284146 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022, and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022, and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022, and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022, and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022, and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022, and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022, and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Qatar ETF  | iShares MSCI Qatar ETF  | iShares MSCI Qatar ETF  | iShares MSCI Qatar ETF  | iShares MSCI Qatar ETF  | iShares MSCI Qatar ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $19.88 | &nbsp;&nbsp;&nbsp; $17.64 | &nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp; $22.62 | &nbsp;&nbsp;&nbsp; $19.60 | &nbsp;&nbsp;&nbsp; $17.62 |
| Net investment income<sup>(a)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.23 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $19.48 | &nbsp;&nbsp;&nbsp; $19.88 | &nbsp;&nbsp;&nbsp; $17.64 | &nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp; $22.62 | &nbsp;&nbsp;&nbsp; $19.60 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.83 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32<br> %<br>| &nbsp;&nbsp;&nbsp; (18.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 1.25 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $71101 | &nbsp;&nbsp;&nbsp; $78523 | &nbsp;&nbsp;&nbsp; $61728 | &nbsp;&nbsp;&nbsp; $78751 | &nbsp;&nbsp;&nbsp; $96153 | &nbsp;&nbsp;&nbsp; $86234 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Interest expense was not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.56%. | <sup>(i)</sup> Interest expense was not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.56%. | <sup>(i)</sup> Interest expense was not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.56%. | <sup>(i)</sup> Interest expense was not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.56%. | <sup>(i)</sup> Interest expense was not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.56%. | <sup>(i)</sup> Interest expense was not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.56%. | <sup>(i)</sup> Interest expense was not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.56%. |
| <sup>(j)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(j)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(j)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(j)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(j)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(j)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(j)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; Diversified |
| MSCI China | &nbsp;&nbsp; Non-diversified |
| MSCI China Small-Cap | &nbsp;&nbsp; Diversified |
| MSCI Indonesia | &nbsp;&nbsp; Non-diversified |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; Non-diversified |
| MSCI Philippines | &nbsp;&nbsp; Non-diversified |
| MSCI Poland | &nbsp;&nbsp; Non-diversified |
| MSCI Qatar | &nbsp;&nbsp; Non-diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

Notes to Financial Statements

------

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

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

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

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

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to 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. SECURITIES AND OTHER INVESTMENTS***

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Brazil Small-Cap |  |  |  |  |
| Citadel Clearing LLC | &nbsp;&nbsp; $396851 | &nbsp;&nbsp;&nbsp; $(375963) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20888<sup>(b)</sup> <br>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 726264 | &nbsp;&nbsp;&nbsp; (726264) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 2479961 | &nbsp;&nbsp;&nbsp; (2479961) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $3603076 | &nbsp;&nbsp;&nbsp; $(3582188) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20888 |
| MSCI China |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $652081 | &nbsp;&nbsp;&nbsp; $(652081) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 2279010 | &nbsp;&nbsp;&nbsp; (2279010) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 8361093 | &nbsp;&nbsp;&nbsp; (8361093) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1870775 | &nbsp;&nbsp;&nbsp; (1870775) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 87871 | &nbsp;&nbsp;&nbsp; (87871) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 28464378 | &nbsp;&nbsp;&nbsp; (28464378) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 3471333 | &nbsp;&nbsp;&nbsp; (3471333) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 25969477 | &nbsp;&nbsp;&nbsp; (25969477) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 960955 | &nbsp;&nbsp;&nbsp; (960955) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 123970 | &nbsp;&nbsp;&nbsp; (123970) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 1580306 | &nbsp;&nbsp;&nbsp; (1580306) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 218500 | &nbsp;&nbsp;&nbsp; (218500) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $74039749 | &nbsp;&nbsp;&nbsp; $(74039749) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| MSCI China Small-Cap |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $94000 | &nbsp;&nbsp;&nbsp; $(94000) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 1605742 | &nbsp;&nbsp;&nbsp; (1605742) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 3394254 | &nbsp;&nbsp;&nbsp; (3394254) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1045288 | &nbsp;&nbsp;&nbsp; (1045288) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1720065 | &nbsp;&nbsp;&nbsp; (1720065) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 1706011 | &nbsp;&nbsp;&nbsp; (1706011) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 181628 | &nbsp;&nbsp;&nbsp; (181628) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 9130 | &nbsp;&nbsp;&nbsp; (9130) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 4305203 | &nbsp;&nbsp;&nbsp; (4305203) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 30194 | &nbsp;&nbsp;&nbsp; (30194) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 221001 | &nbsp;&nbsp;&nbsp; (221001) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1118858 | &nbsp;&nbsp;&nbsp; (1118858) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 518997 | &nbsp;&nbsp;&nbsp; (518997) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $15950371 | &nbsp;&nbsp;&nbsp; $(15950371) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Poland |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $906654 | &nbsp;&nbsp;&nbsp; $(906654) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 542187 | &nbsp;&nbsp;&nbsp; (542187) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 3629841 | &nbsp;&nbsp;&nbsp; (3629841) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 348432 | &nbsp;&nbsp;&nbsp; (348432) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 6869009 | &nbsp;&nbsp;&nbsp; (6869009) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 232288 | &nbsp;&nbsp;&nbsp; (232288) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $12528411 | &nbsp;&nbsp;&nbsp; $(12528411) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

<sup>(b)</sup> The market value of the loaned securities is determined as of February 28, 2026. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. 

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

For its investment advisory services to each of the iShares MSCI Brazil Small-Cap, iShares MSCI China, iShares MSCI China Small-Cap, iShares MSCI Indonesia, iShares MSCI Peru and Global Exposure, iShares MSCI Philippines, iShares MSCI Poland and iShares MSCI Qatar ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $2 billion | 0.7400% |
| Over $2 billion, up to and including $4 billion | 0.6900 |
| Over $4 billion, up to and including $8 billion | 0.6400 |
| Over $8 billion, up to and including $16 billion | 0.5700 |
| Over $16 billion, up to and including $24 billion | 0.5100 |
| Over $24 billion, up to and including $32 billion | 0.4800 |
| Over $32 billion, up to and including $40 billion | 0.4500 |
| Over $40 billion | 0.4275 |

---

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $4669 |
| MSCI China | &nbsp;&nbsp; 255943 |
| MSCI China Small-Cap | &nbsp;&nbsp; 100553 |
| MSCI Poland | &nbsp;&nbsp; 52011 |

---

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

Notes to Financial Statements

------

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

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

For the six months ended February 28, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $264492 | &nbsp;&nbsp;&nbsp; $10271284 | &nbsp;&nbsp;&nbsp; $2504726 |
| MSCI China | &nbsp;&nbsp; 18238099 | &nbsp;&nbsp;&nbsp; 32890958 | &nbsp;&nbsp;&nbsp; (6892668) |
| MSCI China Small-Cap | &nbsp;&nbsp; 4487443 | &nbsp;&nbsp;&nbsp; 7929329 | &nbsp;&nbsp;&nbsp; 2550201 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 13932574 | &nbsp;&nbsp;&nbsp; 3467644 | &nbsp;&nbsp;&nbsp; 151821 |
| MSCI Poland | &nbsp;&nbsp; 4780346 | &nbsp;&nbsp;&nbsp; 8749507 | &nbsp;&nbsp;&nbsp; 1248401 |

---

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

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

***7. PURCHASES AND SALES***

For the six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $177618049 | &nbsp;&nbsp;&nbsp; $47473092 |
| MSCI China | &nbsp;&nbsp; 243266353 | &nbsp;&nbsp;&nbsp; 340368739 |
| MSCI China Small-Cap | &nbsp;&nbsp; 43396312 | &nbsp;&nbsp;&nbsp; 21585041 |
| MSCI Indonesia | &nbsp;&nbsp; 22973469 | &nbsp;&nbsp;&nbsp; 22383212 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 68965421 | &nbsp;&nbsp;&nbsp; 40284732 |
| MSCI Philippines | &nbsp;&nbsp; 7041408 | &nbsp;&nbsp;&nbsp; 7110981 |
| MSCI Poland | &nbsp;&nbsp; 33724322 | &nbsp;&nbsp;&nbsp; 23566932 |
| MSCI Qatar | &nbsp;&nbsp; 1520716 | &nbsp;&nbsp;&nbsp; 8012815 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $23613301 | &nbsp;&nbsp;&nbsp; $2782345 |
| MSCI China | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 178750541 |
| MSCI China Small-Cap | &nbsp;&nbsp; 1930630 | &nbsp;&nbsp;&nbsp; 13282562 |
| MSCI Indonesia | &nbsp;&nbsp; 50891311 | &nbsp;&nbsp;&nbsp; 74438581 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 249974105 | &nbsp;&nbsp;&nbsp; 8305197 |
| MSCI Philippines | &nbsp;&nbsp; 69851353 | &nbsp;&nbsp;&nbsp; — |
| MSCI Poland | &nbsp;&nbsp; 166423261 | &nbsp;&nbsp;&nbsp; 61283886 |

---

***8. INCOME TAX INFORMATION***

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary* <br>*Losses*<sup>(b)</sup> <br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $(97795304)<br>| &nbsp;&nbsp;&nbsp; $(69648)<br>|
| MSCI China | &nbsp;&nbsp; (2323759017)<br>| &nbsp;&nbsp;&nbsp; — |
| MSCI China Small-Cap | &nbsp;&nbsp; (53482664)<br>| &nbsp;&nbsp;&nbsp; — |
| MSCI Indonesia | &nbsp;&nbsp; (303380578)<br>| &nbsp;&nbsp;&nbsp; — |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; (173602833)<br>| &nbsp;&nbsp;&nbsp; (109958)<br>|
| MSCI Philippines | &nbsp;&nbsp; (106412808)<br>| &nbsp;&nbsp;&nbsp; — |
| MSCI Poland | &nbsp;&nbsp; (176450138)<br>| &nbsp;&nbsp;&nbsp; — |
| MSCI Qatar | &nbsp;&nbsp; (23848071)<br>| &nbsp;&nbsp;&nbsp; — |

---

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

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

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

As of February 28, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $327860394 | &nbsp;&nbsp;&nbsp; $67567200 | &nbsp;&nbsp;&nbsp; $(28836552) | &nbsp;&nbsp;&nbsp; $38730648 |
| MSCI China | &nbsp;&nbsp; 7237460974 | &nbsp;&nbsp;&nbsp; 1316578085 | &nbsp;&nbsp;&nbsp; (1058658264) | &nbsp;&nbsp;&nbsp; 257919821 |
| MSCI China Small-Cap | &nbsp;&nbsp; 113473727 | &nbsp;&nbsp;&nbsp; 17800668 | &nbsp;&nbsp;&nbsp; (16155864) | &nbsp;&nbsp;&nbsp; 1644804 |
| MSCI Indonesia | &nbsp;&nbsp; 409506931 | &nbsp;&nbsp;&nbsp; 14066267 | &nbsp;&nbsp;&nbsp; (113333251) | &nbsp;&nbsp;&nbsp; (99266984) |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 415882746 | &nbsp;&nbsp;&nbsp; 191626223 | &nbsp;&nbsp;&nbsp; (4662698) | &nbsp;&nbsp;&nbsp; 186963525 |
| MSCI Philippines | &nbsp;&nbsp; 184631888 | &nbsp;&nbsp;&nbsp; 22547070 | &nbsp;&nbsp;&nbsp; (19614647) | &nbsp;&nbsp;&nbsp; 2932423 |
| MSCI Poland | &nbsp;&nbsp; 558356564 | &nbsp;&nbsp;&nbsp; 132040555 | &nbsp;&nbsp;&nbsp; (25220658) | &nbsp;&nbsp;&nbsp; 106819897 |
| MSCI Qatar | &nbsp;&nbsp; 53646802 | &nbsp;&nbsp;&nbsp; 21969474 | &nbsp;&nbsp;&nbsp; (4815613) | &nbsp;&nbsp;&nbsp; 17153861 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2026, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

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

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

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

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or

Notes to Financial Statements

------

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

industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Brazil Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 11300000 | &nbsp;&nbsp;&nbsp; $169214954 | &nbsp;&nbsp;&nbsp; 9650000 | &nbsp;&nbsp;&nbsp; $116927645 |
| Shares redeemed | &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (17559617)<br>| &nbsp;&nbsp;&nbsp; (6400000)<br>| &nbsp;&nbsp;&nbsp; (68947014)<br>|
|  | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; $151655337 | &nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; $47980631 |
| MSCI China |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $136641 | &nbsp;&nbsp;&nbsp; 55600000 | &nbsp;&nbsp;&nbsp; $3061838431 |
| Shares redeemed | &nbsp;&nbsp; (3400000)<br>| &nbsp;&nbsp;&nbsp; (212511324)<br>| &nbsp;&nbsp;&nbsp; (29600000)<br>| &nbsp;&nbsp;&nbsp; (1413934409)<br>|
|  | &nbsp;&nbsp; (3400000)<br>| &nbsp;&nbsp;&nbsp; $(212374683)<br>| &nbsp;&nbsp;&nbsp; 26000000 | &nbsp;&nbsp;&nbsp; $1647904022 |
| MSCI China Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $27111511 | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; $29349167 |
| Shares redeemed | &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (13988575)<br>| &nbsp;&nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp;&nbsp; (21332156)<br>|
|  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $13122936 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $8017011 |
| MSCI Indonesia |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; $54016740 | &nbsp;&nbsp;&nbsp; 11850000 | &nbsp;&nbsp;&nbsp; $218002783 |
| Shares redeemed | &nbsp;&nbsp; (4250000)<br>| &nbsp;&nbsp;&nbsp; (75192029)<br>| &nbsp;&nbsp;&nbsp; (8950000)<br>| &nbsp;&nbsp;&nbsp; (165405200)<br>|
|  | &nbsp;&nbsp; (1350000)<br>| &nbsp;&nbsp;&nbsp; $(21175289)<br>| &nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; $52597583 |
| MSCI Peru and Global Exposure |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; $283227790 | &nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; $63891243 |
| Shares redeemed | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (9274966)<br>| &nbsp;&nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; (10777621)<br>|
|  | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; $273952824 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; $53113622 |
| MSCI Philippines |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; $69990341 | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; $22818411 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (19776508)<br>|
|  | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; $69990341 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $3041903 |
| MSCI Poland |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp; $181245921 | &nbsp;&nbsp;&nbsp; 8800000 | &nbsp;&nbsp;&nbsp; $256314621 |
| Shares redeemed | &nbsp;&nbsp; (1900000)<br>| &nbsp;&nbsp;&nbsp; (62721436)<br>| &nbsp;&nbsp;&nbsp; (7400000)<br>| &nbsp;&nbsp;&nbsp; (191888672)<br>|
|  | &nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp; $118524485 | &nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; $64425949 |
| MSCI Qatar |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $969 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; $21591733 |
| Shares redeemed | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (5788420)<br>| &nbsp;&nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (13862719)<br>|
|  | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; $(5787451)<br>| &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; $7729014 |

---

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

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized

Notes to Financial Statements

------

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

Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares MSCI Poland ETF is expected to seek a closing agreement with the Internal Revenue Service ("IRS") to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

***13. SUBSEQUENT EVENTS***

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the 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**.

Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

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

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

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

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

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

![](g839764img2f4c95c82.gif)

![](g839764img37fb64ca3.gif)

------

February 28, 2026

![](g839764imgbdc118971.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI Denmark ETF \| EDEN \| Cboe BZX Exchange |
| • iShares MSCI Kuwait ETF \| KWT \| Cboe BZX Exchange |
| • iShares MSCI New Zealand ETF \| ENZL \| NASDAQ |
| • iShares MSCI Norway ETF \| ENOR \| Cboe BZX Exchange |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_3e83a1a1-b8cf-47b3-b861-e88154a32405_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_3e83a1a1-b8cf-47b3-b861-e88154a32405_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 14 |
| [Statements of Operations](#xx_3e83a1a1-b8cf-47b3-b861-e88154a32405_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 15 |
| [Statements of Changes in Net Assets](#xx_3e83a1a1-b8cf-47b3-b861-e88154a32405_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 16 |
| [Financial Highlights](#xx_3e83a1a1-b8cf-47b3-b861-e88154a32405_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 18 |
| [Notes to Financial Statements](#xx_3e83a1a1-b8cf-47b3-b861-e88154a32405_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 22 |
| [Additional Information](#xx_3e83a1a1-b8cf-47b3-b861-e88154a32405_SAI-Footer-iSharesReport-233_1)  | &nbsp;&nbsp; 31 |
| [Glossary of Terms Used in these Financial Statements](#xx_3e83a1a1-b8cf-47b3-b861-e88154a32405_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 32 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Denmark ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 11.8%** | **Air Freight & Logistics — 11.8%** | **Air Freight & Logistics — 11.8%** |
| DSV A/S | &nbsp;&nbsp; 89334 | $23059022 |
| **Banks — 13.4%** | **Banks — 13.4%** | **Banks — 13.4%** |
| AL Sydbank | &nbsp;&nbsp; 34562 | 3098851 |
| Danske Bank A/S | &nbsp;&nbsp; 291327 | 15199840 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 25686 | 3849686 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 15006 | 3913475 |
|  |  | 26061852 |
| **Beverages — 5.5%** | **Beverages — 5.5%** | **Beverages — 5.5%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 48032 | 7472181 |
| Royal Unibrew A/S | &nbsp;&nbsp; 32066 | 3159137 |
|  |  | 10631318 |
| **Biotechnology — 6.5%** | **Biotechnology — 6.5%** | **Biotechnology — 6.5%** |
| Bavarian Nordic A/S<sup>(a)</sup> | &nbsp;&nbsp; 61455 | 1914907 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 28846 | 8493025 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 39570 | 2290504 |
|  |  | 12698436 |
| **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
| Rockwool AS, Class B | &nbsp;&nbsp; 64818 | 2149204 |
| **Chemicals — 4.6%** | **Chemicals — 4.6%** | **Chemicals — 4.6%** |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 149638 | 8899529 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
| ISS A/S | &nbsp;&nbsp; 86555 | 3078106 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 15072 | 1908163 |
| **Electrical Equipment — 6.9%** | **Electrical Equipment — 6.9%** | **Electrical Equipment — 6.9%** |
| NKT A/S<sup>(a)</sup> | &nbsp;&nbsp; 31503 | 4071957 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 367560 | 9396413 |
|  |  | 13468370 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Schouw & Co. A/S | &nbsp;&nbsp; 14366 | 1534831 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| NTG Nordic Transport Group A/S, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 15256 | 411340 |
| **Health Care Equipment & Supplies — 4.4%** | **Health Care Equipment & Supplies — 4.4%** | **Health Care Equipment & Supplies — 4.4%** |
| Ambu A/S, Class B<sup>(b)</sup> | &nbsp;&nbsp; 153180 | 1941347 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 60210 | 4665238 |
| Demant A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 63804 | 1989919 |
|  |  | 8596504 |
| **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| GN Store Nord A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 123996 | 1827386 |
| **Independent Power and Renewable Electricity Producers — 3.3%** | **Independent Power and Renewable Electricity Producers — 3.3%** | **Independent Power and Renewable Electricity Producers — 3.3%** |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 275274 | 6485117 |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| Alm Brand A/S | &nbsp;&nbsp; 670640 | 1742459 |
| Tryg A/S | &nbsp;&nbsp; 186324 | 4613695 |
|  |  | 6356154 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Netcompany Group A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 38559 | 1971240 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Chemometec A/S | &nbsp;&nbsp; 16798 | $1112169 |
| Gubra AS | &nbsp;&nbsp; 6980 | 436158 |
|  |  | 1548327 |
| **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 29802 | 2638214 |
| **Marine Transportation — 5.8%** | **Marine Transportation — 5.8%** | **Marine Transportation — 5.8%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 1663 | 4076238 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 2108 | 5233853 |
| D/S Norden A/S | &nbsp;&nbsp; 28323 | 1270033 |
| DFDS A/S<sup>(a)</sup> | &nbsp;&nbsp; 43365 | 709231 |
|  |  | 11289355 |
| **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** |
| TORM PLC, Class A<sup>(b)</sup> | &nbsp;&nbsp; 65307 | 1913686 |
| **Pharmaceuticals — 20.6%** | **Pharmaceuticals — 20.6%** | **Pharmaceuticals — 20.6%** |
| ALK-Abello A/S<sup>(a)</sup> | &nbsp;&nbsp; 86826 | 3024050 |
| H Lundbeck A/S | &nbsp;&nbsp; 277892 | 1707169 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 933132 | 35294342 |
|  |  | 40025561 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| Matas A/S<sup>(b)</sup> | &nbsp;&nbsp; 46927 | 819754 |
| **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** |
| Pandora A/S | &nbsp;&nbsp; 40536 | 3204386 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Scandinavian Tobacco Group A/S, Class A<sup>(c)</sup> | &nbsp;&nbsp; 64409 | 1055217 |
| **Total Long-Term Investments — 98.4%** <br>**(Cost: $204,489,919)** | **Total Long-Term Investments — 98.4%** <br>**(Cost: $204,489,919)** | 191631072 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.4%** | **Money Market Funds — 6.4%** | **Money Market Funds — 6.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 12326926 | 12333090 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 70000 | 70000 |
| **Total Short-Term Securities — 6.4%** <br>**(Cost: $12,403,090)** | **Total Short-Term Securities — 6.4%** <br>**(Cost: $12,403,090)** | 12403090 |
| **Total Investments — 104.8%** <br>**(Cost: $216,893,009)** | **Total Investments — 104.8%** <br>**(Cost: $216,893,009)** | 204034162 |
| **Liabilities in Excess of Other Assets — (4.8)%** | **Liabilities in Excess of Other Assets — (4.8)%** | (9273014)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $194761148 |

---

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

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

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

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

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Denmark ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $10235145 | $2098007 <br><sup>(a)</sup><br>| $— | $237 | $(299)<br>| $12333090 | 12326926 | $63131 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 70000 |  |  |  |  | 70000 | 70000 | 1370 |  |
|  |  |  |  | $237 | $(299) | $12403090 |  | $64501 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| OMX Copenhagen 25 Index | 115 | 03/20/26 | &nbsp;&nbsp; $3131 | $(138797) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138797 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219299 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219299 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(148012)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(148012)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3017661 |

---

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Denmark ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $11946737 | &nbsp;&nbsp; $179684335 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $191631072 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 12403090 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12403090 |
|  | &nbsp;&nbsp; $24349827 | &nbsp;&nbsp; $179684335 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $204034162 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(138797)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(138797)<br>|

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Kuwait ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 1.5%** | **Air Freight & Logistics — 1.5%** | **Air Freight & Logistics — 1.5%** |
| Agility Public Warehousing Co. KSC | &nbsp;&nbsp; 2424695 | $1090994 |
| **Banks — 58.5%** | **Banks — 58.5%** | **Banks — 58.5%** |
| Al Ahli Bank of Kuwait KSCP | &nbsp;&nbsp; 1705965 | 1702088 |
| Boubyan Bank KSCP | &nbsp;&nbsp; 61545 | 136254 |
| Burgan Bank SAK | &nbsp;&nbsp; 1675010 | 1123961 |
| Gulf Bank KSCP | &nbsp;&nbsp; 2205475 | 2437744 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 6144981 | 16108786 |
| Kuwait International Bank KSCP | &nbsp;&nbsp; 1356429 | 1235014 |
| Kuwait Projects Co. Holding KSCP<sup>(a)</sup> | &nbsp;&nbsp; 3734684 | 998513 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 5197021 | 15960887 |
| Warba Bank KSCP<sup>(a)</sup> | &nbsp;&nbsp; 2529620 | 2381711 |
|  |  | 42084958 |
| **Capital Markets — 3.1%** | **Capital Markets — 3.1%** | **Capital Markets — 3.1%** |
| Boursa Kuwait Securities Co. KPSC | &nbsp;&nbsp; 140297 | 1421628 |
| Noor Financial Investment Co. KSC | &nbsp;&nbsp; 602509 | 793899 |
|  |  | 2215527 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Boubyan Petrochemicals Co. KSCP | &nbsp;&nbsp; 601198 | 1096729 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| Combined Group Contracting Co. SAK | &nbsp;&nbsp; 231762 | 732994 |
| **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| Arzan Financial Group for Financing & Investment KPSC | &nbsp;&nbsp; 821496 | 911491 |
| **Diversified Consumer Services — 1.6%** | **Diversified Consumer Services — 1.6%** | **Diversified Consumer Services — 1.6%** |
| Humansoft Holding Co. KSC | &nbsp;&nbsp; 139551 | 1191666 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| Gulf Cable & Electrical Industries Co. KSCP | &nbsp;&nbsp; 168398 | 1070863 |
| **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** |
| Heavy Engineering & Ship Building Co. KSCP, Class B | &nbsp;&nbsp; 269452 | 696692 |
| **Financial Services — 3.2%** | **Financial Services — 3.2%** | **Financial Services — 3.2%** |
| A'ayan Leasing & Investment Co. KSCP | &nbsp;&nbsp; 1188015 | 871547 |
| Alimtiaz Investment Group KSC<sup>(a)</sup> | &nbsp;&nbsp; 3636650 | 575176 |
| National Investments Co. KSCP | &nbsp;&nbsp; 927421 | 840089 |
|  |  | 2286812 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Mezzan Holding Co. KSCC | &nbsp;&nbsp; 215822 | 811897 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| IFA Hotels & Resorts-KPSC<sup>(a)</sup> | &nbsp;&nbsp; 196767 | 551112 |
| **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** |
| Shamal Az-Zour Al-Oula for the First Phase of Az-Zour <br> Power Plant KSC<br>| &nbsp;&nbsp; 1489220 | 699210 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Industrial Conglomerates — 2.5%** | **Industrial Conglomerates — 2.5%** | **Industrial Conglomerates — 2.5%** |
| National Industries Group Holding SAK | &nbsp;&nbsp; 2181135 | $1791966 |
| **Passenger Airlines — 1.1%** | **Passenger Airlines — 1.1%** | **Passenger Airlines — 1.1%** |
| Jazeera Airways Co. KSCP | &nbsp;&nbsp; 128992 | 801206 |
| **Real Estate Management & Development — 10.5%** | **Real Estate Management & Development — 10.5%** | **Real Estate Management & Development — 10.5%** |
| Commercial Real Estate Co. KSC | &nbsp;&nbsp; 2236230 | 1478340 |
| Kuwait Real Estate Co. KSC<sup>(a)</sup> | &nbsp;&nbsp; 1214763 | 1366270 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 744704 | 2379556 |
| National Real Estate Co. KPSC<sup>(a)</sup> | &nbsp;&nbsp; 3189181 | 747643 |
| Salhia Real Estate Co. KSCP | &nbsp;&nbsp; 798433 | 978842 |
| United Real Estate Co. SAKP<sup>(a)</sup> | &nbsp;&nbsp; 676325 | 617142 |
|  |  | 7567793 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Ali Alghanim Sons Automotive Co. KSCC | &nbsp;&nbsp; 295700 | 1123216 |
| **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** |
| Integrated Holding Co. KCSC | &nbsp;&nbsp; 472158 | 650620 |
| **Wireless Telecommunication Services — 6.2%** | **Wireless Telecommunication Services — 6.2%** | **Wireless Telecommunication Services — 6.2%** |
| Kuwait Telecommunications Co. | &nbsp;&nbsp; 515058 | 1099871 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 1903996 | 3364740 |
|  |  | 4464611 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $55,294,814)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $55,294,814)** | 71840357 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 80000 | 80000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $80,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $80,000)** | 80000 |
| **Total Investments — 100.0%** <br>**(Cost: $55,374,814)** | **Total Investments — 100.0%** <br>**(Cost: $55,374,814)** | 71920357 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (28563)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $71891794 |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Kuwait ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $—<br> $80000 <br><sup>(a)</sup><br>| $— | $— | $— | $80000 | 80000 | $2388 | $— |

---

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

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4326 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4326 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(190)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(190)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $68880 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $34359603 | &nbsp;&nbsp; $37480754 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71840357 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80000 |
|  | &nbsp;&nbsp; $34439603 | &nbsp;&nbsp; $37480754 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71920357 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI New Zealand ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 2.7%** | **Air Freight & Logistics — 2.7%** | **Air Freight & Logistics — 2.7%** |
| Freightways Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 234649 | $2017692 |
| **Banks — 1.6%** | **Banks — 1.6%** | **Banks — 1.6%** |
| Heartland Group Holdings Ltd. | &nbsp;&nbsp; 1523658 | 1174447 |
| **Building Products — 4.1%** | **Building Products — 4.1%** | **Building Products — 4.1%** |
| Fletcher Building Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1453037 | 3059332 |
| **Diversified REITs — 2.5%** | **Diversified REITs — 2.5%** | **Diversified REITs — 2.5%** |
| Argosy Property Ltd. | &nbsp;&nbsp; 1553916 | 1061524 |
| Stride Property Group | &nbsp;&nbsp; 1121440 | 807235 |
|  |  | 1868759 |
| **Diversified Telecommunication Services — 4.0%** | **Diversified Telecommunication Services — 4.0%** | **Diversified Telecommunication Services — 4.0%** |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 2176093 | 2975529 |
| **Electric Utilities — 8.8%** | **Electric Utilities — 8.8%** | **Electric Utilities — 8.8%** |
| Contact Energy Ltd. | &nbsp;&nbsp; 596119 | 3323033 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 838363 | 3213581 |
|  |  | 6536614 |
| **Financial Services — 9.8%** | **Financial Services — 9.8%** | **Financial Services — 9.8%** |
| Infratil Ltd. | &nbsp;&nbsp; 1071610 | 7204235 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Scales Corp. Ltd. | &nbsp;&nbsp; 150389 | 569230 |
| **Health Care Equipment & Supplies — 22.5%** | **Health Care Equipment & Supplies — 22.5%** | **Health Care Equipment & Supplies — 22.5%** |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 680066 | 16625705 |
| **Health Care Providers & Services — 6.9%** | **Health Care Providers & Services — 6.9%** | **Health Care Providers & Services — 6.9%** |
| EBOS Group Ltd. | &nbsp;&nbsp; 219655 | 3156972 |
| Ryman Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1305464 | 1944708 |
|  |  | 5101680 |
| **Health Care REITs — 1.5%** | **Health Care REITs — 1.5%** | **Health Care REITs — 1.5%** |
| Vital Healthcare Property Trust | &nbsp;&nbsp; 933086 | 1085841 |
| **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** |
| SKYCITY Entertainment Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2002502 | 1003003 |
| **Independent Power and Renewable Electricity Producers — 4.3%** | **Independent Power and Renewable Electricity Producers — 4.3%** | **Independent Power and Renewable Electricity Producers — 4.3%** |
| Meridian Energy Ltd. | &nbsp;&nbsp; 931181 | 3157027 |
| **Industrial REITs — 4.2%** | **Industrial REITs — 4.2%** | **Industrial REITs — 4.2%** |
| Goodman Property Trust | &nbsp;&nbsp; 1597623 | 1859169 |
| Property for Industry Ltd. | &nbsp;&nbsp; 858141 | 1238868 |
|  |  | 3098037 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
| Skellerup Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 334169 | $1164622 |
| **Office REITs — 2.1%** | **Office REITs — 2.1%** | **Office REITs — 2.1%** |
| Precinct Properties Group | &nbsp;&nbsp; 2410317 | 1583183 |
| **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** |
| Channel Infrastructure NZ Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 700456 | 1210086 |
| **Passenger Airlines — 1.3%** | **Passenger Airlines — 1.3%** | **Passenger Airlines — 1.3%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 2984745 | 993672 |
| **Retail REITs — 2.1%** | **Retail REITs — 2.1%** | **Retail REITs — 2.1%** |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 2566298 | 1545018 |
| **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
| Gentrack Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 187546 | 933746 |
| **Transportation Infrastructure — 14.5%** | **Transportation Infrastructure — 14.5%** | **Transportation Infrastructure — 14.5%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 1946767 | 10696759 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $79,196,891)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $79,196,891)** | 73604217 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 262709 | 262841 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 20000 | 20000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $282,841)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $282,841)** | 282841 |
| **Total Investments — 100.0%** <br>**(Cost: $79,479,732)** | **Total Investments — 100.0%** <br>**(Cost: $79,479,732)** | 73887058 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (17863)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $73869195 |

---

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

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

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

<sup>(c)</sup> 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. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI New Zealand ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $2396179 | $—<br> $(2133214 )<sup>(a)</sup><br>| $57 | $(181)<br>| $262841 | 262709 | $14609 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 30000 | —<br> (10000 )<sup>(a)</sup><br>|  |  | 20000 | 20000 | 619 |  |
|  |  |  | $57 | $(181) | $282841 |  | $15228 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| SPI 200 Index | 1 | 03/19/26 | &nbsp;&nbsp; $163 | $265 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $265 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6051 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6051 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $267 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $267 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $152198 |

---

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI New Zealand ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $29297297 | &nbsp;&nbsp; $44306920 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73604217 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 282841 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 282841 |
|  | &nbsp;&nbsp; $29580138 | &nbsp;&nbsp; $44306920 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73887058 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $265 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Norway ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 8.0%** | **Aerospace & Defense — 8.0%** | **Aerospace & Defense — 8.0%** |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 121868 | $4941911 |
| **Banks — 17.1%** | **Banks — 17.1%** | **Banks — 17.1%** |
| DNB Bank ASA | &nbsp;&nbsp; 245834 | 7781730 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; 26190 | 439200 |
| SpareBank 1 Oestlandet | &nbsp;&nbsp; 13087 | 294957 |
| SpareBank 1 SMN | &nbsp;&nbsp; 35731 | 801962 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 56999 | 1266387 |
|  |  | 10584236 |
| **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |
| Europris ASA<sup>(a)</sup> | &nbsp;&nbsp; 43573 | 416637 |
| **Chemicals — 4.1%** | **Chemicals — 4.1%** | **Chemicals — 4.1%** |
| Elkem ASA<sup>(a)</sup> | &nbsp;&nbsp; 79266 | 255095 |
| Yara International ASA | &nbsp;&nbsp; 45801 | 2318548 |
|  |  | 2573643 |
| **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
| Cadeler A/S<sup>(b)</sup> | &nbsp;&nbsp; 62491 | 401495 |
| Norconsult Norge A/S | &nbsp;&nbsp; 29849 | 127442 |
|  |  | 528937 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Elopak ASA | &nbsp;&nbsp; 37143 | 209772 |
| **Diversified Telecommunication Services — 4.3%** | **Diversified Telecommunication Services — 4.3%** | **Diversified Telecommunication Services — 4.3%** |
| Telenor ASA | &nbsp;&nbsp; 143923 | 2668576 |
| **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** |
| Kitron ASA | &nbsp;&nbsp; 60132 | 672644 |
| NORBIT ASA | &nbsp;&nbsp; 9666 | 210990 |
|  |  | 883634 |
| **Energy Equipment & Services — 6.4%** | **Energy Equipment & Services — 6.4%** | **Energy Equipment & Services — 6.4%** |
| Aker Solutions ASA | &nbsp;&nbsp; 81211 | 352212 |
| BW Offshore Ltd. | &nbsp;&nbsp; 25322 | 135821 |
| DOF Group ASA | &nbsp;&nbsp; 40543 | 539452 |
| Odfjell Drilling Ltd. | &nbsp;&nbsp; 32847 | 368415 |
| Paratus Energy Services Ltd. | &nbsp;&nbsp; 23173 | 120005 |
| Subsea 7 SA | &nbsp;&nbsp; 62078 | 1800757 |
| TGS ASA | &nbsp;&nbsp; 54061 | 646312 |
|  |  | 3962974 |
| **Food Products — 13.4%** | **Food Products — 13.4%** | **Food Products — 13.4%** |
| Austevoll Seafood ASA | &nbsp;&nbsp; 25117 | 259454 |
| Bakkafrost P/F | &nbsp;&nbsp; 13880 | 665567 |
| Grieg Seafood ASA<sup>(b)</sup> | &nbsp;&nbsp; 13945 | 110143 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 73650 | 384388 |
| Mowi ASA | &nbsp;&nbsp; 130910 | 3092539 |
| Orkla ASA | &nbsp;&nbsp; 194045 | 2656485 |
| Salmar ASA | &nbsp;&nbsp; 18645 | 1118227 |
|  |  | 8286803 |
| **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** |
| Scatec ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 34897 | 449962 |
| **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** |
| Aker ASA, Class A | &nbsp;&nbsp; 6138 | 595900 |
| **Insurance — 7.4%** | **Insurance — 7.4%** | **Insurance — 7.4%** |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 55308 | 1562681 |
| Protector Forsikring ASA | &nbsp;&nbsp; 14770 | 804047 |
| Storebrand ASA | &nbsp;&nbsp; 116539 | 2209199 |
|  |  | 4575927 |
| **Interactive Media & Services — 1.9%** | **Interactive Media & Services — 1.9%** | **Interactive Media & Services — 1.9%** |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 46948 | 1177119 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Atea ASA | &nbsp;&nbsp; 21613 | $328463 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| AutoStore Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 329693 | 376914 |
| TOMRA Systems ASA | &nbsp;&nbsp; 61255 | 759245 |
|  |  | 1136159 |
| **Marine Transportation — 2.6%** | **Marine Transportation — 2.6%** | **Marine Transportation — 2.6%** |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 28843 | 401788 |
| MPC Container Ships ASA | &nbsp;&nbsp; 102985 | 241452 |
| Odfjell SE, Class A | &nbsp;&nbsp; 5121 | 68246 |
| Stolt-Nielsen Ltd. | &nbsp;&nbsp; 6453 | 228611 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 29066 | 404315 |
| Wilh Wilhelmsen Holding ASA, Class A | &nbsp;&nbsp; 3115 | 253241 |
|  |  | 1597653 |
| **Metals & Mining — 5.7%** | **Metals & Mining — 5.7%** | **Metals & Mining — 5.7%** |
| Norsk Hydro ASA | &nbsp;&nbsp; 382365 | 3547745 |
| **Oil, Gas & Consumable Fuels — 19.2%** | **Oil, Gas & Consumable Fuels — 19.2%** | **Oil, Gas & Consumable Fuels — 19.2%** |
| Aker BP ASA | &nbsp;&nbsp; 87087 | 2645932 |
| BlueNord ASA | &nbsp;&nbsp; 6555 | 355369 |
| BW LPG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26245 | 477697 |
| DNO ASA | &nbsp;&nbsp; 121053 | 210661 |
| Equinor ASA | &nbsp;&nbsp; 225787 | 6765518 |
| Frontline PLC | &nbsp;&nbsp; 39870 | 1484632 |
|  |  | 11939809 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Norwegian Air Shuttle ASA | &nbsp;&nbsp; 144227 | 252096 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Entra ASA<sup>(a)</sup> | &nbsp;&nbsp; 12427 | 151869 |
| Public Property Invest AS | &nbsp;&nbsp; 32188 | 78848 |
|  |  | 230717 |
| **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** |
| Nordic Semiconductor ASA<sup>(b)(c)</sup> | &nbsp;&nbsp; 49448 | 745147 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| LINK Mobility Group Holding ASA<sup>(b)</sup> | &nbsp;&nbsp; 70403 | 160598 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $51,600,566)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $51,600,566)** | 61794418 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 23663 | 23675 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 140000 | 140000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $163,674)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $163,674)** | 163675 |
| **Total Investments — 99.8%** <br>**(Cost: $51,764,240)** | **Total Investments — 99.8%** <br>**(Cost: $51,764,240)** | 61958093 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 93589 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $62051682 |

---

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

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

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

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Norway ETF**

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1289636 | $— | &nbsp;&nbsp; $(1266024 )<sup>(a)</sup><br>| $81 | $(18)<br>| $23675 | 23663 | $2959 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 10000 | 130000 <br><sup>(a)</sup><br>|  |  |  | 140000 | 140000 | 504 |  |
|  |  |  |  | $81 | $(18) | $163675 |  | $3463 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro Euro STOXX 50 | 32 | 03/20/26 | &nbsp;&nbsp; $233 | $6009 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6009 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6009 |

---

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

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

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6874 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6874 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5987 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5987 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Norway ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $201916 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $5156503 | &nbsp;&nbsp; $56637915 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61794418 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 163675 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 163675 |
|  | &nbsp;&nbsp; $5320178 | &nbsp;&nbsp; $56637915 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61958093 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $6009 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6009 |

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI <br> Denmark <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Kuwait <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI New <br> Zealand ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Norway ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $191631072 | $71840357 | $73604217 | $61794418 |
| Investments, at value—affiliated<sup>(c)</sup> | 12403090 | 80000 | 282841 | 163675 |
| Cash | 8414 | 2687 | 5919 | 7192 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 215542 |  |  | 16543 |
| Foreign currency, at value<sup>(e)</sup> | 51071 | 37693 | 12585 | 163917 |
| Receivables: |  |  |  |  |
| Investments sold | 4723582 | 1249029 | 1028458 | 199971 |
| Securities lending income—affiliated | 7445 |  | 405 | 24 |
| Capital shares sold |  |  |  | 148006 |
| Dividends—unaffiliated |  |  | 94262 | 40683 |
| Dividends—affiliated | 144 | 733 | 48 | 283 |
| Tax reclaims | 2260513 |  |  | 11117 |
| Variation margin on futures contracts |  |  | 223 |  |
| Total assets | 211300873 | 73210499 | 75028958 | 62545829 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 12334541 |  | 263760 | 23369 |
| Payables: |  |  |  |  |
| Investments purchased | 4119556 | 1277425 | 867131 | 340177 |
| Investment advisory fees | 84226 | 41250 | 28872 | 22009 |
| IRS compliance fee for foreign withholding tax claims |  |  |  | 105381 |
| Professional fees |  |  |  | 2599 |
| Variation margin on futures contracts | 1402 | 30 |  | 612 |
| Total liabilities | 16539725 | 1318705 | 1159763 | 494147 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $194761148 | $71891794 | $73869195 | $62051682 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $222637242 | $61274776 | $147302302 | $67245259 |
| Accumulated earnings (loss) | (27876094) | 10617018 | (73433107) | (5193577) |
| NET ASSETS | $194761148 | $71891794 | $73869195 | $62051682 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 1800000 | 1950000 | 1550000 | 1800000 |
| Net asset value | $108.20 | $36.87 | $47.66 | $34.47 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $204489919 | $55294814 | $79196891 | $51600566 |
| <sup>(b)</sup> Securities loaned, at value | $11891125 | $— | $251783 | $22996 |
| <sup>(c)</sup> Investments, at cost—affiliated | $12403090 | $80000 | $282841 | $163674 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $215407 | $— | $— | $16537 |
| <sup>(e)</sup> Foreign currency, at cost | $47690 | $37656 | $12357 | $161443 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI <br> Denmark <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Kuwait <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI New <br> Zealand ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Norway ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $396837 | &nbsp;&nbsp;&nbsp; $192824 | &nbsp;&nbsp;&nbsp; $1135283 | &nbsp;&nbsp;&nbsp; $586094 |
| Dividends—affiliated | &nbsp;&nbsp; 1370 | &nbsp;&nbsp;&nbsp; 2388 | &nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp; 504 |
| Interest—unaffiliated | &nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; 124 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 63131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14609 | &nbsp;&nbsp;&nbsp; 2959 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29869 |
| Foreign taxes withheld | &nbsp;&nbsp; (53420)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (144686)<br>| &nbsp;&nbsp;&nbsp; (88480)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 263261 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (105381)<br>|
| Total investment income | &nbsp;&nbsp; 409412 | &nbsp;&nbsp;&nbsp; 195384 | &nbsp;&nbsp;&nbsp; 1006076 | &nbsp;&nbsp;&nbsp; 688950 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 522709 | &nbsp;&nbsp;&nbsp; 299653 | &nbsp;&nbsp;&nbsp; 172976 | &nbsp;&nbsp;&nbsp; 114108 |
| Commitment costs | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp; 200 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2578 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1813 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 523649 | &nbsp;&nbsp;&nbsp; 301864 | &nbsp;&nbsp;&nbsp; 173305 | &nbsp;&nbsp;&nbsp; 116886 |
| Net investment income (loss) | &nbsp;&nbsp; (114237)<br>| &nbsp;&nbsp;&nbsp; (106480)<br>| &nbsp;&nbsp;&nbsp; 832771 | &nbsp;&nbsp;&nbsp; 572064 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (4414986)<br>| &nbsp;&nbsp;&nbsp; 1859381 | &nbsp;&nbsp;&nbsp; (793423)<br>| &nbsp;&nbsp;&nbsp; (82706)<br>|
| Investments—affiliated | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 81 |
| Foreign currency transactions | &nbsp;&nbsp; (8679)<br>| &nbsp;&nbsp;&nbsp; (16941)<br>| &nbsp;&nbsp;&nbsp; (7087)<br>| &nbsp;&nbsp;&nbsp; 12445 |
| Futures contracts | &nbsp;&nbsp; 219299 | &nbsp;&nbsp;&nbsp; 4326 | &nbsp;&nbsp;&nbsp; 6051 | &nbsp;&nbsp;&nbsp; 6874 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2826847 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (4204129)<br>| &nbsp;&nbsp;&nbsp; 1846766 | &nbsp;&nbsp;&nbsp; 2032445 | &nbsp;&nbsp;&nbsp; (63306)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 3978093 | &nbsp;&nbsp;&nbsp; (2152675)<br>| &nbsp;&nbsp;&nbsp; 1230580 | &nbsp;&nbsp;&nbsp; 9282883 |
| Investments—affiliated | &nbsp;&nbsp; (299)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (181)<br>| &nbsp;&nbsp;&nbsp; (18)<br>|
| Foreign currency translations | &nbsp;&nbsp; 18181 | &nbsp;&nbsp;&nbsp; 889 | &nbsp;&nbsp;&nbsp; (771)<br>| &nbsp;&nbsp;&nbsp; 3199 |
| Futures contracts | &nbsp;&nbsp; (148012)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 5987 |
|  | &nbsp;&nbsp; 3847963 | &nbsp;&nbsp;&nbsp; (2151976)<br>| &nbsp;&nbsp;&nbsp; 1229895 | &nbsp;&nbsp;&nbsp; 9292051 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (356166)<br>| &nbsp;&nbsp;&nbsp; (305210)<br>| &nbsp;&nbsp;&nbsp; 3262340 | &nbsp;&nbsp;&nbsp; 9228745 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(470403)<br>| &nbsp;&nbsp;&nbsp; $(411690)<br>| &nbsp;&nbsp;&nbsp; $4095111 | &nbsp;&nbsp;&nbsp; $9800809 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Denmark ETF  | iShares <br>MSCI Denmark ETF  | iShares <br>MSCI Kuwait ETF  | iShares <br>MSCI Kuwait ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(114237)<br>| &nbsp;&nbsp;&nbsp; $3890943 | &nbsp;&nbsp;&nbsp; $(106480)<br>| &nbsp;&nbsp;&nbsp; $2488400 |
| Net realized gain (loss) | &nbsp;&nbsp; (4204129)<br>| &nbsp;&nbsp;&nbsp; 18241398 | &nbsp;&nbsp;&nbsp; 1846766 | &nbsp;&nbsp;&nbsp; (626364)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3847963 | &nbsp;&nbsp;&nbsp; (63241492)<br>| &nbsp;&nbsp;&nbsp; (2151976)<br>| &nbsp;&nbsp;&nbsp; 12249793 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (470403)<br>| &nbsp;&nbsp;&nbsp; (41109151)<br>| &nbsp;&nbsp;&nbsp; (411690)<br>| &nbsp;&nbsp;&nbsp; 14111829 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2721730 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4090885)<br>| &nbsp;&nbsp;&nbsp; (2637823 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2774730)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 11415360 | &nbsp;&nbsp;&nbsp; (54534381)<br>| &nbsp;&nbsp;&nbsp; (7745558)<br>| &nbsp;&nbsp;&nbsp; 12449002 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 8223227 | &nbsp;&nbsp;&nbsp; (99734417)<br>| &nbsp;&nbsp;&nbsp; (10795071)<br>| &nbsp;&nbsp;&nbsp; 23786101 |
| Beginning of period | &nbsp;&nbsp; 186537921 | &nbsp;&nbsp;&nbsp; 286272338 | &nbsp;&nbsp;&nbsp; 82686865 | &nbsp;&nbsp;&nbsp; 58900764 |
| End of period | &nbsp;&nbsp; $194761148 | &nbsp;&nbsp;&nbsp; $186537921 | &nbsp;&nbsp;&nbsp; $71891794 | &nbsp;&nbsp;&nbsp; $82686865 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI New Zealand ETF  | iShares <br>MSCI New Zealand ETF  | iShares <br>MSCI Norway ETF  | iShares <br>MSCI Norway ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $832771 | &nbsp;&nbsp;&nbsp; $1735097 | &nbsp;&nbsp;&nbsp; $572064 | &nbsp;&nbsp;&nbsp; $1535709 |
| Net realized gain (loss) | &nbsp;&nbsp; 2032445 | &nbsp;&nbsp;&nbsp; (5057437)<br>| &nbsp;&nbsp;&nbsp; (63306)<br>| &nbsp;&nbsp;&nbsp; (417054)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1229895 | &nbsp;&nbsp;&nbsp; (3085090)<br>| &nbsp;&nbsp;&nbsp; 9292051 | &nbsp;&nbsp;&nbsp; 5347751 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 4095111 | &nbsp;&nbsp;&nbsp; (6407430)<br>| &nbsp;&nbsp;&nbsp; 9800809 | &nbsp;&nbsp;&nbsp; 6466406 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (920374 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1803827)<br>| &nbsp;&nbsp;&nbsp; (403668 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1567328)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (1496438)<br>| &nbsp;&nbsp;&nbsp; (8813569)<br>| &nbsp;&nbsp;&nbsp; 11444833 | &nbsp;&nbsp;&nbsp; 6477053 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1678299 | &nbsp;&nbsp;&nbsp; (17024826)<br>| &nbsp;&nbsp;&nbsp; 20841974 | &nbsp;&nbsp;&nbsp; 11376131 |
| Beginning of period | &nbsp;&nbsp; 72190896 | &nbsp;&nbsp;&nbsp; 89215722 | &nbsp;&nbsp;&nbsp; 41209708 | &nbsp;&nbsp;&nbsp; 29833577 |
| End of period | &nbsp;&nbsp; $73869195 | &nbsp;&nbsp;&nbsp; $72190896 | &nbsp;&nbsp;&nbsp; $62051682 | &nbsp;&nbsp;&nbsp; $41209708 |

---

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

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

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Denmark ETF  | iShares MSCI Denmark ETF  | iShares MSCI Denmark ETF  | iShares MSCI Denmark ETF  | iShares MSCI Denmark ETF  | iShares MSCI Denmark ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $109.73 | &nbsp;&nbsp;&nbsp; $130.12 | &nbsp;&nbsp;&nbsp; $104.42 | &nbsp;&nbsp;&nbsp; $86.11 | &nbsp;&nbsp;&nbsp; $115.08 | &nbsp;&nbsp;&nbsp; $84.54 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.10 | &nbsp;&nbsp;&nbsp; (20.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.75 | &nbsp;&nbsp;&nbsp;&nbsp;17.99 | &nbsp;&nbsp;&nbsp; (28.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.62 |
| Net increase (decrease) from investment operations | 0.03 | &nbsp;&nbsp;&nbsp; (18.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.27 | &nbsp;&nbsp;&nbsp;&nbsp;20.22 | &nbsp;&nbsp;&nbsp; (27.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.38 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.56 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $108.20 | &nbsp;&nbsp;&nbsp; $109.73 | &nbsp;&nbsp;&nbsp; $130.12 | &nbsp;&nbsp;&nbsp; $104.42 | &nbsp;&nbsp;&nbsp; $86.11 | &nbsp;&nbsp;&nbsp; $115.08 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.05 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (14.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.48<br> %<br>| &nbsp;&nbsp;&nbsp; (24.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.21<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.12 )%<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $194761 | &nbsp;&nbsp;&nbsp; $186538 | &nbsp;&nbsp;&nbsp; $286272 | &nbsp;&nbsp;&nbsp; $245394 | &nbsp;&nbsp;&nbsp; $176516 | &nbsp;&nbsp;&nbsp; $166868 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Kuwait ETF  | iShares MSCI Kuwait ETF  | iShares MSCI Kuwait ETF  | iShares MSCI Kuwait ETF  | iShares MSCI Kuwait ETF  | iShares MSCI Kuwait ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Period From <br>09/01/20<sup>(a)</sup> <br>to 08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $38.46 | &nbsp;&nbsp;&nbsp; $32.72 | &nbsp;&nbsp;&nbsp; $31.62 | &nbsp;&nbsp;&nbsp; $36.39 | &nbsp;&nbsp;&nbsp; $33.93 | &nbsp;&nbsp;&nbsp; $25.22 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;9.28 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.26 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $36.87 | &nbsp;&nbsp;&nbsp; $38.46 | &nbsp;&nbsp;&nbsp; $32.72 | &nbsp;&nbsp;&nbsp; $31.62 | &nbsp;&nbsp;&nbsp; $36.39 | &nbsp;&nbsp;&nbsp; $33.93 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (1.02 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.36<br> %<br>| &nbsp;&nbsp;&nbsp; (8.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.03 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.74 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(i)</sup><br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.26 )%<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $71892 | &nbsp;&nbsp;&nbsp; $82687 | &nbsp;&nbsp;&nbsp; $58901 | &nbsp;&nbsp;&nbsp; $58495 | &nbsp;&nbsp;&nbsp; $29116 | &nbsp;&nbsp;&nbsp; $18662 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI New Zealand ETF  | iShares MSCI New Zealand ETF  | iShares MSCI New Zealand ETF  | iShares MSCI New Zealand ETF  | iShares MSCI New Zealand ETF  | iShares MSCI New Zealand ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $45.12 | &nbsp;&nbsp;&nbsp; $49.56 | &nbsp;&nbsp;&nbsp; $45.72 | &nbsp;&nbsp;&nbsp; $47.00 | &nbsp;&nbsp;&nbsp; $63.49 | &nbsp;&nbsp;&nbsp; $60.80 |
| Net investment income<sup>(a)</sup> | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.59 | &nbsp;&nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (16.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| Net increase (decrease) from investment operations | 3.12 | &nbsp;&nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (15.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.58 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $47.66 | &nbsp;&nbsp;&nbsp; $45.12 | &nbsp;&nbsp;&nbsp; $49.56 | &nbsp;&nbsp;&nbsp; $45.72 | &nbsp;&nbsp;&nbsp; $47.00 | &nbsp;&nbsp;&nbsp; $63.49 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.97 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (6.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.52<br> %<br>| &nbsp;&nbsp;&nbsp; (1.25)%<br>| &nbsp;&nbsp;&nbsp; (23.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.58<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $73869 | &nbsp;&nbsp;&nbsp; $72191 | &nbsp;&nbsp;&nbsp; $89216 | &nbsp;&nbsp;&nbsp; $132600 | &nbsp;&nbsp;&nbsp; $115147 | &nbsp;&nbsp;&nbsp; $142856 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Norway ETF  | iShares MSCI Norway ETF  | iShares MSCI Norway ETF  | iShares MSCI Norway ETF  | iShares MSCI Norway ETF  | iShares MSCI Norway ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $28.42 | &nbsp;&nbsp;&nbsp; $24.86 | &nbsp;&nbsp;&nbsp; $22.94 | &nbsp;&nbsp;&nbsp; $25.92 | &nbsp;&nbsp;&nbsp; $28.67 | &nbsp;&nbsp;&nbsp; $22.40 |
| Net investment income<sup>(a)</sup> | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.94 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.30 |
| Net increase (decrease) from investment operations | 6.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.99 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.28 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $34.47 | &nbsp;&nbsp;&nbsp; $28.42 | &nbsp;&nbsp;&nbsp; $24.86 | &nbsp;&nbsp;&nbsp; $22.94 | &nbsp;&nbsp;&nbsp; $25.92 | &nbsp;&nbsp;&nbsp; $28.67 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 22.52 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.30<br> %<br>| &nbsp;&nbsp;&nbsp; (7.05)%<br>| &nbsp;&nbsp;&nbsp; (6.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.54 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.66 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $62052 | &nbsp;&nbsp;&nbsp; $41210 | &nbsp;&nbsp;&nbsp; $29834 | &nbsp;&nbsp;&nbsp; $34411 | &nbsp;&nbsp;&nbsp; $33690 | &nbsp;&nbsp;&nbsp; $45868 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Denmark | &nbsp;&nbsp; Non-diversified |
| MSCI Kuwait | &nbsp;&nbsp; Non-diversified |
| MSCI New Zealand | &nbsp;&nbsp; Non-diversified |
| MSCI Norway | &nbsp;&nbsp; Non-diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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

**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.

Notes to Financial Statements

------

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

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

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

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

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

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Denmark |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $1271370 | &nbsp;&nbsp;&nbsp; $(1271370) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 1571801 | &nbsp;&nbsp;&nbsp; (1571801) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 981856 | &nbsp;&nbsp;&nbsp; (981856) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 7330824 | &nbsp;&nbsp;&nbsp; (7330824) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| STATE STREET BANK & TRUST COMPANY | &nbsp;&nbsp; 717324 | &nbsp;&nbsp;&nbsp; (717324) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 17950 | &nbsp;&nbsp;&nbsp; (17950) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $11891125 | &nbsp;&nbsp;&nbsp; $(11891125) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI New Zealand |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $218112 | &nbsp;&nbsp;&nbsp; $(218112) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 30893 | &nbsp;&nbsp;&nbsp; (30893) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 2778 | &nbsp;&nbsp;&nbsp; (2778) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $251783 | &nbsp;&nbsp;&nbsp; $(251783) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Norway |  |  |  |  |
| Jefferies LLC | &nbsp;&nbsp; $22996 | &nbsp;&nbsp;&nbsp; $(22996) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss

Notes to Financial Statements

------

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

if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

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

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| MSCI Denmark | 0.53% |
| MSCI Kuwait | 0.74 |
| MSCI Norway | 0.53 |

---

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

---

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

---

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Denmark | &nbsp;&nbsp; $15292 |
| MSCI New Zealand | &nbsp;&nbsp; 3178 |
| MSCI Norway | &nbsp;&nbsp; 721 |

---

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

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

For the six months ended February 28, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

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| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Denmark | &nbsp;&nbsp; $5872557 | &nbsp;&nbsp;&nbsp; $4353714 | &nbsp;&nbsp;&nbsp; $(2193048) |
| MSCI New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 556531 | &nbsp;&nbsp;&nbsp; (2444) |
| MSCI Norway | &nbsp;&nbsp; 36971 | &nbsp;&nbsp;&nbsp; 135325 | &nbsp;&nbsp;&nbsp; (29736) |

---

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

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

***7. PURCHASES AND SALES***

For the six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Denmark | &nbsp;&nbsp; $7494492 | &nbsp;&nbsp;&nbsp; $12583465 |
| MSCI Kuwait | &nbsp;&nbsp; 6722444 | &nbsp;&nbsp;&nbsp; 17193979 |
| MSCI New Zealand | &nbsp;&nbsp; 3705015 | &nbsp;&nbsp;&nbsp; 3883785 |
| MSCI Norway | &nbsp;&nbsp; 1070243 | &nbsp;&nbsp;&nbsp; 876456 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Denmark | &nbsp;&nbsp; $11077995 | &nbsp;&nbsp;&nbsp; $— |
| MSCI New Zealand | &nbsp;&nbsp; 30359331 | &nbsp;&nbsp;&nbsp; 31827931 |
| MSCI Norway | &nbsp;&nbsp; 11387809 | &nbsp;&nbsp;&nbsp; — |

---

Notes to Financial Statements

------

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

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

***8. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 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 August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| MSCI Denmark | &nbsp;&nbsp; $(6442959)<br>|
| MSCI Kuwait | &nbsp;&nbsp; (2798394)<br>|
| MSCI New Zealand | &nbsp;&nbsp; (68896607)<br>|
| MSCI Norway | &nbsp;&nbsp; (15406069)<br>|

---

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

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

As of February 28, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Denmark | &nbsp;&nbsp; $220821673 | &nbsp;&nbsp;&nbsp; $32915977 | &nbsp;&nbsp;&nbsp; $(49842285) | &nbsp;&nbsp;&nbsp; $(16926308) |
| MSCI Kuwait | &nbsp;&nbsp; 59014349 | &nbsp;&nbsp;&nbsp; 19074816 | &nbsp;&nbsp;&nbsp; (6168808) | &nbsp;&nbsp;&nbsp; 12906008 |
| MSCI New Zealand | &nbsp;&nbsp; 80538865 | &nbsp;&nbsp;&nbsp; 3979067 | &nbsp;&nbsp;&nbsp; (10630609) | &nbsp;&nbsp;&nbsp; (6651542) |
| MSCI Norway | &nbsp;&nbsp; 51992391 | &nbsp;&nbsp;&nbsp; 12437104 | &nbsp;&nbsp;&nbsp; (2465393) | &nbsp;&nbsp;&nbsp; 9971711 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2026, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

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

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

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

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

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

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

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

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

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

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

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

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

Notes to Financial Statements

------

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

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

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by 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>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Denmark |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $11415360 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $24063969 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (78598350)<br>|
|  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $11415360 | &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; $(54534381)<br>|
| MSCI Kuwait |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; $2010734 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; $31770177 |
| Shares redeemed | &nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; (9756292)<br>| &nbsp;&nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; (19321175)<br>|
|  | &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; $(7745558)<br>| &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; $12449002 |
| MSCI New Zealand |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; $30687980 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $12367442 |
| Shares redeemed | &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (32184418)<br>| &nbsp;&nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; (21181011)<br>|
|  | &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; $(1496438)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; $(8813569)<br>|
| MSCI Norway |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; $11444833 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $10641140 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (4164087)<br>|
|  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; $11444833 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $6477053 |

---

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

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of February 28, 2026 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund(s) of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

The iShares MSCI Norway ETF is seeking a closing agreement with the Internal Revenue Service ("IRS") to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***13. SUBSEQUENT EVENTS***

Management 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.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |

---

Glossary of Terms Used in this Report

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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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©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.

![](g839764img12c3060d2.gif)

![](g839764img718c8e713.gif)

------

February 28, 2026

![](g839764img894c244a1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI Emerging Markets Quality Factor ETF \| EQLT \| Cboe BZX Exchange |
| • iShares MSCI Emerging Markets Value Factor ETF \| EVLU \| Cboe BZX Exchange |
| • iShares MSCI Global Quality Factor ETF \| AQLT \| Cboe BZX Exchange |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_01873b84-f873-4c20-998b-318ef71b451e_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_01873b84-f873-4c20-998b-318ef71b451e_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 19 |
| [Statements of Operations](#xx_01873b84-f873-4c20-998b-318ef71b451e_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 20 |
| [Statements of Changes in Net Assets](#xx_01873b84-f873-4c20-998b-318ef71b451e_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 21 |
| [Financial Highlights](#xx_01873b84-f873-4c20-998b-318ef71b451e_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 23 |
| [Notes to Financial Statements](#xx_01873b84-f873-4c20-998b-318ef71b451e_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 26 |
| [Additional Information](#xx_01873b84-f873-4c20-998b-318ef71b451e_SAI-Footer-iSharesReport-1320_1)  | &nbsp;&nbsp; 33 |
| [Glossary of Terms Used in these Financial Statements](#xx_01873b84-f873-4c20-998b-318ef71b451e_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 34 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Emerging Markets Quality Factor ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 5.6%** | **Brazil — 5.6%** | **Brazil — 5.6%** |
| Ambev SA | &nbsp;&nbsp; 6652 | $21112 |
| Axia Energia | &nbsp;&nbsp; 1584 | 18931 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 20131 | 70291 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 2337 | 15810 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 1749 | 52502 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 1097 | 7207 |
| Equatorial SA | &nbsp;&nbsp; 1749 | 14367 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 2844 | 28160 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 9643 | 144452 |
| PRIO SA/Brazil<sup>(a)</sup> | &nbsp;&nbsp; 2881 | 30622 |
| Raia Drogasil SA | &nbsp;&nbsp; 1436 | 7025 |
| Telefonica Brasil SA | &nbsp;&nbsp; 1040 | 8760 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 1444 | 7267 |
| Vale SA | &nbsp;&nbsp; 7665 | 132278 |
| Vibra Energia SA | &nbsp;&nbsp; 1411 | 8235 |
| WEG SA | &nbsp;&nbsp; 5748 | 55725 |
|  |  | 622744 |
| **Chile — 0.4%** | **Chile — 0.4%** | **Chile — 0.4%** |
| Banco de Chile | &nbsp;&nbsp; 55091 | 11362 |
| Empresas Copec SA | &nbsp;&nbsp; 796 | 6571 |
| Enel Chile SA | &nbsp;&nbsp; 132454 | 11087 |
| Falabella SA | &nbsp;&nbsp; 1665 | 12363 |
|  |  | 41383 |
| **China — 21.1%** | **China — 21.1%** | **China — 21.1%** |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 1500 | 7130 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 23800 | 430702 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 1300 | 4845 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 3000 | 9401 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 3600 | 38955 |
| Changchun High-Tech Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 300 | 4182 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 6500 | 29318 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 24000 | 96279 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 7901 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 6500 | 40435 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 4000 | 8937 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 4000 | 7307 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 1600 | 9505 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 6800 | 31123 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 1500 | 5271 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 3100 | 8306 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1600 | 9700 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 7500 | 43001 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 100 | 1174 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 3200 | 12143 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 5200 | 8686 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 12000 | 36917 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 700 | 34801 |
| Contemporary Amperex Technology Co. Ltd., Class H | &nbsp;&nbsp; 100 | 6319 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 12000 | 15106 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 7871 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 2000 | 17547 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 1200 | 6283 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 1800 | 14541 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 16597 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 13000 | 26836 |
| Giant Biogene Holding Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1200 | 4886 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 6000 | 5844 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 8150 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 3000 | 9695 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4000 | $17808 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 400 | 1520 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 8000 | 10410 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 600 | 4933 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 6900 | 54714 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 8000 | 8576 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 300 | 63580 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 22000 | 27155 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 3000 | 8596 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 3798 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 500 | 8044 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 500 | 5788 |
| NetEase, Inc. | &nbsp;&nbsp; 4500 | 101363 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 1300 | 9148 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 6800 | 41026 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1616 | 167628 |
| People's Insurance Co. Group of China Ltd. (The), Class H | &nbsp;&nbsp; 15000 | 12253 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 18000 | 37140 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 58846 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 6067 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp; 400 | 9386 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 500 | 13535 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 1000 | 8042 |
| Smoore International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 4534 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 400 | 8398 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 5700 | 375025 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 879 | 15312 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 700 | 9475 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 16000 | 10021 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 700 | 10606 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 15176 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 4000 | 1762 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4000 | 5822 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 515 | 28492 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 300 | 7138 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 100 | 7740 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 800 | 4529 |
| Zijin Gold International Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 100 | 2950 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 2000 | 11540 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 14000 | 80134 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp; 1050 | 25350 |
|  |  | 2329054 |
| **Greece — 0.6%** | **Greece — 0.6%** | **Greece — 0.6%** |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 572 | 11882 |
| Jumbo SA | &nbsp;&nbsp; 498 | 14605 |
| National Bank of Greece SA | &nbsp;&nbsp; 1868 | 30386 |
| OPAP Holding SA | &nbsp;&nbsp; 409 | 7636 |
|  |  | 64509 |
| **India — 14.6%** | **India — 14.6%** | **India — 14.6%** |
| ABB India Ltd. | &nbsp;&nbsp; 152 | 10153 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5955 | 9188 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 650 | 3572 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 472 | 11607 |
| Asian Paints Ltd. | &nbsp;&nbsp; 1265 | 33103 |
| Astral Ltd. | &nbsp;&nbsp; 400 | 7341 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1120 | 11793 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 149 | 16347 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 88 | 10462 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 72 | 1889 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 10678 | 52284 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Quality Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Britannia Industries Ltd. | &nbsp;&nbsp; 228 | $15043 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 2162 | 17237 |
| Cipla Ltd./India | &nbsp;&nbsp; 986 | 14642 |
| Coal India Ltd. | &nbsp;&nbsp; 4588 | 21736 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 360 | 8927 |
| Cummins India Ltd. | &nbsp;&nbsp; 400 | 21571 |
| Dabur India Ltd. | &nbsp;&nbsp; 1055 | 6017 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 240 | 16940 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 92 | 10665 |
| DLF Ltd. | &nbsp;&nbsp; 1320 | 8771 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 1409 | 19993 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 416 | 36657 |
| GAIL India Ltd. | &nbsp;&nbsp; 7512 | 14017 |
| Havells India Ltd. | &nbsp;&nbsp; 606 | 9306 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 1993 | 30506 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 456 | 13534 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1893 | 14894 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 412 | 25888 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 556 | 23915 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 995 | 25582 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 503 | 11972 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 11819 | 179728 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 680 | 14232 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1421 | 10231 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2675 | 13402 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 608 | 6398 |
| Infosys Ltd. | &nbsp;&nbsp; 8020 | 114950 |
| ITC Ltd. | &nbsp;&nbsp; 5523 | 19058 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 11870 | 54248 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 283 | 13924 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 312 | 7720 |
| Marico Ltd. | &nbsp;&nbsp; 1952 | 16926 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 237 | 38743 |
| Nestle India Ltd. | &nbsp;&nbsp; 2234 | 31744 |
| NMDC Ltd. | &nbsp;&nbsp; 10270 | 9242 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 58 | 4439 |
| Page Industries Ltd. | &nbsp;&nbsp; 27 | 9540 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 295 | 15395 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 2049 | 7285 |
| PI Industries Ltd. | &nbsp;&nbsp; 255 | 8750 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 1000 | 16415 |
| Polycab India Ltd. | &nbsp;&nbsp; 146 | 13833 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 9124 | 30002 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 8894 | 136499 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1541 | 34532 |
| Siemens Ltd. | &nbsp;&nbsp; 194 | 7297 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 80 | 11893 |
| SRF Ltd. | &nbsp;&nbsp; 117 | 3301 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 2183 | 41850 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 176 | 7703 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17762 | 8347 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 2272 | 66032 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 548 | 8201 |
| Titan Co. Ltd. | &nbsp;&nbsp; 459 | 21865 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 233 | 11114 |
| Trent Ltd. | &nbsp;&nbsp; 284 | 12203 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 122 | 3691 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 115 | 16034 |
| Vedanta Ltd. | &nbsp;&nbsp; 3619 | 28623 |
| Wipro Ltd. | &nbsp;&nbsp; 3100 | 6870 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 695 | 7073 |
|  |  | 1604885 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| Astra International Tbk PT | &nbsp;&nbsp; 12500 | $4974 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 168600 | 71990 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 87100 | 27338 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 155400 | 36165 |
|  |  | 140467 |
| **Kuwait — 0.3%** | **Kuwait — 0.3%** | **Kuwait — 0.3%** |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 14855 | 38942 |
| **Malaysia — 1.4%** | **Malaysia — 1.4%** | **Malaysia — 1.4%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 6400 | 10571 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 3900 | 3197 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 2200 | 13159 |
| Malayan Banking Bhd | &nbsp;&nbsp; 6300 | 19357 |
| Maxis Bhd | &nbsp;&nbsp; 7200 | 7178 |
| MISC Bhd | &nbsp;&nbsp; 2100 | 4354 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 300 | 8473 |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 4800 | 3701 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 1600 | 9038 |
| Petronas Gas Bhd | &nbsp;&nbsp; 2900 | 13373 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 10700 | 19594 |
| Public Bank Bhd | &nbsp;&nbsp; 35900 | 45458 |
|  |  | 157453 |
| **Mexico — 2.4%** | **Mexico — 2.4%** | **Mexico — 2.4%** |
| Grupo Aeroportuario del Centro Norte SAB de CV, Class B | &nbsp;&nbsp; 1086 | 16590 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 1056 | 27556 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 551 | 19806 |
| Grupo Carso SAB de CV, Series A1, Class A | &nbsp;&nbsp; 949 | 7436 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 3076 | 35077 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 4255 | 10822 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 6464 | 82209 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 1850 | 4644 |
| Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 644 | 10611 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 14017 | 45367 |
|  |  | 260118 |
| **Peru — 0.7%** | **Peru — 0.7%** | **Peru — 0.7%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 385 | 16813 |
| Southern Copper Corp. | &nbsp;&nbsp; 303 | 66180 |
|  |  | 82993 |
| **Philippines — 0.5%** | **Philippines — 0.5%** | **Philippines — 0.5%** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 4800 | 9656 |
| BDO Unibank, Inc. | &nbsp;&nbsp; 5591 | 13296 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 1360 | 5051 |
| Manila Electric Co. | &nbsp;&nbsp; 1300 | 14383 |
| PLDT, Inc. | &nbsp;&nbsp; 55 | 1335 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp; 17000 | 6333 |
|  |  | 50054 |
| **Poland — 1.3%** | **Poland — 1.3%** | **Poland — 1.3%** |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 440 | 27879 |
| CD Projekt SA | &nbsp;&nbsp; 101 | 6859 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 52 | 15113 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 2055 | 53242 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 1279 | 24232 |
| Santander Bank Polska SA | &nbsp;&nbsp; 88 | 14615 |
|  |  | 141940 |
| **Qatar — 0.4%** | **Qatar — 0.4%** | **Qatar — 0.4%** |
| Industries Qatar QSC | &nbsp;&nbsp; 2057 | 6823 |
| Nebras Energy | &nbsp;&nbsp; 1546 | 6257 |
| Qatar Fuel QSC | &nbsp;&nbsp; 1677 | 6810 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 3660 | 23786 |
|  |  | 43676 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Quality Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia — 3.6%** | **Saudi Arabia — 3.6%** | **Saudi Arabia — 3.6%** |
| Al Rajhi Bank | &nbsp;&nbsp; 3408 | $91396 |
| Arab National Bank | &nbsp;&nbsp; 1977 | 10845 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 88 | 4381 |
| Bank AlBilad | &nbsp;&nbsp; 1782 | 12112 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 332 | 15723 |
| Co. for Cooperative Insurance(The) | &nbsp;&nbsp; 248 | 8959 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 286 | 17613 |
| Elm Co. | &nbsp;&nbsp; 89 | 15172 |
| Jarir Marketing Co. | &nbsp;&nbsp; 1638 | 6107 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 312 | 5293 |
| Riyad Bank | &nbsp;&nbsp; 3391 | 25022 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 503 | 16579 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 12874 | 85799 |
| Saudi Awwal Bank | &nbsp;&nbsp; 2343 | 21332 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 159 | 5799 |
| Saudi Telecom Co. | &nbsp;&nbsp; 4483 | 49941 |
|  |  | 392073 |
| **South Africa — 5.4%** | **South Africa — 5.4%** | **South Africa — 5.4%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 311 | 92672 |
| Clicks Group Ltd. | &nbsp;&nbsp; 678 | 13566 |
| Discovery Ltd. | &nbsp;&nbsp; 647 | 10619 |
| FirstRand Ltd. | &nbsp;&nbsp; 13184 | 82157 |
| Gold Fields Ltd. | &nbsp;&nbsp; 2369 | 138838 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 1396 | 31766 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 1060 | 23549 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 1022 | 20217 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 680 | 6322 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 2771 | 12785 |
| Remgro Ltd. | &nbsp;&nbsp; 1540 | 18751 |
| Sanlam Ltd. | &nbsp;&nbsp; 5777 | 38585 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 3011 | 60640 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 212 | 24891 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 1760 | 17987 |
|  |  | 593345 |
| **South Korea — 20.0%** | **South Korea — 20.0%** | **South Korea — 20.0%** |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 113 | 14356 |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 145 | 32678 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 39 | 32420 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 48 | 35043 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 51 | 15953 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 116 | 23357 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 112 | 40259 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 176 | 28139 |
| Kia Corp. | &nbsp;&nbsp; 264 | 37696 |
| Krafton, Inc. | &nbsp;&nbsp; 41 | 7080 |
| LG Corp. | &nbsp;&nbsp; 120 | 8979 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 22 | 27143 |
| Samsung C&T Corp. | &nbsp;&nbsp; 78 | 19008 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 6603 | 988279 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 90 | 33160 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 115 | 18410 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 37 | 5014 |
| SK Hynix, Inc. | &nbsp;&nbsp; 1128 | 834034 |
|  |  | 2201008 |
| **Taiwan — 15.3%** | **Taiwan — 15.3%** | **Taiwan — 15.3%** |
| Accton Technology Corp. | &nbsp;&nbsp; 8000 | 352042 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 6000 | 329919 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 1000 | 308663 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 1000 | 6107 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 1000 | 79528 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 2200 | 74209 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Global Unichip Corp. | &nbsp;&nbsp; 1000 | $87568 |
| International Games System Co. Ltd., Class C | &nbsp;&nbsp; 4000 | 88500 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 7000 | 107135 |
| Wiwynn Corp. | &nbsp;&nbsp; 2000 | 251342 |
|  |  | 1685013 |
| **Thailand — 1.5%** | **Thailand — 1.5%** | **Thailand — 1.5%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 1600 | 19552 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 17100 | 11908 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 1900 | 12988 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 6300 | 56422 |
| Gulf Development PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 13600 | 27115 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 3800 | 16808 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 3100 | 14801 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 1200 | 8682 |
|  |  | 168276 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Akbank TAS | &nbsp;&nbsp; 3673 | 7552 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 1548 | 11354 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 534 | 8133 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 1953 | 5161 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 2598 | 6863 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 13094 | 5051 |
|  |  | 44114 |
| **United Arab Emirates — 2.2%** | **United Arab Emirates — 2.2%** | **United Arab Emirates — 2.2%** |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 5735 | 39824 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 9477 | 13210 |
| Adnoc Gas PLC | &nbsp;&nbsp; 12303 | 11386 |
| Aldar Properties PJSC | &nbsp;&nbsp; 9359 | 27520 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 4963 | 11209 |
| Emaar Development PJSC | &nbsp;&nbsp; 2994 | 15773 |
| Emaar Properties PJSC | &nbsp;&nbsp; 17645 | 77875 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 5679 | 51022 |
|  |  | 247819 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $7,827,822)** | **Total Common Stocks — 99.0%** <br>**(Cost: $7,827,822)** | 10909866 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.8%** | **Brazil — 0.8%** | **Brazil — 0.8%** |
| Axia Energia, Preference Shares, NVS | &nbsp;&nbsp; 416 | 4791 |
| Cia Energetica de Minas Gerais, Preference Shares, NVS | &nbsp;&nbsp; 6584 | 15502 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 1886 | 7722 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 21548 | 59980 |
|  |  | 87995 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 147 | 11219 |
| **Total Preferred Stocks — 0.9%** <br>**(Cost: $67,585)** | **Total Preferred Stocks — 0.9%** <br>**(Cost: $67,585)** | 99214 |
| **Total Investments — 99.9%** <br>**(Cost: $7,895,407)** | **Total Investments — 99.9%** <br>**(Cost: $7,895,407)** | 11009080 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 13482 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $11022562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Quality Factor ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $9600 | $—<br> $(9600 )<sup>(b)</sup><br>| $— | $— | $— |  | $106 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> |  | —<br> 0 <br><sup>(b)</sup><br>|  |  |  |  | 142 |  |
|  |  |  | $— | $— | $— |  | $248 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1647225 | &nbsp;&nbsp; $9262641 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10909866 |
| Preferred Stocks | &nbsp;&nbsp; 87995 | &nbsp;&nbsp; 11219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99214 |
|  | &nbsp;&nbsp; $1735220 | &nbsp;&nbsp; $9273860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11009080 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Emerging Markets Value Factor ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 4.2%** | **Brazil — 4.2%** | **Brazil — 4.2%** |
| Ambev SA | &nbsp;&nbsp; 28796 | $91390 |
| Banco do Brasil SA | &nbsp;&nbsp; 6950 | 36536 |
| JBS NV, Class A<sup>(a)</sup> | &nbsp;&nbsp; 2673 | 45147 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 10532 | 87785 |
| PRIO SA/Brazil<sup>(a)</sup> | &nbsp;&nbsp; 4161 | 44228 |
| Suzano SA | &nbsp;&nbsp; 1362 | 15409 |
| Vale SA | &nbsp;&nbsp; 13368 | 230697 |
| Vibra Energia SA | &nbsp;&nbsp; 2739 | 15986 |
|  |  | 567178 |
| **Chile — 0.4%** | **Chile — 0.4%** | **Chile — 0.4%** |
| Cencosud SA | &nbsp;&nbsp; 6369 | 19904 |
| Empresas CMPC SA | &nbsp;&nbsp; 6046 | 8961 |
| Empresas Copec SA | &nbsp;&nbsp; 1920 | 15849 |
| Enel Chile SA | &nbsp;&nbsp; 143604 | 12020 |
|  |  | 56734 |
| **China — 25.7%** | **China — 25.7%** | **China — 25.7%** |
| 3SBio, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 8000 | 22552 |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 1500 | 7130 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 6900 | 6436 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 88000 | 59584 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 5000 | 15668 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 100 | 887 |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14350 | 222903 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 290000 | 171607 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 12800 | 12217 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 40000 | 35007 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 3500 | 15741 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 5000 | 20516 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 39000 | 35884 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 13000 | 21589 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 380000 | 386610 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 30000 | 14551 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 8000 | 10103 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 21200 | 21933 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 7000 | 31573 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 30000 | 120349 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 13000 | 12558 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 12000 | 24728 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 6900 | 38940 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 13500 | 83979 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 8000 | 17875 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 12100 | 6842 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 27000 | 13952 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 12000 | 10404 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 6500 | 11875 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 10800 | 49431 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 68000 | 47319 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 11400 | 10464 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 30000 | 19852 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 7500 | 26357 |
| China Resources Land Ltd. | &nbsp;&nbsp; 6500 | 26271 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 8000 | 19072 |
| China State Construction Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 16800 | 12336 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 14000 | 16628 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 33900 | 48237 |
| China United Network Communications Ltd., Class A | &nbsp;&nbsp; 16200 | 11608 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 1692 |
| CITIC Ltd. | &nbsp;&nbsp; 22000 | 35071 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 5800 | 12680 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 15000 | 29108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 30000 | $22212 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 36000 | 45317 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 12000 | 15012 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 43000 | 6575 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 30000 | 61930 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 15000 | 24579 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 12000 | 11689 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 8000 | 16291 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 12000 | 40748 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 6000 | 19389 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 3000 | 11161 |
| Huaneng Power International, Inc., Class H | &nbsp;&nbsp; 18000 | 13858 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 6755 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 2000 | 2017 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 264000 | 217129 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 3300 | 8807 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 8850 | 117490 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 4000 | 5205 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 4000 | 23204 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 2657 | 14639 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 12000 | 12863 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 50000 | 61716 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 12000 | 34384 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 3900 | 27445 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 500 | 9549 |
| People's Insurance Co. Group of China Ltd. (The), Class H | &nbsp;&nbsp; 36000 | 29408 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 42000 | 51155 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 19500 | 168687 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 56000 | 35238 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 2800 | 5839 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 12000 | 7808 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp; 6000 | 8496 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 6000 | 16176 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 4500 | 23689 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 2900 | 21445 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 8000 | 13360 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 2000 | 13531 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 2205 | 38411 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 12000 | 7516 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 12000 | 49936 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 2900 | 6755 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 51400 | 227338 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 42000 | 18504 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 3000 | 16985 |
| ZTE Corp., Class H | &nbsp;&nbsp; 4000 | 13859 |
|  |  | 3424219 |
| **Greece — 0.3%** | **Greece — 0.3%** | **Greece — 0.3%** |
| Alpha Bank SA | &nbsp;&nbsp; 5687 | 25014 |
| Jumbo SA | &nbsp;&nbsp; 587 | 17215 |
|  |  | 42229 |
| **Hungary — 0.4%** | **Hungary — 0.4%** | **Hungary — 0.4%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 1206 | 13349 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 987 | 36953 |
|  |  | 50302 |
| **India — 11.4%** | **India — 11.4%** | **India — 11.4%** |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 1575 | 21195 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 195 | 21394 |
| Bank of Baroda | &nbsp;&nbsp; 4008 | 14199 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 4027 | 17061 |
| Canara Bank | &nbsp;&nbsp; 12498 | 21637 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Value Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Cipla Ltd./India | &nbsp;&nbsp; 1645 | $24428 |
| Coal India Ltd. | &nbsp;&nbsp; 357 | 1691 |
| DLF Ltd. | &nbsp;&nbsp; 1275 | 8472 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 3374 | 47876 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 2641 | 40424 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 321 | 20170 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 4512 | 45919 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 3444 | 16611 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 8128 | 16753 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12289 | 61571 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 873 | 9186 |
| Info Edge India Ltd. | &nbsp;&nbsp; 2126 | 24081 |
| Infosys Ltd. | &nbsp;&nbsp; 12494 | 179075 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 1083 | 14830 |
| JSW Steel Ltd. | &nbsp;&nbsp; 1238 | 17243 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 243 | 11956 |
| Lupin Ltd. | &nbsp;&nbsp; 802 | 20385 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 4062 | 151823 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 502 | 82064 |
| MRF Ltd. | &nbsp;&nbsp; 7 | 10855 |
| NTPC Ltd. | &nbsp;&nbsp; 13454 | 56550 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 10653 | 32832 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 1540 | 7013 |
| Punjab National Bank | &nbsp;&nbsp; 12067 | 17185 |
| REC Ltd. | &nbsp;&nbsp; 3501 | 13484 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 18198 | 26708 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 3223 | 38320 |
| State Bank of India | &nbsp;&nbsp; 7057 | 93306 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 4328 | 82973 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 3108 | 90329 |
| Tata Motors Passenger Vehicles Limited | &nbsp;&nbsp; 7687 | 32375 |
| Tata Steel Ltd. | &nbsp;&nbsp; 13206 | 30877 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 1687 | 25245 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 14563 | 32416 |
| Vedanta Ltd. | &nbsp;&nbsp; 2547 | 20145 |
| Wipro Ltd. | &nbsp;&nbsp; 10167 | 22531 |
|  |  | 1523188 |
| **Indonesia — 1.7%** | **Indonesia — 1.7%** | **Indonesia — 1.7%** |
| Astra International Tbk PT | &nbsp;&nbsp; 173200 | 68916 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 79200 | 24859 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 26700 | 6998 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 39100 | 9905 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 470400 | 99327 |
| United Tractors Tbk PT | &nbsp;&nbsp; 8100 | 13796 |
|  |  | 223801 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 13321 | 23541 |
| **Malaysia — 0.6%** | **Malaysia — 0.6%** | **Malaysia — 0.6%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 4800 | 7928 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 15700 | 32419 |
| IOI Corp. Bhd | &nbsp;&nbsp; 11100 | 11286 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 1000 | 4883 |
| MISC Bhd | &nbsp;&nbsp; 7200 | 14929 |
| RHB Bank Bhd | &nbsp;&nbsp; 4800 | 10358 |
|  |  | 81803 |
| **Mexico — 3.1%** | **Mexico — 3.1%** | **Mexico — 3.1%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 148066 | 192498 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 3432 | 41307 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 26388 | 33035 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 4007 | 44542 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 1325 | $23753 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 5242 | 19017 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 6389 | 16249 |
| Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 1724 | 28405 |
| Sigma Foods SAB de CV, Class A | &nbsp;&nbsp; 14131 | 15877 |
|  |  | 414683 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 248 | 10830 |
| **Philippines — 0.6%** | **Philippines — 0.6%** | **Philippines — 0.6%** |
| Ayala Corp. | &nbsp;&nbsp; 850 | 8844 |
| BDO Unibank, Inc. | &nbsp;&nbsp; 9470 | 22521 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 8180 | 10923 |
| PLDT, Inc. | &nbsp;&nbsp; 285 | 6917 |
| SM Investments Corp. | &nbsp;&nbsp; 1950 | 23840 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp; 5600 | 2086 |
|  |  | 75131 |
| **Poland — 1.3%** | **Poland — 1.3%** | **Poland — 1.3%** |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 464 | 29399 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 428 | 40361 |
| LPP SA | &nbsp;&nbsp; 2 | 11573 |
| ORLEN SA | &nbsp;&nbsp; 2024 | 65192 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 8139 | 25704 |
|  |  | 172229 |
| **Qatar — 0.3%** | **Qatar — 0.3%** | **Qatar — 0.3%** |
| Commercial Bank PSQC(The) | &nbsp;&nbsp; 5046 | 6715 |
| Industries Qatar QSC | &nbsp;&nbsp; 3516 | 11663 |
| Ooredoo QPSC | &nbsp;&nbsp; 5750 | 21388 |
|  |  | 39766 |
| **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** |
| Almarai Co. JSC | &nbsp;&nbsp; 1700 | 18074 |
| Arab National Bank | &nbsp;&nbsp; 2554 | 14011 |
| Banque Saudi Fransi | &nbsp;&nbsp; 2587 | 13664 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 1254 | 21465 |
| Jarir Marketing Co. | &nbsp;&nbsp; 4725 | 17616 |
| Riyad Bank | &nbsp;&nbsp; 1977 | 14588 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 412 | 13580 |
| Saudi Awwal Bank | &nbsp;&nbsp; 4027 | 36663 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 1437 | 20764 |
| Saudi Electricity Co. | &nbsp;&nbsp; 2338 | 8423 |
| Saudi Telecom Co. | &nbsp;&nbsp; 16996 | 189336 |
|  |  | 368184 |
| **South Africa — 4.8%** | **South Africa — 4.8%** | **South Africa — 4.8%** |
| Absa Group Ltd. | &nbsp;&nbsp; 2056 | 35137 |
| Gold Fields Ltd. | &nbsp;&nbsp; 2802 | 164214 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 2709 | 61643 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 1880 | 41765 |
| MTN Group Ltd. | &nbsp;&nbsp; 8547 | 111172 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 1948 | 38535 |
| Pepkor Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 17157 | 28565 |
| Reinet Investments SCA | &nbsp;&nbsp; 577 | 20391 |
| Remgro Ltd. | &nbsp;&nbsp; 2052 | 24985 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2335 | 21276 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8212 | 36479 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 5737 | 58632 |
|  |  | 642794 |
| **South Korea — 18.0%** | **South Korea — 18.0%** | **South Korea — 18.0%** |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 277 | 35192 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 499 | 25275 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 554 | 199137 |
| Hyundai Motor Co. | &nbsp;&nbsp; 815 | 382092 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Value Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Industrial Bank of Korea | &nbsp;&nbsp; 1449 | $25950 |
| Kia Corp. | &nbsp;&nbsp; 1834 | 261872 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 1050 | 42204 |
| LG Corp. | &nbsp;&nbsp; 1099 | 82237 |
| LG Display Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1531 | 15280 |
| LG Electronics, Inc. | &nbsp;&nbsp; 656 | 66364 |
| LG Uplus Corp. | &nbsp;&nbsp; 1418 | 16314 |
| POSCO Holdings, Inc. | &nbsp;&nbsp; 213 | 61131 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 7628 | 1141692 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 341 | 46212 |
|  |  | 2400952 |
| **Taiwan — 18.4%** | **Taiwan — 18.4%** | **Taiwan — 18.4%** |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 16000 | 192793 |
| Asia Cement Corp. | &nbsp;&nbsp; 3000 | 3435 |
| Asustek Computer, Inc. | &nbsp;&nbsp; 5000 | 84490 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 3000 | 18321 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 32000 | 81152 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 3060 | 10136 |
| Compal Electronics, Inc. | &nbsp;&nbsp; 25000 | 25080 |
| E Ink Holdings, Inc. | &nbsp;&nbsp; 4000 | 23676 |
| Eva Airways Corp. | &nbsp;&nbsp; 18000 | 21794 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 13000 | 81585 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 6000 | 5519 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 12000 | 19402 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 10000 | 16404 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 2000 | 15155 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 1000 | 14402 |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 1000 | 25977 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 63000 | 481874 |
| Innolux Corp. | &nbsp;&nbsp; 28000 | 23762 |
| Inventec Corp. | &nbsp;&nbsp; 7000 | 10253 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 54560 | 38121 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 1000 | 80149 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 6000 | 32751 |
| MediaTek, Inc. | &nbsp;&nbsp; 8000 | 492796 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 8000 | 23210 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 3000 | 37460 |
| Pegatron Corp. | &nbsp;&nbsp; 14000 | 32768 |
| Quanta Computer, Inc. | &nbsp;&nbsp; 14000 | 128481 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 2000 | 30610 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 12000 | 10105 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 3067 | 46393 |
| United Microelectronics Corp. | &nbsp;&nbsp; 85000 | 175853 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 5000 | 21197 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 3000 | 7332 |
| Wistron Corp. | &nbsp;&nbsp; 6000 | 25633 |
| Yageo Corp. | &nbsp;&nbsp; 7000 | 65570 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 12000 | 21979 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 4000 | 26445 |
|  |  | 2452063 |
| **Thailand — 0.9%** | **Thailand — 0.9%** | **Thailand — 0.9%** |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 33900 | 22878 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 2800 | $18100 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 14600 | 16077 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 5200 | 23001 |
| PTT PCL, NVDR | &nbsp;&nbsp; 17600 | 20947 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 2800 | 13369 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 1400 | 10129 |
|  |  | 124501 |
| **Turkey — 0.7%** | **Turkey — 0.7%** | **Turkey — 0.7%** |
| Akbank TAS | &nbsp;&nbsp; 12581 | 25869 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 4160 | 29159 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 43242 | 16679 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 20079 | 19832 |
|  |  | 91539 |
| **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** |
| Aldar Properties PJSC | &nbsp;&nbsp; 8480 | 24935 |
| Emaar Properties PJSC | &nbsp;&nbsp; 22498 | 99293 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 5352 | 48084 |
|  |  | 172312 |
| **Total Common Stocks — 97.2%** <br>**(Cost: $10,032,134)** | **Total Common Stocks — 97.2%** <br>**(Cost: $10,032,134)** | 12957979 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.0%** | **Brazil — 1.0%** | **Brazil — 1.0%** |
| Axia Energia |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 866 | 11294 |
| Preference Shares, NVS | &nbsp;&nbsp; 226 | 2603 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 3656 | 14969 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 14086 | 108067 |
|  |  | 136933 |
| **South Korea — 1.5%** | **South Korea — 1.5%** | **South Korea — 1.5%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 106 | 23701 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 170 | 38230 |
| Samsung Electronics Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 1411 | 141720 |
|  |  | 203651 |
| **Total Preferred Stocks — 2.5%** <br>**(Cost: $213,265)** | **Total Preferred Stocks — 2.5%** <br>**(Cost: $213,265)** | 340584 |
| **Total Investments — 99.7%** <br>**(Cost: $10,245,399)** | **Total Investments — 99.7%** <br>**(Cost: $10,245,399)** | 13298563 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 36319 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $13334882 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Value Factor ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $3680 | $—<br> $(3680 )<sup>(b)</sup><br>| $— | $— | $— |  | $113 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> |  | —<br> 0 <br><sup>(b)</sup><br>|  |  |  |  | 30 |  |
|  |  |  | $— | $— | $— |  | $143 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| STOXX Euro 600 | 1 | 03/20/26 | &nbsp;&nbsp; $37 | $1352 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1352 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1352 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $440 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $440 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1146 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1146 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $31260 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Value Factor ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1632845 | &nbsp;&nbsp; $11325134 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12957979 |
| Preferred Stocks | &nbsp;&nbsp; 136933 | &nbsp;&nbsp; 203651 | &nbsp;&nbsp; — | &nbsp;&nbsp; 340584 |
|  | &nbsp;&nbsp; $1769778 | &nbsp;&nbsp; $11528785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13298563 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1352 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1352 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Global Quality Factor ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.3%** | **Australia — 1.3%** | **Australia — 1.3%** |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 3820 | $130593 |
| ASX Ltd. | &nbsp;&nbsp; 1232 | 46428 |
| BHP Group Ltd. | &nbsp;&nbsp; 33088 | 1342554 |
| Brambles Ltd. | &nbsp;&nbsp; 9514 | 169674 |
| Cochlear Ltd. | &nbsp;&nbsp; 467 | 66129 |
| Computershare Ltd. | &nbsp;&nbsp; 3976 | 87667 |
| Fortescue Ltd. | &nbsp;&nbsp; 10980 | 164933 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 20130 | 62737 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 609 | 56203 |
| REA Group Ltd. | &nbsp;&nbsp; 468 | 55368 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 2356 | 280081 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 8110 | 459457 |
|  |  | 2921824 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| Verbund AG | &nbsp;&nbsp; 428 | 30475 |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| Lotus Bakeries NV | &nbsp;&nbsp; 3 | 37312 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Ambev SA | &nbsp;&nbsp; 30868 | 97966 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 35759 | 124858 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 7320 | 49519 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 5594 | 19413 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 3284 | 98581 |
| CPFL Energia SA | &nbsp;&nbsp; 1433 | 14074 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 7581 | 75063 |
| PRIO SA/Brazil<sup>(a)</sup> | &nbsp;&nbsp; 7152 | 76019 |
| WEG SA | &nbsp;&nbsp; 13490 | 130782 |
|  |  | 686275 |
| **Canada — 0.3%** | **Canada — 0.3%** | **Canada — 0.3%** |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 3706 | 173040 |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 942 | 261582 |
| CGI, Inc. | &nbsp;&nbsp; 1303 | 95295 |
| Lundin Gold, Inc. | &nbsp;&nbsp; 642 | 60513 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 522 | 81014 |
|  |  | 671444 |
| **China — 1.4%** | **China — 1.4%** | **China — 1.4%** |
| 37 Interactive Entertainment Network Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 900 | 3209 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 15000 | 23146 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 200 | 3531 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 100 | 887 |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 300 | 4222 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 8600 | 93060 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 42000 | 26036 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 18500 | 83444 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 10500 | 36899 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5000 | 30312 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 630 | 2652 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 14800 | 24722 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 7500 | 26186 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 24000 | 73834 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 300 | 10556 |
| Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp; 500 | 26101 |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 7500 | 7720 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 2200 | 11519 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 7500 | 60589 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 600 | $5271 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 4400 | 36512 |
| Giant Biogene Holding Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3200 | 13028 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 500 | 3171 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp; 1200 | 6546 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10000 | 44520 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | &nbsp;&nbsp; 300 | 14509 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 200 | 3609 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 200 | 4157 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 300 | 4934 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 471 | 2144 |
| Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp; 83 | 274 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 22500 | 178415 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 700 | 148353 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 200 | 18390 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 52000 | 64185 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 800 | 12870 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 1376 | 15756 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 2800 | 32411 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 3200 | 14508 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 700 | 2784 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 170 | 11671 |
| NetEase, Inc. | &nbsp;&nbsp; 15000 | 337878 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 340 | 5173 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 15000 | 90498 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 5236 | 543130 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5200 | 152999 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 4100 | 14154 |
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 200 | 2703 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 1200 | 4224 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 280 | 6182 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 4988 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp; 700 | 16425 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 800 | 21656 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 900 | 6868 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 800 | 16796 |
| Suzhou TFC Optical Communication Co. Ltd., Class A | &nbsp;&nbsp; 460 | 24588 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 14000 | 23379 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 6000 | 40593 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 300 | 13300 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 2233 | 38899 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 75000 | 46974 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 1900 | 28788 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 900 | 10932 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 14286 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2900 | 44011 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 20197 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8000 | 11643 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 1600 | 8750 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 400 | 9517 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 500 | 2294 |
| Zhejiang Weiming Environment Protection Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 700 | 2873 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 500 | 38702 |
| Zijin Gold International Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 44256 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 7500 | 43274 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 38000 | 217507 |
|  |  | 3095080 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Quality Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark — 0.7%** | **Denmark — 0.7%** | **Denmark — 0.7%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 632 | $98318 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 808 | 62606 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 522 | 153691 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 30763 | 1163565 |
| Rockwool AS, Class B | &nbsp;&nbsp; 658 | 21818 |
|  |  | 1499998 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Commercial International Bank - Egypt(CIB) | &nbsp;&nbsp; 21984 | 61207 |
| Eastern Co. SAE | &nbsp;&nbsp; 9299 | 7951 |
|  |  | 69158 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
| Elisa OYJ | &nbsp;&nbsp; 1099 | 56449 |
| Kone OYJ, Class B | &nbsp;&nbsp; 3453 | 260333 |
| Metso OYJ | &nbsp;&nbsp; 4075 | 84718 |
| Orion OYJ, Class B | &nbsp;&nbsp; 1012 | 81069 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 3550 | 154157 |
|  |  | 636726 |
| **France — 0.7%** | **France — 0.7%** | **France — 0.7%** |
| Bureau Veritas SA | &nbsp;&nbsp; 2499 | 86844 |
| Hermes International SCA | &nbsp;&nbsp; 249 | 598462 |
| L'Oreal SA | &nbsp;&nbsp; 1679 | 786689 |
|  |  | 1471995 |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Continental AG | &nbsp;&nbsp; 836 | 72042 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 440 | 35631 |
| GEA Group AG | &nbsp;&nbsp; 1006 | 77999 |
| Hannover Rueck SE | &nbsp;&nbsp; 409 | 123936 |
| MTU Aero Engines AG | &nbsp;&nbsp; 376 | 162070 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 865 | 564519 |
| Nemetschek SE | &nbsp;&nbsp; 396 | 31548 |
| Rational AG | &nbsp;&nbsp; 44 | 38135 |
|  |  | 1105880 |
| **Greece — 0.0%** | **Greece — 0.0%** | **Greece — 0.0%** |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 1282 | 26630 |
| Jumbo SA | &nbsp;&nbsp; 904 | 26512 |
| OPAP Holding SA | &nbsp;&nbsp; 1723 | 32167 |
|  |  | 85309 |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 400 | 59536 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 8900 | 475482 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 13000 | 55454 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 10000 | 161957 |
|  |  | 752429 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 996 | 37290 |
| **India — 1.5%** | **India — 1.5%** | **India — 1.5%** |
| ABB India Ltd. | &nbsp;&nbsp; 555 | 37073 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 315 | 19535 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 1206 | 29656 |
| Asian Paints Ltd. | &nbsp;&nbsp; 2800 | 73271 |
| Astral Ltd. | &nbsp;&nbsp; 775 | 14223 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 503 | 55185 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 29845 | 146134 |
| Bosch Ltd. | &nbsp;&nbsp; 48 | 19225 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 1092 | 72049 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 5437 | 43347 |
| Cipla Ltd./India | &nbsp;&nbsp; 3897 | 57870 |
| Coal India Ltd. | &nbsp;&nbsp; 17591 | 83337 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 1367 | $33899 |
| Coromandel International Ltd. | &nbsp;&nbsp; 777 | 18976 |
| Cummins India Ltd. | &nbsp;&nbsp; 1119 | 60344 |
| Dabur India Ltd. | &nbsp;&nbsp; 3586 | 20450 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 302 | 35009 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 3661 | 51949 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 958 | 84417 |
| Havells India Ltd. | &nbsp;&nbsp; 1656 | 25431 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 7384 | 113023 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1656 | 49151 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 914 | 57431 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 1578 | 67875 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 5944 | 152826 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 1606 | 38226 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1673 | 35014 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8950 | 44841 |
| Infosys Ltd. | &nbsp;&nbsp; 27175 | 389496 |
| ITC Ltd. | &nbsp;&nbsp; 25257 | 87155 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 542 | 26667 |
| Marico Ltd. | &nbsp;&nbsp; 4175 | 36202 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 840 | 137319 |
| Mphasis Ltd. | &nbsp;&nbsp; 691 | 17468 |
| Nestle India Ltd. | &nbsp;&nbsp; 6882 | 97791 |
| NMDC Ltd. | &nbsp;&nbsp; 21940 | 19743 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 190 | 14540 |
| Page Industries Ltd. | &nbsp;&nbsp; 62 | 21907 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 823 | 42950 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 5356 | 19044 |
| PI Industries Ltd. | &nbsp;&nbsp; 512 | 17569 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 2146 | 35226 |
| Polycab India Ltd. | &nbsp;&nbsp; 396 | 37520 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2950 | 66105 |
| Siemens Ltd. | &nbsp;&nbsp; 613 | 23056 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 213 | 31665 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 6553 | 125628 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 437 | 19126 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 9487 | 275724 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 877 | 41831 |
| Trent Ltd. | &nbsp;&nbsp; 1258 | 54054 |
| United Spirits Ltd. | &nbsp;&nbsp; 1908 | 28959 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 8448 | 41986 |
| Vedanta Ltd. | &nbsp;&nbsp; 9044 | 71531 |
| Wipro Ltd. | &nbsp;&nbsp; 16959 | 37583 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 1598 | 16263 |
|  |  | 3373875 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 412500 | 176133 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 135000 | 13426 |
| United Tractors Tbk PT | &nbsp;&nbsp; 15000 | 25549 |
|  |  | 215108 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 767 | 116638 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 215 | 94427 |
|  |  | 211065 |
| **Italy — 0.3%** | **Italy — 0.3%** | **Italy — 0.3%** |
| Ferrari NV | &nbsp;&nbsp; 1164 | 439785 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 4507 | 106068 |
| Moncler SpA | &nbsp;&nbsp; 1573 | 108511 |
|  |  | 654364 |
| **Japan — 3.1%** | **Japan — 3.1%** | **Japan — 3.1%** |
| Advantest Corp. | &nbsp;&nbsp; 7500 | 1298770 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Quality Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Asics Corp. | &nbsp;&nbsp; 5000 | $153229 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 3800 | 103025 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 2700 | 61318 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4800 | 323666 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 2200 | 90811 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 15000 | 295425 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 2100 | 48358 |
| Disco Corp. | &nbsp;&nbsp; 700 | 336564 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 1300 | 570001 |
| Fujikura Ltd. | &nbsp;&nbsp; 1700 | 290279 |
| Hoya Corp. | &nbsp;&nbsp; 2500 | 451569 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 7500 | 102067 |
| Lasertec Corp. | &nbsp;&nbsp; 800 | 172482 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 8900 | 248011 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 2300 | 63103 |
| Obic Co. Ltd. | &nbsp;&nbsp; 1700 | 45784 |
| Oracle Corp./Japan | &nbsp;&nbsp; 400 | 24147 |
| Otsuka Corp. | &nbsp;&nbsp; 1500 | 30252 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 11400 | 496074 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 1300 | 47663 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 600 | 87466 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 15000 | 622975 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 3600 | 1012949 |
| ZOZO, Inc. | &nbsp;&nbsp; 4600 | 33434 |
|  |  | 7009422 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| MR DIY Group M Bhd<sup>(b)</sup> | &nbsp;&nbsp; 37500 | 17251 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 800 | 22596 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 2100 | 11862 |
|  |  | 51709 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 1110 | 19899 |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 2472 | 37763 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 2727 | 71160 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 1510 | 54279 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 37500 | 121371 |
|  |  | 304472 |
| **Netherlands — 3.0%** | **Netherlands — 3.0%** | **Netherlands — 3.0%** |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 183 | 214902 |
| ASM International NV | &nbsp;&nbsp; 295 | 248799 |
| ASML Holding NV | &nbsp;&nbsp; 3932 | 5718733 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 643 | 144088 |
| CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp; 2670 | 38097 |
| Magnum Ice Cream Co. NV (The)<sup>(a)</sup> | &nbsp;&nbsp; 3903 | 61964 |
| Universal Music Group NV | &nbsp;&nbsp; 10393 | 234023 |
| Wolters Kluwer NV | &nbsp;&nbsp; 1677 | 135477 |
|  |  | 6796083 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 3998 | 97740 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 1551 | 43822 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 3755 | 152270 |
|  |  | 196092 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Southern Copper Corp. | &nbsp;&nbsp; 728 | 158952 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| Manila Electric Co. | &nbsp;&nbsp; 750 | 8298 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Budimex SA | &nbsp;&nbsp; 129 | $29094 |
| Dino Polska SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 3820 | 42952 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 102 | 29645 |
|  |  | 101691 |
| **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 247 | 12295 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 606 | 28699 |
| Co. for Cooperative Insurance(The) | &nbsp;&nbsp; 532 | 19218 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 945 | 58198 |
| Elm Co. | &nbsp;&nbsp; 247 | 42107 |
| Jarir Marketing Co. | &nbsp;&nbsp; 5187 | 19339 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 693 | 11757 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 319 | 13752 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 43910 | 292640 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 307 | 11197 |
| Saudi Telecom Co. | &nbsp;&nbsp; 10295 | 114686 |
|  |  | 623888 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 7200 | 103397 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 22500 | 76904 |
|  |  | 180301 |
| **South Africa — 0.4%** | **South Africa — 0.4%** | **South Africa — 0.4%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 688 | 205010 |
| Clicks Group Ltd. | &nbsp;&nbsp; 2297 | 45961 |
| Gold Fields Ltd. | &nbsp;&nbsp; 7228 | 423604 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 4613 | 104968 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 7388 | 34087 |
| Sanlam Ltd. | &nbsp;&nbsp; 12399 | 82814 |
|  |  | 896444 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| APR Corp./Korea | &nbsp;&nbsp; 211 | 45838 |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 378 | 85187 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 152 | 110968 |
| HD Hyundai Marine Solution Co. Ltd., Class C | &nbsp;&nbsp; 140 | 17927 |
| LIG Nex1 Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 94 | 33184 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 193 | 71109 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 29 | 24617 |
|  |  | 388830 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 9411 | 628442 |
| **Sweden — 0.6%** | **Sweden — 0.6%** | **Sweden — 0.6%** |
| AddTech AB, Class B | &nbsp;&nbsp; 1806 | 66757 |
| Alfa Laval AB | &nbsp;&nbsp; 1995 | 117748 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 22769 | 489858 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 12535 | 234989 |
| Epiroc AB, Class A | &nbsp;&nbsp; 4561 | 137015 |
| Epiroc AB, Class B | &nbsp;&nbsp; 2700 | 70200 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 1481 | 89201 |
| Lifco AB, Class B | &nbsp;&nbsp; 1495 | 53044 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 1386 | 60563 |
|  |  | 1319375 |
| **Switzerland — 5.3%** | **Switzerland — 5.3%** | **Switzerland — 5.3%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 12306 | 1146134 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 86 | 85715 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 54 | 44800 |
| Geberit AG, Registered | &nbsp;&nbsp; 312 | 262347 |
| Givaudan SA, Registered | &nbsp;&nbsp; 63 | 253033 |
| Holcim AG | &nbsp;&nbsp; 3352 | 308153 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 438 | 101913 |
| Logitech International SA, Registered | &nbsp;&nbsp; 1312 | 120367 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Quality Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Nestle SA, Registered | &nbsp;&nbsp; 18445 | $2015308 |
| Novartis AG, Registered | &nbsp;&nbsp; 16785 | 2822259 |
| Partners Group Holding AG | &nbsp;&nbsp; 207 | 230029 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 297 | 147211 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 6428 | 3059094 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 300 | 114219 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 173 | 63067 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 345 | 89943 |
| Straumann Holding AG | &nbsp;&nbsp; 838 | 100330 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 221 | 155868 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 1023 | 771674 |
|  |  | 11891464 |
| **Taiwan — 7.2%** | **Taiwan — 7.2%** | **Taiwan — 7.2%** |
| Accton Technology Corp. | &nbsp;&nbsp; 5000 | 220027 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 3000 | 31816 |
| Airtac International Group | &nbsp;&nbsp; 1000 | 38262 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 1000 | 109464 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 3000 | 164959 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 109 | 33644 |
| Chroma ATE, Inc. | &nbsp;&nbsp; 3000 | 130362 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 14000 | 631314 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 2000 | 153165 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 1000 | 79528 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 1100 | 37104 |
| Global Unichip Corp. | &nbsp;&nbsp; 1000 | 87568 |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 3000 | 77932 |
| International Games System Co. Ltd., Class C | &nbsp;&nbsp; 2000 | 44250 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 1000 | 97517 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 1000 | 107615 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 1000 | 56166 |
| MediaTek, Inc. | &nbsp;&nbsp; 12000 | 739195 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 5000 | 62433 |
| Quanta Computer, Inc. | &nbsp;&nbsp; 21000 | 192721 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 4000 | 61220 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 205000 | 12791623 |
| Wiwynn Corp. | &nbsp;&nbsp; 1000 | 125671 |
|  |  | 16073556 |
| **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 7500 | 91648 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 7500 | 51269 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 22500 | 201506 |
| Gulf Development PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 30000 | 59812 |
|  |  | 404235 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 10565 | 73364 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 7729 | 8417 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 23779 | 33147 |
| Adnoc Gas PLC | &nbsp;&nbsp; 43520 | 40276 |
| Emaar Development PJSC | &nbsp;&nbsp; 8586 | 45232 |
| Emaar Properties PJSC | &nbsp;&nbsp; 45026 | 198718 |
|  |  | 399154 |
| **United Kingdom — 4.0%** | **United Kingdom — 4.0%** | **United Kingdom — 4.0%** |
| 3i Group PLC | &nbsp;&nbsp; 6898 | 308174 |
| Admiral Group PLC | &nbsp;&nbsp; 2330 | 93082 |
| AstraZeneca PLC | &nbsp;&nbsp; 12544 | 2639668 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 8900 | 58953 |
| Coca-Cola HBC AG, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 1425 | 92499 |
| Compass Group PLC | &nbsp;&nbsp; 12520 | 383406 |
| Experian PLC | &nbsp;&nbsp; 6905 | 259899 |
| Fresnillo PLC | &nbsp;&nbsp; 1536 | 87643 |
| GSK PLC | &nbsp;&nbsp; 36574 | 1086734 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Halma PLC | &nbsp;&nbsp; 2550 | $143487 |
| Imperial Brands PLC | &nbsp;&nbsp; 5357 | 239934 |
| Intertek Group PLC | &nbsp;&nbsp; 1292 | 82326 |
| Next PLC | &nbsp;&nbsp; 1005 | 183151 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 4958 | 436794 |
| RELX PLC | &nbsp;&nbsp; 14981 | 523337 |
| Rio Tinto PLC | &nbsp;&nbsp; 7241 | 717364 |
| Sage Group PLC(The) | &nbsp;&nbsp; 8732 | 96085 |
| Smiths Group PLC | &nbsp;&nbsp; 2225 | 82259 |
| Unilever PLC | &nbsp;&nbsp; 17348 | 1274767 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 5901 | 68374 |
|  |  | 8857936 |
| **United States — 66.6%** | **United States — 66.6%** | **United States — 66.6%** |
| Abbott Laboratories | &nbsp;&nbsp; 12980 | 1510223 |
| Accenture PLC, Class A | &nbsp;&nbsp; 4928 | 1028572 |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4171 | 1094512 |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 1848 | 224310 |
| Allegion PLC | &nbsp;&nbsp; 648 | 104425 |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 19829 | 6181889 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 16659 | 5188112 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 787 | 369984 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 9095 | 1328416 |
| Apple, Inc. | &nbsp;&nbsp; 38298 | 10117566 |
| Applied Materials, Inc. | &nbsp;&nbsp; 6905 | 2570731 |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9134 | 1219389 |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1881 | 462481 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 3532 | 757120 |
| Avery Dennison Corp. | &nbsp;&nbsp; 558 | 109563 |
| Ball Corp. | &nbsp;&nbsp; 2379 | 159702 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 1719 | 106526 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 852 | 158361 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1950 | 587730 |
| Carlisle Companies, Inc. | &nbsp;&nbsp; 348 | 137380 |
| Caterpillar, Inc. | &nbsp;&nbsp; 3673 | 2728415 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp; 705 | 211303 |
| CDW Corp. | &nbsp;&nbsp; 955 | 117121 |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp; 858 | 158945 |
| Chipotle Mexican Grill, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11845 | 440871 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; 1546 | 162114 |
| Cintas Corp. | &nbsp;&nbsp; 3275 | 658701 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 27042 | 2148757 |
| Coca-Cola Co.(The) | &nbsp;&nbsp; 33555 | 2736746 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 3222 | 207593 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 311 | 444534 |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6186 | 235625 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 3519 | 3556970 |
| Cummins, Inc. | &nbsp;&nbsp; 1005 | 586789 |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1440 | 168869 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp; 462 | 94077 |
| Eaton Corp. PLC | &nbsp;&nbsp; 2667 | 1002579 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3847 | 332650 |
| Eli Lilly & Co. | &nbsp;&nbsp; 5949 | 6258289 |
| EMCOR Group, Inc. | &nbsp;&nbsp; 418 | 302891 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 212 | 57121 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp; 1208 | 175196 |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 413 | 112072 |
| Fastenal Co. | &nbsp;&nbsp; 9965 | 458789 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 1486 | 387489 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6310 | 498679 |
| Garmin Ltd. | &nbsp;&nbsp; 1167 | 295053 |
| Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 547 | 85988 |
| GE HealthCare Technologies, Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 2880 | 242698 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Quality Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| General Electric Co. | &nbsp;&nbsp; 6976 | $2387606 |
| Graco, Inc. | &nbsp;&nbsp; 1181 | 110920 |
| Hershey Co.(The) | &nbsp;&nbsp; 1073 | 253528 |
| Honeywell International, Inc. | &nbsp;&nbsp; 4723 | 1150476 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 2803 | 735872 |
| Hubbell, Inc., Class B | &nbsp;&nbsp; 375 | 191861 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 778 | 510936 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 2068 | 601023 |
| Intuit, Inc. | &nbsp;&nbsp; 1891 | 773476 |
| Jabil, Inc. | &nbsp;&nbsp; 781 | 206957 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp; 542 | 88053 |
| Johnson & Johnson | &nbsp;&nbsp; 17542 | 4357959 |
| KLA Corp. | &nbsp;&nbsp; 1153 | 1757806 |
| Lam Research Corp. | &nbsp;&nbsp; 12430 | 2907253 |
| Leidos Holdings, Inc. | &nbsp;&nbsp; 833 | 145858 |
| Lennox International, Inc. | &nbsp;&nbsp; 263 | 149894 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 1310 | 862085 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1031 | 190910 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 3152 | 588604 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 5861 | 3031368 |
| Merck & Co., Inc. | &nbsp;&nbsp; 21291 | 2636252 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 17198 | 11147400 |
| Microsoft Corp. | &nbsp;&nbsp; 20490 | 8047243 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 453 | 517661 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5616 | 479045 |
| Moody's Corp. | &nbsp;&nbsp; 1238 | 591256 |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38017 | 3658756 |
| NIKE, Inc., Class B | &nbsp;&nbsp; 7497 | 466163 |
| Nvidia Corp. | &nbsp;&nbsp; 54043 | 9575879 |
| NVR, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25 | 187945 |
| Oklo, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1118 | 70378 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 1481 | 300717 |
| Omnicom Group, Inc. | &nbsp;&nbsp; 1340 | 114289 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 864 | 871932 |
| Paychex, Inc. | &nbsp;&nbsp; 2870 | 268775 |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 6250 | 288812 |
| Pentair PLC | &nbsp;&nbsp; 1062 | 105340 |
| PepsiCo, Inc. | &nbsp;&nbsp; 9856 | 1672957 |
| Procter & Gamble Co.(The) | &nbsp;&nbsp; 18360 | 3069792 |
| Progressive Corp.(The) | &nbsp;&nbsp; 4118 | 879852 |
| Public Storage | &nbsp;&nbsp; 1062 | 326098 |
| PulteGroup, Inc. | &nbsp;&nbsp; 1383 | 189748 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 9452 | 1345587 |
| ResMed, Inc. | &nbsp;&nbsp; 1091 | 279580 |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 740 | 301513 |
| Rollins, Inc. | &nbsp;&nbsp; 2445 | 148876 |
| Sherwin-Williams Co.(The) | &nbsp;&nbsp; 1602 | 580869 |
| Snap-on, Inc. | &nbsp;&nbsp; 376 | 144843 |
| T Rowe Price Group, Inc. | &nbsp;&nbsp; 1583 | 149799 |
| Teradyne, Inc. | &nbsp;&nbsp; 1068 | 341792 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 6748 | 1431318 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 568 | 297797 |
| TJX Companies, Inc.(The) | &nbsp;&nbsp; 8012 | 1295220 |
| Tractor Supply Co. | &nbsp;&nbsp; 3932 | 203835 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Trane Technologies PLC | &nbsp;&nbsp; 1930 | $892278 |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13641 | 1028804 |
| Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 382 | 261590 |
| Union Pacific Corp. | &nbsp;&nbsp; 4579 | 1213343 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 301 | 151674 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 6042 | 1771937 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 979 | 178188 |
| Veralto Corp. | &nbsp;&nbsp; 1823 | 177615 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1920 | 953914 |
| Visa, Inc., Class A | &nbsp;&nbsp; 16665 | 5335133 |
| Walmart, Inc. | &nbsp;&nbsp; 29680 | 3797556 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 477 | 152344 |
| Watsco, Inc. | &nbsp;&nbsp; 267 | 111427 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; 463 | 117759 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 1168 | 240199 |
| WW Grainger, Inc. | &nbsp;&nbsp; 423 | 484221 |
| Zoetis, Inc. | &nbsp;&nbsp; 3873 | 507750 |
|  |  | 148649412 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $186,026,585)** | **Total Common Stocks — 99.7%** <br>**(Cost: $186,026,585)** | 222593103 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Cia Energetica de Minas Gerais, Preference Shares, NVS | &nbsp;&nbsp; 10876 | 25607 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 39389 | 109642 |
|  |  | 135249 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $95,905)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $95,905)** | 135249 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $186,122,490)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $186,122,490)** | 222728352 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 240000 | 240000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $240,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $240,000)** | 240000 |
| **Total Investments — 99.9%** <br>**(Cost: $186,362,490)** | **Total Investments — 99.9%** <br>**(Cost: $186,362,490)** | 222968352 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 301086 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $223269438 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Quality Factor ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $1382706 | $— | &nbsp;&nbsp; $(1382652 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(54)<br>| $— | $— |  | $1487 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 210000 | 30000 <br><sup>(b)</sup><br>|  |  |  | 240000 | 240000 | 4452 |  |
|  |  |  |  | $(54) | $— | $240000 |  | $5939 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini S&P 500 Index | 10 | 03/20/26 | &nbsp;&nbsp; $344 | $(5157) |
| Micro Euro STOXX 50 | 14 | 03/20/26 | &nbsp;&nbsp; 102 | 3698 |
|  |  |  |  | $(1459) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3698 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3698 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5157 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43998 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4524)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4524)<br>|

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Quality Factor ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $457841 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $152082999 | &nbsp;&nbsp; $70510104 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $222593103 |
| Preferred Stocks | &nbsp;&nbsp; 135249 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 135249 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 240000 |
|  | &nbsp;&nbsp; $152458248 | &nbsp;&nbsp; $70510104 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $222968352 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3698 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3698 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (5157)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5157)<br>|
|  | &nbsp;&nbsp; $(1459)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1459)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets <br> Quality <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets <br> Value Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Quality <br> Factor ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)</sup> | $11009080 | $13298563 | $222728352 |
| Investments, at value—affiliated<sup>(b)</sup> |  |  | 240000 |
| Cash | 9066 | 4122 | 3064 |
| Cash pledged for futures contracts |  | 3000 | 32000 |
| Foreign currency, at value<sup>(c)</sup> | 24527 | 34039 | 192790 |
| Receivables: |  |  |  |
| Investments sold | 138894 | 78801 | 423535 |
| Securities lending income—affiliated |  |  | 16 |
| Dividends—unaffiliated | 18739 | 19522 | 191106 |
| Dividends—affiliated | 5 |  | 705 |
| Tax reclaims | 1526 | 1272 | 69691 |
| Variation margin on futures contracts |  | 39 |  |
| Other assets |  | 939 |  |
| Total assets | 11201837 | 13440297 | 223881259 |
| **LIABILITIES** |  |  |  |
| Payables: |  |  |  |
| Investments purchased | 171723 | 101987 | 576111 |
| Deferred foreign capital gain tax | 4675 |  |  |
| Investment advisory fees | 2877 | 3428 | 33879 |
| Variation margin on futures contracts |  |  | 1831 |
| Total liabilities | 179275 | 105415 | 611821 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $11022562 | $13334882 | $223269438 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $7732391 | $9487582 | $186655049 |
| Accumulated earnings | 3290171 | 3847300 | 36614389 |
| NET ASSETS | $11022562 | $13334882 | $223269438 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 320000 | 360000 | 7500000 |
| Net asset value | $34.45 | $37.04 | $29.77 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $7895407 | $10245399 | $186122490 |
| <sup>(b)</sup> Investments, at cost—affiliated | $— | $— | $240000 |
| <sup>(c)</sup> Foreign currency, at cost | $24185 | $33981 | $190210 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>MSCI <br> Emerging <br> Markets <br> Quality <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets <br> Value Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Quality <br> Factor ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $87903 | &nbsp;&nbsp;&nbsp; $109337 | &nbsp;&nbsp;&nbsp; $1191317 |
| Dividends—affiliated | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 4452 |
| Interest—unaffiliated | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 950 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 1487 |
| Foreign taxes withheld | &nbsp;&nbsp; (9941)<br>| &nbsp;&nbsp;&nbsp; (12156)<br>| &nbsp;&nbsp;&nbsp; (40016)<br>|
| Total investment income | &nbsp;&nbsp; 78310 | &nbsp;&nbsp;&nbsp; 97466 | &nbsp;&nbsp;&nbsp; 1158190 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 17014 | &nbsp;&nbsp;&nbsp; 17370 | &nbsp;&nbsp;&nbsp; 206554 |
| Commitment costs | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 183 |
| Interest expense | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 85 |
| Total expenses | &nbsp;&nbsp; 17133 | &nbsp;&nbsp;&nbsp; 17596 | &nbsp;&nbsp;&nbsp; 206822 |
| Less: |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (101)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 17133 | &nbsp;&nbsp;&nbsp; 17596 | &nbsp;&nbsp;&nbsp; 206721 |
| Net investment income | &nbsp;&nbsp; 61177 | &nbsp;&nbsp;&nbsp; 79870 | &nbsp;&nbsp;&nbsp; 951469 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 192377 | &nbsp;&nbsp;&nbsp; 1035210 | &nbsp;&nbsp;&nbsp; 1330484 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (54)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (311)<br>| &nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp; (277)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 43998 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 402408 |
|  | &nbsp;&nbsp; 192066 | &nbsp;&nbsp;&nbsp; 1035532 | &nbsp;&nbsp;&nbsp; 1776559 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 2163267 | &nbsp;&nbsp;&nbsp; 2001210 | &nbsp;&nbsp;&nbsp; 25719155 |
| Foreign currency translations | &nbsp;&nbsp; 799 | &nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp; 5201 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1146 | &nbsp;&nbsp;&nbsp; (4524)<br>|
|  | &nbsp;&nbsp; 2164066 | &nbsp;&nbsp;&nbsp; 2002818 | &nbsp;&nbsp;&nbsp; 25719832 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2356132 | &nbsp;&nbsp;&nbsp; 3038350 | &nbsp;&nbsp;&nbsp; 27496391 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $2417309 | &nbsp;&nbsp;&nbsp; $3118220 | &nbsp;&nbsp;&nbsp; $28447860 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $997 | &nbsp;&nbsp;&nbsp; $40 | &nbsp;&nbsp;&nbsp; $(1785)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction/increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(4675)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9694 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Emerging Markets Quality <br> Factor ETF  | iShares <br>MSCI Emerging Markets Quality <br> Factor ETF  | iShares <br>MSCI Emerging Markets Value <br> Factor ETF  | iShares <br>MSCI Emerging Markets Value <br> Factor ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>09/04/24<sup>(a)</sup> <br>to 08/31/25 <br> 08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Period From <br>09/04/24<sup>(a)</sup> <br>to 08/31/25 <br> 08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $61177 | &nbsp;&nbsp;&nbsp; $180508 | &nbsp;&nbsp;&nbsp; $79870 | &nbsp;&nbsp;&nbsp; $286564 |
| Net realized gain (loss) | &nbsp;&nbsp; 192066 | &nbsp;&nbsp;&nbsp; 87520 | &nbsp;&nbsp;&nbsp; 1035532 | &nbsp;&nbsp;&nbsp; (33773)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2164066 | &nbsp;&nbsp;&nbsp; 945731 | &nbsp;&nbsp;&nbsp; 2002818 | &nbsp;&nbsp;&nbsp; 1052214 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2417309 | &nbsp;&nbsp;&nbsp; 1213759 | &nbsp;&nbsp;&nbsp; 3118220 | &nbsp;&nbsp;&nbsp; 1305005 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (199285 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (141612)<br>| &nbsp;&nbsp;&nbsp; (359266 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (216659)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7732391 | &nbsp;&nbsp;&nbsp; 2122492 | &nbsp;&nbsp;&nbsp; 7365090 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 2218024 | &nbsp;&nbsp;&nbsp; 8804538 | &nbsp;&nbsp;&nbsp; 4881446 | &nbsp;&nbsp;&nbsp; 8453436 |
| Beginning of period | &nbsp;&nbsp; 8804538 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8453436 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $11022562 | &nbsp;&nbsp;&nbsp; $8804538 | &nbsp;&nbsp;&nbsp; $13334882 | &nbsp;&nbsp;&nbsp; $8453436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI Global Quality Factor ETF  | iShares <br>MSCI Global Quality Factor ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>12/11/24<sup>(a)</sup> <br>to 08/31/25 <br> 08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $951469 | &nbsp;&nbsp;&nbsp; $1616002 |
| Net realized gain (loss) | &nbsp;&nbsp; 1776559 | &nbsp;&nbsp;&nbsp; (1376672)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 25719832 | &nbsp;&nbsp;&nbsp; 10894378 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 28447860 | &nbsp;&nbsp;&nbsp; 11133708 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1024796 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (1234283)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 196692 | &nbsp;&nbsp;&nbsp; 185750257 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 27619756 | &nbsp;&nbsp;&nbsp; 195649682 |
| Beginning of period | &nbsp;&nbsp; 195649682 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $223269438 | &nbsp;&nbsp;&nbsp; $195649682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares MSCI Emerging Markets Quality Factor ETF  | iShares MSCI Emerging Markets Quality Factor ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>09/04/24<sup>(a)</sup> <br>to 08/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $27.51 | &nbsp;&nbsp;&nbsp; $24.12 |
| Net investment income<sup>(b)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gain<sup>(c)</sup> | 7.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 |
| Net increase from investment operations | 7.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 |
| **Distributions**<sup>(d)</sup> <br>|  |  |
| From net investment income | &nbsp;&nbsp; (0.33 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| From net realized gain | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $34.45 | &nbsp;&nbsp;&nbsp; $27.51 |
| **Total Return**<sup>(f)</sup> <br>|  |  |
| Based on net asset value | 27.84 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.07 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |
| Total expenses | 0.35 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(i)</sup><br>|
| Net investment income | 1.26 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $11023 | &nbsp;&nbsp;&nbsp; $8805 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares MSCI Emerging Markets Value Factor ETF  | iShares MSCI Emerging Markets Value Factor ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>09/04/24<sup>(a)</sup> <br>to 08/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $28.18 | &nbsp;&nbsp;&nbsp; $24.46 |
| Net investment income<sup>(b)</sup> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net realized and unrealized gain<sup>(c)</sup> | 9.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 |
| Net increase from investment operations | 10.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.20 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.72)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $37.04 | &nbsp;&nbsp;&nbsp; $28.18 |
| **Total Return**<sup>(f)</sup> <br>|  |  |
| Based on net asset value | 36.57 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.40 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |
| Total expenses | 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(i)</sup><br>|
| Net investment income | 1.61 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $13335 | &nbsp;&nbsp;&nbsp; $8453 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares MSCI Global Quality Factor ETF  | iShares MSCI Global Quality Factor ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>12/11/24<sup>(a)</sup> <br>to 08/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $26.09 | &nbsp;&nbsp;&nbsp; $25.12 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain<sup>(c)</sup> | 3.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net increase from investment operations | 3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.14 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $29.77 | &nbsp;&nbsp;&nbsp; $26.09 |
| **Total Return**<sup>(f)</sup> <br>|  |  |
| Based on net asset value | 14.68 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.20 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18 %<sup>(i)</sup><br>|
| Net investment income | 0.92 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $223269 | &nbsp;&nbsp;&nbsp; $195650 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; Non-diversified |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; Non-diversified |
| MSCI Global Quality Factor | &nbsp;&nbsp; Non-diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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.

***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, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| MSCI Emerging Markets Quality Factor | 0.35% |
| MSCI Emerging Markets Value Factor | 0.35 |
| MSCI Global Quality Factor | 0.20 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and any other fund expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares MSCI Global Quality Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2029 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other iShares funds.

The amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2026, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI Global Quality Factor | &nbsp;&nbsp; $101 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be,

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specific threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $22 |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 23 |
| MSCI Global Quality Factor | &nbsp;&nbsp; 581 |

---

**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.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $1320526 | &nbsp;&nbsp;&nbsp; $1439639 |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 4685046 | &nbsp;&nbsp;&nbsp; 3118251 |
| MSCI Global Quality Factor | &nbsp;&nbsp; 21074258 | &nbsp;&nbsp;&nbsp; 20856331 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; $280694 | &nbsp;&nbsp;&nbsp; $— |
| MSCI Global Quality Factor | &nbsp;&nbsp; 2513614 | &nbsp;&nbsp;&nbsp; 2397638 |

---

***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 February 28, 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Capital* <br>*Losses*<sup>(b)</sup> <br>|
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(38004)<br>|
| MSCI Global Quality Factor | &nbsp;&nbsp; (2056573)<br>| &nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of February 28, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $7919868 | &nbsp;&nbsp;&nbsp; $3595814 | &nbsp;&nbsp;&nbsp; $(506602) | &nbsp;&nbsp;&nbsp; $3089212 |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 10352632 | &nbsp;&nbsp;&nbsp; 3371845 | &nbsp;&nbsp;&nbsp; (424562) | &nbsp;&nbsp;&nbsp; 2947283 |
| MSCI Global Quality Factor | &nbsp;&nbsp; 186412309 | &nbsp;&nbsp;&nbsp; 47601503 | &nbsp;&nbsp;&nbsp; (11046919) | &nbsp;&nbsp;&nbsp; 36554584 |

---

***8. LINE OF CREDIT***

The iShares MSCI Emerging Markets Quality Factor ETF and iShares MSCI Emerging Markets Value Factor ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the six months ended February 28, 2026, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $150000 | &nbsp;&nbsp;&nbsp; $1657 | &nbsp;&nbsp;&nbsp;&nbsp;5.09% |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 1657 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
| MSCI Global Quality Factor | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 3315 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |

---

***9. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject 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 the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***10. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Period Ended <br>08/31/25 | Period Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Emerging Markets Quality Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; $7732391 |
| MSCI Emerging Markets Value Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; $2122492 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $7365090 |
| MSCI Global Quality Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $2942461 | &nbsp;&nbsp;&nbsp; 7900000 | &nbsp;&nbsp;&nbsp; $195712635 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2745769)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (9962378)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $196692 | &nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; $185750257 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***11. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| S&P | Standard & Poor's |

---

Glossary of Terms Used in this Report

------

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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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©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.

![](g839764imgf4f218ea2.gif)

![](g839764img36db48783.gif)

------

February 28, 2026

![](g839764imgcbe5cde21.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares ESG Aware MSCI EAFE ETF \| ESGD \| NASDAQ |
| • iShares ESG MSCI EM Leaders ETF \| LDEM \| NASDAQ |
| • iShares MSCI Global Sustainable Development Goals ETF \| SDG \| NASDAQ |
| • iShares MSCI World Small-Cap ETF \| WSML \| NASDAQ |
| • iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF \| PABD \| NASDAQ |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_616d6a23-b28a-4d30-9f3a-8f23ac71dc32_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_616d6a23-b28a-4d30-9f3a-8f23ac71dc32_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 59 |
| [Statements of Operations](#xx_616d6a23-b28a-4d30-9f3a-8f23ac71dc32_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 62 |
| [Statements of Changes in Net Assets](#xx_616d6a23-b28a-4d30-9f3a-8f23ac71dc32_FS-Footer-iSharesReport_6)  | &nbsp;&nbsp; 64 |
| [Financial Highlights](#xx_616d6a23-b28a-4d30-9f3a-8f23ac71dc32_FS-Footer-iSharesReport_9)  | &nbsp;&nbsp; 67 |
| [Notes to Financial Statements](#xx_616d6a23-b28a-4d30-9f3a-8f23ac71dc32_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 72 |
| [Additional Information](#xx_616d6a23-b28a-4d30-9f3a-8f23ac71dc32_SAI-Footer-iSharesReport-382_1)  | &nbsp;&nbsp; 83 |
| [Glossary of Terms Used in these Financial Statements](#xx_616d6a23-b28a-4d30-9f3a-8f23ac71dc32_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 84 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® ESG Aware MSCI EAFE ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 6.7%** | **Australia — 6.7%** | **Australia — 6.7%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 1138545 | $32403790 |
| APA Group | &nbsp;&nbsp; 2172748 | 14220480 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 749415 | 25620007 |
| ASX Ltd. | &nbsp;&nbsp; 452548 | 17054080 |
| BHP Group Ltd. | &nbsp;&nbsp; 2380856 | 96603862 |
| Brambles Ltd. | &nbsp;&nbsp; 1919473 | 34232109 |
| Cochlear Ltd. | &nbsp;&nbsp; 135755 | 19223522 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 867824 | 107672219 |
| CSL Ltd. | &nbsp;&nbsp; 256795 | 26882989 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 1097038 | 13015318 |
| Fortescue Ltd. | &nbsp;&nbsp; 857066 | 12874176 |
| Lottery Corp. Ltd.(The) | &nbsp;&nbsp; 5491153 | 21536148 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 243580 | 36965785 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 1275005 | 44437205 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 879886 | 19286879 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 1589290 | 24680694 |
| REA Group Ltd. | &nbsp;&nbsp; 99159 | 11731252 |
| Santos Ltd. | &nbsp;&nbsp; 2697902 | 13001617 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 5996074 | 12086067 |
| South32 Ltd. | &nbsp;&nbsp; 3746788 | 12274035 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 1529091 | 15915471 |
| Transurban Group | &nbsp;&nbsp; 4887131 | 49822850 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 357532 | 20255309 |
| Westpac Banking Corp. | &nbsp;&nbsp; 1808436 | 54667322 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 1836695 | 37499769 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 207708 | 12261181 |
|  |  | 786224136 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| BAWAG Group AG<sup>(b)</sup> | &nbsp;&nbsp; 63391 | 9818179 |
| Erste Group Bank AG | &nbsp;&nbsp; 146375 | 17373861 |
| Verbund AG | &nbsp;&nbsp; 192880 | 13733806 |
|  |  | 40925846 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 628979 | 51145552 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 29669 | 22952788 |
| KBC Group NV | &nbsp;&nbsp; 249501 | 33790660 |
| UCB SA | &nbsp;&nbsp; 79195 | 23788864 |
|  |  | 131677864 |
| **Denmark — 1.4%** | **Denmark — 1.4%** | **Denmark — 1.4%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 4748 | 11637991 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 81766 | 12720069 |
| DSV A/S | &nbsp;&nbsp; 97811 | 25247117 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 37539 | 11052474 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 1581452 | 59816092 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 507128 | 11947313 |
| Pandora A/S | &nbsp;&nbsp; 135719 | 10728639 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 757071 | 19353987 |
|  |  | 162503682 |
| **Finland — 1.6%** | **Finland — 1.6%** | **Finland — 1.6%** |
| Elisa OYJ | &nbsp;&nbsp; 376741 | 19350972 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 778841 | 19192136 |
| Metso OYJ | &nbsp;&nbsp; 929621 | 19326569 |
| Neste OYJ | &nbsp;&nbsp; 581429 | 14529242 |
| Nokia OYJ | &nbsp;&nbsp; 4221668 | 32401376 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 2191341 | 24286827 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 849446 | 11522446 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 715750 | 22793205 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 588559 | 25557933 |
|  |  | 188960706 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France — 9.5%** | **France — 9.5%** | **France — 9.5%** |
| Airbus SE | &nbsp;&nbsp; 249905 | $54267593 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 486055 | 16169534 |
| AXA SA | &nbsp;&nbsp; 1545108 | 75559005 |
| Ayvens SA<sup>(b)</sup> | &nbsp;&nbsp; 845987 | 10739167 |
| BNP Paribas SA | &nbsp;&nbsp; 603346 | 67744681 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 168100 | 17035549 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 828347 | 33499353 |
| Covivio SA/France | &nbsp;&nbsp; 324834 | 23809641 |
| Credit Agricole SA | &nbsp;&nbsp; 533361 | 11783527 |
| Danone SA | &nbsp;&nbsp; 703475 | 60498129 |
| Dassault Systemes SE | &nbsp;&nbsp; 1240916 | 27174519 |
| Eiffage SA | &nbsp;&nbsp; 145678 | 25121070 |
| Engie SA | &nbsp;&nbsp; 636933 | 21759592 |
| EssilorLuxottica SA | &nbsp;&nbsp; 239113 | 63290063 |
| Eurofins Scientific SE | &nbsp;&nbsp; 148372 | 11955849 |
| Getlink SE | &nbsp;&nbsp; 790509 | 17163747 |
| Hermes International SCA | &nbsp;&nbsp; 8580 | 20621716 |
| Kering SA | &nbsp;&nbsp; 45511 | 15261592 |
| Legrand SA | &nbsp;&nbsp; 140921 | 25524612 |
| L'Oreal SA | &nbsp;&nbsp; 130222 | 61015011 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 120902 | 77258834 |
| Rexel SA | &nbsp;&nbsp; 794555 | 34410512 |
| Safran SA | &nbsp;&nbsp; 29270 | 11788164 |
| Sanofi SA | &nbsp;&nbsp; 351804 | 34406890 |
| Schneider Electric SE | &nbsp;&nbsp; 365533 | 119459767 |
| Societe Generale SA | &nbsp;&nbsp; 629728 | 54572600 |
| STMicroelectronics NV | &nbsp;&nbsp; 612061 | 20421450 |
| TotalEnergies SE | &nbsp;&nbsp; 864735 | 69266661 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 220378 | 27610637 |
|  |  | 1109189465 |
| **Germany — 8.5%** | **Germany — 8.5%** | **Germany — 8.5%** |
| adidas AG | &nbsp;&nbsp; 123011 | 22822848 |
| Allianz SE, Registered | &nbsp;&nbsp; 175781 | 78939241 |
| Bayer AG, Registered | &nbsp;&nbsp; 573422 | 28373392 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 177734 | 18627133 |
| Beiersdorf AG | &nbsp;&nbsp; 167130 | 21141250 |
| Commerzbank AG | &nbsp;&nbsp; 404507 | 16410696 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 1181343 | 41882322 |
| Deutsche Boerse AG | &nbsp;&nbsp; 117594 | 32137606 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 765062 | 30725002 |
| E.ON SE | &nbsp;&nbsp; 650790 | 15133399 |
| Evonik Industries AG | &nbsp;&nbsp; 611945 | 10639995 |
| GEA Group AG | &nbsp;&nbsp; 439409 | 34068975 |
| Heidelberg Materials AG | &nbsp;&nbsp; 68109 | 15174169 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 510143 | 46202590 |
| HOCHTIEF AG | &nbsp;&nbsp; 30875 | 14892908 |
| Infineon Technologies AG | &nbsp;&nbsp; 971554 | 52361734 |
| LEG Immobilien SE | &nbsp;&nbsp; 136219 | 11395712 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 159742 | 11052329 |
| Merck KGaA | &nbsp;&nbsp; 276046 | 41825320 |
| MTU Aero Engines AG | &nbsp;&nbsp; 24044 | 10363852 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 62974 | 41098283 |
| Rheinmetall AG | &nbsp;&nbsp; 24711 | 48882647 |
| SAP SE | &nbsp;&nbsp; 653164 | 131215612 |
| Siemens AG, Registered | &nbsp;&nbsp; 448372 | 129644000 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 354222 | 68604873 |
| Vonovia SE | &nbsp;&nbsp; 605027 | 20514951 |
|  |  | 994130839 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| AIA Group Ltd. | &nbsp;&nbsp; 5910200 | 65198513 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Aware MSCI EAFE ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 6594500 | $37718917 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 818700 | 43738996 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 5936500 | 28271980 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 17514000 | 28548015 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 752500 | 13989454 |
|  |  | 217465875 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| AIB Group PLC | &nbsp;&nbsp; 1329018 | 13794939 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 931439 | 18136318 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 323612 | 28754716 |
|  |  | 60685973 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 1770140 | 44675005 |
| Check Point Software Technologies Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 71400 | 10857798 |
| CyberArk Software Ltd., NVS | &nbsp;&nbsp; 39887 | 1794915 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 27113 | 20940516 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 5 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 201830 | 15121597 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 115640 | 13242866 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 440770 | 14924472 |
|  |  | 121557174 |
| **Italy — 3.0%** | **Italy — 3.0%** | **Italy — 3.0%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 590812 | 12672058 |
| Banco BPM SpA | &nbsp;&nbsp; 770289 | 11346470 |
| BPER Banca SpA | &nbsp;&nbsp; 830269 | 11693452 |
| Enel SpA | &nbsp;&nbsp; 4877285 | 58649094 |
| Eni SpA | &nbsp;&nbsp; 1060997 | 24779304 |
| Generali | &nbsp;&nbsp; 1191341 | 50728598 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 8329237 | 57151462 |
| Leonardo SpA | &nbsp;&nbsp; 222411 | 14984066 |
| Moncler SpA | &nbsp;&nbsp; 483823 | 33375646 |
| Prysmian SpA | &nbsp;&nbsp; 134515 | 16202454 |
| UniCredit SpA | &nbsp;&nbsp; 687240 | 58516667 |
|  |  | 350099271 |
| **Japan — 23.0%** | **Japan — 23.0%** | **Japan — 23.0%** |
| Advantest Corp. | &nbsp;&nbsp; 400300 | 69319707 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 965700 | 13748103 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 712200 | 22652313 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 1661300 | 36224322 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 1430200 | 15571502 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 1572800 | 18536124 |
| Asics Corp. | &nbsp;&nbsp; 479100 | 14682361 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 783700 | 13041947 |
| Bridgestone Corp. | &nbsp;&nbsp; 3040200 | 73390644 |
| Canon, Inc. | &nbsp;&nbsp; 361500 | 10925186 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 387400 | 26122504 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 284800 | 11755829 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 2126400 | 21819729 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 1144800 | 22546844 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 88800 | 11282478 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 3675800 | 38630061 |
| Disco Corp. | &nbsp;&nbsp; 53400 | 25675009 |
| East Japan Railway Co. | &nbsp;&nbsp; 474600 | 11722853 |
| Ebara Corp. | &nbsp;&nbsp; 388500 | 13645439 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 349000 | 11749611 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 4294900 | 40976122 |
| FANUC Corp. | &nbsp;&nbsp; 895100 | 40530227 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 96100 | 42136257 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 175700 | 15573126 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 602800 | 12395984 |
| Fujikura Ltd. | &nbsp;&nbsp; 81700 | 13950481 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Fujitsu Ltd. | &nbsp;&nbsp; 1637300 | $36500177 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 785300 | 22905526 |
| Hitachi Ltd. | &nbsp;&nbsp; 2739600 | 89687066 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 1094600 | 10965091 |
| Hoya Corp. | &nbsp;&nbsp; 263300 | 47559291 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 203900 | 12398957 |
| IHI Corp. | &nbsp;&nbsp; 471800 | 12907324 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 892000 | 16625058 |
| ITOCHU Corp. | &nbsp;&nbsp; 5440700 | 78774943 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 1102300 | 15001126 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 665700 | 13032443 |
| JFE Holdings, Inc. | &nbsp;&nbsp; 1168100 | 16443459 |
| KDDI Corp. | &nbsp;&nbsp; 3306500 | 56797427 |
| Keyence Corp. | &nbsp;&nbsp; 51400 | 21662607 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 736100 | 12777016 |
| Komatsu Ltd. | &nbsp;&nbsp; 531400 | 25507388 |
| Marubeni Corp. | &nbsp;&nbsp; 1321400 | 50567024 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 1668900 | 12384464 |
| Mitsubishi Corp. | &nbsp;&nbsp; 1727800 | 58305536 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 1190600 | 45317808 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 347200 | 11708718 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 1592200 | 50755970 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 4970600 | 92274185 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 1584600 | 70695297 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 702200 | 19567789 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 890800 | 23294343 |
| NEC Corp. | &nbsp;&nbsp; 1227800 | 34038643 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 356480 | 20162287 |
| Nitto Denko Corp. | &nbsp;&nbsp; 489500 | 11351722 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 2572500 | 23883238 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 472200 | 12955356 |
| Obayashi Corp. | &nbsp;&nbsp; 420600 | 11873928 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 1480100 | 26665960 |
| ORIX Corp. | &nbsp;&nbsp; 501300 | 17595179 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 162400 | 11191032 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 2210200 | 35641803 |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2045500 | 10859240 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 1010400 | 43967826 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 1117600 | 21076596 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 914400 | 11157339 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 295900 | 10848736 |
| Secom Co. Ltd. | &nbsp;&nbsp; 298600 | 11584902 |
| Sekisui House Ltd. | &nbsp;&nbsp; 910900 | 22253422 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 751800 | 10602292 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 643800 | 25347411 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 521400 | 12311447 |
| SoftBank Group Corp. | &nbsp;&nbsp; 2079700 | 53252674 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 833500 | 33068775 |
| Sony Group Corp. | &nbsp;&nbsp; 4166300 | 95775986 |
| Subaru Corp. | &nbsp;&nbsp; 556500 | 10438325 |
| Sumitomo Corp. | &nbsp;&nbsp; 273300 | 11605178 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 200300 | 13235660 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 309400 | 25128863 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 2524300 | 95255911 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 733100 | 27437881 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 1097800 | 45593434 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 278500 | 78362819 |
| Tokyu Corp. | &nbsp;&nbsp; 2038200 | 26070531 |
| Toray Industries, Inc. | &nbsp;&nbsp; 2869800 | 24574714 |
| Toyota Motor Corp. | &nbsp;&nbsp; 4005600 | 97049101 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 4201400 | 33409400 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 788300 | 31442907 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Aware MSCI EAFE ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 1667200 | $18000988 |
| ZOZO, Inc. | &nbsp;&nbsp; 2076200 | 15090344 |
|  |  | 2693182646 |
| **Netherlands — 5.5%** | **Netherlands — 5.5%** | **Netherlands — 5.5%** |
| Aegon Ltd. | &nbsp;&nbsp; 1378316 | 10489459 |
| Akzo Nobel NV | &nbsp;&nbsp; 175344 | 12317711 |
| ASM International NV | &nbsp;&nbsp; 20309 | 17128355 |
| ASML Holding NV | &nbsp;&nbsp; 221398 | 322003056 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 52870 | 11847509 |
| DSM-Firmenich AG | &nbsp;&nbsp; 153087 | 10933427 |
| Heineken NV | &nbsp;&nbsp; 127469 | 11806033 |
| ING Groep NV | &nbsp;&nbsp; 2396333 | 69141236 |
| JDE Peet's NV | &nbsp;&nbsp; 304739 | 11424512 |
| Koninklijke KPN NV | &nbsp;&nbsp; 8282860 | 47084875 |
| NN Group NV | &nbsp;&nbsp; 338784 | 27786231 |
| Prosus NV | &nbsp;&nbsp; 765270 | 39335198 |
| QIAGEN NV | &nbsp;&nbsp; 363222 | 18059111 |
| Universal Music Group NV | &nbsp;&nbsp; 629643 | 14177910 |
| Wolters Kluwer NV | &nbsp;&nbsp; 243811 | 19696402 |
|  |  | 643231025 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Meridian Energy Ltd. | &nbsp;&nbsp; 5382133 | 18247302 |
| **Norway — 1.2%** | **Norway — 1.2%** | **Norway — 1.2%** |
| DNB Bank ASA | &nbsp;&nbsp; 1036725 | 32816916 |
| Equinor ASA | &nbsp;&nbsp; 465478 | 13947658 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 442097 | 17927626 |
| Mowi ASA | &nbsp;&nbsp; 895403 | 21152462 |
| Norsk Hydro ASA | &nbsp;&nbsp; 1348258 | 12509712 |
| Orkla ASA | &nbsp;&nbsp; 2110854 | 28897692 |
| Telenor ASA | &nbsp;&nbsp; 669092 | 12406100 |
|  |  | 139658166 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| EDP SA | &nbsp;&nbsp; 4159725 | 22132007 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 1148062 | 24911677 |
|  |  | 47043684 |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 10564200 | 25528950 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 947010 | 42658242 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2801565 | 11822604 |
| Keppel Ltd. | &nbsp;&nbsp; 2232400 | 23057586 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 1927000 | 32610961 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 110025 | 11932211 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 466700 | 13617117 |
| Wilmar International Ltd. | &nbsp;&nbsp; 4912600 | 13657444 |
|  |  | 174885115 |
| **Spain — 4.1%** | **Spain — 4.1%** | **Spain — 4.1%** |
| Acciona SA | &nbsp;&nbsp; 47724 | 13850335 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 88479 | 11416873 |
| Amadeus IT Group SA | &nbsp;&nbsp; 641447 | 39674749 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 3016020 | 69855850 |
| Banco Santander SA | &nbsp;&nbsp; 5473244 | 69028904 |
| CaixaBank SA | &nbsp;&nbsp; 4360094 | 53739340 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 568324 | 21599561 |
| Endesa SA | &nbsp;&nbsp; 593231 | 24201572 |
| Iberdrola SA | &nbsp;&nbsp; 4218240 | 99564211 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 626702 | 41849518 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 449995 | 14005351 |
| Repsol SA | &nbsp;&nbsp; 980341 | 22185676 |
|  |  | 480971940 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden — 3.8%** | **Sweden — 3.8%** | **Sweden — 3.8%** |
| AddTech AB, Class B | &nbsp;&nbsp; 319574 | $11812723 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 1626517 | 34993288 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 779846 | 61816606 |
| Epiroc AB, Class A | &nbsp;&nbsp; 330613 | 9931779 |
| Epiroc AB, Class B | &nbsp;&nbsp; 557499 | 14494926 |
| EQT AB | &nbsp;&nbsp; 563356 | 17363312 |
| Essity AB, Class B | &nbsp;&nbsp; 677607 | 21523833 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 227714 | 13715303 |
| Hexagon AB, Class B | &nbsp;&nbsp; 1118798 | 12727705 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 2574776 | 10520722 |
| Nordea Bank Abp | &nbsp;&nbsp; 907883 | 17568020 |
| Saab AB, Class B | &nbsp;&nbsp; 308260 | 22508218 |
| Sandvik AB | &nbsp;&nbsp; 1113520 | 49074157 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 61432 | 31633794 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 1909820 | 25927409 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 1016154 | 16245548 |
| Swedbank AB, Class A | &nbsp;&nbsp; 321409 | 12346306 |
| Tele2 AB, Class B | &nbsp;&nbsp; 542881 | 11457047 |
| Telia Co. AB | &nbsp;&nbsp; 6962694 | 35745124 |
| Volvo AB, Class B | &nbsp;&nbsp; 336493 | 13092403 |
|  |  | 444498223 |
| **Switzerland — 10.0%** | **Switzerland — 10.0%** | **Switzerland — 10.0%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 1215188 | 113177998 |
| Alcon AG | &nbsp;&nbsp; 544605 | 47210901 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 11310 | 11272460 |
| Galderma Group AG | &nbsp;&nbsp; 57518 | 10854221 |
| Geberit AG, Registered | &nbsp;&nbsp; 18118 | 15234644 |
| Givaudan SA, Registered | &nbsp;&nbsp; 6859 | 27548424 |
| Holcim AG | &nbsp;&nbsp; 186115 | 17109780 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 242896 | 20653427 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 50369 | 11719721 |
| Logitech International SA, Registered | &nbsp;&nbsp; 202911 | 18615716 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 64327 | 44742159 |
| Nestle SA, Registered | &nbsp;&nbsp; 1275948 | 139410588 |
| Novartis AG, Registered | &nbsp;&nbsp; 1207407 | 203015517 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 43893 | 21756016 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 323759 | 154077364 |
| SGS SA | &nbsp;&nbsp; 158737 | 20052523 |
| Sika AG, Registered | &nbsp;&nbsp; 56324 | 11633889 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 77671 | 20249244 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 27373 | 31346393 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 192410 | 36715621 |
| Swiss Re AG | &nbsp;&nbsp; 186455 | 32823390 |
| UBS Group AG, Registered | &nbsp;&nbsp; 1694753 | 70416717 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 26031 | 18359271 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 102185 | 77080664 |
|  |  | 1175076648 |
| **United Kingdom — 14.1%** | **United Kingdom — 14.1%** | **United Kingdom — 14.1%** |
| 3i Group PLC | &nbsp;&nbsp; 825112 | 36862607 |
| Admiral Group PLC | &nbsp;&nbsp; 313907 | 12540422 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 492896 | 24591846 |
| Antofagasta PLC | &nbsp;&nbsp; 364232 | 20926126 |
| Ashtead Group PLC | &nbsp;&nbsp; 263948 | 18905751 |
| Associated British Foods PLC | &nbsp;&nbsp; 415060 | 11054021 |
| AstraZeneca PLC | &nbsp;&nbsp; 679711 | 143033452 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 2238318 | 14826510 |
| Aviva PLC | &nbsp;&nbsp; 3690082 | 34005693 |
| BAE Systems PLC | &nbsp;&nbsp; 1977899 | 56479975 |
| Barclays PLC | &nbsp;&nbsp; 7589062 | 46063446 |
| BP PLC | &nbsp;&nbsp; 3540786 | 22949288 |
| Diageo PLC | &nbsp;&nbsp; 2072680 | 46483037 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Aware MSCI EAFE ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Endeavour Mining PLC | &nbsp;&nbsp; 196481 | $14038173 |
| Entain PLC | &nbsp;&nbsp; 1387521 | 10750436 |
| Glencore PLC | &nbsp;&nbsp; 3049158 | 22032040 |
| GSK PLC | &nbsp;&nbsp; 1903785 | 56567708 |
| Haleon PLC | &nbsp;&nbsp; 3318588 | 18215525 |
| HSBC Holdings PLC | &nbsp;&nbsp; 8460433 | 158134066 |
| Informa PLC | &nbsp;&nbsp; 2883159 | 32563173 |
| J Sainsbury PLC | &nbsp;&nbsp; 5075079 | 23869625 |
| Kingfisher PLC | &nbsp;&nbsp; 3280875 | 16502894 |
| Land Securities Group PLC | &nbsp;&nbsp; 1332709 | 11578229 |
| Legal & General Group PLC | &nbsp;&nbsp; 7775637 | 28402485 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 31487188 | 43012020 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 379062 | 45162763 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 2161404 | 11555072 |
| National Grid PLC | &nbsp;&nbsp; 3940364 | 73710984 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 4051597 | 33638047 |
| Next PLC | &nbsp;&nbsp; 63409 | 11555628 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 1208182 | 12479008 |
| Prudential PLC | &nbsp;&nbsp; 803248 | 12302946 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 257852 | 22716480 |
| RELX PLC | &nbsp;&nbsp; 1566975 | 54739721 |
| Rio Tinto PLC | &nbsp;&nbsp; 149508 | 14811717 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 3878353 | 69740866 |
| Sage Group PLC(The) | &nbsp;&nbsp; 1510263 | 16618537 |
| Segro PLC | &nbsp;&nbsp; 1646246 | 18636101 |
| Shell PLC | &nbsp;&nbsp; 2385329 | 99904432 |
| Smiths Group PLC | &nbsp;&nbsp; 991245 | 36646696 |
| SSE PLC | &nbsp;&nbsp; 1189363 | 42989975 |
| Standard Chartered PLC | &nbsp;&nbsp; 867009 | 21386865 |
| Tesco PLC | &nbsp;&nbsp; 4264684 | 27607569 |
| Unilever PLC | &nbsp;&nbsp; 1213641 | 89180862 |
| Vodafone Group PLC | &nbsp;&nbsp; 7764353 | 11955782 |
|  |  | 1651728599 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $7,600,805,178)** | **Total Common Stocks — 99.4%** <br>**(Cost: $7,600,805,178)** | 11631944179 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 115970 | $12102604 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $9,821,641)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $9,821,641)** | 12102604 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $7,610,626,819)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $7,610,626,819)** | 11644046783 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 177594 | 177683 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 2510000 | 2510000 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $2,687,683)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $2,687,683)** | 2687683 |
| **Total Investments — 99.5%** <br>**(Cost: $7,613,314,502)** | **Total Investments — 99.5%** <br>**(Cost: $7,613,314,502)** | 11646734466 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 55179587 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $11701914053 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $11263396 | $— | &nbsp;&nbsp; $(11085896 )<sup>(a)</sup><br>| $183 | $— | $177683 | 177594 | $77911 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1660000 | 850000 <br><sup>(a)</sup><br>|  |  |  | 2510000 | 2510000 | 62829 |  |
|  |  |  |  | $183 | $— | $2687683 |  | $140740 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Aware MSCI EAFE ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | 53 | 03/12/26 | &nbsp;&nbsp; $13333 | $792628 |
| SPI 200 Index | 37 | 03/19/26 | &nbsp;&nbsp; 6037 | 203052 |
| Euro STOXX 50 | 293 | 03/20/26 | &nbsp;&nbsp; 21302 | 612057 |
| FTSE 100 Index | 78 | 03/20/26 | &nbsp;&nbsp; 11470 | 723760 |
|  |  |  |  | $2331497 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2331497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2331497 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7157323 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7157323 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1243433 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1243433 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $65463336 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $217938569 | &nbsp;&nbsp; $11414005610 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11631944179 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 12102604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12102604 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Aware MSCI EAFE ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $2687683 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2687683 |
|  | &nbsp;&nbsp; $220626252 | &nbsp;&nbsp; $11426108214 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11646734466 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $815109 | &nbsp;&nbsp; $1516388 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2331497 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 2.4%** | **Brazil — 2.4%** | **Brazil — 2.4%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 40749 | $142282 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 3733 | 112059 |
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 13767 | 39369 |
| CPFL Energia SA | &nbsp;&nbsp; 1821 | 17885 |
| Energisa SA | &nbsp;&nbsp; 2372 | 24916 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 2326 | 15281 |
| Equatorial SA | &nbsp;&nbsp; 9229 | 75809 |
| Klabin SA | &nbsp;&nbsp; 6241 | 25030 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 7120 | 70499 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 7873 | 25570 |
| PRIO SA/Brazil<sup>(a)</sup> | &nbsp;&nbsp; 6337 | 67356 |
| Raia Drogasil SA | &nbsp;&nbsp; 10253 | 50160 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 6212 | 48833 |
| Rumo SA | &nbsp;&nbsp; 10058 | 31332 |
| TIM SA/Brazil | &nbsp;&nbsp; 6500 | 35375 |
| TOTVS SA | &nbsp;&nbsp; 4102 | 30278 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 5632 | 28344 |
|  |  | 840378 |
| **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** |
| Empresas CMPC SA | &nbsp;&nbsp; 8896 | 13184 |
| Empresas Copec SA | &nbsp;&nbsp; 2900 | 23938 |
| Enel Chile SA | &nbsp;&nbsp; 214492 | 17954 |
| Falabella SA | &nbsp;&nbsp; 4893 | 36331 |
| Latam Airlines Group SA | &nbsp;&nbsp; 2461554 | 69173 |
|  |  | 160580 |
| **China — 30.8%** | **China — 30.8%** | **China — 30.8%** |
| 37 Interactive Entertainment Network Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 1100 | 3922 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 40100 | 37406 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 211000 | 142867 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 4700 | 7252 |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6700 | 8217 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 86716 | 1569277 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44000 | 31274 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 1700 | 6335 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 9500 | 29769 |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17100 | 265620 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 9100 | 9549 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 6600 | 162930 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 1960 | 54713 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1700 | 18880 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 36000 | 22317 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 2500 | 32468 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 28300 | 341159 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 9600 | 12017 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 739000 | 751854 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 28000 | 13581 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 20000 | 20692 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 22000 | 99231 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 1678 | 6591 |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3400 | 13698 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 24000 | 49455 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 9558 | 53941 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 30000 | 186621 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 10000 | 22343 |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 4300 | 6206 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 16300 | 9216 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 52000 | 26870 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 28757 | $24933 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 28500 | 52065 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 13700 | 12907 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 174000 | 121081 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 7300 | 19560 |
| China Resources Land Ltd. | &nbsp;&nbsp; 24500 | 99021 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 754 | 3174 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 92000 | 23882 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 5888 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 12600 | 7639 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 800 | 9393 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 2962 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 11300 | 42880 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 2771 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 15400 | 25724 |
| CITIC Ltd. | &nbsp;&nbsp; 31000 | 49418 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 8300 | 28979 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 27000 | 83064 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 560 | 4681 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 2040 | 101420 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 740 | 3561 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 61360 | 77240 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 6100 | 53518 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 1150 | 3417 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 9065 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 800 | 8511 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 50000 | 103216 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 2800 | 4039 |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8000 | 12191 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 1600 | 6619 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 17500 | 28675 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp; 900 | 5544 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 6600 | 18202 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 15000 | 30547 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 1529 | 83789 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 3100 | 11595 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 18200 | 61802 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 5000 | 16158 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 200 | 1738 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12000 | 53424 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1600 | 6126 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 3000 | 11231 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 900 | 4710 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 3400 | 10581 |
| Huatai Securities Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 10200 | 21814 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 140 | 2910 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 29300 | 29549 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 500000 | 411229 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 9300 | 24820 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 3000 | 11396 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11500 | 125119 |
| JD Health International, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8750 | 63329 |
| JD Logistics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14800 | 21038 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 18350 | 243609 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 5690 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 8000 | 10410 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 3000 | 24663 |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 2880 | 46310 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 15773 | 86901 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 23000 | $29513 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 8200 | 27233 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 19700 | 156212 |
| Kuang-Chi Technologies Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 900 | 6285 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 30000 | 32158 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 62000 | 76528 |
| Li Auto, Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 9604 | 84325 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16000 | 20258 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 3568 | 16176 |
| NetEase, Inc. | &nbsp;&nbsp; 13400 | 301837 |
| NIO, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14331 | 70844 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 15400 | 92912 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 1000 | 19098 |
| Orient Securities Co. Ltd./China, Class A | &nbsp;&nbsp; 3700 | 5446 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 800 | 3448 |
| Pop Mart International Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4200 | 123576 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 67000 | 42160 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 4700 | 10675 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 4764 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 800 | 12501 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 2300 | 12686 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 6700 | 6905 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 19200 | 12493 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5800 | 7678 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 3853 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp; 1300 | 3256 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1200 | 4968 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 650 | 6897 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 500 | 13535 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 300 | 2289 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 6400 | 51469 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 1900 | 3998 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 900 | 4002 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 80000 | 61691 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 10400 | 28039 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 5500 | 28954 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 960 | 20156 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 5500 | 40672 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 3792 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 25200 | 1658004 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 700 | 5772 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 10000 | 26344 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 4750 | 246516 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 2434 | 42400 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 1500 | 20303 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 37000 | 23174 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 2900 | 11757 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 15000 | 62420 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 5550 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 1092 | 15600 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 45529 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27000 | 138624 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 800 | 8178 |
| XPeng, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9600 | 84159 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10000 | 14554 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | &nbsp;&nbsp; 400 | 6837 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 2707 | 149760 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 740 | 6046 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 700 | $8766 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 300 | 7138 |
| Zhejiang Leapmotor Technology Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 4000 | 20862 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 6423 |
| Zoomlion Heavy Industry Science and Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 3800 | 5527 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp; 3182 | 76822 |
|  |  | 10642346 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Grupo Cibest SA | &nbsp;&nbsp; 1936 | 42322 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 3439 | 25206 |
|  |  | 67528 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Komercni Banka AS | &nbsp;&nbsp; 571 | 32731 |
| Moneta Money Bank AS<sup>(b)</sup> | &nbsp;&nbsp; 1887 | 18154 |
|  |  | 50885 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Commercial International Bank - Egypt(CIB) | &nbsp;&nbsp; 19278 | 53673 |
| **Greece — 1.0%** | **Greece — 1.0%** | **Greece — 1.0%** |
| Alpha Bank SA | &nbsp;&nbsp; 12335 | 54255 |
| Eurobank SA | &nbsp;&nbsp; 19447 | 90107 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 1239 | 25737 |
| National Bank of Greece SA | &nbsp;&nbsp; 6724 | 109377 |
| Piraeus Bank SA | &nbsp;&nbsp; 8499 | 81544 |
|  |  | 361020 |
| **Hungary — 0.2%** | **Hungary — 0.2%** | **Hungary — 0.2%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 3071 | 33993 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 1076 | 40285 |
|  |  | 74278 |
| **India — 14.7%** | **India — 14.7%** | **India — 14.7%** |
| ABB India Ltd. | &nbsp;&nbsp; 403 | 26920 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 1356 | 33344 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 22388 | 51988 |
| Asian Paints Ltd. | &nbsp;&nbsp; 2969 | 77694 |
| Astral Ltd. | &nbsp;&nbsp; 900 | 16517 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4140 | 43592 |
| Axis Bank Ltd. | &nbsp;&nbsp; 17609 | 268216 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 603 | 15823 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 840 | 55422 |
| Cipla Ltd./India | &nbsp;&nbsp; 4383 | 65087 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 947 | 23484 |
| Coromandel International Ltd. | &nbsp;&nbsp; 914 | 22322 |
| Dabur India Ltd. | &nbsp;&nbsp; 4078 | 23256 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 1061 | 93493 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18575 | 50266 |
| GAIL India Ltd. | &nbsp;&nbsp; 17875 | 33355 |
| GMR Airports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19377 | 21469 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 2106 | 64850 |
| Havells India Ltd. | &nbsp;&nbsp; 1699 | 26091 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 7349 | 112488 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 87371 | 854052 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 927 | 58247 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 10432 | 106168 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 6306 | 162133 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2597 | 18698 |
| Indian Hotels Co. Ltd. (The), Class A | &nbsp;&nbsp; 6621 | 48620 |
| Info Edge India Ltd. | &nbsp;&nbsp; 2642 | 29926 |
| Infosys Ltd. | &nbsp;&nbsp; 24922 | 357204 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1466 | 78003 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 2396 | $20483 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 41890 | 191444 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2320 | 25247 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 7166 | 267839 |
| Marico Ltd. | &nbsp;&nbsp; 3879 | 33635 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 6018 | 72438 |
| Nestle India Ltd. | &nbsp;&nbsp; 5232 | 74345 |
| NHPC Ltd., NVS | &nbsp;&nbsp; 23979 | 19865 |
| PI Industries Ltd. | &nbsp;&nbsp; 569 | 19525 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 2345 | 38493 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 35981 | 118314 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 46776 | 717887 |
| Siemens Ltd. | &nbsp;&nbsp; 673 | 25313 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 492 | 21534 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 79157 | 37197 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 4495 | 56402 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 924 | 44073 |
| Torrent Power Ltd. | &nbsp;&nbsp; 1379 | 23797 |
| Trent Ltd. | &nbsp;&nbsp; 1390 | 59726 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 1838 | 78283 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 912 | 127157 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 12027 | 26771 |
| UPL Ltd. | &nbsp;&nbsp; 3863 | 27101 |
| Vedanta Ltd. | &nbsp;&nbsp; 10611 | 83925 |
| Voltas Ltd. | &nbsp;&nbsp; 1664 | 28562 |
|  |  | 5078084 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 112200 | 51183 |
| Barito Pacific Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 178776 | 21220 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 67000 | 26787 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 378500 | 79922 |
|  |  | 179112 |
| **Kuwait — 0.6%** | **Kuwait — 0.6%** | **Kuwait — 0.6%** |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 85778 | 224863 |
| **Malaysia — 2.3%** | **Malaysia — 2.3%** | **Malaysia — 2.3%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 19300 | 31878 |
| Axiata Group Bhd | &nbsp;&nbsp; 21000 | 12295 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 27100 | 22218 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 62500 | 129057 |
| Gamuda Bhd | &nbsp;&nbsp; 36200 | 38942 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 17100 | 39982 |
| Malayan Banking Bhd | &nbsp;&nbsp; 46500 | 142876 |
| Maxis Bhd | &nbsp;&nbsp; 18100 | 18044 |
| MR DIY Group M Bhd<sup>(b)</sup> | &nbsp;&nbsp; 25600 | 11777 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 500 | 14122 |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 19400 | 14959 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 2300 | 12992 |
| Petronas Gas Bhd | &nbsp;&nbsp; 6200 | 28590 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 28400 | 52006 |
| Public Bank Bhd | &nbsp;&nbsp; 112700 | 142704 |
| Sunway Bhd | &nbsp;&nbsp; 19900 | 29921 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 8800 | 16846 |
| YTL Corp. Bhd | &nbsp;&nbsp; 23020 | 10868 |
| YTL Power International Bhd | &nbsp;&nbsp; 23180 | 16827 |
|  |  | 786904 |
| **Mexico — 3.1%** | **Mexico — 3.1%** | **Mexico — 3.1%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 138460 | 180009 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 117258 | 146794 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 22146 | 38474 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 13065 | 146596 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 2991 | $78049 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 1381 | 49642 |
| Grupo Bimbo SAB de CV, Series A, Class A<sup>(c)</sup> | &nbsp;&nbsp; 9971 | 36174 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 19390 | 221113 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 8288 | 40704 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 39595 | 128151 |
|  |  | 1065706 |
| **Peru — 0.7%** | **Peru — 0.7%** | **Peru — 0.7%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 1293 | 56465 |
| Credicorp Ltd. | &nbsp;&nbsp; 522 | 180811 |
|  |  | 237276 |
| **Philippines — 0.2%** | **Philippines — 0.2%** | **Philippines — 0.2%** |
| Ayala Corp. | &nbsp;&nbsp; 1890 | 19665 |
| Manila Electric Co. | &nbsp;&nbsp; 2100 | 23234 |
| SM Investments Corp. | &nbsp;&nbsp; 1690 | 20662 |
|  |  | 63561 |
| **Poland — 1.8%** | **Poland — 1.8%** | **Poland — 1.8%** |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 6093 | 47416 |
| Asseco Poland SA | &nbsp;&nbsp; 396 | 19567 |
| Budimex SA | &nbsp;&nbsp; 99 | 22328 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 1073 | 101186 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 117 | 34004 |
| ORLEN SA | &nbsp;&nbsp; 4491 | 144651 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 6700 | 173588 |
| Santander Bank Polska SA | &nbsp;&nbsp; 317 | 52649 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 2965 | 18554 |
|  |  | 613943 |
| **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** |
| Qatar Fuel QSC | &nbsp;&nbsp; 4616 | 18744 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 21476 | 29049 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 35733 | 189216 |
|  |  | 237009 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 18946 | 3 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 30360 | 4 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 18 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 6980 |  |
|  |  | 7 |
| **Saudi Arabia — 2.1%** | **Saudi Arabia — 2.1%** | **Saudi Arabia — 2.1%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 1196 | 52747 |
| Alinma Bank | &nbsp;&nbsp; 9241 | 68640 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 191 | 9508 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 653 | 40215 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 2848 | 48750 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 1817 | 59889 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 46811 | 311973 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 6964 | 100629 |
| Saudi Electricity Co. | &nbsp;&nbsp; 6180 | 22263 |
|  |  | 714614 |
| **South Africa — 7.6%** | **South Africa — 7.6%** | **South Africa — 7.6%** |
| Absa Group Ltd. | &nbsp;&nbsp; 6491 | 110930 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 2546 | 67175 |
| Bidvest Group Ltd.(The) | &nbsp;&nbsp; 2437 | 38602 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 668 | 199050 |
| Clicks Group Ltd. | &nbsp;&nbsp; 1817 | 36357 |
| Discovery Ltd. | &nbsp;&nbsp; 4462 | 73236 |
| FirstRand Ltd. | &nbsp;&nbsp; 39062 | 243418 |
| Gold Fields Ltd. | &nbsp;&nbsp; 6880 | 403209 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 6997 | 155443 |
| MTN Group Ltd. | &nbsp;&nbsp; 13478 | 175310 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Naspers Ltd., Class N | &nbsp;&nbsp; 6007 | $334293 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 3437 | 67990 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 4734 | 44011 |
| Sanlam Ltd. | &nbsp;&nbsp; 13924 | 93000 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4487 | 40884 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 3660 | 60799 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 10088 | 203167 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 2036 | 239051 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 4892 | 49996 |
|  |  | 2635921 |
| **South Korea — 9.1%** | **South Korea — 9.1%** | **South Korea — 9.1%** |
| Amorepacific Corp. | &nbsp;&nbsp; 221 | 23236 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3469 | 256377 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 2130 | 180171 |
| Hanjin Kal Corp.<sup>(a)</sup> | &nbsp;&nbsp; 183 | 19835 |
| Hanwha Systems Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 586 | 46277 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 332 | 67537 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 181 | 132140 |
| HMM Co. Ltd. | &nbsp;&nbsp; 1896 | 28103 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 178 | 47856 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 290 | 58392 |
| Kakao Corp. | &nbsp;&nbsp; 2362 | 102203 |
| KakaoBank Corp. | &nbsp;&nbsp; 1301 | 24516 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 2780 | 306823 |
| Korean Air Lines Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1434 | 27945 |
| Krafton, Inc. | &nbsp;&nbsp; 223 | 38509 |
| LG Chem Ltd. | &nbsp;&nbsp; 382 | 111077 |
| LG Corp. | &nbsp;&nbsp; 716 | 53578 |
| LG Electronics, Inc. | &nbsp;&nbsp; 819 | 82854 |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 359 | 106692 |
| LG Uplus Corp. | &nbsp;&nbsp; 918 | 10561 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 115 | 62976 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 1533 | 76845 |
| NAVER Corp. | &nbsp;&nbsp; 1092 | 192907 |
| POSCO Future M Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 271 | 46519 |
| Samsung C&T Corp. | &nbsp;&nbsp; 658 | 160350 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 3348 | 225175 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 248 | 20647 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 521 | 46267 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 710 | 318661 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 806 | 44550 |
| SK, Inc. | &nbsp;&nbsp; 279 | 77903 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 5101 | 127650 |
| Yuhan Corp. | &nbsp;&nbsp; 432 | 33065 |
|  |  | 3158197 |
| **Taiwan — 14.2%** | **Taiwan — 14.2%** | **Taiwan — 14.2%** |
| Airtac International Group | &nbsp;&nbsp; 1000 | 38262 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 73650 | 186776 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 11701 | 38761 |
| China Airlines Ltd. | &nbsp;&nbsp; 23000 | 15370 |
| China Steel Corp. | &nbsp;&nbsp; 91000 | 60207 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 29000 | 124801 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 129000 | 229473 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 15000 | 676407 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 113123 | 127218 |
| Eva Airways Corp. | &nbsp;&nbsp; 21000 | 25426 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 8800 | 55226 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 25000 | 22996 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 14000 | 41144 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 88907 | 84754 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 1100 | 37104 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 65002 | $194952 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 2100 | 39231 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 70231 | 85290 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 15000 | 81877 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 91667 | 117925 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 40000 | 116051 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 2219 | 51250 |
| President Chain Store Corp. | &nbsp;&nbsp; 5000 | 35809 |
| Shanghai Commercial & Savings Bank Ltd.(The) | &nbsp;&nbsp; 30000 | 38326 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 95328 | 100558 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 84824 | 64754 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 15000 | 12982 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 14000 | 48123 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 28000 | 1747148 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 163976 | 133487 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 37000 | 85550 |
| United Microelectronics Corp. | &nbsp;&nbsp; 88000 | 182059 |
|  |  | 4899297 |
| **Thailand — 1.4%** | **Thailand — 1.4%** | **Thailand — 1.4%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 8100 | 98980 |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 33200 | 58178 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 85900 | 59818 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 4400 | 30078 |
| CP ALL PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 40500 | 67430 |
| Gulf Development PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 34645 | 69073 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 4400 | 28443 |
| Minor International PCL, NVDR | &nbsp;&nbsp; 24100 | 20153 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 6000 | 43410 |
|  |  | 475563 |
| **Turkey — 0.6%** | **Turkey — 0.6%** | **Turkey — 0.6%** |
| Akbank TAS | &nbsp;&nbsp; 24140 | 49636 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 8956 | 20585 |
| KOC Holding AS | &nbsp;&nbsp; 6112 | 27804 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 4270 | 29930 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 7469 | 37198 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 25864 | 25546 |
|  |  | 190699 |
| **United Arab Emirates — 2.4%** | **United Arab Emirates — 2.4%** | **United Arab Emirates — 2.4%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 24488 | 101057 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 11241 | 78058 |
| Air Arabia PJSC | &nbsp;&nbsp; 16484 | 24287 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 45728 | 37367 |
| Emaar Properties PJSC | &nbsp;&nbsp; 50977 | 224982 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 26630 | 147032 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 33874 | 180942 |
| Salik Co. PJSC | &nbsp;&nbsp; 13850 | 24132 |
|  |  | 817857 |
| **Total Common Stocks — 97.4%** <br>**(Cost: $22,789,927)** | **Total Common Stocks — 97.4%** <br>**(Cost: $22,789,927)** | 33629301 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.8%** | **Brazil — 1.8%** | **Brazil — 1.8%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 40418 | 166749 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 13073 | 30779 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 10026 | 41051 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 41425 | 378009 |
| Klabin SA, 0.00% | &nbsp;&nbsp; 3 | 2 |
|  |  | 616590 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 1105 | $84332 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 3463 | 58720 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., 6.00% | &nbsp;&nbsp; 7368 | 810 |
| **Total Preferred Stocks — 2.2%** <br>**(Cost: $407,190)** | **Total Preferred Stocks — 2.2%** <br>**(Cost: $407,190)** | 760452 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $23,197,117)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $23,197,117)** | 34389753 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 207796 | 207900 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 230000 | 230000 |
| **Total Short-Term Securities — 1.3%** <br>**(Cost: $437,890)** | **Total Short-Term Securities — 1.3%** <br>**(Cost: $437,890)** | 437900 |
| **Total Investments — 100.9%** <br>**(Cost: $23,635,007)** | **Total Investments — 100.9%** <br>**(Cost: $23,635,007)** | 34827653 |
| **Liabilities in Excess of Other Assets — (0.9)%** | **Liabilities in Excess of Other Assets — (0.9)%** | (297966)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $34529687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $422554 | $—<br> $(214667 )<sup>(a)</sup><br>| $4 | $9 | $207900 | 207796 | $2168 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 260000 | —<br> (30000 )<sup>(a)</sup><br>|  |  | 230000 | 230000 | 3975 |  |
|  |  |  | $4 | $9 | $437900 |  | $6143 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 1 | 03/20/26 | &nbsp;&nbsp; $80 | $2209 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG MSCI EM Leaders ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2209 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2209 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1374)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1374)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2209 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2209 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $74533 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $4628883 | &nbsp;&nbsp; $29000411 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $33629301 |
| Preferred Stocks | &nbsp;&nbsp; 675310 | &nbsp;&nbsp; 85142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 760452 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 437900 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 437900 |
|  | &nbsp;&nbsp; $5742093 | &nbsp;&nbsp; $29085553 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $34827653 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $2209 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2209 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI Global Sustainable Development Goals ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 2.7%** | **Australia — 2.7%** | **Australia — 2.7%** |
| Cochlear Ltd. | &nbsp;&nbsp; 2140 | $303034 |
| CSL Ltd. | &nbsp;&nbsp; 28610 | 2995083 |
| Scentre Group | &nbsp;&nbsp; 350918 | 953880 |
| Vicinity Ltd. | &nbsp;&nbsp; 153494 | 267554 |
|  |  | 4519551 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Verbund AG | &nbsp;&nbsp; 6619 | 471299 |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 1035 | 800706 |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 4046 | 642843 |
|  |  | 1443549 |
| **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** |
| Saputo, Inc. | &nbsp;&nbsp; 68394 | 2183113 |
| **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** |
| Empresas CMPC SA | &nbsp;&nbsp; 926095 | 1372526 |
| **China — 15.3%** | **China — 15.3%** | **China — 15.3%** |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 52200 | 60711 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 29321 | 723830 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 653000 | 630811 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 899000 | 1852514 |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 315900 | 455924 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 453469 | 377992 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 209000 | 126705 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5100 | 12846 |
| CSI Solar Co. Ltd., Class A | &nbsp;&nbsp; 366789 | 776562 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 231520 | 291439 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 353700 | 1832319 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 99900 | 263425 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16000 | 71232 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 43800 | 167706 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 164500 | 611990 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27000 | 293756 |
| Li Auto, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 593444 | 5210541 |
| New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 184900 | 1016893 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 2800 | 42599 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 18900 | 72492 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 43000 | 259428 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 37600 | 587569 |
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 720 | 9729 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 24700 | 518584 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 114573 | 1206454 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 256900 | 385685 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 436000 | 728098 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 6460000 | 2846162 |
| XPeng, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 337532 | 2958983 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 314000 | 456987 |
| Zhejiang Leapmotor Technology Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 226600 | 1181804 |
|  |  | 26031770 |
| **Denmark — 6.3%** | **Denmark — 6.3%** | **Denmark — 6.3%** |
| Demant A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 8412 | 262353 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 2570 | 756676 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 66122 | 1557753 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| Rockwool AS, Class B | &nbsp;&nbsp; 36210 | $1200634 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 271954 | 6952313 |
|  |  | 10729729 |
| **France — 1.9%** | **France — 1.9%** | **France — 1.9%** |
| Covivio SA/France | &nbsp;&nbsp; 6021 | 441327 |
| Gecina SA | &nbsp;&nbsp; 2384 | 220098 |
| Ipsen SA | &nbsp;&nbsp; 2354 | 459507 |
| Klepierre SA | &nbsp;&nbsp; 17024 | 716430 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 11116 | 1392697 |
|  |  | 3230059 |
| **Germany — 2.2%** | **Germany — 2.2%** | **Germany — 2.2%** |
| LEG Immobilien SE | &nbsp;&nbsp; 9750 | 815658 |
| Vonovia SE | &nbsp;&nbsp; 83840 | 2842805 |
|  |  | 3658463 |
| **Hong Kong — 4.0%** | **Hong Kong — 4.0%** | **Hong Kong — 4.0%** |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 80000 | 361620 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 226500 | 1078683 |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4331000 | 5447381 |
|  |  | 6887684 |
| **India — 1.1%** | **India — 1.1%** | **India — 1.1%** |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 3504 | 86892 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 21824 | 561116 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9748 | 106082 |
| Lupin Ltd. | &nbsp;&nbsp; 9861 | 250639 |
| Nestle India Ltd. | &nbsp;&nbsp; 10893 | 154786 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1473680 | 692498 |
|  |  | 1852013 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 4239 | 242191 |
| **Japan — 9.9%** | **Japan — 9.9%** | **Japan — 9.9%** |
| Central Japan Railway Co. | &nbsp;&nbsp; 120600 | 3559585 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 10400 | 701275 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 101800 | 2004952 |
| East Japan Railway Co. | &nbsp;&nbsp; 276700 | 6834626 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 26700 | 898896 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 14800 | 275104 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 263 | 244669 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 20000 | 472246 |
| Terumo Corp. | &nbsp;&nbsp; 63200 | 855126 |
| Unicharm Corp. | &nbsp;&nbsp; 158000 | 1081145 |
|  |  | 16927624 |
| **Malaysia — 0.2%** | **Malaysia — 0.2%** | **Malaysia — 0.2%** |
| QL Resources Bhd | &nbsp;&nbsp; 243144 | 254954 |
| **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 280381 | 487110 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 190358 | 477829 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 24008 | 117907 |
| Sigma Foods SAB de CV, Class A | &nbsp;&nbsp; 1919091 | 2156219 |
|  |  | 3239065 |
| **Netherlands — 0.8%** | **Netherlands — 0.8%** | **Netherlands — 0.8%** |
| JDE Peet's NV | &nbsp;&nbsp; 36123 | 1354233 |
| **Norway — 1.2%** | **Norway — 1.2%** | **Norway — 1.2%** |
| Mowi ASA | &nbsp;&nbsp; 64809 | 1531009 |
| Salmar ASA | &nbsp;&nbsp; 8869 | 531915 |
|  |  | 2062924 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 27820 | 439505 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Sustainable Development Goals ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 1966 | $86706 |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 146100 | 310352 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 256916 | 497053 |
|  |  | 807405 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| NEPI Rockcastle NV | &nbsp;&nbsp; 33979 | 315896 |
| **South Korea — 1.4%** | **South Korea — 1.4%** | **South Korea — 1.4%** |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5547 | 1648531 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 1459 | 798975 |
|  |  | 2447506 |
| **Spain — 2.0%** | **Spain — 2.0%** | **Spain — 2.0%** |
| Acciona SA | &nbsp;&nbsp; 11836 | 3435013 |
| **Sweden — 2.6%** | **Sweden — 2.6%** | **Sweden — 2.6%** |
| Essity AB, Class B | &nbsp;&nbsp; 108129 | 3434661 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 45836 | 622262 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 8268 | 361283 |
|  |  | 4418206 |
| **Switzerland — 4.8%** | **Switzerland — 4.8%** | **Switzerland — 4.8%** |
| Novartis AG, Registered | &nbsp;&nbsp; 40781 | 6856988 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 4077 | 1062896 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 1269 | 242150 |
|  |  | 8162034 |
| **Taiwan — 7.3%** | **Taiwan — 7.3%** | **Taiwan — 7.3%** |
| PharmaEssentia Corp. | &nbsp;&nbsp; 4000 | 92385 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 455000 | 393777 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 2090000 | 4832395 |
| Wiwynn Corp. | &nbsp;&nbsp; 57000 | 7163259 |
|  |  | 12481816 |
| **United Kingdom — 1.7%** | **United Kingdom — 1.7%** | **United Kingdom — 1.7%** |
| Land Securities Group PLC | &nbsp;&nbsp; 24352 | 211564 |
| Pearson PLC | &nbsp;&nbsp; 156137 | 2009376 |
| United Utilities Group PLC | &nbsp;&nbsp; 39970 | 749214 |
|  |  | 2970154 |
| **United States — 28.1%** | **United States — 28.1%** | **United States — 28.1%** |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2002 | 666506 |
| Dexcom, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 17170 | 1260793 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 17996 | 3188891 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 18265 | $1579375 |
| Equinix, Inc. | &nbsp;&nbsp; 3352 | 3265720 |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29929 | 5901999 |
| Hormel Foods Corp. | &nbsp;&nbsp; 72872 | 1865523 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9207 | 932393 |
| Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 864 | 129021 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2687 | 662641 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 41622 | 4638356 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 85628 | 6994951 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5518 | 729756 |
| Nvidia Corp. | &nbsp;&nbsp; 36576 | 6480901 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 4120 | 3220480 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1657 | 834962 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6564 | 3261192 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 89127 | 2186285 |
|  |  | 47799745 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $152,735,737)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $152,735,737)** | 169824733 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1519074 | 1519834 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $1,519,834)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $1,519,834)** | 1519834 |
| **Total Investments — 100.7%** <br>**(Cost: $154,255,571)** | **Total Investments — 100.7%** <br>**(Cost: $154,255,571)** | 171344567 |
| **Liabilities in Excess of Other Assets — (0.7)%** | **Liabilities in Excess of Other Assets — (0.7)%** | (1190062)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $170154505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Sustainable Development Goals ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $9208814 | $—<br> $(7689549 )<sup>(a)</sup><br>| $750 | $(181)<br>| $1519834 | 1519074 | $7409 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<sup>(c)</sup><br>| 100000 | —<br> (100000 )<sup>(a)</sup><br>|  |  |  |  | 2311 |  |
|  |  |  | $750 | $(181) | $1519834 |  | $9720 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> As of period end, the entity is no longer held.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini S&P 500 Index | 6 | 03/20/26 | &nbsp;&nbsp; $207 | $(2346) |
| MSCI EAFE Index | 1 | 03/20/26 | &nbsp;&nbsp; 158 | 13547 |
| MSCI Emerging Markets Index | 2 | 03/20/26 | &nbsp;&nbsp; 160 | 21403 |
|  |  |  |  | $32604 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34950 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34950 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2346 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2346 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Sustainable Development Goals ETF**

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101128 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101128 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27833 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27833 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $592656 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $60446608 | &nbsp;&nbsp; $109378125 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $169824733 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1519834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1519834 |
|  | &nbsp;&nbsp; $61966442 | &nbsp;&nbsp; $109378125 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $171344567 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $34950 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34950 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (2346)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2346)<br>|
|  | &nbsp;&nbsp; $32604 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $303,000 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 3.9%** | **Australia — 3.9%** | **Australia — 3.9%** |
| 4DMedical Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 37417 | $106069 |
| Abacus Storage King | &nbsp;&nbsp; 39901 | 42602 |
| AGL Energy Ltd. | &nbsp;&nbsp; 48125 | 338819 |
| Alkane Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 82624 | 103189 |
| Alpha HPA Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 94250 | 43537 |
| ALS Ltd. | &nbsp;&nbsp; 40980 | 745467 |
| Amotiv Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10625 | 59660 |
| AMP Ltd. | &nbsp;&nbsp; 191000 | 176444 |
| Ampol Ltd. | &nbsp;&nbsp; 18875 | 378961 |
| Ansell Ltd. | &nbsp;&nbsp; 11625 | 269274 |
| Arafura Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 321593 | 59510 |
| ARB Corp. Ltd. | &nbsp;&nbsp; 6250 | 114132 |
| Arena REIT | &nbsp;&nbsp; 31625 | 77000 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 86500 | 295311 |
| AUB Group Ltd. | &nbsp;&nbsp; 9376 | 169039 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 139290 | 411283 |
| Aussie Broadband Ltd. | &nbsp;&nbsp; 22625 | 81680 |
| Austal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31375 | 115158 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; 53194 | 264777 |
| Bapcor Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 29891 | 18484 |
| Bapcor Ltd., NVS | &nbsp;&nbsp; 220 | 136 |
| Beach Energy Ltd. | &nbsp;&nbsp; 126875 | 99135 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 23767 | 106110 |
| Bellevue Gold Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 119080 | 158220 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 50125 | 381734 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 35272 | 702647 |
| Bravura Solutions Ltd. | &nbsp;&nbsp; 32245 | 47667 |
| Breville Group Ltd. | &nbsp;&nbsp; 8000 | 181276 |
| BWP Property Group Ltd. | &nbsp;&nbsp; 45375 | 124708 |
| Capricorn Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36430 | 389000 |
| Catalyst Metals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19982 | 121607 |
| Catapult Sports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18270 | 46261 |
| Centuria Capital Group | &nbsp;&nbsp; 65625 | 88038 |
| Centuria Industrial REIT | &nbsp;&nbsp; 42875 | 97935 |
| Challenger Ltd. | &nbsp;&nbsp; 41250 | 261979 |
| Champion Iron Ltd. | &nbsp;&nbsp; 30875 | 117782 |
| Charter Hall Group | &nbsp;&nbsp; 36136 | 567176 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 50750 | 135755 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 41500 | 119541 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 33000 | 67635 |
| Clarity Pharmaceuticals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22664 | 57973 |
| Cleanaway Waste Management Ltd., Class L | &nbsp;&nbsp; 170271 | 308769 |
| Codan Ltd. | &nbsp;&nbsp; 8625 | 217601 |
| Collins Foods Ltd. | &nbsp;&nbsp; 10625 | 75908 |
| Corporate Travel Management Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 9875 | 95993 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 6875 | 59491 |
| Data#3 Ltd. | &nbsp;&nbsp; 13625 | 67441 |
| Deep Yellow Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 89875 | 167998 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 33625 | 103252 |
| Develop Global Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19929 | 82204 |
| Dexus | &nbsp;&nbsp; 86064 | 410968 |
| Dexus Industria REIT | &nbsp;&nbsp; 20412 | 37485 |
| Dicker Data Ltd. | &nbsp;&nbsp; 8625 | 61605 |
| DigiCo Infrastructure REIT | &nbsp;&nbsp; 33239 | 48616 |
| Domino's Pizza Enterprises Ltd., Class L | &nbsp;&nbsp; 5500 | 79530 |
| Downer EDI Ltd. | &nbsp;&nbsp; 55125 | 336876 |
| DroneShield Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 61518 | 158767 |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 148250 | 350076 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 14067 | 240422 |
| Elders Ltd. | &nbsp;&nbsp; 15250 | 78733 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Electro Optic Systems Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13325 | $85172 |
| Elevra Lithium Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12385 | 71820 |
| Emerald Resources NL<sup>(a)</sup> | &nbsp;&nbsp; 41750 | 214358 |
| Endeavour Group Ltd./Australia | &nbsp;&nbsp; 120875 | 335815 |
| EVT Ltd. | &nbsp;&nbsp; 10882 | 102948 |
| FireFly Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 52691 | 81752 |
| Flight Centre Travel Group Ltd., Class L | &nbsp;&nbsp; 15000 | 137596 |
| Gemlife Communities Group<sup>(a)</sup> | &nbsp;&nbsp; 15337 | 58393 |
| Genesis Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 84250 | 448342 |
| GPT Group(The) | &nbsp;&nbsp; 148544 | 534755 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 16750 | 73408 |
| Greatland Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39975 | 393268 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 29250 | 46626 |
| Guzman y Gomez Ltd. | &nbsp;&nbsp; 4146 | 56880 |
| Hansen Technologies Ltd. | &nbsp;&nbsp; 17000 | 64156 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 60339 | 247010 |
| Helia Group Ltd. | &nbsp;&nbsp; 20817 | 89188 |
| HMC Capital Ltd. | &nbsp;&nbsp; 25975 | 51353 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 140625 | 130542 |
| HUB24 Ltd. | &nbsp;&nbsp; 6496 | 451319 |
| IDP Education Ltd. | &nbsp;&nbsp; 21000 | 69492 |
| IGO Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 54125 | 331058 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 34000 | 163120 |
| Imdex Ltd. | &nbsp;&nbsp; 40625 | 122729 |
| Ingenia Communities Group | &nbsp;&nbsp; 30750 | 99748 |
| Inghams Group Ltd. | &nbsp;&nbsp; 29625 | 43416 |
| Insignia Financial Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 42625 | 141506 |
| IperionX Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26508 | 126739 |
| IPH Ltd. | &nbsp;&nbsp; 23875 | 60756 |
| IRESS Ltd. | &nbsp;&nbsp; 14875 | 79010 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 8881 | 519134 |
| Judo Capital Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 89625 | 109830 |
| Karoon Energy Ltd. | &nbsp;&nbsp; 69250 | 76442 |
| Kelsian Group Ltd. | &nbsp;&nbsp; 15286 | 49252 |
| Kingsgate Consolidated Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17801 | 89545 |
| L1 Group Ltd. | &nbsp;&nbsp; 61686 | 54443 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 53500 | 159716 |
| Liontown Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 145625 | 176161 |
| Lovisa Holdings Ltd. | &nbsp;&nbsp; 4875 | 82865 |
| MA Financial Group Ltd. | &nbsp;&nbsp; 11000 | 72470 |
| Maas Group Holdings Ltd. | &nbsp;&nbsp; 15750 | 53357 |
| Macmahon Holdings Ltd. | &nbsp;&nbsp; 96299 | 51122 |
| Macquarie Technology Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 60297 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 16375 | 98456 |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 5750 | 65754 |
| Megaport Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12750 | 79778 |
| Mesoblast Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 93940 | 149614 |
| Metcash Ltd. | &nbsp;&nbsp; 82875 | 194535 |
| Mineral Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14625 | 632102 |
| Mirvac Group | &nbsp;&nbsp; 313500 | 457266 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 7500 | 173076 |
| Nanosonics Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 23500 | 56996 |
| National Storage REIT | &nbsp;&nbsp; 98750 | 195319 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 10250 | 187726 |
| Neuren Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9500 | 88021 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 58676 | 195561 |
| NEXTDC Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 51000 | 503278 |
| nib holdings Ltd./Australia | &nbsp;&nbsp; 39241 | 178906 |
| Nick Scali Ltd. | &nbsp;&nbsp; 7375 | 97696 |
| Nickel Industries Ltd. | &nbsp;&nbsp; 159500 | 114335 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 107125 | 80410 |
| NRW Holdings Ltd. | &nbsp;&nbsp; 34741 | 161416 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Nufarm Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33000 | $48363 |
| Ora Banda Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 118062 | 109150 |
| Orica Ltd. | &nbsp;&nbsp; 38750 | 672724 |
| Orora Ltd. | &nbsp;&nbsp; 106750 | 162782 |
| Paladin Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 35256 | 335944 |
| Pantoro Gold Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26945 | 111011 |
| Perenti Ltd. | &nbsp;&nbsp; 78875 | 131892 |
| Perpetual Ltd. | &nbsp;&nbsp; 8250 | 108739 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 108536 | 466537 |
| PEXA Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10625 | 113497 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp; 13500 | 150626 |
| PLS Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 258903 | 952738 |
| PolyNovo Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 61875 | 42381 |
| Predictive Discovery Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 147636 | 104342 |
| Premier Investments Ltd. | &nbsp;&nbsp; 7625 | 72929 |
| PWR Holdings Ltd. | &nbsp;&nbsp; 9750 | 69517 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 134124 | 477691 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 178762 | 587296 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 15500 | 475815 |
| Reece Ltd. | &nbsp;&nbsp; 12854 | 143033 |
| Region Group | &nbsp;&nbsp; 102768 | 168939 |
| Regis Healthcare Ltd. | &nbsp;&nbsp; 14250 | 70458 |
| Regis Resources Ltd. | &nbsp;&nbsp; 57000 | 385805 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 64125 | 152016 |
| Resolute Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 171083 | 181849 |
| Sandfire Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36500 | 523554 |
| SEEK Ltd. | &nbsp;&nbsp; 28375 | 334893 |
| Service Stream Ltd. | &nbsp;&nbsp; 47245 | 69911 |
| Silex Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18625 | 91521 |
| Sims Ltd. | &nbsp;&nbsp; 13000 | 203050 |
| SiteMinder Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24375 | 62476 |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 13250 | 83047 |
| SRG Global Ltd. | &nbsp;&nbsp; 46805 | 96661 |
| Stanmore Resources Ltd. | &nbsp;&nbsp; 38625 | 72466 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 80426 | 251878 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 12500 | 138024 |
| Superloop Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39158 | 82140 |
| Supply Network Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1588 | 40120 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 200250 | 151996 |
| Technology One Ltd. | &nbsp;&nbsp; 24096 | 446299 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21049 | 152084 |
| Temple & Webster Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7125 | 41752 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 62914 | 203157 |
| Tuas Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18250 | 83606 |
| Vault Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 78980 | 332136 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 64500 | 268896 |
| Virgin Australia Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22078 | 49335 |
| Viva Energy Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 88625 | 111661 |
| Vulcan Energy Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26411 | 70242 |
| WA1 Resources Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 60721 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 53375 | 96861 |
| WEB Travel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 29250 | 67131 |
| West African Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 88171 | 220178 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 71125 | 394844 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 66500 | 369271 |
| Worley Ltd. | &nbsp;&nbsp; 39875 | 321110 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 31500 | 131268 |
| Zip Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 98500 | 133831 |
|  |  | 32953794 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| ANDRITZ AG | &nbsp;&nbsp; 5375 | 466633 |
| AT&S Austria Technologie & Systemtechnik AG<sup>(a)</sup> | &nbsp;&nbsp; 2038 | 123358 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 2648 | $82673 |
| CPI Europe AG<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 52163 |
| DO & CO AG | &nbsp;&nbsp; 625 | 159147 |
| EVN AG | &nbsp;&nbsp; 3375 | 117460 |
| Lenzing AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 1625 | 46905 |
| Oesterreichische Post AG | &nbsp;&nbsp; 2716 | 112467 |
| Palfinger AG | &nbsp;&nbsp; 1500 | 68711 |
| Porr AG | &nbsp;&nbsp; 1750 | 80649 |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 9940 | 196452 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| &nbsp;&nbsp; 3077 | 240019 |
| voestalpine AG | &nbsp;&nbsp; 8500 | 486456 |
| Wienerberger AG | &nbsp;&nbsp; 8875 | 291302 |
|  |  | 2524395 |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp; 9788 | 210736 |
| **Bangladesh — 0.0%** | **Bangladesh — 0.0%** | **Bangladesh — 0.0%** |
| Hamilton Insurance Group Ltd., Class B<sup>(a)</sup> | &nbsp;&nbsp; 3693 | 116662 |
| **Belgium — 0.5%** | **Belgium — 0.5%** | **Belgium — 0.5%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 1904 | 652897 |
| Aedifica SA | &nbsp;&nbsp; 3525 | 326495 |
| Azelis Group NV | &nbsp;&nbsp; 12625 | 125705 |
| Barco NV | &nbsp;&nbsp; 6125 | 78457 |
| Bekaert SA | &nbsp;&nbsp; 2875 | 148381 |
| CMB Tech NV | &nbsp;&nbsp; 9067 | 131404 |
| Cofinimmo SA | &nbsp;&nbsp; 3000 | 328266 |
| Colruyt Group NV | &nbsp;&nbsp; 2500 | 101322 |
| Deme Group NV | &nbsp;&nbsp; 625 | 145130 |
| Fagron | &nbsp;&nbsp; 5543 | 149081 |
| Galapagos NV<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 113426 |
| KBC Ancora | &nbsp;&nbsp; 3097 | 275160 |
| Kinepolis Group NV | &nbsp;&nbsp; 875 | 28115 |
| Melexis NV | &nbsp;&nbsp; 1625 | 108971 |
| Montea NV | &nbsp;&nbsp; 1399 | 129485 |
| Ontex Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 6250 | 34232 |
| Proximus SADP | &nbsp;&nbsp; 10750 | 88725 |
| Recticel SA | &nbsp;&nbsp; 4250 | 57706 |
| Retail Estates NV | &nbsp;&nbsp; 2932 | 238495 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 2750 | 90623 |
| Solvay SA | &nbsp;&nbsp; 5875 | 192979 |
| Tessenderlo Group SA | &nbsp;&nbsp; 2000 | 63251 |
| Umicore SA | &nbsp;&nbsp; 15089 | 321575 |
| VGP NV | &nbsp;&nbsp; 1125 | 146009 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 17176 | 527596 |
| Xior Student Housing NV | &nbsp;&nbsp; 2750 | 97359 |
|  |  | 4700845 |
| **Canada — 5.2%** | **Canada — 5.2%** | **Canada — 5.2%** |
| 5N Plus, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7163 | 155753 |
| Abaxx Technologies, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2488 | 77063 |
| AbraSilver Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11041 | 142540 |
| ADENTRA, Inc. | &nbsp;&nbsp; 2375 | 65658 |
| Advantage Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13250 | 101411 |
| Aecon Group, Inc. | &nbsp;&nbsp; 5875 | 163710 |
| Air Canada<sup>(a)</sup> | &nbsp;&nbsp; 8858 | 133969 |
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp; 57875 | 404771 |
| Allied Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8614 | 272682 |
| Allied Properties REIT<sup>(b)</sup> | &nbsp;&nbsp; 10116 | 70528 |
| Almonty Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15264 | 281657 |
| Altius Minerals Corp. | &nbsp;&nbsp; 4412 | 155870 |
| Altus Group Ltd./Canada | &nbsp;&nbsp; 3750 | 128414 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Americas Gold & Silver Corp.<sup>(a)</sup> | &nbsp;&nbsp; 17573 | $172503 |
| Arbutus Biopharma Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15375 | 71648 |
| Aris Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15094 | 341926 |
| Aritzia, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 586612 |
| Atco Ltd./Canada, Class I, NVS | &nbsp;&nbsp; 6003 | 285440 |
| Athabasca Oil Corp.<sup>(a)</sup> | &nbsp;&nbsp; 42000 | 271574 |
| ATS Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 211516 |
| Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10125 | 143471 |
| Avino Silver & Gold Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11465 | 110275 |
| Aya Gold & Silver, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9375 | 202957 |
| B2Gold Corp. | &nbsp;&nbsp; 104750 | 643528 |
| Badger Infrastructure Solutions Ltd. | &nbsp;&nbsp; 2750 | 147394 |
| Ballard Power Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20546 | 44133 |
| Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21875 | 129738 |
| Baytex Energy Corp. | &nbsp;&nbsp; 56250 | 216084 |
| Birchcliff Energy Ltd. | &nbsp;&nbsp; 21500 | 107969 |
| Bird Construction, Inc. | &nbsp;&nbsp; 5000 | 116638 |
| Bitfarms Ltd./Canada<sup>(a)(b)</sup> | &nbsp;&nbsp; 51125 | 112441 |
| BlackBerry Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44625 | 151471 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 1875 | 89898 |
| Boralex, Inc., Class A | &nbsp;&nbsp; 7000 | 142458 |
| BOYD GROUP, Inc. | &nbsp;&nbsp; 2171 | 378940 |
| Brookfield Business Corp., Class A | &nbsp;&nbsp; 2750 | 94593 |
| Brookfield Infrastructure Corp., Class A | &nbsp;&nbsp; 9571 | 477269 |
| Brookfield Wealth Solutions Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3984 | 177141 |
| BRP, Inc. | &nbsp;&nbsp; 2750 | 201626 |
| BSR Real Estate Investment Trust | &nbsp;&nbsp; 3375 | 42390 |
| BTQ Technologies Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7791 | 25931 |
| Canaccord Genuity Group, Inc. | &nbsp;&nbsp; 8500 | 83439 |
| Canada Goose Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 58502 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp; 6183 | 171069 |
| Canfor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 56702 |
| Capital Power Corp. | &nbsp;&nbsp; 12336 | 579065 |
| Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 65987 | 682582 |
| Cardinal Energy Ltd. | &nbsp;&nbsp; 21578 | 156134 |
| Cargojet, Inc. | &nbsp;&nbsp; 875 | 61209 |
| Cascades, Inc. | &nbsp;&nbsp; 7625 | 67247 |
| Centerra Gold, Inc. | &nbsp;&nbsp; 16399 | 344679 |
| CES Energy Solutions Corp. | &nbsp;&nbsp; 17875 | 220546 |
| Choice Properties REIT | &nbsp;&nbsp; 7885 | 91680 |
| Cogeco Communications, Inc. | &nbsp;&nbsp; 1375 | 72941 |
| Collective Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4465 | 92996 |
| Colliers International Group, Inc. | &nbsp;&nbsp; 3375 | 400309 |
| Crombie REIT | &nbsp;&nbsp; 4497 | 53936 |
| Cronos Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17110 | 45909 |
| CT REIT | &nbsp;&nbsp; 5375 | 67776 |
| Definity Financial Corp. | &nbsp;&nbsp; 7875 | 394197 |
| Definium Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7125 | 124331 |
| Denison Mines Corp.<sup>(a)</sup> | &nbsp;&nbsp; 70875 | 295128 |
| Discovery Silver Corp.<sup>(a)</sup> | &nbsp;&nbsp; 46428 | 383596 |
| Docebo, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 28067 |
| DPM Metals, Inc. | &nbsp;&nbsp; 18912 | 818843 |
| Dream Industrial REIT | &nbsp;&nbsp; 10750 | 104659 |
| Eldorado Gold Corp. | &nbsp;&nbsp; 16250 | 754692 |
| Endeavour Silver Corp.<sup>(a)</sup> | &nbsp;&nbsp; 24067 | 334879 |
| Enerflex Ltd. | &nbsp;&nbsp; 9875 | 221600 |
| Energy Fuels, Inc./Canada<sup>(a)</sup> | &nbsp;&nbsp; 18125 | 387069 |
| Enghouse Systems Ltd. | &nbsp;&nbsp; 4125 | 53526 |
| EQB, Inc. | &nbsp;&nbsp; 1876 | 158601 |
| Equinox Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 59816 | 1122605 |
| ERO Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 265104 |
| Exchange Income Corp. | &nbsp;&nbsp; 2250 | 179268 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Extendicare, Inc. | &nbsp;&nbsp; 6500 | $126660 |
| Fiera Capital Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 9750 | 41743 |
| Finning International, Inc. | &nbsp;&nbsp; 10750 | 724732 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp; 8250 | 129370 |
| First Majestic Silver Corp. | &nbsp;&nbsp; 35484 | 1135238 |
| Foran Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 23250 | 125109 |
| Fortuna Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 24875 | 339922 |
| Freehold Royalties Ltd. | &nbsp;&nbsp; 11208 | 144532 |
| G Mining Ventures Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 15678 | 642039 |
| G2 Goldfields, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13638 | 70087 |
| Gibson Energy, Inc. | &nbsp;&nbsp; 13000 | 279337 |
| goeasy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1125 | 88562 |
| GoGold Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 33435 | 89712 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 2500 | 168561 |
| Groupe Dynamite, Inc. | &nbsp;&nbsp; 1262 | 82129 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 10250 | 78375 |
| Hammond Power Solutions, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 875 | 125927 |
| Headwater Exploration, Inc. | &nbsp;&nbsp; 18875 | 173799 |
| Hudbay Minerals, Inc. | &nbsp;&nbsp; 31250 | 885461 |
| i-80 Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 57164 | 119437 |
| IAMGOLD Corp.<sup>(a)</sup> | &nbsp;&nbsp; 48478 | 1192714 |
| IMAX Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 160613 |
| International Petroleum Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6125 | 139783 |
| InterRent REIT | &nbsp;&nbsp; 6125 | 60125 |
| Ivanhoe Electric, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 141818 |
| Jamieson Wellness, Inc.<sup>(d)</sup> | &nbsp;&nbsp; 3375 | 93304 |
| K92 Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19679 | 474356 |
| Kelt Exploration Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14250 | 90678 |
| Killam Apartment REIT | &nbsp;&nbsp; 5125 | 63497 |
| Kinaxis, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 213627 |
| Labrador Iron Ore Royalty Corp. | &nbsp;&nbsp; 5147 | 117803 |
| Lassonde Industries, Inc., Class A | &nbsp;&nbsp; 386 | 68481 |
| Laurentian Bank of Canada | &nbsp;&nbsp; 3631 | 106983 |
| Leon's Furniture Ltd. | &nbsp;&nbsp; 2500 | 52216 |
| Lightspeed Commerce, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11000 | 99271 |
| Linamar Corp. | &nbsp;&nbsp; 3125 | 215374 |
| Lionsgate Studios Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13638 | 122742 |
| Lithium Americas Corp.<sup>(a)</sup> | &nbsp;&nbsp; 18875 | 95479 |
| Mainstreet Equity Corp. | &nbsp;&nbsp; 416 | 57280 |
| Major Drilling Group International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 111867 |
| Maple Leaf Foods, Inc. | &nbsp;&nbsp; 6375 | 131001 |
| MDA Space Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10831 | 314040 |
| Meren Energy, Inc. | &nbsp;&nbsp; 35375 | 56536 |
| Methanex Corp. | &nbsp;&nbsp; 5375 | 271183 |
| Montage Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 18854 | 234975 |
| MTY Food Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 60702 |
| Mullen Group Ltd. | &nbsp;&nbsp; 6750 | 85362 |
| New Gold, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 62875 | 844449 |
| NexGen Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 50121 | 639350 |
| NFI Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8750 | 109371 |
| NGEx Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10750 | 248407 |
| NioCorp Developments Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9019 | 47801 |
| North West Co., Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp; 3875 | 159028 |
| Northern Dynasty Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44892 | 69442 |
| Northland Power, Inc. | &nbsp;&nbsp; 20625 | 330532 |
| Northwest Healthcare Properties Real Estate <br> Investment Trust<br>| &nbsp;&nbsp; 32610 | 139615 |
| Novagold Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23000 | 306880 |
| Novanta, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2878 | 386890 |
| OceanaGold Corp. | &nbsp;&nbsp; 18750 | 797396 |
| Onex Corp. | &nbsp;&nbsp; 4635 | 344656 |
| OR Royalties, Inc. | &nbsp;&nbsp; 15133 | 717016 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Orezone Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 38886 | $78396 |
| Orla Mining Ltd. | &nbsp;&nbsp; 24154 | 522373 |
| Ovintiv, Inc. | &nbsp;&nbsp; 21640 | 1094768 |
| Ovintiv, Inc. | &nbsp;&nbsp; 1381 | 69695 |
| Paramount Resources Ltd., Class A | &nbsp;&nbsp; 6500 | 128661 |
| Parex Resources, Inc. | &nbsp;&nbsp; 7750 | 121246 |
| Pason Systems, Inc. | &nbsp;&nbsp; 7000 | 63377 |
| Perpetua Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7001 | 258057 |
| Pet Valu Holdings Ltd. | &nbsp;&nbsp; 4206 | 87848 |
| Peyto Exploration & Development Corp. | &nbsp;&nbsp; 15750 | 305174 |
| PrairieSky Royalty Ltd. | &nbsp;&nbsp; 16889 | 385560 |
| Precision Drilling Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 119270 |
| Premium Brands Holdings Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 4019 | 312345 |
| Prinmaris REIT | &nbsp;&nbsp; 4611 | 61726 |
| Propel Holdings, Inc. | &nbsp;&nbsp; 2750 | 42357 |
| Quebecor, Inc., Class B | &nbsp;&nbsp; 12343 | 510442 |
| Richelieu Hardware Ltd. | &nbsp;&nbsp; 4125 | 131669 |
| Rio2 Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33667 | 93543 |
| RioCan REIT | &nbsp;&nbsp; 7639 | 110493 |
| Rockpoint Gas Storage, Inc., Class A | &nbsp;&nbsp; 3026 | 62914 |
| Rogers Sugar, Inc. | &nbsp;&nbsp; 6500 | 31403 |
| Russel Metals, Inc. | &nbsp;&nbsp; 4625 | 162886 |
| Savaria Corp. | &nbsp;&nbsp; 4887 | 90464 |
| Seabridge Gold, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6250 | 246279 |
| Secure Waste Infrastructure Corp. | &nbsp;&nbsp; 15750 | 218460 |
| Sienna Senior Living, Inc. | &nbsp;&nbsp; 7250 | 124797 |
| Silvercorp Metals, Inc. | &nbsp;&nbsp; 19875 | 276258 |
| Skeena Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7375 | 281094 |
| Slate Grocery REIT | &nbsp;&nbsp; 3593 | 41855 |
| SmartCentres Real Estate Investment Trust | &nbsp;&nbsp; 5818 | 118446 |
| Solaris Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7354 | 79252 |
| South Bow Corp. | &nbsp;&nbsp; 16500 | 530545 |
| Southern Cross Gold Consolidated Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 17670 | 148583 |
| Spin Master Corp.<sup>(d)</sup> | &nbsp;&nbsp; 3125 | 44101 |
| Sprott, Inc. | &nbsp;&nbsp; 1750 | 283813 |
| SSR Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16125 | 518605 |
| Stella-Jones, Inc. | &nbsp;&nbsp; 4000 | 274506 |
| StorageVault Canada, Inc. | &nbsp;&nbsp; 22875 | 83011 |
| Strathcona Resources Ltd. | &nbsp;&nbsp; 3481 | 76048 |
| SunOpta, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 49885 |
| Superior Plus Corp.<sup>(b)</sup> | &nbsp;&nbsp; 18875 | 90912 |
| Tamarack Valley Energy Ltd. | &nbsp;&nbsp; 39934 | 298323 |
| Taseko Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27750 | 247178 |
| TerraVest Industries, Inc. | &nbsp;&nbsp; 1213 | 130784 |
| TMC the metals Co., Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 16405 | 102859 |
| Topaz Energy Corp. | &nbsp;&nbsp; 4188 | 95670 |
| Torex Gold Resources, Inc. | &nbsp;&nbsp; 7726 | 470736 |
| TransAlta Corp. | &nbsp;&nbsp; 22500 | 309281 |
| Transcontinental, Inc., Class A | &nbsp;&nbsp; 5625 | 95918 |
| Trican Well Service Ltd. | &nbsp;&nbsp; 16250 | 77554 |
| Triple Flag Precious Metals Corp. | &nbsp;&nbsp; 5500 | 227411 |
| Trisura Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 132552 |
| Vermilion Energy, Inc. | &nbsp;&nbsp; 12375 | 132908 |
| Vizsla Silver Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 25861 | 113185 |
| Well Health Technologies Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 18375 | 56578 |
| Wesdome Gold Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12406 | 243927 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 4324 | 287073 |
| Westshore Terminals Investment Corp. | &nbsp;&nbsp; 3250 | 76244 |
| Winpak Ltd. | &nbsp;&nbsp; 2875 | 101549 |
|  |  | 43858698 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| GigaCloud Technology, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 94223 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| HBM Holdings Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 53000 | $82471 |
| Mobvista, Inc.<sup>(a)(d)</sup> | &nbsp;&nbsp; 44000 | 66541 |
| United Energy Group Ltd. | &nbsp;&nbsp; 946000 | 78937 |
|  |  | 322172 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 147562 |
| **Denmark — 0.7%** | **Denmark — 0.7%** | **Denmark — 0.7%** |
| AL Sydbank | &nbsp;&nbsp; 4118 | 369223 |
| ALK-Abello A/S<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 365703 |
| Alm Brand A/S | &nbsp;&nbsp; 58424 | 151797 |
| Ambu A/S, Class B | &nbsp;&nbsp; 15337 | 194376 |
| Bavarian Nordic A/S<sup>(a)</sup> | &nbsp;&nbsp; 6250 | 194747 |
| Chemometec A/S | &nbsp;&nbsp; 1250 | 82761 |
| D/S Norden A/S | &nbsp;&nbsp; 2125 | 95287 |
| DFDS A/S<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 51109 |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 3477 | 307800 |
| GN Store Nord A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 10875 | 160270 |
| Gubra AS | &nbsp;&nbsp; 625 | 39054 |
| H Lundbeck A/S | &nbsp;&nbsp; 22125 | 135920 |
| ISS A/S | &nbsp;&nbsp; 11848 | 421344 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 3444 | 516169 |
| Matas A/S<sup>(b)</sup> | &nbsp;&nbsp; 2750 | 48039 |
| Netcompany Group A/S<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 3375 | 172539 |
| NKT A/S<sup>(a)</sup> | &nbsp;&nbsp; 4572 | 590959 |
| NTG Nordic Transport Group A/S, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1411 | 38044 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 1416 | 179270 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 1937 | 505158 |
| Royal Unibrew A/S | &nbsp;&nbsp; 4049 | 398907 |
| Scandinavian Tobacco Group A/S, Class A<sup>(d)</sup> | &nbsp;&nbsp; 5043 | 82620 |
| Schouw & Co. A/S | &nbsp;&nbsp; 1205 | 128739 |
| TORM PLC, Class A | &nbsp;&nbsp; 4625 | 135526 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 4936 | 285720 |
|  |  | 5651081 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Bittium Oyj | &nbsp;&nbsp; 2176 | 68911 |
| Finnair OYJ | &nbsp;&nbsp; 10375 | 42574 |
| Harvia OYJ | &nbsp;&nbsp; 1375 | 60030 |
| Hiab OYJ, Class B | &nbsp;&nbsp; 3386 | 194550 |
| Huhtamaki OYJ | &nbsp;&nbsp; 7750 | 289461 |
| Kalmar OYJ, Class B | &nbsp;&nbsp; 3000 | 172250 |
| Kemira OYJ | &nbsp;&nbsp; 9250 | 224155 |
| Kojamo OYJ<sup>(a)</sup> | &nbsp;&nbsp; 10750 | 125180 |
| Konecranes OYJ | &nbsp;&nbsp; 5375 | 634548 |
| Mandatum OYJ | &nbsp;&nbsp; 36576 | 294941 |
| Marimekko OYJ | &nbsp;&nbsp; 2625 | 34739 |
| Metsa Board OYJ, Class B<sup>(b)</sup> | &nbsp;&nbsp; 15750 | 58459 |
| Nokian Renkaat OYJ | &nbsp;&nbsp; 9875 | 124233 |
| Outokumpu OYJ | &nbsp;&nbsp; 29000 | 195810 |
| Puuilo OYJ | &nbsp;&nbsp; 6000 | 85784 |
| QT Group OYJ<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 42021 |
| Revenio Group OYJ | &nbsp;&nbsp; 1625 | 35623 |
| TietoEVRY OYJ | &nbsp;&nbsp; 8500 | 189728 |
| Tokmanni Group Corp.<sup>(b)</sup> | &nbsp;&nbsp; 4500 | 42583 |
| Valmet OYJ | &nbsp;&nbsp; 11750 | 393440 |
|  |  | 3309020 |
| **France — 1.4%** | **France — 1.4%** | **France — 1.4%** |
| Air France-KLM, NVS<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 137372 |
| Altarea SCA | &nbsp;&nbsp; 915 | 138918 |
| Alten SA | &nbsp;&nbsp; 2375 | 177733 |
| Antin Infrastructure Partners SA | &nbsp;&nbsp; 4000 | 45447 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Aperam SA | &nbsp;&nbsp; 3500 | $183802 |
| ARGAN SA, NVS | &nbsp;&nbsp; 1035 | 86855 |
| Arkema SA | &nbsp;&nbsp; 4588 | 334122 |
| Aubay | &nbsp;&nbsp; 750 | 40350 |
| Beneteau SACA | &nbsp;&nbsp; 4250 | 40224 |
| Canal+ SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 55125 | 228943 |
| Carmila SA | &nbsp;&nbsp; 4500 | 98198 |
| Cie des Alpes | &nbsp;&nbsp; 1633 | 55985 |
| Clariane SE<sup>(a)</sup> | &nbsp;&nbsp; 10750 | 51331 |
| Coface SA | &nbsp;&nbsp; 8375 | 154917 |
| Constellium SE, Class A<sup>(a)</sup> | &nbsp;&nbsp; 9550 | 237700 |
| Derichebourg SA | &nbsp;&nbsp; 9000 | 99838 |
| Edenred SE | &nbsp;&nbsp; 19491 | 450495 |
| Elior Group SA<sup>(d)</sup> | &nbsp;&nbsp; 13051 | 42806 |
| Elis SA | &nbsp;&nbsp; 13125 | 421090 |
| Emeis SA<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 117503 |
| Eramet SA | &nbsp;&nbsp; 875 | 60883 |
| Etablissements Maurel et Prom SA | &nbsp;&nbsp; 6750 | 71934 |
| Eurazeo SE | &nbsp;&nbsp; 3236 | 190155 |
| Eutelsat Communications SACA<sup>(a)</sup> | &nbsp;&nbsp; 19860 | 52682 |
| Exail Technologies SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 637 | 93634 |
| Exosens SAS | &nbsp;&nbsp; 1750 | 128802 |
| FDJ UNITED | &nbsp;&nbsp; 9032 | 273982 |
| Fnac Darty SA | &nbsp;&nbsp; 1375 | 57589 |
| Forvia SE<sup>(a)</sup> | &nbsp;&nbsp; 11750 | 166727 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 2875 | 656587 |
| ICADE | &nbsp;&nbsp; 3125 | 79216 |
| ID Logistics Group SACA<sup>(a)</sup> | &nbsp;&nbsp; 250 | 117562 |
| Imerys SA | &nbsp;&nbsp; 2750 | 79300 |
| Interparfums SA | &nbsp;&nbsp; 2045 | 59603 |
| IPSOS SA | &nbsp;&nbsp; 2750 | 111466 |
| JCDecaux SE | &nbsp;&nbsp; 5125 | 105660 |
| Kaufman & Broad SA | &nbsp;&nbsp; 1375 | 52692 |
| LISI SA | &nbsp;&nbsp; 1943 | 128710 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 55125 | 111610 |
| Medincell SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 1464 | 39799 |
| Mercialys SA | &nbsp;&nbsp; 7500 | 108605 |
| Mersen SA | &nbsp;&nbsp; 2375 | 77892 |
| Metropole Television SA | &nbsp;&nbsp; 3604 | 49248 |
| Nanobiotix SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 2506 | 76426 |
| Nexans SA | &nbsp;&nbsp; 2990 | 429520 |
| Nexity SA<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 46339 |
| Opmobility | &nbsp;&nbsp; 5500 | 110059 |
| Peugeot Invest SA | &nbsp;&nbsp; 625 | 53731 |
| Planisware SA, NVS | &nbsp;&nbsp; 2000 | 37982 |
| Pluxee NV, NVS | &nbsp;&nbsp; 7000 | 93430 |
| Quadient SA | &nbsp;&nbsp; 2875 | 45873 |
| Remy Cointreau SA | &nbsp;&nbsp; 1757 | 86296 |
| Robertet SA | &nbsp;&nbsp; 74 | 76384 |
| Rubis SCA | &nbsp;&nbsp; 6125 | 263447 |
| SCOR SE | &nbsp;&nbsp; 12125 | 441916 |
| SEB SA | &nbsp;&nbsp; 1538 | 94400 |
| SES SA, Class A | &nbsp;&nbsp; 29000 | 215902 |
| Societe BIC SA | &nbsp;&nbsp; 1875 | 120569 |
| SOITEC<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 108499 |
| Sopra Steria Group | &nbsp;&nbsp; 1250 | 193296 |
| SPIE SA | &nbsp;&nbsp; 11375 | 704195 |
| Technip Energies NV | &nbsp;&nbsp; 10625 | 460370 |
| Teleperformance SE | &nbsp;&nbsp; 4334 | 262055 |
| Television Francaise 1 SA | &nbsp;&nbsp; 5375 | 46025 |
| Tikehau Capital SCA | &nbsp;&nbsp; 2136 | 47598 |
| Trigano SA | &nbsp;&nbsp; 750 | 148426 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Ubisoft Entertainment SA<sup>(a)</sup> | &nbsp;&nbsp; 6500 | $31889 |
| Valeo SE | &nbsp;&nbsp; 17500 | 252368 |
| Vallourec SACA | &nbsp;&nbsp; 13000 | 304157 |
| Valneva SE<sup>(a)</sup> | &nbsp;&nbsp; 11063 | 62157 |
| Vicat SACA | &nbsp;&nbsp; 1500 | 125716 |
| Virbac SACA | &nbsp;&nbsp; 375 | 163560 |
| Viridien, NVS<sup>(a)</sup> | &nbsp;&nbsp; 584 | 75664 |
| Vivendi SE | &nbsp;&nbsp; 53125 | 138000 |
| VusionGroup | &nbsp;&nbsp; 574 | 80693 |
| Wavestone | &nbsp;&nbsp; 750 | 42842 |
| Wendel SE | &nbsp;&nbsp; 1956 | 204245 |
| Worldline SA<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 16875 | 31148 |
|  |  | 11693144 |
| **Germany — 1.3%** | **Germany — 1.3%** | **Germany — 1.3%** |
| Adesso SE | &nbsp;&nbsp; 375 | 27587 |
| Aixtron SE | &nbsp;&nbsp; 9000 | 291125 |
| AlzChem Group AG | &nbsp;&nbsp; 491 | 85862 |
| Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp; 61000 | 220171 |
| Atoss Software SE | &nbsp;&nbsp; 875 | 90847 |
| Aumovio SE<sup>(a)</sup> | &nbsp;&nbsp; 4377 | 217108 |
| Aurubis AG | &nbsp;&nbsp; 2500 | 506541 |
| Auto1 Group SE<sup>(a)</sup> | &nbsp;&nbsp; 10375 | 208376 |
| Bechtle AG | &nbsp;&nbsp; 6500 | 261170 |
| Befesa SA<sup>(d)</sup> | &nbsp;&nbsp; 2750 | 109437 |
| Bilfinger SE | &nbsp;&nbsp; 2640 | 369628 |
| CANCOM SE | &nbsp;&nbsp; 2375 | 66716 |
| Carl Zeiss Meditec AG, Bearer | &nbsp;&nbsp; 2875 | 91706 |
| CECONOMY AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 14750 | 78777 |
| Cewe Stiftung & Co. KGaA | &nbsp;&nbsp; 500 | 59218 |
| Dermapharm Holding SE | &nbsp;&nbsp; 1500 | 70931 |
| Deutsche Pfandbriefbank AG<sup>(d)</sup> | &nbsp;&nbsp; 15375 | 64883 |
| Deutz AG | &nbsp;&nbsp; 12500 | 183733 |
| Douglas AG<sup>(a)</sup> | &nbsp;&nbsp; 3250 | 45057 |
| Duerr AG | &nbsp;&nbsp; 4125 | 118592 |
| Eckert & Ziegler SE | &nbsp;&nbsp; 3750 | 67912 |
| Elmos Semiconductor SE | &nbsp;&nbsp; 625 | 107655 |
| Energiekontor AG | &nbsp;&nbsp; 750 | 34568 |
| Evotec SE<sup>(a)</sup> | &nbsp;&nbsp; 11250 | 77923 |
| Fielmann Group AG | &nbsp;&nbsp; 2000 | 109006 |
| flatexDEGIRO AG | &nbsp;&nbsp; 6625 | 240038 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 293543 |
| Freenet AG | &nbsp;&nbsp; 9500 | 310486 |
| Friedrich Vorwerk Group SE | &nbsp;&nbsp; 569 | 53929 |
| Gerresheimer AG<sup>(b)</sup> | &nbsp;&nbsp; 2750 | 54881 |
| GFT Technologies SE | &nbsp;&nbsp; 1875 | 34828 |
| Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp; 6750 | 88406 |
| Grenke AG | &nbsp;&nbsp; 2625 | 45228 |
| HelloFresh SE<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 70914 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp; 875 | 88503 |
| Hugo Boss AG | &nbsp;&nbsp; 3750 | 164906 |
| Hypoport SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 375 | 40339 |
| IONOS Group SE<sup>(a)</sup> | &nbsp;&nbsp; 3529 | 96204 |
| Jenoptik AG | &nbsp;&nbsp; 4125 | 136257 |
| JOST Werke SE<sup>(d)</sup> | &nbsp;&nbsp; 1823 | 144508 |
| K+S AG, Registered | &nbsp;&nbsp; 13500 | 239019 |
| KION Group AG | &nbsp;&nbsp; 5750 | 390245 |
| Kloeckner & Co. SE | &nbsp;&nbsp; 5625 | 72821 |
| Kontron AG | &nbsp;&nbsp; 3000 | 82679 |
| Krones AG | &nbsp;&nbsp; 1013 | 158612 |
| KWS Saat SE & Co. KGaA | &nbsp;&nbsp; 938 | 71665 |
| Lanxess AG | &nbsp;&nbsp; 6875 | 154555 |
| Mutares SE & Co. KGaA<sup>(b)</sup> | &nbsp;&nbsp; 1375 | 50372 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Nagarro SE | &nbsp;&nbsp; 750 | $49440 |
| Nordex SE<sup>(a)</sup> | &nbsp;&nbsp; 10527 | 531266 |
| Norma Group SE | &nbsp;&nbsp; 3125 | 58165 |
| PNE AG<sup>(b)</sup> | &nbsp;&nbsp; 2375 | 24527 |
| ProSiebenSat.1 Media SE<sup>(b)</sup> | &nbsp;&nbsp; 11125 | 61539 |
| Puma SE | &nbsp;&nbsp; 8126 | 225924 |
| Redcare Pharmacy NV<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 1250 | 88534 |
| RENK Group AG | &nbsp;&nbsp; 6836 | 460635 |
| RTL Group SA<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 136657 |
| SAF-Holland SE | &nbsp;&nbsp; 4250 | 99695 |
| Salzgitter AG | &nbsp;&nbsp; 2250 | 143607 |
| Schaeffler AG | &nbsp;&nbsp; 13962 | 170086 |
| Schott Pharma AG & Co. KGaA | &nbsp;&nbsp; 3000 | 51918 |
| Siltronic AG<sup>(b)</sup> | &nbsp;&nbsp; 1500 | 101098 |
| Sixt SE | &nbsp;&nbsp; 1000 | 77523 |
| SMA Solar Technology AG<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 65913 |
| Stabilus SE | &nbsp;&nbsp; 2250 | 50146 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp; 2750 | 112303 |
| Suedzucker AG<sup>(b)</sup> | &nbsp;&nbsp; 5625 | 67288 |
| SUESS MicroTec SE<sup>(b)</sup> | &nbsp;&nbsp; 1625 | 104596 |
| TAG Immobilien AG | &nbsp;&nbsp; 14000 | 273075 |
| TeamViewer SE<sup>(a)(d)</sup> | &nbsp;&nbsp; 11500 | 62618 |
| thyssenkrupp AG | &nbsp;&nbsp; 39500 | 487401 |
| Tkms AG& Co. KGaA<sup>(a)</sup> | &nbsp;&nbsp; 1975 | 223915 |
| United Internet AG, Registered | &nbsp;&nbsp; 6125 | 201968 |
| Vossloh AG | &nbsp;&nbsp; 875 | 84464 |
| Wacker Chemie AG | &nbsp;&nbsp; 1500 | 143064 |
| Wacker Neuson SE | &nbsp;&nbsp; 3000 | 73639 |
| Wuestenrot & Wuerttembergische AG | &nbsp;&nbsp; 5907 | 115399 |
|  |  | 10993870 |
| **Guernsey — 0.0%** | **Guernsey — 0.0%** | **Guernsey — 0.0%** |
| Burford Capital Ltd. | &nbsp;&nbsp; 16890 | 142552 |
| **Hong Kong — 0.7%** | **Hong Kong — 0.7%** | **Hong Kong — 0.7%** |
| ASMPT Ltd. | &nbsp;&nbsp; 25600 | 364939 |
| Bank of East Asia Ltd.(The) | &nbsp;&nbsp; 74400 | 144741 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 62000 | 67893 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 387000 | 129604 |
| Cowell e Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21000 | 75080 |
| CTF Services Ltd. | &nbsp;&nbsp; 105600 | 120642 |
| Dah Sing Banking Group Ltd. | &nbsp;&nbsp; 102800 | 171934 |
| Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp; 15600 | 84679 |
| DFI Retail Group Holdings Ltd. | &nbsp;&nbsp; 27300 | 114198 |
| Envision Greenwise Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 117000 | 47617 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 168000 | 135686 |
| Fortune REIT | &nbsp;&nbsp; 210000 | 145814 |
| FWD Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15600 | 73779 |
| Genpact Ltd. | &nbsp;&nbsp; 13500 | 536220 |
| Guotai Junan International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 389000 | 138997 |
| Hang Lung Group Ltd. | &nbsp;&nbsp; 55000 | 117903 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 135000 | 176827 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 50000 | 139354 |
| Jiaxin International Resources Investment Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7200 | 90053 |
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 36500 | 144206 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 46500 | 149735 |
| Luk Fook Holdings International Ltd. | &nbsp;&nbsp; 26000 | 97756 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 150000 | 97694 |
| Melco International Development Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 73000 | 39426 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 20375 | 121028 |
| MGM China Holdings Ltd. | &nbsp;&nbsp; 76400 | 122149 |
| New World Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 125000 | 173078 |
| OSL Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 35000 | 71507 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Pacific Basin Shipping Ltd. | &nbsp;&nbsp; 356000 | $157371 |
| PAX Global Technology Ltd. | &nbsp;&nbsp; 172000 | 107069 |
| PCCW Ltd. | &nbsp;&nbsp; 342000 | 259534 |
| Realord Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36000 | 62950 |
| SJM Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 273000 | 84002 |
| Stella International Holdings Ltd. | &nbsp;&nbsp; 66500 | 128352 |
| SUNeVision Holdings Ltd. | &nbsp;&nbsp; 125000 | 107578 |
| Time Interconnect Technology Ltd. | &nbsp;&nbsp; 47000 | 116822 |
| United Laboratories International Holdings Ltd.(The) | &nbsp;&nbsp; 70000 | 116397 |
| Vitasoy International Holdings Ltd. | &nbsp;&nbsp; 50000 | 45481 |
| Vobile Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 163000 | 102779 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 14500 | 119430 |
| Wynn Macau Ltd. | &nbsp;&nbsp; 183200 | 133308 |
| Xinyi Glass Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 149000 | 197063 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 65500 | 155462 |
|  |  | 5786137 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| Cairn Homes PLC | &nbsp;&nbsp; 49250 | 138541 |
| Cimpress PLC<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 118706 |
| Glanbia PLC | &nbsp;&nbsp; 15375 | 317924 |
| Glenveagh Properties PLC<sup>(a)(d)</sup> | &nbsp;&nbsp; 44125 | 117571 |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 53500 | 67894 |
| NIQ Global Intelligence PLC<sup>(a)</sup> | &nbsp;&nbsp; 4745 | 63251 |
| nVent Electric PLC | &nbsp;&nbsp; 13125 | 1553475 |
| Uniphar PLC | &nbsp;&nbsp; 23625 | 113548 |
| Weatherford International PLC | &nbsp;&nbsp; 5875 | 619578 |
|  |  | 3110488 |
| **Israel — 1.7%** | **Israel — 1.7%** | **Israel — 1.7%** |
| Africa Israel Residences Ltd. | &nbsp;&nbsp; 625 | 55160 |
| Airport City Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 81229 |
| Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp; 12750 | 149830 |
| Amot Investments Ltd. | &nbsp;&nbsp; 18750 | 124464 |
| Aryt Industries Ltd. | &nbsp;&nbsp; 4499 | 85167 |
| Ashtrom Group Ltd. | &nbsp;&nbsp; 4750 | 103175 |
| Aura Investments Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14125 | 93417 |
| Azorim-Investment Development & Construction <br> Co. Ltd.<br>| &nbsp;&nbsp; 6004 | 40567 |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 625 | 160339 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp; 223224 | 588625 |
| Big Shopping Centers Ltd. | &nbsp;&nbsp; 1288 | 310374 |
| Blue Square Real Estate Ltd. | &nbsp;&nbsp; 500 | 67260 |
| Camtek Ltd./Israel<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 395692 |
| Cellcom Israel Ltd. | &nbsp;&nbsp; 10250 | 119479 |
| Cellebrite DI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 103385 |
| Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp; 5793 | 433308 |
| Danel Adir Yeoshua Ltd. | &nbsp;&nbsp; 500 | 70521 |
| Danya Cebus Ltd. | &nbsp;&nbsp; 217 | 12192 |
| Delek Automotive Systems Ltd. | &nbsp;&nbsp; 5500 | 34350 |
| Delek Group Ltd. | &nbsp;&nbsp; 750 | 230104 |
| Delta Galil Ltd. | &nbsp;&nbsp; 1000 | 48522 |
| Doral Group Renewable Energy Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7875 | 151408 |
| El Al Israel Airlines<sup>(b)</sup> | &nbsp;&nbsp; 22750 | 113444 |
| Elco Ltd. | &nbsp;&nbsp; 1125 | 54503 |
| Electra Consumer Products 1970 Ltd. | &nbsp;&nbsp; 1375 | 37213 |
| Electra Ltd./Israel | &nbsp;&nbsp; 2500 | 75929 |
| Electra Real Estate Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 60157 |
| Energix-Renewable Energies Ltd. | &nbsp;&nbsp; 25375 | 161696 |
| Enlight Renewable Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10601 | 727170 |
| Equital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 92046 |
| Fattal Holdings 1998 Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 625 | 122578 |
| FIBI Holdings Ltd. | &nbsp;&nbsp; 1419 | 148306 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| First International Bank Of Israel Ltd.(The) | &nbsp;&nbsp; 4875 | $419474 |
| Fiverr International Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2750 | 29783 |
| Formula Systems 1985 Ltd. | &nbsp;&nbsp; 875 | 101188 |
| Fox Wizel Ltd. | &nbsp;&nbsp; 875 | 79105 |
| Gav-Yam Lands Corp. Ltd. | &nbsp;&nbsp; 4445 | 52028 |
| Gilat Satellite Networks Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3659 | 56332 |
| Global-e Online Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8530 | 298294 |
| Harel Insurance Investments & Financial Services Ltd. | &nbsp;&nbsp; 9093 | 478444 |
| Hilan Ltd. | &nbsp;&nbsp; 1250 | 80041 |
| IDI Insurance Co. Ltd. | &nbsp;&nbsp; 721 | 52632 |
| Inmode Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 89375 |
| Inrom Construction Industries Ltd. | &nbsp;&nbsp; 8354 | 53393 |
| Isracard Ltd. | &nbsp;&nbsp; 18500 | 88082 |
| Israel Canada T.R Ltd. | &nbsp;&nbsp; 17625 | 110432 |
| Israel Corp Ltd. | &nbsp;&nbsp; 250 | 64605 |
| Isras Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 375 | 38989 |
| Isrotel Ltd. | &nbsp;&nbsp; 1445 | 75553 |
| Ituran Location and Control Ltd. | &nbsp;&nbsp; 1500 | 72000 |
| JFrog Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7500 | 301125 |
| Kenon Holdings Ltd. | &nbsp;&nbsp; 2375 | 187918 |
| Kornit Digital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 59249 |
| Kvutzat Acro Ltd. | &nbsp;&nbsp; 3000 | 44428 |
| Matrix IT Ltd. | &nbsp;&nbsp; 5013 | 151294 |
| Max Stock Ltd. | &nbsp;&nbsp; 5190 | 45657 |
| Mega Or Holdings Ltd. | &nbsp;&nbsp; 2000 | 325836 |
| Meitav Investment House Ltd. | &nbsp;&nbsp; 2849 | 104429 |
| Melisron Ltd. | &nbsp;&nbsp; 1916 | 259622 |
| Menora Mivtachim Holdings Ltd. | &nbsp;&nbsp; 1758 | 251509 |
| Meshek Energy Renewable Energies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25734 | 91550 |
| Migdal Insurance & Financial Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 46793 | 253463 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp; 46554 | 193142 |
| Mivtach Shamir Holdings Ltd. | &nbsp;&nbsp; 368 | 50532 |
| Nayax Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 69214 |
| Neto Malinda Trading Ltd. | &nbsp;&nbsp; 1003 | 58230 |
| Next Vision Stabilized Systems Ltd. | &nbsp;&nbsp; 5679 | 647876 |
| Oddity Tech Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3126 | 36793 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 248875 | 81115 |
| One Software Technologies Ltd. | &nbsp;&nbsp; 4375 | 84463 |
| OPC Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14492 | 457508 |
| OY Nofar Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2166 | 114696 |
| Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 4250 | 47558 |
| Partner Communications Co. Ltd. | &nbsp;&nbsp; 11250 | 137650 |
| Paz Retail And Energy Ltd. | &nbsp;&nbsp; 750 | 184184 |
| Radware Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3250 | 75237 |
| Rami Levy Chain Stores Hashikma Marketing 2006 <br> Ltd.<br>| &nbsp;&nbsp; 1000 | 128328 |
| Reit 1 Ltd. | &nbsp;&nbsp; 15500 | 115771 |
| Retailors Ltd. | &nbsp;&nbsp; 2000 | 22058 |
| Riskified Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9750 | 43388 |
| Sella Capital Real Estate Ltd. | &nbsp;&nbsp; 22500 | 65727 |
| Shapir Engineering and Industry Ltd. | &nbsp;&nbsp; 12750 | 132945 |
| Shikun & Binui Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33438 | 176261 |
| Shufersal Ltd. | &nbsp;&nbsp; 15875 | 222471 |
| Strauss Group Ltd. | &nbsp;&nbsp; 5069 | 223563 |
| Summit Real Estate Holdings Ltd. | &nbsp;&nbsp; 3250 | 58789 |
| Taboola.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 15875 | 50324 |
| Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp; 7250 | 353613 |
| Turpaz Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3921 | 94813 |
| UroGen Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3195 | 69331 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4523 | 318691 |
| YH Dimri Construction & Development Ltd. | &nbsp;&nbsp; 1000 | 142303 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| ZIM Integrated Shipping Services Ltd. | &nbsp;&nbsp; 9625 | $277489 |
|  |  | 14101503 |
| **Italy — 1.0%** | **Italy — 1.0%** | **Italy — 1.0%** |
| A2A SpA | &nbsp;&nbsp; 124375 | 362827 |
| ACEA SpA | &nbsp;&nbsp; 3750 | 116277 |
| Amplifon SpA | &nbsp;&nbsp; 9378 | 145456 |
| Avio SpA | &nbsp;&nbsp; 3261 | 136816 |
| Azimut Holding SpA | &nbsp;&nbsp; 9250 | 381201 |
| Banca Generali SpA | &nbsp;&nbsp; 4625 | 298122 |
| Banca IFIS SpA | &nbsp;&nbsp; 3250 | 94261 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 7154 | 144598 |
| Banco di Desio e della Brianza SpA | &nbsp;&nbsp; 3625 | 38977 |
| BFF Bank SpA<sup>(a)(d)</sup> | &nbsp;&nbsp; 14250 | 63444 |
| Brembo NV | &nbsp;&nbsp; 11875 | 140768 |
| Brunello Cucinelli SpA | &nbsp;&nbsp; 2750 | 266103 |
| Carel Industries SpA<sup>(d)</sup> | &nbsp;&nbsp; 4000 | 109653 |
| Cembre SpA | &nbsp;&nbsp; 487 | 43158 |
| Cementir Holding NV | &nbsp;&nbsp; 4750 | 89402 |
| Credito Emiliano SpA | &nbsp;&nbsp; 5546 | 101921 |
| Danieli & C Officine Meccaniche SpA | &nbsp;&nbsp; 830 | 66261 |
| De' Longhi SpA | &nbsp;&nbsp; 6125 | 280816 |
| DiaSorin SpA | &nbsp;&nbsp; 1818 | 152562 |
| El.En. SpA | &nbsp;&nbsp; 4875 | 81372 |
| Enav SpA<sup>(d)</sup> | &nbsp;&nbsp; 21500 | 140015 |
| ERG SpA | &nbsp;&nbsp; 4125 | 121547 |
| Ferretti SpA | &nbsp;&nbsp; 31403 | 143496 |
| Fila SpA | &nbsp;&nbsp; 3625 | 40395 |
| Fincantieri SpA<sup>(a)</sup> | &nbsp;&nbsp; 6613 | 112000 |
| GVS SpA<sup>(a)(d)</sup> | &nbsp;&nbsp; 8500 | 40076 |
| Hera SpA | &nbsp;&nbsp; 65125 | 340042 |
| Intercos SpA, NVS | &nbsp;&nbsp; 4875 | 71428 |
| Interpump Group SpA | &nbsp;&nbsp; 6125 | 281631 |
| Iren SpA | &nbsp;&nbsp; 51625 | 173033 |
| Italmobiliare SpA | &nbsp;&nbsp; 1284 | 43547 |
| Iveco Group NV | &nbsp;&nbsp; 16358 | 370552 |
| Juventus Football Club SpA, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 9125 | 25220 |
| Lottomatica Group SpA | &nbsp;&nbsp; 20999 | 508260 |
| Maire SpA | &nbsp;&nbsp; 11750 | 212664 |
| MARR SpA<sup>(b)</sup> | &nbsp;&nbsp; 3750 | 41830 |
| MFE-MediaForEurope NV, Class A | &nbsp;&nbsp; 13250 | 48380 |
| NewPrinces SpA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 1744 | 43508 |
| Nexi SpA<sup>(d)</sup> | &nbsp;&nbsp; 42870 | 175105 |
| OVS SpA<sup>(d)</sup> | &nbsp;&nbsp; 16375 | 95805 |
| Piaggio & C SpA | &nbsp;&nbsp; 18125 | 38703 |
| Pirelli & C SpA<sup>(d)</sup> | &nbsp;&nbsp; 32167 | 240628 |
| RAI Way SpA<sup>(d)</sup> | &nbsp;&nbsp; 9801 | 71375 |
| Reply SpA | &nbsp;&nbsp; 1875 | 200602 |
| Saipem SpA | &nbsp;&nbsp; 103000 | 433072 |
| Salvatore Ferragamo SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 5625 | 44683 |
| Sanlorenzo SpA/Ameglia | &nbsp;&nbsp; 1625 | 63970 |
| Sesa SpA | &nbsp;&nbsp; 750 | 68211 |
| SOL SpA | &nbsp;&nbsp; 3250 | 198154 |
| Tamburi Investment Partners SpA | &nbsp;&nbsp; 9125 | 102393 |
| Technogym SpA<sup>(d)</sup> | &nbsp;&nbsp; 9625 | 211074 |
| Technoprobe SpA<sup>(a)</sup> | &nbsp;&nbsp; 13000 | 261074 |
| Webuild SpA | &nbsp;&nbsp; 40375 | 157043 |
|  |  | 8233511 |
| **Japan — 13.3%** | **Japan — 13.3%** | **Japan — 13.3%** |
| 77 Bank Ltd.(The) | &nbsp;&nbsp; 3400 | 213701 |
| ABC-Mart, Inc. | &nbsp;&nbsp; 5800 | 97437 |
| Acom Co. Ltd. | &nbsp;&nbsp; 37500 | 122967 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Activia Properties, Inc. | &nbsp;&nbsp; 201 | $192254 |
| ADEKA Corp. | &nbsp;&nbsp; 4700 | 144231 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 250 | 275233 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 10100 | 114084 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 67 | 58647 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 4200 | 106870 |
| Aichi Financial Group, Inc., NVS | &nbsp;&nbsp; 3000 | 126587 |
| Aiful Corp. | &nbsp;&nbsp; 50000 | 165598 |
| Ain Holdings, Inc. | &nbsp;&nbsp; 2100 | 82538 |
| Air Water, Inc. | &nbsp;&nbsp; 15600 | 216617 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 14800 | 254377 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 11300 | 169169 |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 37500 | 308081 |
| Amada Co. Ltd. | &nbsp;&nbsp; 26300 | 437271 |
| Amano Corp. | &nbsp;&nbsp; 3900 | 102190 |
| Anritsu Corp. | &nbsp;&nbsp; 12500 | 240629 |
| Anycolor, Inc. | &nbsp;&nbsp; 2500 | 61921 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 8500 | 153617 |
| Appier Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 12500 | 66104 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 3000 | 74729 |
| ARE Holdings, Inc. | &nbsp;&nbsp; 6100 | 177533 |
| As One Corp. | &nbsp;&nbsp; 4800 | 70010 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 18900 | 407370 |
| Atom Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 29100 | 116853 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 5300 | 60348 |
| Awa Bank Ltd.(The) | &nbsp;&nbsp; 2400 | 91867 |
| Axial Retailing, Inc. | &nbsp;&nbsp; 21200 | 177159 |
| Azbil Corp. | &nbsp;&nbsp; 39000 | 362206 |
| AZ-COM MARUWA Holdings, Inc. | &nbsp;&nbsp; 12500 | 79173 |
| Bank of Nagoya Ltd.(The) | &nbsp;&nbsp; 2600 | 98416 |
| BayCurrent, Inc. | &nbsp;&nbsp; 11600 | 336835 |
| Bic Camera, Inc. | &nbsp;&nbsp; 12500 | 144789 |
| BIPROGY, Inc. | &nbsp;&nbsp; 7300 | 221660 |
| Blue Zones Holdings Co. Ltd. | &nbsp;&nbsp; 1500 | 92493 |
| Brother Industries Ltd. | &nbsp;&nbsp; 18600 | 384202 |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 12500 | 172463 |
| C Uyemura & Co. Ltd. | &nbsp;&nbsp; 800 | 110859 |
| Calbee, Inc. | &nbsp;&nbsp; 12500 | 247259 |
| Canon Marketing Japan, Inc. | &nbsp;&nbsp; 4200 | 188145 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 18800 | 188944 |
| Chiyoda Corp.<sup>(a)</sup> | &nbsp;&nbsp; 25000 | 211564 |
| Chugin Financial Group, Inc., NVS | &nbsp;&nbsp; 14800 | 303705 |
| Chugoku Electric Power Co., Inc.(The) | &nbsp;&nbsp; 25000 | 174154 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 3100 | 93164 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 11200 | 137058 |
| CKD Corp. | &nbsp;&nbsp; 7600 | 268978 |
| Coca-Cola Bottlers Japan Holdings, Inc. | &nbsp;&nbsp; 12500 | 330458 |
| Colowide Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12500 | 150225 |
| Comforia Residential REIT, Inc. | &nbsp;&nbsp; 192 | 138003 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 12500 | 460149 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 7000 | 216325 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 4100 | 182152 |
| CRE Logistics REIT, Inc. | &nbsp;&nbsp; 125 | 131535 |
| Create Restaurants Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 25000 | 117984 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 12500 | 380606 |
| CyberAgent, Inc. | &nbsp;&nbsp; 37500 | 330650 |
| Daicel Corp. | &nbsp;&nbsp; 25000 | 262432 |
| Dai-Dan Co. Ltd. | &nbsp;&nbsp; 7200 | 168478 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 12500 | 190510 |
| Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; 3200 | 79230 |
| Daihen Corp. | &nbsp;&nbsp; 1400 | 130226 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 12500 | 139054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Daio Paper Corp. | &nbsp;&nbsp; 12500 | $93820 |
| Daishi Hokuetsu Financial Group, Inc. | &nbsp;&nbsp; 18000 | 234819 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 338 | 287820 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 49 | 114521 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 98 | 72712 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 6000 | 122759 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 16200 | 176744 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 6200 | 105546 |
| Denka Co. Ltd. | &nbsp;&nbsp; 12500 | 294268 |
| Dentsu Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15500 | 292498 |
| Dentsu Soken, Inc. | &nbsp;&nbsp; 6000 | 75836 |
| Dexerials Corp. | &nbsp;&nbsp; 13900 | 229265 |
| DIC Corp. | &nbsp;&nbsp; 5700 | 161746 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 12500 | 247532 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 4300 | 317615 |
| DTS Corp. | &nbsp;&nbsp; 11200 | 81887 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 3100 | 85777 |
| EDION Corp. | &nbsp;&nbsp; 2700 | 38801 |
| Electric Power Development Co. Ltd., Class C | &nbsp;&nbsp; 11700 | 279423 |
| Exedy Corp. | &nbsp;&nbsp; 2100 | 83185 |
| EXEO Group, Inc. | &nbsp;&nbsp; 16000 | 306589 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 4100 | 159279 |
| Ferrotec Corp. | &nbsp;&nbsp; 3400 | 137982 |
| Financial Partners Group Co. Ltd. | &nbsp;&nbsp; 7800 | 104404 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 9200 | 592950 |
| Freee KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 3300 | 45456 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 250 | 143313 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 6600 | 256603 |
| Fuji Media Holdings, Inc. | &nbsp;&nbsp; 3600 | 82643 |
| Fuji Oil Co. Ltd./Osaka | &nbsp;&nbsp; 3500 | 89362 |
| Fujimi, Inc. | &nbsp;&nbsp; 4200 | 88457 |
| Fukuoka Financial Group, Inc. | &nbsp;&nbsp; 14100 | 616739 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 125 | 148881 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 6000 | 1075023 |
| Furuno Electric Co. Ltd. | &nbsp;&nbsp; 1300 | 65881 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 3300 | 98084 |
| GENDA, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12500 | 50385 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 183 | 164391 |
| Glory Ltd. | &nbsp;&nbsp; 3600 | 95817 |
| GLP J-REIT | &nbsp;&nbsp; 375 | 336183 |
| GMO internet group, Inc. | &nbsp;&nbsp; 4800 | 92198 |
| GMO Payment Gateway, Inc. | &nbsp;&nbsp; 4100 | 212619 |
| GNI Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4500 | 91212 |
| Goldwin, Inc. | &nbsp;&nbsp; 4600 | 72542 |
| GS Yuasa Corp. | &nbsp;&nbsp; 6200 | 220228 |
| Gunma Bank Ltd.(The) | &nbsp;&nbsp; 26900 | 388862 |
| H.U. Group Holdings, Inc. | &nbsp;&nbsp; 3200 | 68828 |
| H2O Retailing Corp. | &nbsp;&nbsp; 12500 | 195695 |
| Hachijuni Nagano Bank Ltd. | &nbsp;&nbsp; 30500 | 405209 |
| Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp; 25000 | 187471 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 12500 | 156937 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 25500 | 328761 |
| Hankyu Hanshin REIT, Inc. | &nbsp;&nbsp; 125 | 126958 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 2900 | 166351 |
| Harmonic Drive Systems, Inc. | &nbsp;&nbsp; 5000 | 145191 |
| Haseko Corp. | &nbsp;&nbsp; 19300 | 421648 |
| Hazama Ando Corp. | &nbsp;&nbsp; 19100 | 261583 |
| Heiwa Corp. | &nbsp;&nbsp; 4400 | 56877 |
| Heiwa Real Estate REIT, Inc. | &nbsp;&nbsp; 125 | 125268 |
| Hino Motors Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25000 | 73177 |
| Hirogin Holdings, Inc. | &nbsp;&nbsp; 25000 | 309176 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 2200 | 327662 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Hisamitsu Pharmaceutical Co., Inc. | &nbsp;&nbsp; 1200 | $46459 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 7700 | 345953 |
| Hokkaido Electric Power Co., Inc.<sup>(b)</sup> | &nbsp;&nbsp; 15200 | 119787 |
| Hokuetsu Corp. | &nbsp;&nbsp; 12500 | 82846 |
| Hokuhoku Financial Group, Inc. | &nbsp;&nbsp; 8400 | 335528 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 16200 | 114784 |
| Horiba Ltd. | &nbsp;&nbsp; 2600 | 349189 |
| Hoshino Resorts REIT, Inc. | &nbsp;&nbsp; 54 | 93734 |
| Hoshizaki Corp. | &nbsp;&nbsp; 8800 | 309252 |
| Hosiden Corp. | &nbsp;&nbsp; 12500 | 234904 |
| House Foods Group, Inc. | &nbsp;&nbsp; 5700 | 112675 |
| Hulic REIT, Inc. | &nbsp;&nbsp; 125 | 137712 |
| Hyakugo Bank Ltd.(The) | &nbsp;&nbsp; 25000 | 271491 |
| Ichibanya Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5800 | 33686 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 151 | 95614 |
| Ichigo, Inc. | &nbsp;&nbsp; 37500 | 106386 |
| IDOM, Inc. | &nbsp;&nbsp; 12500 | 123040 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 17000 | 302088 |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 12500 | 133089 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 8800 | 161788 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 3800 | 106002 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 207 | 201401 |
| Infomart Corp. | &nbsp;&nbsp; 25000 | 64664 |
| Infroneer Holdings, Inc. | &nbsp;&nbsp; 19200 | 321359 |
| Internet Initiative Japan, Inc. | &nbsp;&nbsp; 12500 | 182234 |
| Invincible Investment Corp. | &nbsp;&nbsp; 625 | 265392 |
| Isetan Mitsukoshi Holdings Ltd., Class L | &nbsp;&nbsp; 25900 | 508421 |
| Ito En Ltd. | &nbsp;&nbsp; 3900 | 75899 |
| Itoham Yonekyu Holdings, Inc. | &nbsp;&nbsp; 2300 | 95000 |
| Iwatani Corp. | &nbsp;&nbsp; 16500 | 217498 |
| Iyogin Holdings, Inc., NVS | &nbsp;&nbsp; 25000 | 541851 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 25000 | 412056 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 12500 | 71743 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 4300 | 146667 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 6800 | 117329 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 12200 | 126786 |
| Japan Excellent, Inc. | &nbsp;&nbsp; 125 | 122146 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 500 | 271583 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 12500 | 127813 |
| Japan Logistics Fund, Inc. | &nbsp;&nbsp; 250 | 166059 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 12500 | 173565 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 657 | 512401 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 17200 | 263289 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 270 | 184269 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 17500 | 129402 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 489 | 407140 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 12500 | 189642 |
| Japan Steel Works Ltd.(The) | &nbsp;&nbsp; 5400 | 350956 |
| Jeol Ltd. | &nbsp;&nbsp; 2700 | 118693 |
| JGC Holdings Corp. | &nbsp;&nbsp; 18200 | 288347 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 12500 | 176585 |
| JTEKT Corp. | &nbsp;&nbsp; 12500 | 171564 |
| Juroku Financial Group, Inc. | &nbsp;&nbsp; 3000 | 197432 |
| JVCKenwood Corp. | &nbsp;&nbsp; 12500 | 103804 |
| Kadokawa Corp. | &nbsp;&nbsp; 6900 | 128052 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 12500 | 232076 |
| Kakaku.com, Inc. | &nbsp;&nbsp; 12700 | 140017 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 6400 | 238345 |
| Kanadevia Corp. | &nbsp;&nbsp; 20200 | 140472 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 8300 | 370841 |
| Kaneka Corp. | &nbsp;&nbsp; 3400 | 114921 |
| Kanematsu Corp. | &nbsp;&nbsp; 18000 | 282963 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 12500 | $221186 |
| Kasumigaseki Capital Co. Ltd. | &nbsp;&nbsp; 1500 | 74942 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 4100 | 93759 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 1700 | 74436 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 375 | 408194 |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 6600 | 146442 |
| Keikyu Corp. | &nbsp;&nbsp; 13800 | 138231 |
| Keio Corp. | &nbsp;&nbsp; 7200 | 193369 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 32800 | 284790 |
| Keiyo Bank Ltd.(The) | &nbsp;&nbsp; 7400 | 106454 |
| Kewpie Corp.<sup>(b)</sup> | &nbsp;&nbsp; 6800 | 195115 |
| Kinden Corp. | &nbsp;&nbsp; 9600 | 520499 |
| Kintetsu Group Holdings Co. Ltd., Class L | &nbsp;&nbsp; 14700 | 311130 |
| Kitz Corp. | &nbsp;&nbsp; 4900 | 67565 |
| Kiyo Bank Ltd.(The) | &nbsp;&nbsp; 4700 | 128641 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4100 | 152938 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 12200 | 290296 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 28400 | 413274 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 144284 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 12700 | 228934 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 15400 | 631983 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 25300 | 149267 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 3700 | 69470 |
| Konica Minolta, Inc. | &nbsp;&nbsp; 37500 | 143085 |
| Kose Corp. | &nbsp;&nbsp; 2100 | 83722 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 12500 | 159176 |
| Kraftia Corp. | &nbsp;&nbsp; 3100 | 209727 |
| K's Holdings Corp. | &nbsp;&nbsp; 12500 | 136941 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 10400 | 134158 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 18100 | 85100 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 25000 | 295868 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 9400 | 522507 |
| Kusuri no Aoki Holdings Co. Ltd., Class L | &nbsp;&nbsp; 5300 | 137653 |
| KYB Corp. | &nbsp;&nbsp; 2500 | 84488 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 3600 | 61649 |
| Kyoto Financial Group, Inc. | &nbsp;&nbsp; 18700 | 463162 |
| Kyushu Electric Power Co., Inc. | &nbsp;&nbsp; 37500 | 483348 |
| Kyushu Financial Group, Inc. | &nbsp;&nbsp; 31200 | 266623 |
| Kyushu Railway Co. | &nbsp;&nbsp; 12500 | 317293 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 144 | 142003 |
| Leopalace21 Corp. | &nbsp;&nbsp; 37500 | 178611 |
| Lifenet Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp; 10200 | 145949 |
| Lintec Corp. | &nbsp;&nbsp; 3500 | 122128 |
| Lion Corp. | &nbsp;&nbsp; 25000 | 293983 |
| Lixil Corp. | &nbsp;&nbsp; 22200 | 260844 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 13600 | 160063 |
| Macnica Holdings, Inc. | &nbsp;&nbsp; 12500 | 220920 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 1800 | 133971 |
| Mani, Inc. | &nbsp;&nbsp; 12500 | 134310 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 17400 | 176632 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 12500 | 254194 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 12000 | 124854 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 600 | 234748 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 32400 | 198198 |
| Max Co. Ltd. | &nbsp;&nbsp; 1900 | 84778 |
| Mazda Motor Corp. | &nbsp;&nbsp; 50000 | 442757 |
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 7200 | 342583 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 17900 | 262536 |
| Mebuki Financial Group, Inc. | &nbsp;&nbsp; 87500 | 750497 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 16200 | 317464 |
| Meidensha Corp. | &nbsp;&nbsp; 2300 | 114623 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 20400 | 526285 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 1400 | $196239 |
| MEITEC Group Holdings, Inc. | &nbsp;&nbsp; 5400 | 118943 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 12500 | 152547 |
| Mercari, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 295825 |
| Metaplanet, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 36800 | 75856 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 2300 | 178483 |
| Mirai Corp. | &nbsp;&nbsp; 500 | 162004 |
| Mirait One Corp. | &nbsp;&nbsp; 12500 | 324831 |
| MIRARTH Real Estate Investment Corp. | &nbsp;&nbsp; 305 | 174310 |
| MISUMI Group, Inc. | &nbsp;&nbsp; 25000 | 503341 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 126 | 104889 |
| Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp; 13200 | 368676 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 25000 | 229158 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 9900 | 379881 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 62500 | 171294 |
| Mitsui Chemicals, Inc. | &nbsp;&nbsp; 33800 | 514631 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 7200 | 360888 |
| Mitsui Fudosan Accommodations Fund, Inc. | &nbsp;&nbsp; 199 | 175777 |
| Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp; 250 | 188416 |
| Mitsui High-Tec, Inc. | &nbsp;&nbsp; 12500 | 69877 |
| Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 4700 | 1104434 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 3900 | 93352 |
| Miura Co. Ltd. | &nbsp;&nbsp; 7300 | 150414 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 7600 | 74355 |
| Mizuno Corp. | &nbsp;&nbsp; 4200 | 109096 |
| Modec, Inc. | &nbsp;&nbsp; 3900 | 335219 |
| Monex Group, Inc. | &nbsp;&nbsp; 20400 | 97539 |
| Money Forward, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3400 | 69459 |
| Monogatari Corp.(The) | &nbsp;&nbsp; 2500 | 80124 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 54 | 50795 |
| Mori Trust REIT, Inc. | &nbsp;&nbsp; 186 | 92536 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 3200 | 59240 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 7300 | 232083 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 3700 | 73809 |
| Musashino Bank Ltd.(The) | &nbsp;&nbsp; 4200 | 175061 |
| Nabtesco Corp. | &nbsp;&nbsp; 12500 | 405169 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 6500 | 205854 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 15000 | 177165 |
| Nakanishi, Inc. | &nbsp;&nbsp; 6500 | 113468 |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 4200 | 148984 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 5400 | 107756 |
| Nanto Bank Ltd.(The) | &nbsp;&nbsp; 2700 | 132000 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 3600 | 88467 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 19200 | 562391 |
| NH Foods Ltd. | &nbsp;&nbsp; 6400 | 293430 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 17300 | 331980 |
| Nichias Corp. | &nbsp;&nbsp; 4100 | 252324 |
| Nichicon Corp. | &nbsp;&nbsp; 12500 | 171932 |
| Nichirei Corp. | &nbsp;&nbsp; 19600 | 266642 |
| Nifco, Inc./Japan | &nbsp;&nbsp; 6100 | 216175 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 13300 | 148376 |
| Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp; 25000 | 115455 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 5900 | 60413 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 315925 |
| Nikon Corp. | &nbsp;&nbsp; 25000 | 318908 |
| Nippn Corp., New | &nbsp;&nbsp; 7000 | 128519 |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 2700 | 91162 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 6300 | 276817 |
| Nippon Express Holdings, Inc. | &nbsp;&nbsp; 17700 | 436297 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 12500 | 250229 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 12500 | 160412 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 4500 | 89753 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nippon Paper Industries Co. Ltd., Class L | &nbsp;&nbsp; 12500 | $105439 |
| Nippon Prologis REIT, Inc. | &nbsp;&nbsp; 503 | 295027 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 207 | 123663 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 4200 | 138646 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 12500 | 203604 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 3400 | 91079 |
| Nippon Television Holdings, Inc. | &nbsp;&nbsp; 3600 | 78362 |
| Nipro Corp. | &nbsp;&nbsp; 12500 | 127430 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 2400 | 105527 |
| Nishi-Nippon Financial Holdings, Inc. | &nbsp;&nbsp; 9400 | 267597 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 4800 | 100017 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 9700 | 441214 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 12500 | 88374 |
| Nisshin Oillio Group Ltd.(The) | &nbsp;&nbsp; 2400 | 93788 |
| Nisshin Seifun Group, Inc. | &nbsp;&nbsp; 16100 | 225162 |
| Nisshinbo Holdings, Inc. | &nbsp;&nbsp; 12500 | 140141 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 15600 | 329362 |
| Nissui Corp. | &nbsp;&nbsp; 22700 | 225323 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 12500 | 630338 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 3700 | 99016 |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 2000 | 321125 |
| NOF Corp. | &nbsp;&nbsp; 20100 | 403378 |
| Nojima Corp. | &nbsp;&nbsp; 16200 | 120983 |
| NOK Corp. | &nbsp;&nbsp; 6700 | 142516 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 14600 | 136967 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp; 62500 | 465253 |
| Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp; 288 | 307798 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 25000 | 175295 |
| NS Solutions Corp. | &nbsp;&nbsp; 5100 | 131420 |
| NSD Co. Ltd. | &nbsp;&nbsp; 4900 | 89450 |
| NSK Ltd. | &nbsp;&nbsp; 37500 | 337359 |
| NTN Corp. | &nbsp;&nbsp; 50000 | 135192 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 113 | 104861 |
| Nxera Pharma Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12500 | 77575 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 2400 | 97160 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 25000 | 287289 |
| Ogaki Kyoritsu Bank Ltd.(The) | &nbsp;&nbsp; 3600 | 157275 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 2900 | 60335 |
| Oji Holdings Corp. | &nbsp;&nbsp; 75800 | 477530 |
| Okamura Corp. | &nbsp;&nbsp; 12500 | 218712 |
| Okasan Securities Group, Inc. | &nbsp;&nbsp; 31300 | 199399 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 12500 | 257453 |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 4400 | 94462 |
| OKUMA Corp. | &nbsp;&nbsp; 3500 | 104408 |
| Okumura Corp. | &nbsp;&nbsp; 2600 | 121527 |
| Omron Corp. | &nbsp;&nbsp; 13600 | 481853 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 30200 | 519188 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 25000 | 130682 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 5700 | 421859 |
| Open Up Group, Inc. | &nbsp;&nbsp; 12500 | 153435 |
| Organo Corp. | &nbsp;&nbsp; 1900 | 210465 |
| Orix JREIT, Inc. | &nbsp;&nbsp; 500 | 333457 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 12500 | 188121 |
| OSG Corp. | &nbsp;&nbsp; 12500 | 234153 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 7200 | 75619 |
| PALTAC Corp. | &nbsp;&nbsp; 2200 | 71172 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 12500 | 179731 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 25000 | 339775 |
| PeptiDream, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10600 | 97157 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 150000 | 239697 |
| Pigeon Corp. | &nbsp;&nbsp; 13700 | 151132 |
| Pola Orbis Holdings, Inc. | &nbsp;&nbsp; 19000 | 167522 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Prestige International, Inc. | &nbsp;&nbsp; 29300 | $131794 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 25000 | 139767 |
| Rakuten Bank Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 7800 | 317330 |
| Relo Group, Inc. | &nbsp;&nbsp; 12500 | 154293 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 18800 | 187742 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 14300 | 1085962 |
| Resorttrust, Inc. | &nbsp;&nbsp; 13100 | 162541 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 42800 | 402108 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 12500 | 150095 |
| Rinnai Corp. | &nbsp;&nbsp; 10700 | 278675 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 25600 | 469499 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 15100 | 236582 |
| Rorze Corp. | &nbsp;&nbsp; 8500 | 180119 |
| Round One Corp. | &nbsp;&nbsp; 15900 | 109382 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 2200 | 98755 |
| SanBio Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4300 | 61997 |
| Sangetsu Corp. | &nbsp;&nbsp; 3800 | 81572 |
| San-In Godo Bank Ltd.(The) | &nbsp;&nbsp; 9500 | 107391 |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 69033 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 2800 | 141068 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 14500 | 204407 |
| Sankyu, Inc. | &nbsp;&nbsp; 3700 | 237994 |
| Sansan, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7200 | 54171 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 32900 | 369743 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 14400 | 381089 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 2100 | 68589 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 26500 | 301412 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 186021 |
| Sega Sammy Holdings, Inc. | &nbsp;&nbsp; 12500 | 209196 |
| Seiko Epson Corp. | &nbsp;&nbsp; 23500 | 318242 |
| Seiko Group Corp. | &nbsp;&nbsp; 2200 | 185944 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 5400 | 92106 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 3900 | 90746 |
| Sekisui House REIT, Inc. | &nbsp;&nbsp; 330 | 198872 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 157649 |
| Senshu Ikeda Holdings, Inc. | &nbsp;&nbsp; 18100 | 106756 |
| Septeni Holdings Co. Ltd. | &nbsp;&nbsp; 25000 | 66577 |
| Seven Bank Ltd. | &nbsp;&nbsp; 75000 | 144385 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 23400 | 237649 |
| Sharp Corp./Japan<sup>(a)</sup> | &nbsp;&nbsp; 25000 | 102842 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 5000 | 184009 |
| SHIFT, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15400 | 69324 |
| Shiga Bank Ltd.(The) | &nbsp;&nbsp; 2800 | 161705 |
| Shikoku Electric Power Co., Inc. | &nbsp;&nbsp; 12500 | 141593 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 10800 | 248389 |
| Ship Healthcare Holdings, Inc. | &nbsp;&nbsp; 6100 | 107498 |
| Shizuoka Financial Group, Inc., NVS | &nbsp;&nbsp; 37500 | 753853 |
| Simplex Holdings, Inc. | &nbsp;&nbsp; 11200 | 61846 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 1500 | 125880 |
| Sinko Industries Ltd. | &nbsp;&nbsp; 12500 | 114486 |
| SKY Perfect JSAT Holdings, Inc. | &nbsp;&nbsp; 13200 | 242688 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 18300 | 421078 |
| SMS Co. Ltd. | &nbsp;&nbsp; 12500 | 140267 |
| Socionext, Inc. | &nbsp;&nbsp; 18200 | 234129 |
| Sojitz Corp. | &nbsp;&nbsp; 19200 | 868645 |
| SOSiLA Logistics REIT, Inc. | &nbsp;&nbsp; 56 | 46450 |
| Sotetsu Holdings, Inc. | &nbsp;&nbsp; 7100 | 133658 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 18300 | 301523 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 12500 | 263597 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 187 | 72814 |
| Starts Corp., Inc. | &nbsp;&nbsp; 2800 | 95762 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 287356 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| SUMCO Corp. | &nbsp;&nbsp; 37500 | $436377 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 5800 | 222944 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 125000 | 456625 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 37500 | 405496 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 9000 | 354911 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 2500 | 74240 |
| Sumitomo Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17600 | 284818 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 12500 | 221884 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 7000 | 189249 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 12500 | 169636 |
| Suzuken Co. Ltd./Aichi Japan | &nbsp;&nbsp; 4100 | 172950 |
| SWCC Corp. | &nbsp;&nbsp; 2200 | 216426 |
| Systena Corp. | &nbsp;&nbsp; 30000 | 84979 |
| Tadano Ltd. | &nbsp;&nbsp; 13600 | 128091 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 7400 | 212742 |
| Taikisha Ltd. | &nbsp;&nbsp; 3500 | 87929 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 6000 | 206095 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 12500 | 381563 |
| Takara Holdings, Inc. | &nbsp;&nbsp; 12500 | 130382 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 7200 | 241606 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 25000 | 317439 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 2800 | 134473 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 12500 | 243746 |
| TBS Holdings, Inc. | &nbsp;&nbsp; 2100 | 79462 |
| Teijin Ltd. | &nbsp;&nbsp; 12500 | 138828 |
| THK Co. Ltd. | &nbsp;&nbsp; 8500 | 305996 |
| Toa Corp. | &nbsp;&nbsp; 4600 | 124306 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 19800 | 243784 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 15200 | 306292 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 13000 | 259242 |
| Toda Corp. | &nbsp;&nbsp; 12500 | 130414 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 5400 | 84206 |
| Toei Co. Ltd. | &nbsp;&nbsp; 2400 | 83067 |
| Toho Bank Ltd.(The) | &nbsp;&nbsp; 50000 | 232301 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 5900 | 212861 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 3600 | 111436 |
| Tohoku Electric Power Co., Inc. | &nbsp;&nbsp; 37500 | 310791 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 14700 | 104954 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 7900 | 61308 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 4300 | 92416 |
| Tokai Tokyo Financial Holdings, Inc. | &nbsp;&nbsp; 17800 | 94446 |
| Tokuyama Corp. | &nbsp;&nbsp; 5600 | 160436 |
| Tokyo Century Corp. | &nbsp;&nbsp; 12500 | 182464 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 124600 | 557017 |
| Tokyo Kiraboshi Financial Group, Inc. | &nbsp;&nbsp; 2000 | 149363 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 23600 | 252558 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 7600 | 446161 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 2900 | 319179 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 12500 | 129574 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 18100 | 506419 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 6900 | 70520 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 47100 | 473731 |
| Tokyu REIT, Inc. | &nbsp;&nbsp; 125 | 168468 |
| TOMONY Holdings, Inc. | &nbsp;&nbsp; 13400 | 84163 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 6400 | 117610 |
| Toridoll Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp; 3500 | 95606 |
| Tosoh Corp. | &nbsp;&nbsp; 25000 | 436903 |
| TOTO Ltd. | &nbsp;&nbsp; 12500 | 487132 |
| Towa Corp. | &nbsp;&nbsp; 6900 | 132049 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 12500 | 326536 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 7400 | 582101 |
| Toyo Tire Corp. | &nbsp;&nbsp; 12500 | 385200 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 20700 | $244639 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 4600 | 149481 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 12500 | 255631 |
| Trend Micro, Inc./Japan | &nbsp;&nbsp; 10300 | 342736 |
| Trial Holdings, Inc. | &nbsp;&nbsp; 3000 | 89859 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 19500 | 251186 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 5100 | 87305 |
| Tsugami Corp. | &nbsp;&nbsp; 3100 | 78250 |
| Tsumura & Co. | &nbsp;&nbsp; 4000 | 107624 |
| UACJ Corp. | &nbsp;&nbsp; 9600 | 169653 |
| UBE Corp. | &nbsp;&nbsp; 12500 | 231161 |
| Ulvac, Inc. | &nbsp;&nbsp; 3800 | 253717 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 6700 | 79900 |
| United Super Markets Holdings, Inc. | &nbsp;&nbsp; 15900 | 92585 |
| United Urban Investment Corp. | &nbsp;&nbsp; 250 | 296876 |
| Ushio, Inc. | &nbsp;&nbsp; 5200 | 106863 |
| USS Co. Ltd. | &nbsp;&nbsp; 37500 | 455480 |
| Visional, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1800 | 84758 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 2500 | 72640 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 25000 | 139924 |
| Workman Co. Ltd. | &nbsp;&nbsp; 1600 | 79523 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 20000 | 335163 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 42200 | 156605 |
| Yamaguchi Financial Group, Inc. | &nbsp;&nbsp; 8700 | 152913 |
| Yamaha Corp. | &nbsp;&nbsp; 37500 | 290614 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 18800 | 230282 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 3400 | 282854 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 12500 | 280921 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 18200 | 640367 |
| Yodoko Ltd. | &nbsp;&nbsp; 9000 | 83079 |
| Yokohama Rubber Co. Ltd.(The) | &nbsp;&nbsp; 12500 | 628746 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 5100 | 121111 |
| Yoshinoya Holdings Co. Ltd. | &nbsp;&nbsp; 6100 | 120816 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 11600 | 238874 |
| Zeon Corp. | &nbsp;&nbsp; 12500 | 171125 |
|  |  | 112930880 |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** | **Netherlands — 0.5%** |
| Aalberts NV | &nbsp;&nbsp; 7875 | 327271 |
| Allfunds Group PLC | &nbsp;&nbsp; 24250 | 241305 |
| AMG Critical Materials NV | &nbsp;&nbsp; 3250 | 128410 |
| Arcadis NV | &nbsp;&nbsp; 5750 | 203361 |
| Basic-Fit NV<sup>(a)(d)</sup> | &nbsp;&nbsp; 3875 | 143998 |
| Corbion NV | &nbsp;&nbsp; 4125 | 94964 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 3500 | 117640 |
| Expro Group Holdings NV<sup>(a)</sup> | &nbsp;&nbsp; 8125 | 145113 |
| Flow Traders Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3503 | 109346 |
| Fugro NV | &nbsp;&nbsp; 9250 | 117319 |
| Havas NV | &nbsp;&nbsp; 5425 | 110640 |
| IMCD NV | &nbsp;&nbsp; 4802 | 462625 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 21375 | 241214 |
| Koninklijke Heijmans NV | &nbsp;&nbsp; 2000 | 210824 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 4625 | 254222 |
| Newamsterdam Pharma Co. NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 3375 | 119678 |
| OCI NV | &nbsp;&nbsp; 8625 | 36963 |
| Pharming Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 59500 | 98305 |
| Pharvaris NV<sup>(a)</sup> | &nbsp;&nbsp; 1847 | 52436 |
| SBM Offshore NV | &nbsp;&nbsp; 10500 | 405655 |
| Signify NV<sup>(d)</sup> | &nbsp;&nbsp; 10898 | 253911 |
| TKH Group NV | &nbsp;&nbsp; 3250 | 150158 |
| TomTom NV<sup>(a)</sup> | &nbsp;&nbsp; 7625 | 47326 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 2250 | 150132 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Wereldhave NV | &nbsp;&nbsp; 4125 | $113481 |
|  |  | 4336297 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 158125 | 52642 |
| EBOS Group Ltd. | &nbsp;&nbsp; 15263 | 219366 |
| Fletcher Building Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 85375 | 179755 |
| Goodman Property Trust | &nbsp;&nbsp; 85625 | 99643 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 183125 | 110249 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 57000 | 218490 |
| Ryman Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72625 | 108187 |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 146500 | 200320 |
|  |  | 1188652 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Aker ASA, Class A | &nbsp;&nbsp; 1750 | 169896 |
| Aker Solutions ASA | &nbsp;&nbsp; 29661 | 128640 |
| Atea ASA | &nbsp;&nbsp; 6250 | 94984 |
| Austevoll Seafood ASA | &nbsp;&nbsp; 8882 | 91749 |
| AutoStore Holdings Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 95375 | 109035 |
| Bakkafrost P/F | &nbsp;&nbsp; 4000 | 191806 |
| BlueNord ASA | &nbsp;&nbsp; 1875 | 101650 |
| BW LPG Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 7625 | 138786 |
| Cadeler A/S<sup>(a)</sup> | &nbsp;&nbsp; 18125 | 116450 |
| DNO ASA | &nbsp;&nbsp; 45500 | 79181 |
| DOF Group ASA | &nbsp;&nbsp; 11750 | 156342 |
| Elkem ASA<sup>(d)</sup> | &nbsp;&nbsp; 27125 | 87294 |
| Elopak ASA | &nbsp;&nbsp; 13000 | 73420 |
| Entra ASA<sup>(d)</sup> | &nbsp;&nbsp; 5500 | 67215 |
| Europris ASA<sup>(d)</sup> | &nbsp;&nbsp; 12625 | 120718 |
| Frontline PLC | &nbsp;&nbsp; 11500 | 428223 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 6302 | 87788 |
| Kitron ASA | &nbsp;&nbsp; 15875 | 177580 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 19250 | 100468 |
| LINK Mobility Group Holding ASA<sup>(a)</sup> | &nbsp;&nbsp; 20531 | 46834 |
| MPC Container Ships ASA | &nbsp;&nbsp; 38375 | 89972 |
| Norconsult Norge A/S | &nbsp;&nbsp; 24133 | 103037 |
| Nordic Semiconductor ASA<sup>(a)</sup> | &nbsp;&nbsp; 14625 | 220389 |
| Norwegian Air Shuttle ASA | &nbsp;&nbsp; 71375 | 124757 |
| Odfjell Drilling Ltd. | &nbsp;&nbsp; 9000 | 100945 |
| Protector Forsikring ASA | &nbsp;&nbsp; 4381 | 238492 |
| Scatec ASA<sup>(a)(d)</sup> | &nbsp;&nbsp; 10125 | 130552 |
| Seadrill Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4704 | 206412 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; 7185 | 120491 |
| SpareBank 1 Oestlandet | &nbsp;&nbsp; 5625 | 126777 |
| SpareBank 1 SMN | &nbsp;&nbsp; 10472 | 235038 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 13042 | 289763 |
| Stolt-Nielsen Ltd. | &nbsp;&nbsp; 2250 | 79711 |
| Storebrand ASA | &nbsp;&nbsp; 33750 | 639790 |
| Subsea 7 SA | &nbsp;&nbsp; 17875 | 518517 |
| TGS ASA | &nbsp;&nbsp; 15625 | 186801 |
| TOMRA Systems ASA | &nbsp;&nbsp; 17625 | 218459 |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 14007 | 351195 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 8375 | 116498 |
| Wilh Wilhelmsen Holding ASA, Class A | &nbsp;&nbsp; 1500 | 121946 |
|  |  | 6787601 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Altri SGPS SA<sup>(b)</sup> | &nbsp;&nbsp; 7875 | 44904 |
| CTT-Correios de Portugal SA | &nbsp;&nbsp; 7250 | 61188 |
| Mota-Engil SGPS SA | &nbsp;&nbsp; 7401 | 45456 |
| Navigator Co. SA(The) | &nbsp;&nbsp; 20125 | 81778 |
| NOS SGPS SA | &nbsp;&nbsp; 16375 | 99682 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 31750 | 144436 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Portugal (continued)** | **Portugal (continued)** | **Portugal (continued)** |
| Sonae SGPS SA | &nbsp;&nbsp; 68125 | $162200 |
|  |  | 639644 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |
| EVERTEC, Inc. | &nbsp;&nbsp; 4279 | 121139 |
| First BanCorp/Puerto Rico | &nbsp;&nbsp; 12852 | 271563 |
| Liberty Latin America Ltd., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 83370 |
| OFG Bancorp | &nbsp;&nbsp; 3504 | 140440 |
|  |  | 616512 |
| **Singapore — 0.8%** | **Singapore — 0.8%** | **Singapore — 0.8%** |
| AIMS APAC REIT | &nbsp;&nbsp; 50000 | 59708 |
| Bitdeer Technologies Group, Class A, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 8250 | 63525 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 169400 | 129838 |
| CapitaLand China Trust<sup>(b)</sup> | &nbsp;&nbsp; 125000 | 67609 |
| Capitaland India Trust | &nbsp;&nbsp; 112500 | 107530 |
| CDL Hospitality Trusts<sup>(b)</sup> | &nbsp;&nbsp; 100000 | 67990 |
| City Developments Ltd. | &nbsp;&nbsp; 37500 | 290451 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 187500 | 229544 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 87500 | 45034 |
| ESR-REIT | &nbsp;&nbsp; 28080 | 55267 |
| Far East Hospitality Trust | &nbsp;&nbsp; 100000 | 46662 |
| First Resources Ltd. | &nbsp;&nbsp; 37500 | 70073 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 106100 | 192061 |
| Frasers Logistics & Commercial Trust | &nbsp;&nbsp; 250000 | 195598 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 486300 | 274326 |
| Golden Agri-Resources Ltd. | &nbsp;&nbsp; 500000 | 112535 |
| Hafnia Ltd. | &nbsp;&nbsp; 24375 | 182001 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 437500 | 98438 |
| iFAST Corp. Ltd. | &nbsp;&nbsp; 12500 | 91638 |
| Keppel DC REIT<sup>(b)</sup> | &nbsp;&nbsp; 162000 | 295585 |
| Keppel Infrastructure Trust | &nbsp;&nbsp; 237500 | 103269 |
| Keppel REIT | &nbsp;&nbsp; 261375 | 200328 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 349800 | 158801 |
| Mapletree Industrial Trust | &nbsp;&nbsp; 173500 | 279471 |
| Mapletree Logistics Trust | &nbsp;&nbsp; 288600 | 294235 |
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 163200 | 183083 |
| NetLink NBN Trust | &nbsp;&nbsp; 235000 | 183828 |
| NTT DC REIT<sup>(a)</sup> | &nbsp;&nbsp; 58000 | 57633 |
| Olam Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 87500 | 63359 |
| Parkway Life REIT | &nbsp;&nbsp; 37500 | 119194 |
| Raffles Medical Group Ltd. | &nbsp;&nbsp; 75000 | 62851 |
| Riverstone Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 87500 | 53205 |
| SATS Ltd. | &nbsp;&nbsp; 75000 | 232008 |
| Seatrium Ltd. | &nbsp;&nbsp; 187500 | 354836 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; 62500 | 129892 |
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 37500 | 104323 |
| Singapore Post Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 137500 | 40710 |
| Starhill Global REIT | &nbsp;&nbsp; 100000 | 44667 |
| StarHub Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 50000 | 40715 |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 37500 | 75327 |
| Suntec REIT | &nbsp;&nbsp; 150000 | 168302 |
| UMS Integration Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 93750 | 107140 |
| UOB-Kay Hian Holdings Ltd. | &nbsp;&nbsp; 24000 | 58907 |
| UOL Group Ltd. | &nbsp;&nbsp; 37500 | 334187 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 22000 | 271649 |
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 275000 | 67166 |
| Yangzijiang Maritime Development Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 275000 | 135466 |
|  |  | 6599965 |
| **Spain — 0.5%** | **Spain — 0.5%** | **Spain — 0.5%** |
| Acerinox SA | &nbsp;&nbsp; 14875 | 236561 |
| Aedas Homes SA<sup>(d)</sup> | &nbsp;&nbsp; 750 | 21151 |
| Almirall SA | &nbsp;&nbsp; 6045 | 91986 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Atresmedia Corp. de Medios de Comunicacion SA | &nbsp;&nbsp; 9339 | $57123 |
| CIE Automotive SA | &nbsp;&nbsp; 3375 | 126478 |
| Colonial SFL Socimi SA | &nbsp;&nbsp; 13019 | 87428 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 1750 | 121965 |
| Distribuidora Internacional de Alimentacion SA<sup>(a)</sup> | &nbsp;&nbsp; 1519 | 68567 |
| eDreams ODIGEO SA<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 30628 |
| Elecnor SA | &nbsp;&nbsp; 3148 | 107357 |
| Enagas SA | &nbsp;&nbsp; 18962 | 343812 |
| Ence Energia y Celulosa SA<sup>(a)</sup> | &nbsp;&nbsp; 14250 | 42221 |
| Fluidra SA | &nbsp;&nbsp; 7625 | 204231 |
| Gestamp Automocion SA<sup>(d)</sup> | &nbsp;&nbsp; 18625 | 70048 |
| Grenergy Renovables SA<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 161920 |
| Laboratorios Farmaceuticos Rovi SA, Class R | &nbsp;&nbsp; 1750 | 175025 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 43754 | 65452 |
| Logista Integral SA | &nbsp;&nbsp; 4750 | 181009 |
| Melia Hotels International SA | &nbsp;&nbsp; 10000 | 98307 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 31375 | 554037 |
| Neinor Homes SA<sup>(d)</sup> | &nbsp;&nbsp; 3550 | 79758 |
| Pharma Mar SA | &nbsp;&nbsp; 1000 | 94769 |
| Prosegur Cash SA<sup>(d)</sup> | &nbsp;&nbsp; 23625 | 17894 |
| Prosegur Cia. de Seguridad SA | &nbsp;&nbsp; 10875 | 37323 |
| Sacyr SA | &nbsp;&nbsp; 29344 | 157006 |
| Solaria Energia y Medio Ambiente SA<sup>(a)</sup> | &nbsp;&nbsp; 5629 | 145930 |
| Tecnicas Reunidas SA<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 201378 |
| Unicaja Banco SA<sup>(d)</sup> | &nbsp;&nbsp; 81750 | 258698 |
| Vidrala SA | &nbsp;&nbsp; 1837 | 177671 |
| Viscofan SA | &nbsp;&nbsp; 3271 | 229432 |
|  |  | 4245165 |
| **Sweden — 1.7%** | **Sweden — 1.7%** | **Sweden — 1.7%** |
| AAK AB | &nbsp;&nbsp; 14375 | 393454 |
| AcadeMedia AB<sup>(d)</sup> | &nbsp;&nbsp; 6875 | 75972 |
| AddLife AB, Class B | &nbsp;&nbsp; 9375 | 159854 |
| Addnode Group AB, Class B | &nbsp;&nbsp; 9875 | 76144 |
| AFRY AB | &nbsp;&nbsp; 7875 | 117685 |
| Alimak Group AB<sup>(d)</sup> | &nbsp;&nbsp; 5500 | 77015 |
| Alleima AB | &nbsp;&nbsp; 15000 | 136599 |
| Ambea AB<sup>(d)</sup> | &nbsp;&nbsp; 6375 | 91802 |
| Apotea AB<sup>(a)</sup> | &nbsp;&nbsp; 4608 | 30954 |
| AQ Group AB | &nbsp;&nbsp; 4750 | 99444 |
| Arjo AB, Class B | &nbsp;&nbsp; 18750 | 56015 |
| Asker Healthcare Group AB<sup>(a)</sup> | &nbsp;&nbsp; 16942 | 120360 |
| Asmodee Group AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 125247 |
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; 24375 | 95420 |
| Attendo AB<sup>(d)</sup> | &nbsp;&nbsp; 8875 | 102386 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 10000 | 364415 |
| Axfood AB | &nbsp;&nbsp; 8625 | 314328 |
| Betsson AB, Class B | &nbsp;&nbsp; 9879 | 102378 |
| Better Collective A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 3875 | 54943 |
| Bilia AB, Class A | &nbsp;&nbsp; 5625 | 86128 |
| Billerud Aktiebolag | &nbsp;&nbsp; 17875 | 162999 |
| BioArctic AB, Class B<sup>(a)(d)</sup> | &nbsp;&nbsp; 4065 | 139049 |
| BioGaia AB, Class B | &nbsp;&nbsp; 7699 | 95371 |
| BoneSupport Holding AB<sup>(a)(d)</sup> | &nbsp;&nbsp; 4125 | 92213 |
| Boozt AB<sup>(a)(d)</sup> | &nbsp;&nbsp; 5750 | 58068 |
| Bravida Holding AB<sup>(d)</sup> | &nbsp;&nbsp; 16250 | 188895 |
| Bufab AB | &nbsp;&nbsp; 10625 | 137726 |
| Bure Equity AB | &nbsp;&nbsp; 4500 | 106314 |
| Camurus AB<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 160241 |
| Castellum AB | &nbsp;&nbsp; 31250 | 415647 |
| Catena AB | &nbsp;&nbsp; 3625 | 199796 |
| Cibus Nordic Real Estate AB publ | &nbsp;&nbsp; 5000 | 84740 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 3500 | $144683 |
| Cloetta AB, Class B | &nbsp;&nbsp; 17342 | 100660 |
| Coffee Stain Group AB<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 17488 |
| Creades AB, Class A | &nbsp;&nbsp; 17788 | 135627 |
| Dios Fastigheter AB | &nbsp;&nbsp; 11375 | 88468 |
| Dometic Group AB<sup>(d)</sup> | &nbsp;&nbsp; 24250 | 100678 |
| Dynavox Group AB<sup>(a)</sup> | &nbsp;&nbsp; 6739 | 62166 |
| Electrolux AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 15450 | 129695 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 18875 | 123924 |
| Elekta AB, Class B | &nbsp;&nbsp; 27913 | 178701 |
| Embracer Group AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 55501 |
| Engcon AB | &nbsp;&nbsp; 4125 | 30456 |
| Fabege AB | &nbsp;&nbsp; 19292 | 179722 |
| Getinge AB, Class B | &nbsp;&nbsp; 18125 | 405703 |
| Granges AB | &nbsp;&nbsp; 8500 | 150519 |
| Hemnet Group AB | &nbsp;&nbsp; 6875 | 88716 |
| Hexpol AB | &nbsp;&nbsp; 21000 | 180343 |
| HMS Networks AB<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 123598 |
| Hoist Finance AB<sup>(d)</sup> | &nbsp;&nbsp; 3907 | 62541 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 8875 | 128238 |
| Husqvarna AB, Class B | &nbsp;&nbsp; 25568 | 122947 |
| Instalco AB | &nbsp;&nbsp; 22000 | 85928 |
| Intea Fastigheter AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 9193 | 78411 |
| INVISIO AB | &nbsp;&nbsp; 2875 | 99155 |
| Inwido AB | &nbsp;&nbsp; 4125 | 76912 |
| JM AB | &nbsp;&nbsp; 5625 | 83459 |
| Kinnevik AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 19375 | 136276 |
| Lagercrantz Group AB, Class B | &nbsp;&nbsp; 16039 | 391205 |
| Lindab International AB | &nbsp;&nbsp; 6000 | 114952 |
| Logistea AB, Class B | &nbsp;&nbsp; 26646 | 43330 |
| Loomis AB, Class B | &nbsp;&nbsp; 5625 | 284114 |
| Medcap AB<sup>(a)</sup> | &nbsp;&nbsp; 968 | 52506 |
| Medicover AB, Class B | &nbsp;&nbsp; 5250 | 126595 |
| Mildef Group AB<sup>(b)</sup> | &nbsp;&nbsp; 3221 | 46723 |
| Millicom International Cellular SA | &nbsp;&nbsp; 8250 | 601342 |
| MIPS AB | &nbsp;&nbsp; 2125 | 59663 |
| Modern Times Group MTG AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 6564 | 64407 |
| Munters Group AB<sup>(d)</sup> | &nbsp;&nbsp; 10250 | 214050 |
| Mycronic AB | &nbsp;&nbsp; 12500 | 283318 |
| NCAB Group AB<sup>(a)</sup> | &nbsp;&nbsp; 14125 | 85821 |
| NCC AB, Class B | &nbsp;&nbsp; 6625 | 161466 |
| New Wave Group AB, Class B | &nbsp;&nbsp; 7000 | 79516 |
| NOBA Bank Group AB, NVS<sup>(a)</sup> | &nbsp;&nbsp; 14218 | 153274 |
| Nolato AB, Class B | &nbsp;&nbsp; 15375 | 88673 |
| Nordnet AB publ | &nbsp;&nbsp; 11000 | 347154 |
| Norion Bank AB<sup>(a)</sup> | &nbsp;&nbsp; 7250 | 45860 |
| NP3 Fastigheter AB | &nbsp;&nbsp; 7992 | 239727 |
| Nyfosa AB | &nbsp;&nbsp; 13250 | 108831 |
| Pandox AB, Class B | &nbsp;&nbsp; 8500 | 190194 |
| Paradox Interactive AB | &nbsp;&nbsp; 3420 | 46835 |
| Peab AB, Class B | &nbsp;&nbsp; 13500 | 158562 |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 5875 | 51802 |
| Plejd AB<sup>(a)</sup> | &nbsp;&nbsp; 624 | 58131 |
| Ratos AB, Class B | &nbsp;&nbsp; 20250 | 83896 |
| RaySearch Laboratories AB, Class B | &nbsp;&nbsp; 2285 | 48409 |
| Rusta AB | &nbsp;&nbsp; 6000 | 54709 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 118000 | 51492 |
| Scandic Hotels Group AB<sup>(d)</sup> | &nbsp;&nbsp; 12125 | 114879 |
| Sdiptech AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 61952 |
| Sectra AB, Class B | &nbsp;&nbsp; 10875 | 233022 |
| Sinch AB<sup>(a)(d)</sup> | &nbsp;&nbsp; 53625 | 135362 |
| SkiStar AB | &nbsp;&nbsp; 3375 | 65369 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| SSAB AB, Class A | &nbsp;&nbsp; 17625 | $157319 |
| SSAB AB, Class B | &nbsp;&nbsp; 50125 | 442588 |
| Storskogen Group AB, Class B | &nbsp;&nbsp; 110500 | 112243 |
| Svolder AB, Class B | &nbsp;&nbsp; 7442 | 42667 |
| Sweco AB, Class B | &nbsp;&nbsp; 17514 | 279624 |
| Synsam AB | &nbsp;&nbsp; 10375 | 79532 |
| Thule Group AB<sup>(d)</sup> | &nbsp;&nbsp; 8625 | 222622 |
| Troax Group AB | &nbsp;&nbsp; 3500 | 39112 |
| Truecaller AB, Class B | &nbsp;&nbsp; 21400 | 26151 |
| VBG Group AB, Class B | &nbsp;&nbsp; 1625 | 67022 |
| Vimian Group AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 18590 | 54735 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; 2625 | 69516 |
| Vitrolife AB | &nbsp;&nbsp; 5875 | 62046 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 28125 | 142300 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 22000 | 233052 |
| Xvivo Perfusion AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 2000 | 41365 |
| Yubico AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 3750 | 21103 |
|  |  | 14732255 |
| **Switzerland — 1.6%** | **Switzerland — 1.6%** | **Switzerland — 1.6%** |
| Accelleron Industries AG | &nbsp;&nbsp; 7500 | 707464 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 13375 | 376019 |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 1201 | 368225 |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 500 | 106475 |
| ams-OSRAM AG<sup>(a)</sup> | &nbsp;&nbsp; 7875 | 87695 |
| Aryzta AG<sup>(a)</sup> | &nbsp;&nbsp; 1756 | 126346 |
| Autoneum Holding AG | &nbsp;&nbsp; 250 | 41313 |
| Bachem Holding AG | &nbsp;&nbsp; 2750 | 212181 |
| Basilea Pharmaceutica Ag Allschwil, Registered<sup>(a)</sup> | &nbsp;&nbsp; 1649 | 118514 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 500 | 107423 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 500 | 248630 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 250 | 186771 |
| Burkhalter Holding AG | &nbsp;&nbsp; 750 | 158655 |
| Bystronic AG, Registered | &nbsp;&nbsp; 125 | 41479 |
| Cembra Money Bank AG | &nbsp;&nbsp; 2375 | 307202 |
| Cie Financiere Tradition SA | &nbsp;&nbsp; 145 | 50954 |
| Clariant AG, Registered | &nbsp;&nbsp; 17125 | 187936 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 625 | 240937 |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 875 | 128928 |
| Daetwyler Holding AG, Bearer | &nbsp;&nbsp; 625 | 135843 |
| DKSH Holding AG | &nbsp;&nbsp; 2875 | 232136 |
| dormakaba Holding AG | &nbsp;&nbsp; 2500 | 186799 |
| Dottikon Es Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 375 | 175280 |
| EFG International AG | &nbsp;&nbsp; 7500 | 183852 |
| Emmi AG, Registered | &nbsp;&nbsp; 125 | 131755 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 1605 | 549916 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 125 | 145826 |
| Galenica AG<sup>(d)</sup> | &nbsp;&nbsp; 4168 | 520402 |
| Georg Fischer AG | &nbsp;&nbsp; 6250 | 394969 |
| Hiag Immobilien Holding AG | &nbsp;&nbsp; 583 | 102974 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 1125 | 270422 |
| Idorsia Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12025 | 61297 |
| Implenia AG, Registered | &nbsp;&nbsp; 1250 | 117147 |
| Inficon Holding AG | &nbsp;&nbsp; 1250 | 193221 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 34 | 85453 |
| Intershop Holding AG | &nbsp;&nbsp; 500 | 110909 |
| Jungfraubahn Holding AG | &nbsp;&nbsp; 403 | 163191 |
| Kardex Holding AG, Registered | &nbsp;&nbsp; 500 | 169187 |
| Kuros Biosciences AG<sup>(a)</sup> | &nbsp;&nbsp; 2387 | 83936 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 2000 | 136538 |
| Medacta Group SA<sup>(d)</sup> | &nbsp;&nbsp; 500 | 103316 |
| Mobilezone Holding AG, Registered | &nbsp;&nbsp; 3875 | 78077 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 625 | 325567 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Montana Aerospace AG<sup>(a)(d)</sup> | &nbsp;&nbsp; 2750 | $111414 |
| OC Oerlikon Corp. AG Pfaffikon, Registered | &nbsp;&nbsp; 16875 | 92442 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 3824 | 823583 |
| R&S Group Holding AG | &nbsp;&nbsp; 2041 | 65827 |
| Sensirion Holding AG<sup>(a)(d)</sup> | &nbsp;&nbsp; 875 | 63715 |
| SFS Group AG | &nbsp;&nbsp; 1375 | 218411 |
| Siegfried Holding AG | &nbsp;&nbsp; 3077 | 342170 |
| SIG Group AG | &nbsp;&nbsp; 24593 | 400078 |
| SKAN Group AG | &nbsp;&nbsp; 1000 | 67722 |
| SMG Swiss Marketplace Group AG, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 1994 | 77502 |
| Softwareone Holding AG | &nbsp;&nbsp; 11410 | 100203 |
| Softwareone Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 2137 | 18814 |
| Stadler Rail AG | &nbsp;&nbsp; 4375 | 116382 |
| Sulzer AG, Registered | &nbsp;&nbsp; 1500 | 331307 |
| Sunrise Communications AG, Class A | &nbsp;&nbsp; 5250 | 334688 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 875 | 466859 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 1125 | 199329 |
| Temenos AG, Registered | &nbsp;&nbsp; 4082 | 378690 |
| TX Group AG | &nbsp;&nbsp; 295 | 61720 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 1190 | 257823 |
| Vaudoise Assurances Holding SA | &nbsp;&nbsp; 73 | 69596 |
| Vetropack Holding AG, Class A, Registered | &nbsp;&nbsp; 1500 | 44235 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 2375 | 216855 |
| Ypsomed Holding AG, Registered | &nbsp;&nbsp; 375 | 129854 |
| Zehnder Group AG, Registered | &nbsp;&nbsp; 875 | 92706 |
|  |  | 13543085 |
| **United Kingdom — 4.7%** | **United Kingdom — 4.7%** | **United Kingdom — 4.7%** |
| 4imprint Group PLC | &nbsp;&nbsp; 2250 | 119492 |
| Aberdeen Group PLC | &nbsp;&nbsp; 150875 | 447065 |
| Advanced Medical Solutions Group PLC | &nbsp;&nbsp; 18500 | 53437 |
| AG Barr PLC | &nbsp;&nbsp; 8875 | 83129 |
| AJ Bell PLC | &nbsp;&nbsp; 26250 | 153673 |
| Alfa Financial Software Holdings PLC<sup>(d)</sup> | &nbsp;&nbsp; 25515 | 65734 |
| AO World PLC<sup>(a)</sup> | &nbsp;&nbsp; 34500 | 45890 |
| Ashmore Group PLC | &nbsp;&nbsp; 36750 | 117872 |
| Atalaya Mining Copper SA | &nbsp;&nbsp; 11000 | 151599 |
| Avon Technologies PLC | &nbsp;&nbsp; 2433 | 60265 |
| B&M European Value Retail SA | &nbsp;&nbsp; 77799 | 199946 |
| Babcock International Group PLC | &nbsp;&nbsp; 21000 | 383618 |
| Balfour Beatty PLC | &nbsp;&nbsp; 41000 | 420018 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 36500 | 91197 |
| Beazley PLC | &nbsp;&nbsp; 48342 | 823689 |
| Bellway PLC | &nbsp;&nbsp; 9375 | 350491 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 7286 | 423676 |
| Big Yellow Group PLC | &nbsp;&nbsp; 15375 | 214648 |
| Bodycote PLC | &nbsp;&nbsp; 14500 | 152419 |
| Breedon Group PLC | &nbsp;&nbsp; 21875 | 105479 |
| Bridgepoint Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 19625 | 66146 |
| British Land Co. PLC(The) | &nbsp;&nbsp; 78069 | 429200 |
| Burberry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 28500 | 445564 |
| Bytes Technology Group PLC | &nbsp;&nbsp; 18125 | 73781 |
| C&C Group PLC | &nbsp;&nbsp; 34000 | 53884 |
| Capri Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9875 | 202536 |
| Carnival PLC | &nbsp;&nbsp; 11625 | 367277 |
| Chemring Group PLC | &nbsp;&nbsp; 21750 | 156312 |
| Chesnara PLC | &nbsp;&nbsp; 37421 | 164046 |
| Clarkson PLC | &nbsp;&nbsp; 1757 | 100450 |
| Close Brothers Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 12231 | 81727 |
| Coats Group PLC | &nbsp;&nbsp; 126875 | 159352 |
| Cohort PLC | &nbsp;&nbsp; 2861 | 50290 |
| Computacenter PLC | &nbsp;&nbsp; 5750 | 245155 |
| Conduit Holdings Ltd. | &nbsp;&nbsp; 12252 | 71857 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Convatec Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 130250 | $449389 |
| Craneware PLC | &nbsp;&nbsp; 2375 | 48490 |
| Cranswick PLC | &nbsp;&nbsp; 4250 | 311004 |
| Crest Nicholson Holdings PLC | &nbsp;&nbsp; 23625 | 48489 |
| Croda International PLC | &nbsp;&nbsp; 10595 | 442266 |
| Currys PLC | &nbsp;&nbsp; 81125 | 176282 |
| CVS Group PLC | &nbsp;&nbsp; 5750 | 103121 |
| DCC PLC | &nbsp;&nbsp; 6940 | 483940 |
| Derwent London PLC | &nbsp;&nbsp; 8250 | 200958 |
| Diploma PLC | &nbsp;&nbsp; 10625 | 811594 |
| DiscoverIE Group PLC | &nbsp;&nbsp; 8625 | 76250 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; 28250 | 76304 |
| Dr. Martens PLC | &nbsp;&nbsp; 61375 | 56983 |
| Drax Group PLC | &nbsp;&nbsp; 29250 | 349645 |
| Dunelm Group PLC | &nbsp;&nbsp; 10500 | 142635 |
| easyJet PLC | &nbsp;&nbsp; 24125 | 150819 |
| Elementis PLC | &nbsp;&nbsp; 47000 | 105144 |
| Energean PLC | &nbsp;&nbsp; 12375 | 148472 |
| Fevertree Drinks PLC | &nbsp;&nbsp; 8375 | 107561 |
| Firstgroup PLC | &nbsp;&nbsp; 43625 | 108058 |
| Frasers Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 9000 | 85131 |
| Future PLC | &nbsp;&nbsp; 8375 | 46907 |
| Games Workshop Group PLC | &nbsp;&nbsp; 2806 | 674942 |
| Gamma Communications PLC | &nbsp;&nbsp; 7250 | 87739 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | &nbsp;&nbsp; 21255 | 586000 |
| GB Group PLC | &nbsp;&nbsp; 20125 | 55295 |
| Genuit Group PLC | &nbsp;&nbsp; 19750 | 101742 |
| Genus PLC | &nbsp;&nbsp; 5862 | 229620 |
| Georgia Capital PLC<sup>(a)</sup> | &nbsp;&nbsp; 2426 | 121757 |
| GlobalData PLC, NVS | &nbsp;&nbsp; 25500 | 29090 |
| Grafton Group PLC | &nbsp;&nbsp; 14125 | 188596 |
| Grainger PLC | &nbsp;&nbsp; 56000 | 144899 |
| Great Portland Estates PLC | &nbsp;&nbsp; 27375 | 127915 |
| Greencore Group PLC | &nbsp;&nbsp; 44712 | 162692 |
| Greggs PLC | &nbsp;&nbsp; 8625 | 184533 |
| Hammerson PLC | &nbsp;&nbsp; 37125 | 183791 |
| Harbour Energy PLC | &nbsp;&nbsp; 45750 | 156919 |
| Hays PLC | &nbsp;&nbsp; 126500 | 68740 |
| HBX Group International PLC<sup>(a)</sup> | &nbsp;&nbsp; 5986 | 51227 |
| Helios Towers PLC<sup>(a)</sup> | &nbsp;&nbsp; 58500 | 157365 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 13521 | 239796 |
| Hill & Smith PLC | &nbsp;&nbsp; 6375 | 204812 |
| Hilton Food Group PLC | &nbsp;&nbsp; 5250 | 37428 |
| Hiscox Ltd. | &nbsp;&nbsp; 27000 | 562536 |
| Hochschild Mining PLC | &nbsp;&nbsp; 28258 | 307338 |
| Hollywood Bowl Group PLC | &nbsp;&nbsp; 13750 | 49198 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 43625 | 568460 |
| Hunting PLC | &nbsp;&nbsp; 14000 | 97493 |
| Ibstock PLC<sup>(d)</sup> | &nbsp;&nbsp; 36875 | 65930 |
| ICG PLC | &nbsp;&nbsp; 23125 | 520550 |
| IG Group Holdings PLC | &nbsp;&nbsp; 28875 | 506480 |
| IMI PLC | &nbsp;&nbsp; 19864 | 770715 |
| Inchcape PLC | &nbsp;&nbsp; 28125 | 336765 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 23980 | 102535 |
| International Workplace Group PLC | &nbsp;&nbsp; 60375 | 181223 |
| Investec PLC | &nbsp;&nbsp; 50250 | 434759 |
| IP Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 101125 | 76501 |
| ITV PLC | &nbsp;&nbsp; 269125 | 288082 |
| J D Wetherspoon PLC | &nbsp;&nbsp; 7875 | 76783 |
| JET2 PLC | &nbsp;&nbsp; 8054 | 136093 |
| Johnson Matthey PLC | &nbsp;&nbsp; 13781 | 374060 |
| Johnson Service Group PLC | &nbsp;&nbsp; 36375 | 71668 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| JTC PLC<sup>(d)</sup> | &nbsp;&nbsp; 12750 | $224060 |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 57875 | 146187 |
| Just Group PLC | &nbsp;&nbsp; 75178 | 219730 |
| Kainos Group PLC | &nbsp;&nbsp; 7875 | 79627 |
| Keller Group PLC | &nbsp;&nbsp; 5500 | 149888 |
| Kier Group PLC | &nbsp;&nbsp; 42000 | 134453 |
| Kiniksa Pharmaceuticals International PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 161276 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 14615 | 131963 |
| Lion Finance Group PLC | &nbsp;&nbsp; 2807 | 438293 |
| LivaNova PLC<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 326525 |
| LondonMetric Property PLC | &nbsp;&nbsp; 186434 | 538075 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 94500 | 340476 |
| Marshalls PLC | &nbsp;&nbsp; 21750 | 52702 |
| Me Group International PLC | &nbsp;&nbsp; 20500 | 37796 |
| Metlen Energy & Metals PLC<sup>(a)</sup> | &nbsp;&nbsp; 8049 | 337569 |
| Metro Bank Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 50000 | 83824 |
| Mitchells & Butlers PLC<sup>(a)</sup> | &nbsp;&nbsp; 23500 | 95326 |
| Mitie Group PLC | &nbsp;&nbsp; 95250 | 231825 |
| Molten Ventures PLC<sup>(a)</sup> | &nbsp;&nbsp; 16500 | 103297 |
| Mondi PLC, NVS | &nbsp;&nbsp; 35498 | 424360 |
| MONY Group PLC | &nbsp;&nbsp; 40500 | 93895 |
| Moonpig Group PLC | &nbsp;&nbsp; 25875 | 77064 |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 25625 | 83399 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 3625 | 241819 |
| MP Evans Group PLC | &nbsp;&nbsp; 3184 | 61828 |
| NCC Group PLC | &nbsp;&nbsp; 26500 | 46824 |
| Ninety One PLC | &nbsp;&nbsp; 33500 | 113341 |
| Noble Corp. PLC | &nbsp;&nbsp; 10250 | 465658 |
| Ocado Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 43000 | 122252 |
| OSB Group PLC | &nbsp;&nbsp; 29294 | 240684 |
| OXB<sup>(a)</sup> | &nbsp;&nbsp; 6767 | 59843 |
| Oxford Instruments PLC | &nbsp;&nbsp; 4625 | 164548 |
| Oxford Nanopore Technologies PLC<sup>(a)</sup> | &nbsp;&nbsp; 51750 | 92752 |
| Pagegroup PLC | &nbsp;&nbsp; 24750 | 62506 |
| Pan African Resources PLC | &nbsp;&nbsp; 161250 | 389582 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 15600 | 179855 |
| Penno Group PLC | &nbsp;&nbsp; 38878 | 314125 |
| Persimmon PLC | &nbsp;&nbsp; 25375 | 514661 |
| Pets at Home Group PLC | &nbsp;&nbsp; 34625 | 97271 |
| Playtech PLC | &nbsp;&nbsp; 21250 | 100931 |
| Plus500 Ltd. | &nbsp;&nbsp; 6286 | 338496 |
| Polar Capital Holdings PLC | &nbsp;&nbsp; 9125 | 78203 |
| Polestar Automotive Holding UK PLC, ADR, Class A, <br> ADR<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3088 | 71889 |
| Premier Foods PLC | &nbsp;&nbsp; 47875 | 127360 |
| Primary Health Properties PLC | &nbsp;&nbsp; 206687 | 301661 |
| QinetiQ Group PLC | &nbsp;&nbsp; 39382 | 269251 |
| Quilter PLC<sup>(d)</sup> | &nbsp;&nbsp; 111500 | 294516 |
| Raspberry PI Holdings PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 8125 | 40864 |
| Rathbones Group PLC | &nbsp;&nbsp; 3750 | 114093 |
| Renew Holdings PLC | &nbsp;&nbsp; 7125 | 90015 |
| Renishaw PLC | &nbsp;&nbsp; 3125 | 180760 |
| RHI Magnesita NV | &nbsp;&nbsp; 1625 | 72853 |
| Rightmove PLC | &nbsp;&nbsp; 63169 | 380631 |
| Rotork PLC | &nbsp;&nbsp; 67250 | 348157 |
| RS Group PLC | &nbsp;&nbsp; 37625 | 353494 |
| Safestore Holdings PLC | &nbsp;&nbsp; 17375 | 185684 |
| Savills PLC | &nbsp;&nbsp; 10875 | 148609 |
| Senior PLC | &nbsp;&nbsp; 36125 | 149486 |
| Serco Group PLC | &nbsp;&nbsp; 85375 | 346548 |
| Serica Energy PLC | &nbsp;&nbsp; 28000 | 91128 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 125000 | 259594 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| SigmaRoc PLC<sup>(a)</sup> | &nbsp;&nbsp; 79750 | $159500 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 120000 | 180963 |
| Softcat PLC | &nbsp;&nbsp; 9875 | 151966 |
| Spire Healthcare Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 23125 | 63437 |
| SSP Group PLC | &nbsp;&nbsp; 63625 | 176300 |
| St. James's Place PLC | &nbsp;&nbsp; 43250 | 783143 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 99000 | 118208 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 49250 | 71445 |
| Tate & Lyle PLC | &nbsp;&nbsp; 30375 | 153998 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 281250 | 426927 |
| TBC Bank Group PLC | &nbsp;&nbsp; 3377 | 218412 |
| Telecom Plus PLC | &nbsp;&nbsp; 5375 | 99554 |
| TP ICAP Group PLC | &nbsp;&nbsp; 61500 | 209953 |
| Trainline PLC<sup>(a)(d)</sup> | &nbsp;&nbsp; 35750 | 94245 |
| Travis Perkins PLC | &nbsp;&nbsp; 16186 | 151724 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 177872 | 412096 |
| Tronox Holdings PLC | &nbsp;&nbsp; 10625 | 79475 |
| Trustpilot Group PLC<sup>(a)(d)</sup> | &nbsp;&nbsp; 27875 | 55222 |
| TUI AG | &nbsp;&nbsp; 36250 | 343906 |
| UNITE Group PLC(The) | &nbsp;&nbsp; 36641 | 248367 |
| Vesuvius PLC | &nbsp;&nbsp; 16250 | 109365 |
| Victrex PLC | &nbsp;&nbsp; 6875 | 65504 |
| Vistry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 26375 | 247182 |
| Volex PLC | &nbsp;&nbsp; 10500 | 68346 |
| Volution Group PLC | &nbsp;&nbsp; 15750 | 151126 |
| Watches of Switzerland Group PLC<sup>(a)(d)</sup> | &nbsp;&nbsp; 18125 | 124694 |
| Weir Group PLC(The) | &nbsp;&nbsp; 20625 | 978250 |
| WH Smith PLC | &nbsp;&nbsp; 9909 | 92259 |
| Workspace Group PLC | &nbsp;&nbsp; 12625 | 73161 |
| WPP PLC | &nbsp;&nbsp; 86756 | 320809 |
| XPS Pensions Group PLC | &nbsp;&nbsp; 14875 | 62344 |
| Yellow Cake PLC<sup>(a)(d)</sup> | &nbsp;&nbsp; 17250 | 147620 |
| Zegona Communications PLC | &nbsp;&nbsp; 15208 | 343659 |
| Zigup PLC | &nbsp;&nbsp; 14500 | 80216 |
|  |  | 40069181 |
| **United States — 57.6%** | **United States — 57.6%** | **United States — 57.6%** |
| 10X Genomics, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 190162 |
| 1st Source Corp. | &nbsp;&nbsp; 1480 | 99175 |
| A O Smith Corp. | &nbsp;&nbsp; 9125 | 711750 |
| A10 Networks, Inc. | &nbsp;&nbsp; 6262 | 120606 |
| AAON, Inc. | &nbsp;&nbsp; 5500 | 556600 |
| AAR Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3018 | 353619 |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3932 | 384550 |
| ABM Industries, Inc. | &nbsp;&nbsp; 5000 | 222500 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp; 5625 | 338231 |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7045 | 165135 |
| Acadia Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8625 | 211830 |
| Acadia Realty Trust | &nbsp;&nbsp; 10536 | 220413 |
| Acadian Asset Management, Inc. | &nbsp;&nbsp; 2908 | 156625 |
| Accel Entertainment, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5875 | 66740 |
| ACI Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 332320 |
| ACM Research, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 229680 |
| Acuity, Inc. | &nbsp;&nbsp; 2500 | 753975 |
| Acushnet Holdings Corp. | &nbsp;&nbsp; 2625 | 268616 |
| ACV Auctions, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12875 | 62573 |
| Adamas Trust, Inc. | &nbsp;&nbsp; 8875 | 73130 |
| AdaptHealth Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 76631 |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10000 | 160200 |
| Addus HomeCare Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1560 | 161507 |
| Adeia, Inc. | &nbsp;&nbsp; 8625 | 178451 |
| Adient PLC<sup>(a)</sup> | &nbsp;&nbsp; 4397 | 106935 |
| ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19167 | 298430 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| ADT, Inc. | &nbsp;&nbsp; 43713 | $350578 |
| ADTRAN Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp; 7375 | 75225 |
| Advance Auto Parts, Inc. | &nbsp;&nbsp; 4777 | 253993 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp; 5875 | 1006622 |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp; 3125 | 1048656 |
| Aehr Test Systems<sup>(a)</sup> | &nbsp;&nbsp; 2364 | 88485 |
| AeroVironment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2622 | 661399 |
| AES Corp.(The) | &nbsp;&nbsp; 56500 | 976320 |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp; 2297 | 703295 |
| AGCO Corp. | &nbsp;&nbsp; 5125 | 699562 |
| Agilysys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 153361 |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4416 | 133496 |
| AGNC Investment Corp. | &nbsp;&nbsp; 84487 | 947099 |
| Agree Realty Corp. | &nbsp;&nbsp; 8250 | 663960 |
| Air Lease Corp., Class A | &nbsp;&nbsp; 8625 | 559245 |
| Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11531 | 1134535 |
| Alamo Group, Inc. | &nbsp;&nbsp; 875 | 186839 |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3648 | 174557 |
| Alaska Air Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 135450 |
| Albany International Corp., Class A | &nbsp;&nbsp; 2750 | 158538 |
| Albemarle Corp. | &nbsp;&nbsp; 9493 | 1696114 |
| Albertsons Companies, Inc., Class A | &nbsp;&nbsp; 29264 | 523826 |
| Alcoa Corp. | &nbsp;&nbsp; 21107 | 1310323 |
| Alexander & Baldwin, Inc. | &nbsp;&nbsp; 5843 | 121476 |
| Alexander's, Inc. | &nbsp;&nbsp; 250 | 58655 |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 12638 | 682958 |
| Alight, Inc., Class A | &nbsp;&nbsp; 36750 | 32329 |
| Align Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5538 | 1052774 |
| Alignment Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13577 | 260950 |
| Alkami Technology, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5250 | 86861 |
| Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp; 12250 | 368725 |
| Allegiant Travel Co.<sup>(a)</sup> | &nbsp;&nbsp; 500 | 51075 |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 373817 |
| Alliance Laundry Holdings, Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 4010 | 89944 |
| Allient, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1090 | 71766 |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp; 6875 | 861437 |
| Ally Financial, Inc. | &nbsp;&nbsp; 21420 | 844805 |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 55151 |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 182981 |
| Alphatec Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8500 | 115770 |
| Alumis, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4705 | 139691 |
| Amalgamated Financial Corp. | &nbsp;&nbsp; 1458 | 56118 |
| Ambarella, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 226275 |
| AMC Entertainment Holdings, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 30250 | 35090 |
| Amentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12757 | 381052 |
| Amerant Bancorp, Inc., Class A | &nbsp;&nbsp; 5250 | 112088 |
| Ameresco, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 121840 |
| American Airlines Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13000 | 169910 |
| American Assets Trust, Inc. | &nbsp;&nbsp; 3888 | 75894 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp; 14521 | 356781 |
| American Financial Group, Inc./OH | &nbsp;&nbsp; 5421 | 720885 |
| American Healthcare REIT, Inc. | &nbsp;&nbsp; 14414 | 752987 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp; 27090 | 812700 |
| American States Water Co. | &nbsp;&nbsp; 2665 | 198622 |
| American Superconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 109958 |
| American Woodmark Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 62625 |
| Americold Realty Trust, Inc. | &nbsp;&nbsp; 21297 | 285167 |
| Ameris Bancorp | &nbsp;&nbsp; 5064 | 393270 |
| AMERISAFE, Inc. | &nbsp;&nbsp; 2750 | 89458 |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22333 | 320925 |
| Amkor Technology, Inc. | &nbsp;&nbsp; 10500 | 502110 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 60875 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14500 | $200245 |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3959 | 80091 |
| Amplitude, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6750 | 49275 |
| Amprius Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7215 | 77417 |
| Amylyx Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6592 | 100001 |
| AnaptysBio, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 96338 |
| Andersons, Inc.(The) | &nbsp;&nbsp; 3125 | 204031 |
| ANI Pharmaceuticals, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1750 | 129325 |
| Annexon, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9688 | 54253 |
| Antero Midstream Corp. | &nbsp;&nbsp; 31092 | 698948 |
| Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 23500 | 865035 |
| APA Corp. | &nbsp;&nbsp; 29375 | 892119 |
| Apartment Investment and Management Co., Class A | &nbsp;&nbsp; 10743 | 47377 |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 115280 |
| API Group Corp.<sup>(a)</sup> | &nbsp;&nbsp; 29774 | 1323752 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp; 2125 | 84618 |
| Apogee Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2478 | 173460 |
| Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp; 11500 | 121900 |
| Appfolio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 311080 |
| Appian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 73343 |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp; 18125 | 222212 |
| Applied Digital Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 20243 | 552027 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp; 3085 | 871759 |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5270 | 443892 |
| AptarGroup, Inc. | &nbsp;&nbsp; 5298 | 761376 |
| Aramark | &nbsp;&nbsp; 21202 | 887304 |
| Arbor Realty Trust, Inc. | &nbsp;&nbsp; 9007 | 71426 |
| ArcBest Corp. | &nbsp;&nbsp; 1875 | 192487 |
| Arcellx, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 312922 |
| Archer Aviation, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 49394 | 351685 |
| Archrock, Inc. | &nbsp;&nbsp; 12875 | 454874 |
| Arcosa, Inc. | &nbsp;&nbsp; 4000 | 429920 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 134951 |
| Arcutis Biotherapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8375 | 225874 |
| Ardelyx, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19000 | 124450 |
| Argan, Inc. | &nbsp;&nbsp; 1125 | 507656 |
| Arhaus, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 42281 |
| Arlo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 139249 |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp; 7375 | 46094 |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp; 9043 | 162322 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp; 3559 | 617486 |
| Array Digital Infrastructure, Inc. | &nbsp;&nbsp; 1250 | 60913 |
| Array Technologies, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13625 | 103278 |
| ArriVent Biopharma, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 37326 |
| Arrow Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 646680 |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10007 | 633143 |
| ARS Pharmaceuticals, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3750 | 34800 |
| Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp; 5715 | 230200 |
| Artivion, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 115500 |
| Arvinas, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 69668 |
| Asana, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 49700 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 320670 |
| ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 155513 |
| Ashland, Inc. | &nbsp;&nbsp; 3750 | 233850 |
| ASP Isotopes, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8560 | 45710 |
| Associated Banc-Corp. | &nbsp;&nbsp; 11586 | 305986 |
| Assurant, Inc. | &nbsp;&nbsp; 4085 | 937875 |
| Assured Guaranty Ltd. | &nbsp;&nbsp; 3649 | 314580 |
| Astec Industries, Inc. | &nbsp;&nbsp; 2000 | 124180 |
| Astrana Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 73696 |
| Astronics Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2500 | 201550 |
| AtaiBeckley, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13431 | 48755 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11213 | $1834335 |
| Atkore, Inc. | &nbsp;&nbsp; 3000 | 194130 |
| Atlanta Braves Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 510 | 24689 |
| Atlanta Braves Holdings, Inc., Class C, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 3388 | 148089 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 11489 | 425782 |
| Atlanticus Holdings Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 750 | 39233 |
| Atlas Energy Solutions, Inc. | &nbsp;&nbsp; 4625 | 44539 |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp; 6625 | 427511 |
| AtriCure, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 121133 |
| Atrium Therapeutics Inc., NVS | &nbsp;&nbsp; 861 | 12692 |
| Aurora Innovation, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 91107 | 426381 |
| Autoliv, Inc. | &nbsp;&nbsp; 5759 | 682557 |
| AutoNation, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 414715 |
| Avanos Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 59925 |
| Avantor, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55082 | 498492 |
| Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 38640 |
| AvePoint, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12391 | 133575 |
| Avient Corp. | &nbsp;&nbsp; 7250 | 297757 |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1426 | 138907 |
| Avista Corp. | &nbsp;&nbsp; 6375 | 258952 |
| Avnet, Inc. | &nbsp;&nbsp; 7125 | 469110 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17059 | 569941 |
| Axcelis Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 216851 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp; 6277 | 663604 |
| Axogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 122954 |
| Axos Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4184 | 363255 |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 430211 |
| AXT, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4266 | 161681 |
| Azenta, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 91058 |
| AZZ, Inc. | &nbsp;&nbsp; 2296 | 312210 |
| Badger Meter, Inc. | &nbsp;&nbsp; 2375 | 362021 |
| Balchem Corp. | &nbsp;&nbsp; 2625 | 476254 |
| Baldwin Insurance Group, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 6212 | 144305 |
| Banc of California, Inc. | &nbsp;&nbsp; 11386 | 210299 |
| BancFirst Corp. | &nbsp;&nbsp; 1753 | 192830 |
| Bancorp, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 3199 | 167916 |
| Bank First Corp. | &nbsp;&nbsp; 753 | 101407 |
| Bank of Hawaii Corp. | &nbsp;&nbsp; 3060 | 231856 |
| Bank OZK | &nbsp;&nbsp; 8500 | 395760 |
| BankUnited, Inc. | &nbsp;&nbsp; 6063 | 283142 |
| Banner Corp. | &nbsp;&nbsp; 2381 | 140122 |
| Barrett Business Services, Inc. | &nbsp;&nbsp; 2000 | 55540 |
| Bath & Body Works, Inc. | &nbsp;&nbsp; 16625 | 378385 |
| Baxter International, Inc. | &nbsp;&nbsp; 41766 | 850773 |
| Beacon Financial Corp. | &nbsp;&nbsp; 6644 | 197593 |
| Beam Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7125 | 202777 |
| Beazer Homes USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 70345 |
| Bel Fuse, Inc., Class B, NVS | &nbsp;&nbsp; 1000 | 229710 |
| Belden, Inc. | &nbsp;&nbsp; 3375 | 483637 |
| BellRing Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 188497 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp; 3500 | 202335 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp; 13049 | 476941 |
| BGC Group, Inc., Class A | &nbsp;&nbsp; 26144 | 248891 |
| BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 35079 | 138913 |
| BILL Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 344952 |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15625 | 136719 |
| Biohaven Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7500 | 86400 |
| BioLife Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 75625 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14669 | 905517 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1509 | 420166 |
| Bio-Techne Corp. | &nbsp;&nbsp; 12341 | 728119 |
| Bit Digital, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 25700 | 42919 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| BJ's Restaurants, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2000 | $75980 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 1037295 |
| BKV Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2125 | 66576 |
| Black Hills Corp. | &nbsp;&nbsp; 5792 | 426639 |
| Blackbaud, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 169890 |
| BlackLine, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 163031 |
| BlackSky Technology, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2305 | 43449 |
| Blackstone Mortgage Trust, Inc., Class A | &nbsp;&nbsp; 13000 | 249730 |
| Blend Labs, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 19750 | 33180 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp; 7875 | 48195 |
| Blue Bird Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 174810 |
| Blue Owl Capital, Inc., Class A | &nbsp;&nbsp; 50049 | 528017 |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 875 | 57680 |
| Boise Cascade Co. | &nbsp;&nbsp; 3125 | 258562 |
| BOK Financial Corp. | &nbsp;&nbsp; 1266 | 159162 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 473050 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 9855 | 776870 |
| BorgWarner, Inc. | &nbsp;&nbsp; 17484 | 1006554 |
| Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 750 | 170085 |
| Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 60159 |
| Box, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11375 | 267881 |
| Boyd Gaming Corp. | &nbsp;&nbsp; 4544 | 378197 |
| Brady Corp., Class A, NVS | &nbsp;&nbsp; 3625 | 334732 |
| Brandywine Realty Trust | &nbsp;&nbsp; 17000 | 54230 |
| Braze, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6125 | 116314 |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11518 | 765717 |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4441 | 330943 |
| Brighthouse Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4526 | 271469 |
| BrightSpire Capital, Inc., Class A | &nbsp;&nbsp; 12250 | 71173 |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7872 | 326137 |
| BrightView Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5875 | 81016 |
| Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 537225 |
| Brink's Co.(The) | &nbsp;&nbsp; 3625 | 423291 |
| Brixmor Property Group, Inc. | &nbsp;&nbsp; 24000 | 726480 |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp; 15000 | 290850 |
| Brookdale Senior Living, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18532 | 283540 |
| Brown-Forman Corp., Class A, NVS | &nbsp;&nbsp; 4110 | 120670 |
| Brown-Forman Corp., Class B, NVS | &nbsp;&nbsp; 14361 | 414458 |
| Bruker Corp. | &nbsp;&nbsp; 8375 | 335921 |
| Brunswick Corp. | &nbsp;&nbsp; 5270 | 419597 |
| Buckle, Inc.(The) | &nbsp;&nbsp; 2500 | 133875 |
| Build-A-Bear Workshop, Inc., Class A | &nbsp;&nbsp; 999 | 48611 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp; 2000 | 128880 |
| Business First Bancshares, Inc. | &nbsp;&nbsp; 4500 | 122850 |
| BWX Technologies, Inc. | &nbsp;&nbsp; 7350 | 1513953 |
| BXP, Inc. | &nbsp;&nbsp; 12231 | 704261 |
| Byline Bancorp, Inc. | &nbsp;&nbsp; 4125 | 128700 |
| C3.ai, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 9750 | 77513 |
| Cabot Corp. | &nbsp;&nbsp; 4375 | 333112 |
| CACI International, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 1067797 |
| Cactus, Inc., Class A | &nbsp;&nbsp; 5375 | 290250 |
| Cadre Holdings, Inc. | &nbsp;&nbsp; 2625 | 116524 |
| Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16875 | 422719 |
| California Resources Corp. | &nbsp;&nbsp; 5125 | 301555 |
| California Water Service Group | &nbsp;&nbsp; 4755 | 214355 |
| Calix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 265321 |
| Callaway Golf Co<sup>(a)</sup> | &nbsp;&nbsp; 11000 | 154660 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp; 3500 | 304885 |
| Calumet, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5575 | 150302 |
| Camden National Corp. | &nbsp;&nbsp; 2625 | 121170 |
| Camden Property Trust | &nbsp;&nbsp; 8593 | 930966 |
| Campbell's Company/The | &nbsp;&nbsp; 15562 | 419396 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Camping World Holdings, Inc., Class A | &nbsp;&nbsp; 4500 | $37440 |
| Cannae Holdings, Inc. | &nbsp;&nbsp; 3417 | 41687 |
| Cantaloupe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 92655 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp; 1165 | 49914 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp; 10177 | 73071 |
| Capricor Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3978 | 111106 |
| CareDx, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4827 | 90555 |
| CareTrust REIT, Inc. | &nbsp;&nbsp; 17872 | 725961 |
| Cargurus, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 214900 |
| CarMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11816 | 510097 |
| Carpenter Technology Corp. | &nbsp;&nbsp; 4040 | 1608203 |
| Cars.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 49105 |
| Carter's, Inc. | &nbsp;&nbsp; 3167 | 106253 |
| Casella Waste Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 465800 |
| Castle Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 85014 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9250 | 213490 |
| Cathay General Bancorp. | &nbsp;&nbsp; 4514 | 224391 |
| Cava Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7173 | 591557 |
| Cavco Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 625 | 360787 |
| CBIZ, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3625 | 103820 |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp; 1625 | 61393 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 44564 | 259808 |
| CECO Environmental Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 166238 |
| Celanese Corp., Class A | &nbsp;&nbsp; 8456 | 422293 |
| Celcuity, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1692 | 189013 |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 146689 |
| Celsius Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12375 | 663424 |
| Centerspace | &nbsp;&nbsp; 1375 | 86488 |
| Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 164065 |
| Central Pacific Financial Corp. | &nbsp;&nbsp; 1252 | 39876 |
| Centrus Energy Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 1416 | 286867 |
| Centuri Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7207 | 223417 |
| Century Aluminum Co.<sup>(a)</sup> | &nbsp;&nbsp; 4519 | 233000 |
| Century Communities, Inc. | &nbsp;&nbsp; 2250 | 151268 |
| Certara, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10500 | 74340 |
| CEVA, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 49543 |
| CG oncology, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 198450 |
| Champion Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 408975 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4002 | 714317 |
| Chart Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3883 | 804946 |
| Cheesecake Factory, Inc.(The) | &nbsp;&nbsp; 4375 | 283412 |
| Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 214170 |
| Chemed Corp. | &nbsp;&nbsp; 1188 | 487092 |
| Chemours Co.(The) | &nbsp;&nbsp; 13000 | 237120 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp; 1875 | 254944 |
| Chewy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17785 | 487665 |
| Chimera Investment Corp. | &nbsp;&nbsp; 7250 | 98673 |
| Choice Hotels International, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2247 | 236721 |
| Chord Energy Corp. | &nbsp;&nbsp; 4207 | 455913 |
| Churchill Downs, Inc. | &nbsp;&nbsp; 5250 | 482632 |
| Cinemark Holdings, Inc. | &nbsp;&nbsp; 9375 | 264750 |
| Cipher Digital, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 25563 | 398783 |
| Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4291 | 605546 |
| City Holding Co. | &nbsp;&nbsp; 1165 | 139765 |
| Clarivate PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 25500 | 58650 |
| Clean Harbors, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4210 | 1234372 |
| Cleanspark, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 23250 | 231337 |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27750 | 66600 |
| Clear Secure, Inc., Class A | &nbsp;&nbsp; 7750 | 376960 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 23156 | 541619 |
| Clearway Energy, Inc., Class A | &nbsp;&nbsp; 3000 | 108060 |
| Clearway Energy, Inc., Class C | &nbsp;&nbsp; 6875 | 263381 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45814 | $488377 |
| Clover Health Investments Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 31000 | 64790 |
| CNO Financial Group, Inc. | &nbsp;&nbsp; 7874 | 329212 |
| CNX Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11875 | 496137 |
| Coastal Financial Corp./WA<sup>(a)</sup> | &nbsp;&nbsp; 1074 | 79680 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp; 4090 | 827816 |
| Coeur Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 51929 | 1409872 |
| Cogent Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 267094 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp; 3750 | 70350 |
| Cognex Corp. | &nbsp;&nbsp; 14000 | 761600 |
| Cohen & Steers, Inc. | &nbsp;&nbsp; 1919 | 128324 |
| Cohu, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 132125 |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2540 | 105842 |
| Columbia Banking System, Inc. | &nbsp;&nbsp; 25617 | 728804 |
| Columbia Financial, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6125 | 109638 |
| Columbia Sportswear Co. | &nbsp;&nbsp; 2500 | 154850 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp; 9527 | 485782 |
| Commercial Metals Co. | &nbsp;&nbsp; 9000 | 659700 |
| Community Financial System, Inc. | &nbsp;&nbsp; 4071 | 246499 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp; 2250 | 135090 |
| CommVault Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 297780 |
| Compass Minerals International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 100800 |
| Compass Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9061 | 51195 |
| Compass, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 51367 | 500828 |
| Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 137270 |
| Conagra Brands, Inc. | &nbsp;&nbsp; 38468 | 740509 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp; 9875 | 236605 |
| Concentrix Corp. | &nbsp;&nbsp; 3254 | 106731 |
| Confluent, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 22372 | 686149 |
| CONMED Corp. | &nbsp;&nbsp; 2500 | 115000 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp; 3557 | 94367 |
| Construction Partners, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 503887 |
| COPT Defense Properties | &nbsp;&nbsp; 8982 | 285448 |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7625 | 272212 |
| Core & Main, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 15375 | 832710 |
| Core Laboratories, Inc. | &nbsp;&nbsp; 4250 | 74758 |
| Core Natural Resources, Inc. | &nbsp;&nbsp; 4375 | 359100 |
| Core Scientific, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21378 | 362785 |
| CoreCivic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9625 | 170170 |
| CorMedix, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5875 | 41889 |
| Corsair Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 27450 |
| CorVel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 116055 |
| Coty, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 38125 | 95694 |
| Coursera, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11250 | 72113 |
| Cousins Properties, Inc. | &nbsp;&nbsp; 13375 | 309765 |
| Covenant Logistics Group, Inc., Class A | &nbsp;&nbsp; 1875 | 55200 |
| Covista, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 306250 |
| CRA International, Inc. | &nbsp;&nbsp; 625 | 107913 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp; 1875 | 61350 |
| Crane Co. | &nbsp;&nbsp; 3875 | 777054 |
| Crane NXT Co. | &nbsp;&nbsp; 4125 | 199196 |
| Credit Acceptance Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 442 | 209146 |
| Crescent Energy Co., Class A | &nbsp;&nbsp; 19843 | 231369 |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 272287 |
| CRISPR Therapeutics AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 6500 | 390910 |
| Crocs, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4657 | 422436 |
| Crown Holdings, Inc. | &nbsp;&nbsp; 9359 | 1072541 |
| CSG Systems International, Inc. | &nbsp;&nbsp; 2375 | 189762 |
| CSW Industrials, Inc. | &nbsp;&nbsp; 1375 | 404704 |
| CTS Corp. | &nbsp;&nbsp; 2875 | 151398 |
| CubeSmart | &nbsp;&nbsp; 19350 | 796059 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp; 4825 | 666911 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cullinan Oncology, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2949 | $45710 |
| Curbline Properties Corp. | &nbsp;&nbsp; 7615 | 211773 |
| Custom Truck One Source, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9000 | 64440 |
| Customers Bancorp, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1947 | 131306 |
| CVB Financial Corp. | &nbsp;&nbsp; 11138 | 214184 |
| CVR Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 81540 |
| Cytokinetics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9476 | 589597 |
| CytomX Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7734 | 41532 |
| Daily Journal Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 125 | 63689 |
| Daktronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 106343 |
| Dana, Inc. | &nbsp;&nbsp; 10375 | 355240 |
| Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12625 | 671145 |
| Dauch Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9437 | 59265 |
| Dave & Buster's Entertainment, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3250 | 47840 |
| Dave, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 705 | 136255 |
| DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3162 | 494221 |
| Day One Biopharmaceuticals, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5500 | 58300 |
| Delek U.S. Holdings, Inc. | &nbsp;&nbsp; 4837 | 184338 |
| Deluxe Corp. | &nbsp;&nbsp; 4250 | 117938 |
| Denali Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10250 | 217095 |
| DENTSPLY SIRONA, Inc. | &nbsp;&nbsp; 15302 | 224633 |
| DiamondRock Hospitality Co. | &nbsp;&nbsp; 16465 | 165309 |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1281 | 70698 |
| Diebold Nixdorf, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1722 | 137760 |
| Digi International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 146460 |
| DigitalBridge Group, Inc. | &nbsp;&nbsp; 14875 | 229819 |
| DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5625 | 315337 |
| Dillard's, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 279 | 168178 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp; 3363 | 108793 |
| Diodes, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 298506 |
| Disc Medicine, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2432 | 162020 |
| Distribution Solutions Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 29900 |
| Diversified Healthcare Trust | &nbsp;&nbsp; 19750 | 133510 |
| DNOW, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17758 | 209189 |
| DocuSign, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16272 | 733379 |
| Dolby Laboratories, Inc., Class A | &nbsp;&nbsp; 4875 | 324529 |
| Donaldson Co., Inc. | &nbsp;&nbsp; 9299 | 862575 |
| Donegal Group, Inc., Class A | &nbsp;&nbsp; 3875 | 68278 |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2282 | 113552 |
| Dorian LPG Ltd. | &nbsp;&nbsp; 4375 | 161831 |
| Dorman Products, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 250452 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12125 | 127798 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp; 2250 | 103320 |
| Douglas Emmett, Inc. | &nbsp;&nbsp; 5280 | 52219 |
| Doximity, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9490 | 232790 |
| Dream Finders Homes, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 49693 |
| Driven Brands Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 63250 |
| Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15616 | 390244 |
| DT Midstream, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8266 | 1147651 |
| Ducommun, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 139039 |
| Duolingo, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2769 | 279669 |
| Dutch Bros., Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 10210 | 547358 |
| D-Wave Quantum, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27230 | 511379 |
| DXC Technology Co.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14375 | 180981 |
| DXP Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1072 | 148440 |
| Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 997547 |
| Dynatrace, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24497 | 879932 |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9138 | 142736 |
| Dynex Capital, Inc. | &nbsp;&nbsp; 7125 | 99964 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp; 2468 | 62811 |
| Eagle Materials, Inc. | &nbsp;&nbsp; 2750 | 615450 |
| East West Bancorp, Inc. | &nbsp;&nbsp; 11135 | 1218726 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Easterly Government Properties, Inc., Class A | &nbsp;&nbsp; 3142 | $73146 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp; 17385 | 340051 |
| EastGroup Properties, Inc. | &nbsp;&nbsp; 4293 | 842759 |
| Eastman Chemical Co. | &nbsp;&nbsp; 9677 | 730710 |
| Ecovyst, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 115518 |
| Edgewell Personal Care Co. | &nbsp;&nbsp; 4250 | 96645 |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 125565 |
| Elanco Animal Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 40125 | 1059300 |
| Elastic NV<sup>(a)</sup> | &nbsp;&nbsp; 7088 | 369072 |
| Element Solutions, Inc. | &nbsp;&nbsp; 18250 | 640392 |
| elf Beauty, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4524 | 416434 |
| Ellington Financial, Inc. | &nbsp;&nbsp; 8250 | 102465 |
| Embecta Corp. | &nbsp;&nbsp; 5125 | 52583 |
| Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp; 11250 | 66150 |
| Employers Holdings, Inc. | &nbsp;&nbsp; 1521 | 62893 |
| Enact Holdings, Inc. | &nbsp;&nbsp; 2381 | 99621 |
| Encompass Health Corp. | &nbsp;&nbsp; 8169 | 881272 |
| Encore Capital Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 153653 |
| Energizer Holdings, Inc. | &nbsp;&nbsp; 5250 | 113348 |
| Energy Recovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5284 | 55112 |
| Enerpac Tool Group Corp., Class A | &nbsp;&nbsp; 4750 | 193800 |
| EnerSys | &nbsp;&nbsp; 3250 | 539987 |
| Enliven Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2500 | 74225 |
| Enova International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2014 | 280047 |
| Enovis Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3253 | 82854 |
| Enovix Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14604 | 76963 |
| Enphase Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10750 | 454402 |
| Enpro, Inc. | &nbsp;&nbsp; 1750 | 452637 |
| Ensign Group, Inc.(The) | &nbsp;&nbsp; 4680 | 1002316 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp; 3007 | 171700 |
| Enviri Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7500 | 141975 |
| Envista Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13625 | 397986 |
| Eos Energy Enterprises, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 26059 | 148406 |
| EPAM Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4509 | 635769 |
| ePlus, Inc. | &nbsp;&nbsp; 2250 | 181485 |
| EPR Properties | &nbsp;&nbsp; 6125 | 363886 |
| Equity Bancshares, Inc., Class A | &nbsp;&nbsp; 2625 | 117810 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 14961 | 1004781 |
| Erasca, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13831 | 188931 |
| Esab Corp. | &nbsp;&nbsp; 4625 | 583536 |
| ESCO Technologies, Inc. | &nbsp;&nbsp; 2125 | 589241 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp; 571 | 57660 |
| Essent Group Ltd. | &nbsp;&nbsp; 8154 | 496089 |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp; 13875 | 470917 |
| Essential Utilities, Inc. | &nbsp;&nbsp; 23000 | 919310 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp; 3156 | 71894 |
| Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7454 | 409076 |
| Euronet Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 234731 |
| Eve Holding, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7000 | 21000 |
| Evercore, Inc., Class A | &nbsp;&nbsp; 3104 | 958639 |
| EverQuote, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 39500 |
| Everus Construction Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 468371 |
| Evolv Technologies Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14000 | 74200 |
| Exact Sciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15225 | 1573960 |
| Excelerate Energy, Inc., Class A | &nbsp;&nbsp; 2252 | 90643 |
| Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20375 | 897722 |
| ExlService Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12750 | 398437 |
| eXp World Holdings, Inc. | &nbsp;&nbsp; 7875 | 54889 |
| Exponent, Inc. | &nbsp;&nbsp; 4125 | 300217 |
| Extreme Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 146790 |
| EZCORP, Inc., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 5375 | 142599 |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp; 3259 | 73816 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Fabrinet<sup>(a)</sup> | &nbsp;&nbsp; 2870 | $1565958 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp; 3040 | 659102 |
| Farmers National Banc Corp. | &nbsp;&nbsp; 7125 | 92126 |
| Fastly, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12125 | 231830 |
| FB Financial Corp. | &nbsp;&nbsp; 3130 | 171180 |
| Federal Agricultural Mortgage Corp., Class C, NVS | &nbsp;&nbsp; 750 | 118245 |
| Federal Realty Investment Trust | &nbsp;&nbsp; 6171 | 671220 |
| Federal Signal Corp. | &nbsp;&nbsp; 4875 | 567596 |
| Federated Hermes, Inc., NVS | &nbsp;&nbsp; 6414 | 359248 |
| Figs, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11250 | 173813 |
| Firefly Aerospace, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2588 | 49871 |
| First Advantage Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6125 | 70499 |
| First American Financial Corp. | &nbsp;&nbsp; 8125 | 569644 |
| First Bancorp./Southern Pines NC | &nbsp;&nbsp; 2323 | 131923 |
| First Busey Corp. | &nbsp;&nbsp; 6309 | 159996 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp; 8406 | 147357 |
| First Community Bankshares, Inc. | &nbsp;&nbsp; 2750 | 107608 |
| First Financial Bancorp. | &nbsp;&nbsp; 8403 | 235872 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp; 8828 | 273050 |
| First Financial Corp. | &nbsp;&nbsp; 2000 | 126720 |
| First Hawaiian, Inc. | &nbsp;&nbsp; 9382 | 232298 |
| First Horizon Corp. | &nbsp;&nbsp; 42913 | 1020900 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 10625 | 670862 |
| First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp; 5875 | 203334 |
| First Merchants Corp. | &nbsp;&nbsp; 4649 | 181683 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp; 3250 | 133283 |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 54513 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp; 3250 | 626567 |
| Firstsun Capital Bancorp<sup>(a)(b)</sup> | &nbsp;&nbsp; 1750 | 63823 |
| Five Below, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4387 | 980626 |
| Five Star Bancorp. | &nbsp;&nbsp; 1287 | 50103 |
| Five9, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 115540 |
| Flagstar Bank NA | &nbsp;&nbsp; 23877 | 302999 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8500 | 587265 |
| Flowers Foods, Inc. | &nbsp;&nbsp; 11784 | 116426 |
| Flowserve Corp. | &nbsp;&nbsp; 10625 | 940525 |
| Fluence Energy, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5281 | 82067 |
| Fluor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13996 | 732131 |
| Flywire Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11199 | 137860 |
| FMC Corp. | &nbsp;&nbsp; 9875 | 145558 |
| FNB Corp. | &nbsp;&nbsp; 28851 | 490178 |
| Forestar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 64620 |
| FormFactor, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6195 | 612562 |
| Fortrea Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7302 | 78277 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 9394 | 510470 |
| Forward Air Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 63225 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp; 8036 | 205079 |
| Fox Factory Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 58940 |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp; 7375 | 67334 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp; 3041 | 302944 |
| Franklin Resources, Inc. | &nbsp;&nbsp; 22401 | 594523 |
| Freedom Holding Corp./NV<sup>(a)</sup> | &nbsp;&nbsp; 1638 | 196838 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp; 4406 | 189150 |
| Freshpet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 316687 |
| Freshworks, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15875 | 124143 |
| frontdoor, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6125 | 419991 |
| Frontier Group Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6750 | 29970 |
| FTAI Infrastructure, Inc. | &nbsp;&nbsp; 10375 | 60227 |
| FTI Consulting, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 472707 |
| fuboTV, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27500 | 32175 |
| Fulgent Genetics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 40241 |
| Fulton Financial Corp. | &nbsp;&nbsp; 14681 | 300226 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Galaxy Digital, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 12932 | $266270 |
| GameStop Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 33625 | 808009 |
| Gap, Inc.(The) | &nbsp;&nbsp; 19500 | 546780 |
| Garrett Motion, Inc. | &nbsp;&nbsp; 14038 | 285814 |
| GATX Corp. | &nbsp;&nbsp; 2750 | 506467 |
| GCI Liberty, Inc., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 2624 | 103254 |
| Genco Shipping & Trading Ltd. | &nbsp;&nbsp; 5635 | 135522 |
| GeneDx Holdings Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 119565 |
| Generac Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 1070507 |
| Gentex Corp. | &nbsp;&nbsp; 17988 | 420919 |
| Gentherm, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 90118 |
| Genworth Financial, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 32374 | 273237 |
| GEO Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 11375 | 171080 |
| German American Bancorp, Inc. | &nbsp;&nbsp; 1538 | 63581 |
| Geron Corp.<sup>(a)</sup> | &nbsp;&nbsp; 45375 | 76230 |
| Getty Realty Corp. | &nbsp;&nbsp; 4875 | 159998 |
| Gibraltar Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 130755 |
| G-III Apparel Group Ltd. | &nbsp;&nbsp; 4007 | 122574 |
| Gitlab, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10451 | 274861 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp; 10458 | 475734 |
| Glaukos Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 526750 |
| Global Business Travel Group I<sup>(a)(b)</sup> | &nbsp;&nbsp; 9000 | 49230 |
| Global Industrial Co. | &nbsp;&nbsp; 2375 | 78328 |
| Global Net Lease, Inc. | &nbsp;&nbsp; 15625 | 147188 |
| Globalstar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 256864 |
| Globe Life, Inc. | &nbsp;&nbsp; 6569 | 954213 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9000 | 859140 |
| Gogo, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7000 | 29610 |
| Gold.com, Inc. | &nbsp;&nbsp; 1875 | 107756 |
| Golden Entertainment, Inc. | &nbsp;&nbsp; 2250 | 65025 |
| GoodRx Holdings, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 10750 | 20103 |
| Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 23375 | 192844 |
| Goosehead Insurance, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2273 | 123197 |
| Gorman-Rupp Co.(The) | &nbsp;&nbsp; 2000 | 128460 |
| GPGI, Inc., Class A | &nbsp;&nbsp; 15096 | 338905 |
| Graham Holdings Co., Class B | &nbsp;&nbsp; 277 | 291739 |
| GRAIL, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 146383 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2378 | 378268 |
| Granite Construction, Inc. | &nbsp;&nbsp; 3500 | 470610 |
| Granite Ridge Resources, Inc. | &nbsp;&nbsp; 6125 | 30993 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp; 22004 | 269109 |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 116531 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp; 683 | 42025 |
| Green Brick Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 202565 |
| Greenbrier Companies, Inc.(The) | &nbsp;&nbsp; 2500 | 141050 |
| Greif, Inc., Class A, NVS | &nbsp;&nbsp; 2042 | 148392 |
| Greif, Inc., Class B | &nbsp;&nbsp; 345 | 30146 |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 37125 |
| Griffon Corp. | &nbsp;&nbsp; 3250 | 277030 |
| Grindr, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 32718 |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8213 | 81144 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp; 1000 | 325740 |
| Guardant Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9148 | 858997 |
| Guardian Pharmacy Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1620 | 54286 |
| Guidewire Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6798 | 987885 |
| Gulfport Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 260825 |
| GXO Logistics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 596885 |
| H&R Block, Inc. | &nbsp;&nbsp; 10875 | 332992 |
| H2O America | &nbsp;&nbsp; 2594 | 139531 |
| HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp; 8652 | 315971 |
| Hackett Group, Inc.(The) | &nbsp;&nbsp; 2375 | 32443 |
| Haemonetics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 253280 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Hagerty, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7625 | $89518 |
| Hallador Energy Co.<sup>(a)</sup> | &nbsp;&nbsp; 2594 | 47159 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10125 | 703991 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp; 3148 | 330351 |
| Hancock Whitney Corp. | &nbsp;&nbsp; 6875 | 452444 |
| Hanmi Financial Corp. | &nbsp;&nbsp; 1623 | 42377 |
| Hanover Insurance Group, Inc.(The) | &nbsp;&nbsp; 2936 | 530330 |
| Harley-Davidson, Inc. | &nbsp;&nbsp; 9625 | 173250 |
| Harmonic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9375 | 99656 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3538 | 100975 |
| Harrow, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3000 | 162540 |
| Hasbro, Inc. | &nbsp;&nbsp; 10500 | 1045695 |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13750 | 212987 |
| Hawkins, Inc. | &nbsp;&nbsp; 1750 | 260925 |
| Hayward Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16625 | 266000 |
| HB Fuller Co. | &nbsp;&nbsp; 4294 | 282202 |
| HBT Financial, Inc. | &nbsp;&nbsp; 2875 | 77510 |
| HCI Group, Inc. | &nbsp;&nbsp; 662 | 116790 |
| Healthcare Realty Trust, Inc., Class A | &nbsp;&nbsp; 27250 | 502762 |
| Healthcare Services Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 144226 |
| HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 525869 |
| HealthStream, Inc. | &nbsp;&nbsp; 2375 | 50421 |
| HeartFlow, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1682 | 38955 |
| Heartland Express, Inc. | &nbsp;&nbsp; 5375 | 59286 |
| Hecla Mining Co. | &nbsp;&nbsp; 54041 | 1346161 |
| Helios Technologies, Inc. | &nbsp;&nbsp; 2750 | 196130 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11500 | 105685 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp; 8500 | 299370 |
| Henry Schein, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9463 | 779657 |
| Herbalife Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10000 | 195200 |
| Herc Holdings, Inc. | &nbsp;&nbsp; 2575 | 359959 |
| Heritage Commerce Corp. | &nbsp;&nbsp; 4689 | 58284 |
| Heritage Financial Corp./WA | &nbsp;&nbsp; 2758 | 72839 |
| Heritage Insurance Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1996 | 55629 |
| Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9875 | 44833 |
| Hess Midstream LP, Class A | &nbsp;&nbsp; 10016 | 387419 |
| Hexcel Corp. | &nbsp;&nbsp; 6377 | 591084 |
| HF Sinclair Corp. | &nbsp;&nbsp; 13044 | 652330 |
| Highwoods Properties, Inc. | &nbsp;&nbsp; 8375 | 188354 |
| Hillman Solutions Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15625 | 128125 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp; 4171 | 156121 |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4975 | 223676 |
| Hims & Hers Health, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14514 | 210743 |
| Hinge Health, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1314 | 56187 |
| HNI Corp. | &nbsp;&nbsp; 5604 | 251956 |
| Home BancShares, Inc./AR | &nbsp;&nbsp; 15072 | 413877 |
| Hope Bancorp, Inc. | &nbsp;&nbsp; 9781 | 110134 |
| Horace Mann Educators Corp. | &nbsp;&nbsp; 3205 | 139450 |
| Horizon Bancorp, Inc./IN | &nbsp;&nbsp; 4120 | 69381 |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 55350 | 1084306 |
| Houlihan Lokey, Inc., Class A | &nbsp;&nbsp; 4290 | 702573 |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 217110 |
| Hub Group, Inc., Class A | &nbsp;&nbsp; 4537 | 195409 |
| Hudson Pacific Properties, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4310 | 31204 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp; 3125 | 1389125 |
| Huntsman Corp. | &nbsp;&nbsp; 8548 | 108132 |
| Huron Consulting Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 212100 |
| Hut 8 Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7558 | 402312 |
| Hycroft Mining Holding Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3918 | 197350 |
| Hyster-Yale, Inc. | &nbsp;&nbsp; 750 | 27623 |
| I3 Verticals, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3265 | 73071 |
| IAC, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5450 | 208844 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Ibotta, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 888 | $22173 |
| ICF International, Inc. | &nbsp;&nbsp; 1500 | 124695 |
| Ichor Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 148594 |
| ICU Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 282337 |
| IDACORP, Inc. | &nbsp;&nbsp; 4375 | 629869 |
| Ideaya Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 209300 |
| IDT Corp., Class B | &nbsp;&nbsp; 2145 | 109288 |
| IES Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 750 | 371512 |
| ImmunityBio, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 26783 | 261938 |
| Immunome, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7541 | 164846 |
| Immunovant, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 159448 |
| Impinj, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2214 | 271569 |
| Independence Realty Trust, Inc. | &nbsp;&nbsp; 17875 | 296189 |
| Independent Bank Corp. | &nbsp;&nbsp; 4026 | 314310 |
| Independent Bank Corp./MI | &nbsp;&nbsp; 571 | 19842 |
| indie Semiconductor, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 15967 | 58439 |
| Indivior Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7650 | 250308 |
| Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 216090 |
| Ingles Markets, Inc., Class A | &nbsp;&nbsp; 1375 | 117013 |
| Ingredion, Inc. | &nbsp;&nbsp; 5450 | 640157 |
| Inhibrx Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 591 | 43811 |
| Innodata, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2406 | 106273 |
| Innospec, Inc. | &nbsp;&nbsp; 2125 | 162733 |
| Innovative Industrial Properties, Inc. | &nbsp;&nbsp; 2090 | 110686 |
| Innovex International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 88931 |
| Innoviva, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5302 | 121734 |
| Insight Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 188010 |
| Insperity, Inc. | &nbsp;&nbsp; 2875 | 63854 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 153211 |
| Installed Building Products, Inc. | &nbsp;&nbsp; 2000 | 655520 |
| Insteel Industries, Inc. | &nbsp;&nbsp; 1576 | 58753 |
| Intapp, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 98131 |
| Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2831 | 245391 |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 64013 |
| Intellia Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9000 | 124020 |
| InterDigital, Inc. | &nbsp;&nbsp; 2259 | 827991 |
| Interface, Inc., Class A | &nbsp;&nbsp; 4625 | 145641 |
| International Bancshares Corp. | &nbsp;&nbsp; 3709 | 248911 |
| International Seaways, Inc. | &nbsp;&nbsp; 4125 | 311561 |
| Interparfums, Inc. | &nbsp;&nbsp; 1750 | 176365 |
| Intuitive Machines, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 8518 | 140377 |
| InvenTrust Properties Corp. | &nbsp;&nbsp; 5188 | 161866 |
| Invesco Ltd. | &nbsp;&nbsp; 29030 | 762328 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12177 | 988164 |
| Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19250 | 74305 |
| IPG Photonics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 279586 |
| iRadimed Corp. | &nbsp;&nbsp; 1140 | 118024 |
| iRhythm Technologies, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2500 | 334375 |
| Iridium Communications, Inc. | &nbsp;&nbsp; 8125 | 194594 |
| Itron, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 340569 |
| ITT, Inc. | &nbsp;&nbsp; 6919 | 1400475 |
| J M Smucker Co.(The) | &nbsp;&nbsp; 8669 | 1005171 |
| J&J Snack Foods Corp. | &nbsp;&nbsp; 1250 | 108825 |
| Janus Henderson Group PLC | &nbsp;&nbsp; 10375 | 540537 |
| Janus International Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13375 | 93090 |
| Janux Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3375 | 45934 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 878842 |
| JBG SMITH Properties | &nbsp;&nbsp; 5271 | 80172 |
| JBT Marel Corp. | &nbsp;&nbsp; 4302 | 662508 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp; 12333 | 547585 |
| JetBlue Airways Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9750 | 54015 |
| Joby Aviation, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 15500 | 155930 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp; 1000 | $82610 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp; 3500 | 108570 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 1222756 |
| Kadant, Inc. | &nbsp;&nbsp; 1000 | 339170 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp; 1293 | 168271 |
| KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2668 | 43435 |
| Karman Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4155 | 366097 |
| KB Home | &nbsp;&nbsp; 4538 | 288526 |
| KBR, Inc. | &nbsp;&nbsp; 10750 | 453972 |
| Kemper Corp. | &nbsp;&nbsp; 4253 | 137457 |
| Kennametal, Inc. | &nbsp;&nbsp; 5875 | 236645 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp; 11125 | 121040 |
| Kforce, Inc. | &nbsp;&nbsp; 1500 | 40530 |
| Kilroy Realty Corp. | &nbsp;&nbsp; 9125 | 272107 |
| Kimbell Royalty Partners LP | &nbsp;&nbsp; 7000 | 100380 |
| Kinetik Holdings, Inc., Class A | &nbsp;&nbsp; 3537 | 160898 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp; 1724 | 671791 |
| Kirby Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 162250 |
| Kite Realty Group Trust | &nbsp;&nbsp; 17500 | 455875 |
| KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp; 6125 | 42569 |
| Klaviyo, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 9539 | 166074 |
| Knife River Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4657 | 414380 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 13138 | 826643 |
| Knowles Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7625 | 207171 |
| Kodiak Gas Services, Inc. | &nbsp;&nbsp; 6220 | 339425 |
| Kodiak Sciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2360 | 63248 |
| Kohl's Corp. | &nbsp;&nbsp; 8875 | 145284 |
| Kontoor Brands, Inc. | &nbsp;&nbsp; 4000 | 260840 |
| Koppers Holdings, Inc. | &nbsp;&nbsp; 1593 | 60215 |
| Korn Ferry | &nbsp;&nbsp; 4250 | 266347 |
| Kosmos Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 52000 | 121160 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13590 | 1171186 |
| Krispy Kreme, Inc. | &nbsp;&nbsp; 9125 | 34219 |
| Krystal Biotech, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 482370 |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp; 4375 | 305025 |
| Kura Oncology, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 42559 |
| Kura Sushi USA, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 750 | 52823 |
| Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3842 | 350967 |
| Kyndryl Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 18934 | 233456 |
| Ladder Capital Corp., Class A | &nbsp;&nbsp; 10125 | 104996 |
| Lakeland Financial Corp. | &nbsp;&nbsp; 2053 | 119259 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp; 7033 | 968725 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp; 10750 | 518042 |
| Landbridge Co. LLC, Class A<sup>(b)</sup> | &nbsp;&nbsp; 1502 | 111899 |
| Landstar System, Inc. | &nbsp;&nbsp; 2787 | 454142 |
| Lantheus Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5528 | 414102 |
| Latham Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 29356 |
| Lattice Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11000 | 1051820 |
| Laureate Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9928 | 321072 |
| Lazard, Inc., Class A | &nbsp;&nbsp; 7611 | 385117 |
| La-Z-Boy, Inc. | &nbsp;&nbsp; 3375 | 120555 |
| LCI Industries | &nbsp;&nbsp; 1963 | 261472 |
| Lear Corp. | &nbsp;&nbsp; 4299 | 564244 |
| Legacy Housing Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 24660 |
| Legalzoom.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8500 | 59755 |
| Legence Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3275 | 190114 |
| Leggett & Platt, Inc. | &nbsp;&nbsp; 10875 | 127020 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp; 1625 | 175792 |
| Lemonade, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 258700 |
| LendingClub Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11000 | 164010 |
| LendingTree, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 46713 |
| LENZ Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1125 | 15176 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Leonardo DRS, Inc. | &nbsp;&nbsp; 6625 | $287459 |
| Levi Strauss & Co., Class A | &nbsp;&nbsp; 7500 | 166200 |
| LGI Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 90825 |
| Liberty Broadband Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 68225 |
| Liberty Broadband Corp., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 9601 | 524311 |
| Liberty Energy, Inc., Class A | &nbsp;&nbsp; 13500 | 379215 |
| Liberty Global Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 13000 | 159900 |
| Liberty Global Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 11078 | 141134 |
| Liberty Live Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 157690 |
| Liberty Live Holdings, Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 386144 |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11069 | 298863 |
| Life360, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6000 | 315900 |
| LifeStance Health Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10875 | 78735 |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1715 | 340102 |
| Limbach Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1000 | 91420 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 4394 | 1261298 |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 83768 |
| Lindsay Corp. | &nbsp;&nbsp; 878 | 118267 |
| Lineage, Inc. | &nbsp;&nbsp; 4756 | 192713 |
| Liquidia Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5125 | 158978 |
| Liquidity Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 71123 |
| Lithia Motors, Inc., Class A | &nbsp;&nbsp; 2062 | 576494 |
| Littelfuse, Inc. | &nbsp;&nbsp; 2000 | 704920 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp; 2693 | 97675 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 142643 |
| LKQ Corp. | &nbsp;&nbsp; 19578 | 648228 |
| Loar Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2536 | 179523 |
| Louisiana-Pacific Corp. | &nbsp;&nbsp; 5125 | 434292 |
| LSI Industries, Inc. | &nbsp;&nbsp; 2750 | 59455 |
| LTC Properties, Inc. | &nbsp;&nbsp; 3802 | 150863 |
| Lucid Group, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 9578 | 95780 |
| Lumen Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 78875 | 560801 |
| LXP Industrial Trust | &nbsp;&nbsp; 5050 | 250278 |
| Lyft, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 31018 | 429289 |
| M/I Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2056 | 292281 |
| Macerich Co.(The) | &nbsp;&nbsp; 20250 | 414517 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5390 | 1337367 |
| Macy's, Inc. | &nbsp;&nbsp; 22625 | 447522 |
| Madison Square Garden Entertainment Corp., <br> Class A<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3250 | 205205 |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 414575 |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1166 | 503712 |
| Magnite, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11125 | 151523 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp; 14375 | 399912 |
| Malibu Boats, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 54488 |
| Manhattan Associates, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4895 | 662930 |
| MannKind Corp.<sup>(a)</sup> | &nbsp;&nbsp; 22000 | 72160 |
| ManpowerGroup, Inc. | &nbsp;&nbsp; 4000 | 111880 |
| Maplebear, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13449 | 504472 |
| MARA Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27750 | 248085 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp; 2500 | 66025 |
| MarineMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 61000 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp; 3064 | 588288 |
| Marqeta, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 34125 | 131040 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp; 2375 | 154399 |
| Marten Transport Ltd. | &nbsp;&nbsp; 4881 | 66333 |
| Marzetti Company(The) | &nbsp;&nbsp; 1625 | 267052 |
| Masimo Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 635644 |
| MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 1490100 |
| Masterbrand, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10125 | 102465 |
| Matador Resources Co. | &nbsp;&nbsp; 9142 | 469899 |
| Match Group, Inc. | &nbsp;&nbsp; 19000 | 600400 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Materion Corp. | &nbsp;&nbsp; 1750 | $285355 |
| Matson, Inc. | &nbsp;&nbsp; 518 | 86055 |
| Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27250 | 461887 |
| Matthews International Corp., Class A | &nbsp;&nbsp; 2750 | 72683 |
| Maximus, Inc. | &nbsp;&nbsp; 4545 | 343647 |
| MaxLinear, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7250 | 126368 |
| MBX Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1368 | 44528 |
| McEwen, Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 3758 | 106539 |
| McGrath RentCorp. | &nbsp;&nbsp; 2125 | 235769 |
| MDU Resources Group, Inc. | &nbsp;&nbsp; 15375 | 317955 |
| MediaAlpha, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 36033 |
| Medical Properties Trust, Inc. | &nbsp;&nbsp; 42875 | 246960 |
| Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1805 | 815427 |
| Mercantile Bank Corp. | &nbsp;&nbsp; 2500 | 129150 |
| Merchants Bancorp. | &nbsp;&nbsp; 2875 | 121555 |
| Mercury General Corp. | &nbsp;&nbsp; 2227 | 201722 |
| Mercury Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 389506 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 366605 |
| Meritage Homes Corp. | &nbsp;&nbsp; 5750 | 433665 |
| Metallus, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 70125 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp; 3500 | 98350 |
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp; 720 | 60588 |
| MFA Financial, Inc. | &nbsp;&nbsp; 9125 | 92254 |
| MGE Energy, Inc. | &nbsp;&nbsp; 3000 | 246060 |
| MGIC Investment Corp. | &nbsp;&nbsp; 16461 | 436710 |
| MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp; 16938 | 624335 |
| Miami International Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1300 | 55380 |
| Microvast Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 17007 | 38096 |
| Middleby Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 717655 |
| Middlesex Water Co. | &nbsp;&nbsp; 1449 | 78246 |
| MillerKnoll, Inc. | &nbsp;&nbsp; 5375 | 108253 |
| Millrose Properties, Inc. | &nbsp;&nbsp; 12527 | 392847 |
| MiMedx Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9375 | 45844 |
| Minerals Technologies, Inc. | &nbsp;&nbsp; 2625 | 185377 |
| Mineralys Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3633 | 106302 |
| Mirion Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17875 | 386279 |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3034 | 280008 |
| Mission Produce, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 74498 |
| Mister Car Wash, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 63190 |
| MKS, Inc. | &nbsp;&nbsp; 5375 | 1313972 |
| Mobileye Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10608 | 89744 |
| Moderna, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 28354 | 1518924 |
| Modine Manufacturing Co.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 937406 |
| Mohawk Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 548056 |
| Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4359 | 671504 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 13931 | 682480 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp; 1125 | 108113 |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2509 | 44535 |
| Montrose Environmental Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 87660 |
| Moog, Inc., Class A | &nbsp;&nbsp; 2375 | 801396 |
| MoonLake Immunotherapeutics, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 32831 |
| Morningstar, Inc. | &nbsp;&nbsp; 2201 | 403091 |
| Mosaic Co.(The) | &nbsp;&nbsp; 25411 | 707442 |
| MP Materials Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11469 | 675180 |
| MSA Safety, Inc. | &nbsp;&nbsp; 3004 | 587012 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp; 3582 | 336135 |
| Mueller Industries, Inc. | &nbsp;&nbsp; 8625 | 1017405 |
| Mueller Water Products, Inc., Class A | &nbsp;&nbsp; 12750 | 381607 |
| Murphy Oil Corp. | &nbsp;&nbsp; 11250 | 372937 |
| Murphy USA, Inc. | &nbsp;&nbsp; 1464 | 572043 |
| MYR Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 371195 |
| Myriad Genetics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 38609 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| N-able, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8000 | $35200 |
| Nabors Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 78120 |
| NANO Nuclear Energy, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2125 | 56504 |
| Napco Security Technologies, Inc. | &nbsp;&nbsp; 3500 | 163135 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp; 3050 | 121970 |
| National Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2887 | 104942 |
| National Fuel Gas Co. | &nbsp;&nbsp; 7000 | 637210 |
| National Health Investors, Inc. | &nbsp;&nbsp; 3625 | 304754 |
| National HealthCare Corp. | &nbsp;&nbsp; 1062 | 173637 |
| National Presto Industries, Inc. | &nbsp;&nbsp; 645 | 85101 |
| National Storage Affiliates Trust | &nbsp;&nbsp; 5750 | 201365 |
| National Vision Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6625 | 178676 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp; 1125 | 30409 |
| Navient Corp. | &nbsp;&nbsp; 6113 | 53733 |
| Navitas Semiconductor Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 11487 | 103383 |
| NB Bancorp, Inc. | &nbsp;&nbsp; 6250 | 133375 |
| NBT Bancorp, Inc. | &nbsp;&nbsp; 4098 | 175067 |
| nCino, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8375 | 135173 |
| NCR Atleos Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 249075 |
| NCR Voyix Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11750 | 89770 |
| Nektar Therapeutics<sup>(a)</sup> | &nbsp;&nbsp; 1300 | 89674 |
| Nelnet, Inc., Class A | &nbsp;&nbsp; 1125 | 145643 |
| Neogen Corp.<sup>(a)</sup> | &nbsp;&nbsp; 16375 | 183891 |
| NeoGenomics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 100758 |
| NerdWallet, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 4875 | 52894 |
| NETGEAR, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2929 | 60396 |
| NetScout Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 167958 |
| Netskope, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4904 | 52963 |
| NETSTREIT Corp. | &nbsp;&nbsp; 7500 | 155775 |
| New Fortress Energy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2916 | 3178 |
| New Jersey Resources Corp. | &nbsp;&nbsp; 7875 | 427140 |
| New York Times Co. (The), Class A | &nbsp;&nbsp; 12250 | 977427 |
| Newell Brands, Inc. | &nbsp;&nbsp; 34705 | 157908 |
| Newmark Group, Inc., Class A | &nbsp;&nbsp; 11250 | 163350 |
| NewMarket Corp. | &nbsp;&nbsp; 642 | 401898 |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp; 2125 | 59904 |
| Nexstar Media Group, Inc., Class A | &nbsp;&nbsp; 2418 | 606966 |
| NextDecade Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14875 | 80176 |
| Nextdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21375 | 37406 |
| NextNav, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5875 | 94529 |
| Nextpower, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11977 | 1258783 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp; 1260 | 192478 |
| nLight, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3073 | 172672 |
| NMI Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5546 | 218013 |
| NNN REIT, Inc. | &nbsp;&nbsp; 13767 | 623920 |
| Northeast Bank | &nbsp;&nbsp; 1125 | 124740 |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp; 7500 | 206925 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp; 7873 | 98019 |
| Northwest Natural Holding Co. | &nbsp;&nbsp; 3250 | 172380 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp; 5000 | 349800 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36457 | 903769 |
| NOV, Inc. | &nbsp;&nbsp; 31500 | 638190 |
| Novavax, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11875 | 120413 |
| Novocure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8125 | 111069 |
| NPK International, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8125 | 117244 |
| Nurix Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 89831 |
| NuScale Power Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9199 | 118207 |
| Nutanix, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20871 | 798942 |
| Nuvalent, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 318594 |
| Nuvation Bio, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17820 | 105316 |
| Oceaneering International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8500 | 301750 |
| OceanFirst Financial Corp. | &nbsp;&nbsp; 4615 | 83347 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9750 | $87165 |
| OGE Energy Corp. | &nbsp;&nbsp; 16000 | 786240 |
| O-I Glass, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12250 | 164150 |
| Oil-Dri Corp. of America | &nbsp;&nbsp; 756 | 51287 |
| Old National Bancorp./IN | &nbsp;&nbsp; 28456 | 657334 |
| Old Republic International Corp. | &nbsp;&nbsp; 19375 | 830606 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp; 6625 | 130049 |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3067 | 74221 |
| Olin Corp. | &nbsp;&nbsp; 9250 | 234672 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 535500 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp; 23925 | 1154860 |
| Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 154125 |
| Ondas, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 28080 | 283046 |
| ONE Gas, Inc. | &nbsp;&nbsp; 4625 | 404410 |
| OneMain Holdings, Inc. | &nbsp;&nbsp; 9750 | 536445 |
| Onestream, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5307 | 125192 |
| Onto Innovation, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 863560 |
| Opendoor Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 72471 | 392793 |
| OPENLANE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9375 | 267281 |
| OPKO Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 36250 | 43500 |
| Optimum Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20875 | 30060 |
| Option Care Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13750 | 446325 |
| Orchid Island Capital, Inc. | &nbsp;&nbsp; 11764 | 87524 |
| Organon & Co. | &nbsp;&nbsp; 21125 | 154001 |
| ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3515 | 47277 |
| Origin Bancorp, Inc. | &nbsp;&nbsp; 2391 | 99466 |
| Ormat Technologies, Inc. | &nbsp;&nbsp; 4750 | 492575 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp; 1487 | 53443 |
| Oruka Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1751 | 60252 |
| Oscar Health, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14789 | 201722 |
| Oshkosh Corp. | &nbsp;&nbsp; 5250 | 892605 |
| OSI Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 392150 |
| Otter Tail Corp. | &nbsp;&nbsp; 3000 | 255300 |
| Ouster, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3544 | 67159 |
| Outfront Media, Inc. | &nbsp;&nbsp; 11750 | 338517 |
| Owens Corning | &nbsp;&nbsp; 6725 | 820921 |
| Oxford Industries, Inc. | &nbsp;&nbsp; 1500 | 59385 |
| Pacira BioSciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 95856 |
| PACS Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 182550 |
| PagerDuty, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6750 | 47655 |
| Palomar Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2126 | 263007 |
| Palvella Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 578 | 78042 |
| Papa John's International, Inc. | &nbsp;&nbsp; 2625 | 82294 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4086 | 174350 |
| PAR Technology Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 51219 |
| Paramount Skydance Corp., Class B, NVS | &nbsp;&nbsp; 25148 | 339749 |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp; 18375 | 207821 |
| Park National Corp. | &nbsp;&nbsp; 1042 | 171440 |
| Parsons Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4724 | 311784 |
| Pathward Financial, Inc. | &nbsp;&nbsp; 1618 | 146898 |
| Patrick Industries, Inc. | &nbsp;&nbsp; 2750 | 340422 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp; 29375 | 249981 |
| Paycom Software, Inc. | &nbsp;&nbsp; 4015 | 505207 |
| Paylocity Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 386026 |
| Paymentus Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 64234 |
| Payoneer Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19984 | 86331 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp; 6875 | 244750 |
| PC Connection, Inc. | &nbsp;&nbsp; 1250 | 76188 |
| PDF Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 105563 |
| Peabody Energy Corp. | &nbsp;&nbsp; 9625 | 303572 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp; 3125 | 104656 |
| Pebblebrook Hotel Trust | &nbsp;&nbsp; 9536 | 122347 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | $136469 |
| Pegasystems, Inc. | &nbsp;&nbsp; 7500 | 327975 |
| Peloton Interactive, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 28625 | 115073 |
| Penguin Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 88315 |
| Penn Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 195500 |
| Pennant Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 113771 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp; 2625 | 241316 |
| PennyMac Mortgage Investment Trust | &nbsp;&nbsp; 7005 | 85881 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp; 1604 | 252662 |
| Penumbra, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 1033170 |
| Peoples Bancorp., Inc. | &nbsp;&nbsp; 4875 | 157316 |
| Perdoceo Education Corp. | &nbsp;&nbsp; 4789 | 159713 |
| Perella Weinberg Partners, Class A | &nbsp;&nbsp; 4250 | 78668 |
| Performance Food Group Co.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 1213250 |
| Perimeter Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11768 | 276313 |
| Permian Resources Corp., Class A | &nbsp;&nbsp; 56863 | 1040024 |
| Perrigo Co. PLC | &nbsp;&nbsp; 11125 | 147073 |
| Phathom Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3434 | 43131 |
| Phibro Animal Health Corp., Class A | &nbsp;&nbsp; 2250 | 122828 |
| Phillips Edison & Co., Inc. | &nbsp;&nbsp; 10101 | 396767 |
| Phinia, Inc. | &nbsp;&nbsp; 3375 | 245126 |
| Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4740 | 177418 |
| Phreesia, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4375 | 53944 |
| Piedmont Realty Trust, Inc. | &nbsp;&nbsp; 9875 | 74951 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 4000 | 172640 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp; 9634 | 966290 |
| Piper Sandler Co. | &nbsp;&nbsp; 1428 | 422045 |
| PJT Partners, Inc., Class A | &nbsp;&nbsp; 1778 | 262575 |
| Plains GP Holdings LP, Class A | &nbsp;&nbsp; 15902 | 358431 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6750 | 554512 |
| Planet Labs PBC<sup>(a)(b)</sup> | &nbsp;&nbsp; 19125 | 461677 |
| Plexus Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 436792 |
| Plug Power, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 82477 | 147634 |
| Polaris, Inc. | &nbsp;&nbsp; 4625 | 280922 |
| Pool Corp. | &nbsp;&nbsp; 2701 | 613613 |
| Popular, Inc. | &nbsp;&nbsp; 5203 | 704278 |
| Porch Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5456 | 44794 |
| Portland General Electric Co. | &nbsp;&nbsp; 8763 | 472851 |
| Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3780 | 401814 |
| Powell Industries, Inc. | &nbsp;&nbsp; 875 | 458150 |
| Power Integrations, Inc. | &nbsp;&nbsp; 4625 | 221630 |
| Power Solutions International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 743 | 62041 |
| Powerfleet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 44625 |
| PRA Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 59063 |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1903 | 640835 |
| Precigen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14237 | 53958 |
| Preformed Line Products Co. | &nbsp;&nbsp; 250 | 63413 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 277200 |
| PriceSmart, Inc. | &nbsp;&nbsp; 2500 | 386550 |
| Primerica, Inc. | &nbsp;&nbsp; 2750 | 697565 |
| Primo Brands Corp., Class A | &nbsp;&nbsp; 21284 | 482721 |
| Primoris Services Corp. | &nbsp;&nbsp; 4375 | 659400 |
| Privia Health Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 198906 |
| ProAssurance Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3377 | 82905 |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 93596 |
| Procore Technologies, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9176 | 505047 |
| PROG Holdings, Inc. | &nbsp;&nbsp; 3030 | 106686 |
| Progress Software Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 151815 |
| Progyny, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6572 | 116259 |
| ProPetro Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 107654 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp; 7621 | 536290 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 356810 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Proto Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | $139680 |
| Provident Financial Services, Inc. | &nbsp;&nbsp; 7497 | 157737 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5755 | 392433 |
| PureCycle Technologies, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10375 | 65466 |
| Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 69520 |
| PVH Corp. | &nbsp;&nbsp; 4330 | 297038 |
| Q2 Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 234585 |
| QCR Holdings, Inc. | &nbsp;&nbsp; 1358 | 117467 |
| Qorvo, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7250 | 601025 |
| Quaker Chemical Corp. | &nbsp;&nbsp; 1250 | 183787 |
| Qualys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 277410 |
| Quanex Building Products Corp. | &nbsp;&nbsp; 4000 | 82120 |
| Quantum Computing, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 16075 | 135191 |
| QuantumScape Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 30875 | 213655 |
| QuidelOrtho Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 127913 |
| QuinStreet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 49810 |
| QXO, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 48750 | 1167562 |
| Radian Group, Inc. | &nbsp;&nbsp; 9344 | 322555 |
| RadNet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 383955 |
| Ralliant Corp. | &nbsp;&nbsp; 8790 | 403373 |
| Ralph Lauren Corp., Class A | &nbsp;&nbsp; 3285 | 1191141 |
| Ramaco Resources, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3101 | 46949 |
| Rambus, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8625 | 859567 |
| Range Resources Corp. | &nbsp;&nbsp; 20746 | 856395 |
| Rapid7, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 29545 |
| Rapport Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2225 | 64592 |
| Rayonier, Inc. | &nbsp;&nbsp; 23192 | 498396 |
| RBC Bearings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 1367810 |
| RealReal, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 101145 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 36000 | 132120 |
| Red Cat Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8541 | 99503 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp; 4375 | 264906 |
| Redwire Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4058 | 36806 |
| Redwood Trust, Inc. | &nbsp;&nbsp; 13125 | 79406 |
| Regal Rexnord Corp. | &nbsp;&nbsp; 5250 | 1160145 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp; 5321 | 1147899 |
| Relay Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12875 | 132098 |
| Remitly Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12250 | 204575 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp; 3754 | 1135435 |
| Renasant Corp. | &nbsp;&nbsp; 7334 | 276125 |
| Repligen Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 547102 |
| Republic Bancorp, Inc., Class A | &nbsp;&nbsp; 1500 | 103500 |
| Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10755 | 416218 |
| Resolute Holdings Management, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 313 | 52756 |
| Revolve Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 88060 |
| Revvity, Inc. | &nbsp;&nbsp; 9334 | 917626 |
| REX American Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3518 | 125100 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp; 19033 | 713167 |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp; 5125 | 127151 |
| RH<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 207137 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4540 | 420994 |
| Richtech Robotics, Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 12822 | 31927 |
| Ridgepost Capital, Inc., Class A | &nbsp;&nbsp; 5463 | 44086 |
| Rigetti Computing, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25713 | 447920 |
| Riley Exploration Permian, Inc. | &nbsp;&nbsp; 1125 | 32445 |
| RingCentral, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 209587 |
| Riot Platforms, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28375 | 462229 |
| Rithm Capital Corp. | &nbsp;&nbsp; 42125 | 423356 |
| RLI Corp. | &nbsp;&nbsp; 6882 | 428886 |
| RLJ Lodging Trust | &nbsp;&nbsp; 13250 | 106265 |
| Robert Half, Inc. | &nbsp;&nbsp; 8250 | 201465 |
| Rogers Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1322 | 142551 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Roivant Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30204 | $874104 |
| Roku, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10475 | 1030845 |
| Root, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 909 | 47159 |
| Royal Gold, Inc. | &nbsp;&nbsp; 6775 | 2031077 |
| RPC, Inc. | &nbsp;&nbsp; 9250 | 53743 |
| Rubrik, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11299 | 587096 |
| Rumble, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6250 | 33813 |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp; 5125 | 363721 |
| Rush Enterprises, Inc., Class B | &nbsp;&nbsp; 750 | 48488 |
| Rush Street Interactive, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7125 | 140719 |
| RXO, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 131670 |
| Ryan Specialty Holdings, Inc., Class A | &nbsp;&nbsp; 8625 | 339394 |
| Ryder System, Inc. | &nbsp;&nbsp; 3375 | 747765 |
| Ryerson Holding Corp. | &nbsp;&nbsp; 2750 | 71940 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; 4500 | 444375 |
| S&T Bancorp, Inc. | &nbsp;&nbsp; 3083 | 128900 |
| Sable Offshore Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4750 | 39188 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp; 19250 | 395587 |
| Safehold, Inc. | &nbsp;&nbsp; 4625 | 74648 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp; 1198 | 93001 |
| Saia, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 861454 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8125 | 130569 |
| Sana Biotechnology, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13698 | 57669 |
| Sandisk Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11289 | 7172579 |
| Sanmina Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4280 | 664513 |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 115225 |
| Saul Centers, Inc. | &nbsp;&nbsp; 1625 | 55380 |
| Savara, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7460 | 44909 |
| ScanSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 78158 |
| Schneider National, Inc., Class B | &nbsp;&nbsp; 4375 | 124163 |
| Scholar Rock Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 254552 |
| Scholastic Corp. | &nbsp;&nbsp; 2750 | 95618 |
| Schrodinger, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 63315 |
| Science Applications International Corp. | &nbsp;&nbsp; 3918 | 361475 |
| Scotts Miracle-Gro Co.(The) | &nbsp;&nbsp; 3625 | 254185 |
| Seaboard Corp. | &nbsp;&nbsp; 23 | 118052 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp; 6875 | 213950 |
| Sealed Air Corp. | &nbsp;&nbsp; 11668 | 488656 |
| SEI Investments Co. | &nbsp;&nbsp; 8279 | 673248 |
| Select Medical Holdings Corp. | &nbsp;&nbsp; 8750 | 130988 |
| Select Water Solutions, Inc., Class A | &nbsp;&nbsp; 7375 | 100816 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp; 4629 | 389021 |
| SEMrush Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 51713 |
| Semtech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 620262 |
| Seneca Foods Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 756 | 105069 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp; 12250 | 457415 |
| Sensient Technologies Corp. | &nbsp;&nbsp; 3000 | 304590 |
| SentinelOne, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 24041 | 315418 |
| Serve Robotics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4580 | 45754 |
| Service Corp. International | &nbsp;&nbsp; 11500 | 968070 |
| ServiceTitan, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 4607 | 333501 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp; 4000 | 324040 |
| Sezzle, Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 1625 | 118544 |
| Shake Shack, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 300031 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp; 4375 | 59631 |
| Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 5000 | 220350 |
| Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13377 | 79326 |
| Shoe Carnival, Inc. | &nbsp;&nbsp; 1875 | 37856 |
| Shutterstock, Inc. | &nbsp;&nbsp; 2500 | 42000 |
| SI-BONE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 54320 |
| Signet Jewelers Ltd. | &nbsp;&nbsp; 3301 | 317523 |
| Sila Realty Trust, Inc. | &nbsp;&nbsp; 4375 | 112569 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Silgan Holdings, Inc. | &nbsp;&nbsp; 7256 | $348651 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 536891 |
| Simmons First National Corp., Class A | &nbsp;&nbsp; 9503 | 189205 |
| Simply Good Foods Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 132215 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp; 3375 | 653299 |
| Sinclair, Inc. | &nbsp;&nbsp; 3625 | 59233 |
| Sirius XM Holdings, Inc. | &nbsp;&nbsp; 16125 | 354105 |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 517976 |
| SiTime Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1783 | 709420 |
| Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7625 | 129854 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2930 | 136157 |
| SkyWater Technology, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2340 | 68936 |
| SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 875 | 91070 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp; 11901 | 709062 |
| SL Green Realty Corp. | &nbsp;&nbsp; 5625 | 207281 |
| SLM Corp. | &nbsp;&nbsp; 16297 | 305406 |
| SM Energy Co. | &nbsp;&nbsp; 18550 | 429061 |
| Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp; 2497 | 83275 |
| SolarEdge Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 168150 |
| Solaris Energy Infrastructure, Inc., Class A | &nbsp;&nbsp; 3125 | 155094 |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3633 | 141941 |
| Solid Power, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13121 | 46448 |
| Solstice Advanced Materials, Inc. | &nbsp;&nbsp; 12836 | 1007754 |
| Somnigroup International, Inc. | &nbsp;&nbsp; 16157 | 1446213 |
| Sonic Automotive, Inc., Class A | &nbsp;&nbsp; 1178 | 73884 |
| Sonoco Products Co. | &nbsp;&nbsp; 7932 | 447920 |
| Sonos, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9875 | 152075 |
| Sotera Health Co.<sup>(a)</sup> | &nbsp;&nbsp; 17045 | 276981 |
| Soundhound AI, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 28125 | 241875 |
| South Plains Financial, Inc. | &nbsp;&nbsp; 2625 | 107520 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp; 771 | 47733 |
| Southside Bancshares, Inc. | &nbsp;&nbsp; 2298 | 71973 |
| SOUTHSTATE BANK Corp. | &nbsp;&nbsp; 8173 | 806430 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp; 4750 | 418807 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp; 2250 | 176355 |
| Sphere Entertainment Co.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 282649 |
| Spire, Inc. | &nbsp;&nbsp; 4625 | 423696 |
| Sprinklr, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 51653 |
| Sprout Social, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 4250 | 27413 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8000 | 590960 |
| SPS Commerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 169530 |
| SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3984 | 904129 |
| Spyre Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3375 | 145159 |
| St Joe Co.(The) | &nbsp;&nbsp; 3250 | 234552 |
| STAAR Surgical Co.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 72138 |
| STAG Industrial, Inc. | &nbsp;&nbsp; 14031 | 550296 |
| Stagwell, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 10125 | 48803 |
| Standard BioTools, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24625 | 27826 |
| Standard Motor Products, Inc. | &nbsp;&nbsp; 2250 | 89280 |
| StandardAero, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15916 | 490213 |
| Standex International Corp. | &nbsp;&nbsp; 1125 | 294750 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 12487 | 1080001 |
| Starwood Property Trust, Inc. | &nbsp;&nbsp; 28049 | 499553 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp; 3923 | 147740 |
| Stepan Co. | &nbsp;&nbsp; 1875 | 95419 |
| StepStone Group, Inc., Class A | &nbsp;&nbsp; 5625 | 242662 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 1070325 |
| Steven Madden Ltd. | &nbsp;&nbsp; 5750 | 207575 |
| Stewart Information Services Corp. | &nbsp;&nbsp; 2625 | 186349 |
| Stifel Financial Corp. | &nbsp;&nbsp; 12306 | 911259 |
| Stock Yards Bancorp., Inc. | &nbsp;&nbsp; 2237 | 143481 |
| Stoke Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 141089 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3565 | $454537 |
| Strategic Education, Inc. | &nbsp;&nbsp; 1875 | 154275 |
| Stride, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 295330 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp; 1625 | 60840 |
| SunCoke Energy, Inc. | &nbsp;&nbsp; 8375 | 47738 |
| Sunococorp LLC, NVS | &nbsp;&nbsp; 3244 | 194283 |
| Sunrun, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 17875 | 236844 |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp; 15076 | 139905 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 287332 |
| Surgery Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 87188 |
| Sweetgreen, Inc., Class A <sup>(a)(b)</sup> | &nbsp;&nbsp; 8625 | 47869 |
| Sylvamo Corp. | &nbsp;&nbsp; 3125 | 144688 |
| Symbotic, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 3875 | 212272 |
| Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3305 | 269225 |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6125 | 132974 |
| T1 Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13589 | 83708 |
| Talen Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3132 | 1161878 |
| Talos Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13625 | 166906 |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 132825 |
| Tanger, Inc. | &nbsp;&nbsp; 8771 | 325053 |
| Tango Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3616 | 40282 |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 188800 |
| Taylor Morrison Home Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8001 | 527186 |
| Taysha Gene Therapies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10969 | 49690 |
| TD SYNNEX Corp. | &nbsp;&nbsp; 6250 | 980062 |
| TechnipFMC PLC | &nbsp;&nbsp; 33668 | 2232525 |
| TEGNA, Inc. | &nbsp;&nbsp; 13314 | 278928 |
| Teladoc Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13875 | 72983 |
| Teleflex, Inc. | &nbsp;&nbsp; 3211 | 391935 |
| Telephone and Data Systems, Inc. | &nbsp;&nbsp; 8250 | 369187 |
| Tempus AI, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7681 | 409013 |
| Tenable Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9750 | 187492 |
| Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7097 | 1698951 |
| Tennant Co. | &nbsp;&nbsp; 1500 | 91545 |
| Teradata Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6997 | 220336 |
| Terawulf, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 24750 | 401445 |
| Terex Corp. | &nbsp;&nbsp; 9837 | 676687 |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4622 | 194679 |
| Terreno Realty Corp. | &nbsp;&nbsp; 8000 | 528480 |
| Tetra Tech, Inc. | &nbsp;&nbsp; 20246 | 725617 |
| TETRA Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10182 | 88176 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3162 | 301339 |
| Texas Roadhouse, Inc., Class A | &nbsp;&nbsp; 5375 | 982926 |
| TFS Financial Corp. | &nbsp;&nbsp; 9000 | 126180 |
| TG Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12000 | 361080 |
| Theravance Biopharma, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3088 | 56356 |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 139645 |
| Thor Industries, Inc. | &nbsp;&nbsp; 4125 | 396536 |
| ThredUp, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7807 | 38098 |
| TIC Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5321 | 50390 |
| Tidewater, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 89348 |
| Tilray Brands, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8284 | 65195 |
| Timken Co.(The) | &nbsp;&nbsp; 5250 | 568995 |
| Tiptree, Inc. | &nbsp;&nbsp; 3625 | 61734 |
| TKO Group Holdings, Inc., Class A | &nbsp;&nbsp; 5641 | 1262851 |
| Toll Brothers, Inc. | &nbsp;&nbsp; 7805 | 1227258 |
| Tompkins Financial Corp. | &nbsp;&nbsp; 985 | 75559 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp; 1511 | 63810 |
| TopBuild Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2375 | 1064712 |
| Toro Co.(The) | &nbsp;&nbsp; 8000 | 790880 |
| Towne Bank/Portsmouth VA | &nbsp;&nbsp; 7064 | 242013 |
| TPG RE Finance Trust, Inc. | &nbsp;&nbsp; 7500 | 63450 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| TPG, Inc., Class A | &nbsp;&nbsp; 10625 | $461337 |
| Transcat, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 77970 |
| TransMedics Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2671 | 387989 |
| Transocean Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 77441 | 501818 |
| Travel + Leisure Co. | &nbsp;&nbsp; 5500 | 405350 |
| Travere Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 193635 |
| Trevi Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6855 | 81712 |
| Trex Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8625 | 357247 |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7375 | 341462 |
| TriCo Bancshares | &nbsp;&nbsp; 1292 | 61732 |
| TriMas Corp. | &nbsp;&nbsp; 3250 | 127010 |
| TriNet Group, Inc. | &nbsp;&nbsp; 2750 | 104720 |
| Trinity Industries, Inc. | &nbsp;&nbsp; 7125 | 243532 |
| TripAdvisor, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9000 | 90990 |
| Triumph Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1811 | 101162 |
| Trump Media & Technology Group Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12186 | 130512 |
| Trupanion, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2593 | 68818 |
| Trustmark Corp. | &nbsp;&nbsp; 4537 | 193231 |
| TTM Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8337 | 869049 |
| Turning Point Brands, Inc. | &nbsp;&nbsp; 1762 | 241376 |
| Tutor Perini Corp. | &nbsp;&nbsp; 4375 | 329744 |
| Twist Bioscience Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 234600 |
| Two Harbors Investment Corp. | &nbsp;&nbsp; 8875 | 91679 |
| TXNM Energy, Inc. | &nbsp;&nbsp; 7483 | 441647 |
| Tyra Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1242 | 41371 |
| U.S. Antimony Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9493 | 84867 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 18227 | 1760910 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp; 1402 | 116310 |
| Udemy, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7375 | 37096 |
| UFP Industries, Inc. | &nbsp;&nbsp; 4689 | 482545 |
| UFP Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 625 | 131613 |
| UGI Corp. | &nbsp;&nbsp; 17250 | 645322 |
| U-Haul Holding Co.<sup>(a)</sup> | &nbsp;&nbsp; 824 | 41744 |
| U-Haul Holding Co., NVS | &nbsp;&nbsp; 8515 | 401567 |
| UiPath, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 34250 | 367502 |
| UL Solutions, Inc., Class A | &nbsp;&nbsp; 6058 | 508690 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 219965 |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 154959 |
| UMB Financial Corp. | &nbsp;&nbsp; 5825 | 675001 |
| UMH Properties, Inc. | &nbsp;&nbsp; 6000 | 90480 |
| Under Armour, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15000 | 111300 |
| Under Armour, Inc., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 10750 | 77723 |
| UniFirst Corp. | &nbsp;&nbsp; 1250 | 293525 |
| uniQure NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 3140 | 49078 |
| United Bankshares, Inc. | &nbsp;&nbsp; 11466 | 473546 |
| United Community Banks, Inc./GA | &nbsp;&nbsp; 9666 | 310955 |
| United Fire Group, Inc. | &nbsp;&nbsp; 1743 | 67733 |
| United Natural Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 181497 |
| United Parks & Resorts, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 78278 |
| United States Lime & Minerals, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1133 | 129343 |
| Uniti Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11823 | 86544 |
| Unitil Corp. | &nbsp;&nbsp; 1422 | 74385 |
| Unity Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25652 | 467636 |
| Universal Corp. | &nbsp;&nbsp; 2000 | 107460 |
| Universal Display Corp. | &nbsp;&nbsp; 3625 | 386751 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp; 2161 | 76002 |
| Universal Technical Institute, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3500 | 126700 |
| Univest Financial Corp. | &nbsp;&nbsp; 2314 | 77635 |
| Unum Group | &nbsp;&nbsp; 12998 | 932347 |
| Upbound Group, Inc. | &nbsp;&nbsp; 3750 | 80438 |
| Upstart Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6750 | 183802 |
| Upwork, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10125 | 135878 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Uranium Energy Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 41000 | $628530 |
| Urban Edge Properties | &nbsp;&nbsp; 10081 | 214221 |
| Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 322725 |
| USA Rare Earth, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6176 | 116726 |
| USA Today Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14500 | 86275 |
| Utz Brands, Inc. | &nbsp;&nbsp; 5625 | 52256 |
| UWM Holdings Corp. | &nbsp;&nbsp; 15000 | 66150 |
| V2X, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1500 | 104625 |
| Vail Resorts, Inc. | &nbsp;&nbsp; 3000 | 407430 |
| Valaris Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5375 | 515194 |
| Valley National Bancorp | &nbsp;&nbsp; 38777 | 488978 |
| Valmont Industries, Inc. | &nbsp;&nbsp; 1625 | 747386 |
| Valvoline, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9875 | 373275 |
| Varonis Systems, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 205012 |
| Vaxcyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9811 | 605731 |
| Veeco Instruments, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 141340 |
| Vera Therapeutics, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 147864 |
| Veracyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 237835 |
| Vericel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 151640 |
| Veris Residential, Inc. | &nbsp;&nbsp; 6625 | 124881 |
| Verra Mobility Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13125 | 219319 |
| Versant Media Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12000 | 399840 |
| Vertex, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 83260 |
| Vestis Corp. | &nbsp;&nbsp; 9375 | 73781 |
| VF Corp. | &nbsp;&nbsp; 26250 | 509775 |
| Viasat, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9221 | 422137 |
| Viatris, Inc. | &nbsp;&nbsp; 92555 | 1381846 |
| Viavi Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19125 | 568204 |
| Vicor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 377625 |
| Victoria's Secret & Co.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 352687 |
| Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp; 3688 | 255136 |
| Viking Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8625 | 291870 |
| Viper Energy, Inc., Class A | &nbsp;&nbsp; 13906 | 647185 |
| Vir Biotechnology, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 74993 |
| Viridian Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5125 | 150573 |
| Virtu Financial, Inc., Class A | &nbsp;&nbsp; 6780 | 280760 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp; 318 | 43998 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp; 9375 | 175500 |
| Vistance Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17500 | 307475 |
| Visteon Corp. | &nbsp;&nbsp; 2028 | 194019 |
| Vita Coco Co., Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 3507 | 203616 |
| Vital Farms, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2660 | 56099 |
| Vitesse Energy, Inc. | &nbsp;&nbsp; 3000 | 57930 |
| Vontier Corp. | &nbsp;&nbsp; 12125 | 496155 |
| Vornado Realty Trust | &nbsp;&nbsp; 13125 | 361987 |
| Voya Financial, Inc. | &nbsp;&nbsp; 7376 | 493307 |
| VSE Corp. | &nbsp;&nbsp; 2217 | 503414 |
| WaFd, Inc. | &nbsp;&nbsp; 5535 | 172471 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp; 2750 | 126528 |
| Warby Parker, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 171944 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp; 4135 | 344197 |
| Washington Trust Bancorp., Inc. | &nbsp;&nbsp; 1547 | 52118 |
| WaterBridge Infrastructure LLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 2812 | 74434 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp; 2250 | 739665 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9625 | 134076 |
| Wayfair, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8185 | 624761 |
| Waystar Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9210 | 236236 |
| WD-40 Co. | &nbsp;&nbsp; 1125 | 267975 |
| Webster Financial Corp. | &nbsp;&nbsp; 12891 | 929828 |
| Weis Markets, Inc. | &nbsp;&nbsp; 1625 | 110110 |
| Wendy's Co.(The) | &nbsp;&nbsp; 15000 | 114900 |
| Werner Enterprises, Inc. | &nbsp;&nbsp; 4861 | 170572 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| WesBanco, Inc. | &nbsp;&nbsp; 6650 | $231885 |
| WESCO International, Inc. | &nbsp;&nbsp; 4000 | 1158000 |
| Westamerica BanCorp. | &nbsp;&nbsp; 1945 | 98514 |
| Western Alliance Bancorp. | &nbsp;&nbsp; 8189 | 657740 |
| Western Union Co.(The) | &nbsp;&nbsp; 19585 | 188604 |
| Westlake Corp. | &nbsp;&nbsp; 3094 | 326046 |
| WEX, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2580 | 384910 |
| Whirlpool Corp. | &nbsp;&nbsp; 4375 | 299381 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp; 191 | 424117 |
| Whitestone REIT | &nbsp;&nbsp; 4375 | 66456 |
| Willdan Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 945 | 84237 |
| Willis Lease Finance Corp.<sup>(b)</sup> | &nbsp;&nbsp; 375 | 76391 |
| WillScot Holdings Corp. | &nbsp;&nbsp; 14625 | 316046 |
| Wingstop, Inc. | &nbsp;&nbsp; 2150 | 557946 |
| Winmark Corp. | &nbsp;&nbsp; 250 | 114060 |
| Winnebago Industries, Inc. | &nbsp;&nbsp; 2375 | 94739 |
| Wintrust Financial Corp. | &nbsp;&nbsp; 5420 | 780805 |
| WisdomTree, Inc. | &nbsp;&nbsp; 10647 | 182170 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp; 7625 | 134734 |
| Woodward, Inc. | &nbsp;&nbsp; 4854 | 1877333 |
| Workiva, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 246320 |
| World Acceptance Corp.<sup>(a)</sup> | &nbsp;&nbsp; 375 | 50580 |
| World Kinect Corp. | &nbsp;&nbsp; 5526 | 137874 |
| Worthington Enterprises, Inc. | &nbsp;&nbsp; 2625 | 147026 |
| Worthington Steel, Inc. | &nbsp;&nbsp; 3125 | 129875 |
| WSFS Financial Corp. | &nbsp;&nbsp; 4045 | 256898 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp; 6250 | 511250 |
| Wynn Resorts Ltd. | &nbsp;&nbsp; 6563 | 710051 |
| Xencor, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5375 | 68639 |
| Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp; 9500 | 145160 |
| Xenon Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 243169 |
| Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10436 | 63868 |
| Xometry, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 3567 | 146301 |
| XPEL, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 90568 |
| XPLR Infrastructure LP<sup>(a)</sup> | &nbsp;&nbsp; 9125 | 96634 |
| XPO, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9533 | 2006411 |
| Yelp, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 117023 |
| YETI Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6750 | 295042 |
| Yext, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9875 | 56090 |
| Zenas Biopharma, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1289 | 33965 |
| Zeta Global Holdings Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 15500 | 262725 |
| Ziff Davis, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 94780 |
| Zions Bancorp N.A. | &nbsp;&nbsp; 11625 | 665880 |
| ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 22125 | 137396 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 11500 | 586270 |
| Zymeworks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 93160 |
|  |  | 488955988 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $683,958,154)** | **Total Common Stocks — 99.3%** <br>**(Cost: $683,958,154)** | 842501395 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Draegerwerk AG & Co. KGaA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 750 | 79499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 5250 | $226717 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 3875 | 146087 |
| KSB SE & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 56 | 71186 |
| Sixt SE, Preference Shares, NVS | &nbsp;&nbsp; 1250 | 80730 |
| STO SE & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 250 | 36358 |
|  |  | 640577 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Danieli & C Officine Meccaniche SpA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 3125 | 173852 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $744,402)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $744,402)** | 814429 |
| **Rights** | **Rights** | **Rights** |
| **United States — 0.0%** | **United States — 0.0%** | **United States — 0.0%** |
| Contra 89bio, Inc., NVS<sup>(b)</sup> | &nbsp;&nbsp; 9875 | 3357 |
| Contra Akero Therapeutics, Inc., NVS<sup>(c)</sup> | &nbsp;&nbsp; 4160 | 2704 |
| Verve Therapeutics, Inc., NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 6160 | 4127 |
|  |  | 10188 |
| **Total Rights — 0.0%** <br>**(Cost: $9,942)** | **Total Rights — 0.0%** <br>**(Cost: $9,942)** | 10188 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $684,712,498)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $684,712,498)** | 843326012 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.8%** | **Money Market Funds — 4.8%** | **Money Market Funds — 4.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 37128276 | 37146840 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 3420000 | 3420000 |
| **Total Short-Term Securities — 4.8%** <br>**(Cost: $40,564,241)** | **Total Short-Term Securities — 4.8%** <br>**(Cost: $40,564,241)** | 40566840 |
| **Total Investments — 104.2%** <br>**(Cost: $725,276,739)** | **Total Investments — 104.2%** <br>**(Cost: $725,276,739)** | 883892852 |
| **Liabilities in Excess of Other Assets — (4.2)%** | **Liabilities in Excess of Other Assets — (4.2)%** | (35423737)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $848469115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $38397539 | $— | &nbsp;&nbsp; $(1250400 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(328)<br>| $29 | $37146840 | 37128276 | $189539 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1220000 | 2200000 <br><sup>(a)</sup><br>|  |  |  | 3420000 | 3420000 | 64430 |  |
|  |  |  |  | $(328) | $29 | $40566840 |  | $253969 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Russell 2000 Index | 4 | 03/20/26 | &nbsp;&nbsp; $527 | $10903 |
| MSCI EAFE Index | 4 | 03/20/26 | &nbsp;&nbsp; 633 | 40863 |
| S&P Mid 400 E-Mini Index | 1 | 03/20/26 | &nbsp;&nbsp; 358 | (2324) |
|  |  |  |  | $49442 |

---

**Equity Swap Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Arbor Realty Trust, Inc. | Merrill Lynch International | $46384 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | &nbsp;&nbsp; $3797 |
| Bancorp, Inc. (The) | BNP Paribas | 5250 | 08/30/27 | 0.20% | 1D OBFR01 | Monthly | &nbsp;&nbsp; (1)<br>|
| Bread Financial Holdings, Inc. | Merrill Lynch International | 285763 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | &nbsp;&nbsp; (8984)<br>|
| Douglas Emmett, Inc. | Goldman Sachs Bank USA | 80587 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | &nbsp;&nbsp; (647)<br>|
| Employers Holdings Inc. | BNP Paribas | 8042 | 08/30/27 | 0.20% | 1D OBFR01 | Monthly | &nbsp;&nbsp; 228 |
| Genworth Financial, Inc. | BNP Paribas | 5400 | 08/30/27 | 0.20% | 1D OBFR01 | Monthly | &nbsp;&nbsp; (336)<br>|
| Jackson Financial, Inc., <br> Class A<br>| BNP Paribas | 1274 | 08/30/27 | 0.20% | 1D OBFR01 | Monthly | &nbsp;&nbsp; (69)<br>|
| Jackson Financial, Inc., <br> Class A<br>| Goldman Sachs Bank USA | 1274 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | &nbsp;&nbsp; (69)<br>|
| Jackson Financial, Inc., <br> Class A<br>| HSBC Bank PLC | 670045 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly | &nbsp;&nbsp; (53345)<br>|
| Jackson Financial, Inc., <br> Class A<br>| JPMorgan Chase Bank N.A. | 1308 | 02/09/27 | 0.20% | 1D OBFR01 | Monthly | &nbsp;&nbsp; (104)<br>|
| Jackson Financial, Inc., <br> Class A<br>| Merrill Lynch International | 1274 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | &nbsp;&nbsp; (69)<br>|
| Lincoln National Corp. | JPMorgan Chase Bank N.A. | 537879 | 02/09/27 | 0.20% | 1D OBFR01 | Monthly | &nbsp;&nbsp; (73045)<br>|
| Moelis & Co., Class A | HSBC Bank PLC | 431632 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly | &nbsp;&nbsp; (81705)<br>|
| Perdoceo Education Corp. | BNP Paribas | 3257 | 08/30/27 | 0.20% | 1D OBFR01 | Monthly | &nbsp;&nbsp; 78 |
| Pitney Bowes, Inc. | Goldman Sachs Bank USA | 140308 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | &nbsp;&nbsp; 6714 |
| Preferred Bank/los Angeles | Goldman Sachs Bank USA | 87460 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | &nbsp;&nbsp; (3951)<br>|
| Siriuspoint Ltd. | HSBC Bank PLC | 165978 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly | &nbsp;&nbsp; 12677 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**Equity Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Trustco Bank Corp. NY | Merrill Lynch International | $64937 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | &nbsp;&nbsp; $(12)<br>|
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | (198843) |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (9756)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $(208599)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $23494 | &nbsp;&nbsp;&nbsp; $(232093)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51766 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51766 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23494 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23494 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75260 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75260 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2324 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2324 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $232093 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $232093 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $234417 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $234417 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $247867 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $247867 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32397 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32397 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $280264 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $280264 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11556 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11556 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (208604)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (208604)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(197048)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(197048)<br>|

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2744910 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $2507243 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $24510 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 23494 | &nbsp;&nbsp;&nbsp; 232093 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 23494 | &nbsp;&nbsp;&nbsp; 256603 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24510)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $23494 | &nbsp;&nbsp;&nbsp; $232093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| BNP Paribas | &nbsp;&nbsp; $306 | &nbsp;&nbsp; $(306)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 6714 | &nbsp;&nbsp; (4667)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2047 |
| HSBC Bank PLC | &nbsp;&nbsp; 12677 | &nbsp;&nbsp; (12677)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 3797 | &nbsp;&nbsp; (3797)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $23494 | &nbsp;&nbsp; $(21447)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| BNP Paribas | &nbsp;&nbsp; $406 | &nbsp;&nbsp; $(306)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $100 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 4667 | &nbsp;&nbsp; (4667)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 135050 | &nbsp;&nbsp; (12677)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122373 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 73149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73149 |
| Merrill Lynch International | &nbsp;&nbsp; 9065 | &nbsp;&nbsp; (3797)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5268 |
|  | &nbsp;&nbsp; $222337 | &nbsp;&nbsp; $(21447)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $200890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World Small-Cap ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $565441417 | &nbsp;&nbsp; $276963985 | &nbsp;&nbsp; $95993 | &nbsp;&nbsp; $842501395 |
| Preferred Stocks | &nbsp;&nbsp; 71186 | &nbsp;&nbsp; 743243 | &nbsp;&nbsp; — | &nbsp;&nbsp; 814429 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 3357 | &nbsp;&nbsp; 6831 | &nbsp;&nbsp; 10188 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 40566840 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40566840 |
|  | &nbsp;&nbsp; $606079443 | &nbsp;&nbsp; $277710585 | &nbsp;&nbsp; $102824 | &nbsp;&nbsp; $883892852 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $51766 | &nbsp;&nbsp; $23494 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75260 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (2324)<br>| &nbsp;&nbsp; (232093)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (234417)<br>|
|  | &nbsp;&nbsp; $49442 | &nbsp;&nbsp; $(208599)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(159157)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 5.6%** | **Australia — 5.6%** | **Australia — 5.6%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 53305 | $1517098 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 7199 | 246110 |
| ASX Ltd. | &nbsp;&nbsp; 2849 | 107363 |
| Brambles Ltd. | &nbsp;&nbsp; 14098 | 251425 |
| Cochlear Ltd. | &nbsp;&nbsp; 2319 | 328381 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 23847 | 2958733 |
| Computershare Ltd. | &nbsp;&nbsp; 8876 | 195706 |
| CSL Ltd. | &nbsp;&nbsp; 4757 | 497994 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 22048 | 261579 |
| Goodman Group | &nbsp;&nbsp; 52800 | 1086116 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7944 | 105292 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 5146 | 780959 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 30747 | 95826 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 53095 | 1850497 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 28797 | 631223 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 14320 | 222381 |
| REA Group Ltd. | &nbsp;&nbsp; 1049 | 124105 |
| Scentre Group | &nbsp;&nbsp; 277925 | 755467 |
| SGH Ltd. | &nbsp;&nbsp; 3308 | 109774 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 112040 | 225835 |
| Stockland | &nbsp;&nbsp; 148486 | 539984 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 44134 | 459367 |
| Transurban Group | &nbsp;&nbsp; 131988 | 1345578 |
| Vicinity Ltd. | &nbsp;&nbsp; 579735 | 1010531 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 24747 | 1401995 |
| Westpac Banking Corp. | &nbsp;&nbsp; 27597 | 834231 |
|  |  | 17943550 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Erste Group Bank AG | &nbsp;&nbsp; 4954 | 588011 |
| Verbund AG | &nbsp;&nbsp; 5699 | 405791 |
|  |  | 993802 |
| **Belgium — 1.4%** | **Belgium — 1.4%** | **Belgium — 1.4%** |
| Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 17138 | 1393580 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 480 | 371342 |
| D'ieteren Group | &nbsp;&nbsp; 924 | 199788 |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 2099 | 333497 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 2765 | 277440 |
| KBC Group NV | &nbsp;&nbsp; 5549 | 751518 |
| Lotus Bakeries NV | &nbsp;&nbsp; 12 | 149246 |
| Sofina SA | &nbsp;&nbsp; 382 | 113470 |
| UCB SA | &nbsp;&nbsp; 2766 | 830860 |
|  |  | 4420741 |
| **Canada — 13.6%** | **Canada — 13.6%** | **Canada — 13.6%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 10799 | 2712556 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 17348 | 940243 |
| AtkinsRealis Group, Inc. | &nbsp;&nbsp; 5699 | 395030 |
| Bank of Montreal | &nbsp;&nbsp; 6749 | 971296 |
| BCE, Inc. | &nbsp;&nbsp; 8301 | 218167 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 3510 | 163888 |
| CAE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11249 | 333582 |
| Cameco Corp. | &nbsp;&nbsp; 4999 | 591429 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 17248 | 1742313 |
| CCL Industries, Inc., Class B, NVS | &nbsp;&nbsp; 2549 | 177302 |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2170 | 602583 |
| CGI, Inc. | &nbsp;&nbsp; 4955 | 362385 |
| Constellation Software, Inc. | &nbsp;&nbsp; 232 | 428718 |
| Dollarama, Inc. | &nbsp;&nbsp; 10049 | 1479447 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 22198 | 528729 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 299 | 514627 |
| FirstService Corp. | &nbsp;&nbsp; 905 | 142605 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| GFL Environmental, Inc. | &nbsp;&nbsp; 6449 | $284994 |
| Gildan Activewear, Inc. | &nbsp;&nbsp; 4799 | 327087 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 11698 | 565154 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 52045 | 2236632 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 4850 | 551578 |
| IGM Financial, Inc. | &nbsp;&nbsp; 7199 | 358142 |
| Intact Financial Corp. | &nbsp;&nbsp; 5446 | 1051431 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 79869 | 913424 |
| Kinross Gold Corp. | &nbsp;&nbsp; 34496 | 1275091 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 28197 | 1306854 |
| Lundin Gold, Inc. | &nbsp;&nbsp; 2914 | 274662 |
| Lundin Mining Corp. | &nbsp;&nbsp; 34496 | 1099077 |
| Manulife Financial Corp. | &nbsp;&nbsp; 42197 | 1502517 |
| Metro, Inc. | &nbsp;&nbsp; 8399 | 598438 |
| National Bank of Canada | &nbsp;&nbsp; 5999 | 837235 |
| Open Text Corp. | &nbsp;&nbsp; 2176 | 53904 |
| Pan American Silver Corp. | &nbsp;&nbsp; 11024 | 756296 |
| Power Corp. of Canada | &nbsp;&nbsp; 17398 | 873950 |
| RB Global, Inc. | &nbsp;&nbsp; 1649 | 166115 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 6489 | 465535 |
| Rogers Communications, Inc., Class B, NVS | &nbsp;&nbsp; 8028 | 320402 |
| Royal Bank of Canada | &nbsp;&nbsp; 23997 | 4012313 |
| Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15215 | 1836776 |
| Stantec, Inc. | &nbsp;&nbsp; 7049 | 652680 |
| Sun Life Financial, Inc. | &nbsp;&nbsp; 17746 | 1163075 |
| TFI International, Inc. | &nbsp;&nbsp; 3599 | 429991 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 3788 | 364707 |
| TMX Group Ltd. | &nbsp;&nbsp; 14022 | 472968 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 1199 | 186084 |
| Toronto-Dominion Bank(The) | &nbsp;&nbsp; 28797 | 2805282 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 15065 | 2454820 |
| WSP Global, Inc. | &nbsp;&nbsp; 4949 | 838360 |
|  |  | 43340474 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Wharf Holdings Ltd.(The) | &nbsp;&nbsp; 35000 | 115870 |
| **Denmark — 1.6%** | **Denmark — 1.6%** | **Denmark — 1.6%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 599 | 93185 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 3181 | 246473 |
| Danske Bank A/S | &nbsp;&nbsp; 1800 | 93914 |
| Demant A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 2099 | 65464 |
| DSV A/S | &nbsp;&nbsp; 3366 | 868837 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 599 | 176361 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 46056 | 1742000 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 13051 | 776192 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 5427 | 127853 |
| Rockwool AS, Class B | &nbsp;&nbsp; 8549 | 283464 |
| Tryg A/S | &nbsp;&nbsp; 4799 | 118831 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 21748 | 555972 |
|  |  | 5148546 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| Elisa OYJ | &nbsp;&nbsp; 1126 | 57836 |
| Fortum OYJ | &nbsp;&nbsp; 11099 | 259512 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 36154 | 890904 |
| Kone OYJ, Class B | &nbsp;&nbsp; 7199 | 542756 |
| Nokia OYJ | &nbsp;&nbsp; 84025 | 644893 |
| Orion OYJ, Class B | &nbsp;&nbsp; 4056 | 324915 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 72607 | 804710 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 10499 | 334343 |
|  |  | 3859869 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France — 9.1%** | **France — 9.1%** | **France — 9.1%** |
| Aeroports de Paris SA | &nbsp;&nbsp; 2178 | $303905 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 1199 | 114376 |
| AXA SA | &nbsp;&nbsp; 23706 | 1159273 |
| BioMerieux | &nbsp;&nbsp; 979 | 115710 |
| BNP Paribas SA | &nbsp;&nbsp; 4258 | 478095 |
| Capgemini SE | &nbsp;&nbsp; 1726 | 218126 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 3299 | 334326 |
| Covivio SA/France | &nbsp;&nbsp; 14321 | 1049699 |
| Dassault Systemes SE | &nbsp;&nbsp; 13099 | 286852 |
| Eiffage SA | &nbsp;&nbsp; 4349 | 749952 |
| EssilorLuxottica SA | &nbsp;&nbsp; 5000 | 1323434 |
| Eurofins Scientific SE | &nbsp;&nbsp; 4403 | 354795 |
| Gecina SA | &nbsp;&nbsp; 10220 | 943540 |
| Getlink SE | &nbsp;&nbsp; 65442 | 1420895 |
| Hermes International SCA | &nbsp;&nbsp; 623 | 1497358 |
| Ipsen SA | &nbsp;&nbsp; 2182 | 425932 |
| Kering SA | &nbsp;&nbsp; 1432 | 480205 |
| Klepierre SA | &nbsp;&nbsp; 37046 | 1559027 |
| Legrand SA | &nbsp;&nbsp; 7980 | 1445394 |
| L'Oreal SA | &nbsp;&nbsp; 4408 | 2065351 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 3844 | 2456394 |
| Pernod Ricard SA | &nbsp;&nbsp; 6449 | 595116 |
| Publicis Groupe SA | &nbsp;&nbsp; 1871 | 166603 |
| Sanofi SA | &nbsp;&nbsp; 17742 | 1735191 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 899 | 194276 |
| Schneider Electric SE | &nbsp;&nbsp; 12898 | 4215193 |
| STMicroelectronics NV | &nbsp;&nbsp; 14607 | 487363 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 6955 | 871376 |
| Vinci SA | &nbsp;&nbsp; 12298 | 2041297 |
|  |  | 29089054 |
| **Germany — 6.1%** | **Germany — 6.1%** | **Germany — 6.1%** |
| adidas AG | &nbsp;&nbsp; 2699 | 500759 |
| Allianz SE, Registered | &nbsp;&nbsp; 6340 | 2847150 |
| Beiersdorf AG | &nbsp;&nbsp; 1515 | 191641 |
| Commerzbank AG | &nbsp;&nbsp; 4976 | 201874 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 22686 | 804290 |
| Deutsche Boerse AG | &nbsp;&nbsp; 2549 | 696624 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 5297 | 311915 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 33624 | 1350345 |
| Hannover Rueck SE | &nbsp;&nbsp; 776 | 235145 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 1841 | 166736 |
| Hensoldt AG | &nbsp;&nbsp; 4049 | 355197 |
| Infineon Technologies AG | &nbsp;&nbsp; 23713 | 1278008 |
| LEG Immobilien SE | &nbsp;&nbsp; 2999 | 250888 |
| Merck KGaA | &nbsp;&nbsp; 2849 | 431668 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 2262 | 1476233 |
| Rational AG | &nbsp;&nbsp; 449 | 389152 |
| Rheinmetall AG | &nbsp;&nbsp; 599 | 1184926 |
| SAP SE | &nbsp;&nbsp; 15068 | 3027045 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 449 | 38162 |
| Siemens AG, Registered | &nbsp;&nbsp; 8576 | 2479698 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 4651 | 230688 |
| Symrise AG, Class A | &nbsp;&nbsp; 2849 | 260255 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 761 | 95719 |
| Vonovia SE | &nbsp;&nbsp; 16648 | 564492 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 3149 | 76551 |
|  |  | 19445161 |
| **Hong Kong — 2.0%** | **Hong Kong — 2.0%** | **Hong Kong — 2.0%** |
| AIA Group Ltd. | &nbsp;&nbsp; 182400 | 2012150 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 41500 | 263308 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 899 | $133807 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 210000 | 949251 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 18400 | 983019 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 228000 | 1085827 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 304000 | 495524 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 18500 | 299620 |
|  |  | 6222506 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 1571 | 139592 |
| Kingspan Group PLC | &nbsp;&nbsp; 7367 | 729360 |
|  |  | 868952 |
| **Israel — 0.8%** | **Israel — 0.8%** | **Israel — 0.8%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 5266 | 756740 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 9387 | 227255 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 899 | 136711 |
| CyberArk Software Ltd., NVS | &nbsp;&nbsp; 295 | 13275 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 476 | 367635 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 912 | 104440 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 840 | 368925 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 17277 | 584999 |
|  |  | 2559980 |
| **Italy — 2.9%** | **Italy — 2.9%** | **Italy — 2.9%** |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 16948 | 165395 |
| Banco BPM SpA | &nbsp;&nbsp; 59450 | 875707 |
| BPER Banca SpA | &nbsp;&nbsp; 28197 | 397125 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 34278 | 258215 |
| Ferrari NV | &nbsp;&nbsp; 2766 | 1045056 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 15748 | 370615 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 95041 | 652128 |
| Moncler SpA | &nbsp;&nbsp; 6649 | 458669 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 10355 | 277410 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 9867 | 563740 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 153641 | 1848809 |
| UniCredit SpA | &nbsp;&nbsp; 26174 | 2228647 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 3910 | 97275 |
|  |  | 9238791 |
| **Japan — 18.1%** | **Japan — 18.1%** | **Japan — 18.1%** |
| Advantest Corp. | &nbsp;&nbsp; 15200 | 2632175 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 1800 | 57251 |
| Asics Corp. | &nbsp;&nbsp; 15200 | 465815 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 60800 | 1011803 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 15200 | 412102 |
| Canon, Inc. | &nbsp;&nbsp; 15200 | 459372 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 1800 | 40879 |
| Central Japan Railway Co. | &nbsp;&nbsp; 45600 | 1345913 |
| Chiba Bank Ltd.(The) | &nbsp;&nbsp; 18600 | 276653 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 15200 | 1024941 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 8300 | 342603 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 30400 | 598728 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 30400 | 319483 |
| Disco Corp. | &nbsp;&nbsp; 1800 | 865450 |
| East Japan Railway Co. | &nbsp;&nbsp; 45600 | 1126342 |
| FANUC Corp. | &nbsp;&nbsp; 30400 | 1376515 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 3300 | 1446927 |
| Fujikura Ltd. | &nbsp;&nbsp; 2600 | 443957 |
| Fujitsu Ltd. | &nbsp;&nbsp; 17700 | 394584 |
| Hitachi Ltd. | &nbsp;&nbsp; 30400 | 995213 |
| Hoya Corp. | &nbsp;&nbsp; 6500 | 1174081 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 15200 | 201435 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 45600 | 620567 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 45600 | 892714 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| KDDI Corp. | &nbsp;&nbsp; 15200 | $261098 |
| Keyence Corp. | &nbsp;&nbsp; 4200 | 1770096 |
| Kikkoman Corp. | &nbsp;&nbsp; 30400 | 292322 |
| Konami Group Corp. | &nbsp;&nbsp; 1300 | 173475 |
| Kyocera Corp. | &nbsp;&nbsp; 30400 | 536914 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 15200 | 282540 |
| Lasertec Corp. | &nbsp;&nbsp; 2000 | 431206 |
| M3, Inc. | &nbsp;&nbsp; 3600 | 39414 |
| Makita Corp. | &nbsp;&nbsp; 15200 | 588141 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 30400 | 1025187 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 152000 | 2821727 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 45600 | 614680 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 30400 | 1356265 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 1700 | 22602 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 15200 | 423569 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 60800 | 1589915 |
| NEC Corp. | &nbsp;&nbsp; 15400 | 426939 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 5600 | 118954 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 15500 | 876670 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 1049 | 975886 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 15200 | 112579 |
| Nitto Denko Corp. | &nbsp;&nbsp; 7600 | 176247 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 30400 | 282235 |
| Obic Co. Ltd. | &nbsp;&nbsp; 7800 | 210066 |
| Olympus Corp. | &nbsp;&nbsp; 23200 | 227331 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 15200 | 273848 |
| ORIX Corp. | &nbsp;&nbsp; 30400 | 1067013 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 6600 | 454808 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 15200 | 101580 |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45600 | 242083 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 17100 | 744111 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 45600 | 859961 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 15200 | 185468 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 15200 | 346871 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 30400 | 650216 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 3800 | 553954 |
| Secom Co. Ltd. | &nbsp;&nbsp; 200 | 7759 |
| Shimadzu Corp. | &nbsp;&nbsp; 15200 | 423083 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 30400 | 1196895 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 30400 | 717814 |
| SMC Corp. | &nbsp;&nbsp; 1900 | 908871 |
| SoftBank Group Corp. | &nbsp;&nbsp; 60800 | 1556841 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 15200 | 603054 |
| Sony Group Corp. | &nbsp;&nbsp; 91200 | 2096529 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 45600 | 1720742 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 15200 | 513857 |
| Sysmex Corp. | &nbsp;&nbsp; 30400 | 287002 |
| T&D Holdings, Inc. | &nbsp;&nbsp; 8300 | 223539 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 32700 | 1223870 |
| TDK Corp. | &nbsp;&nbsp; 30400 | 469631 |
| Terumo Corp. | &nbsp;&nbsp; 15200 | 205663 |
| TIS, Inc. | &nbsp;&nbsp; 6900 | 142606 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 3000 | 30064 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 30400 | 1262562 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 6700 | 1885210 |
| Toyota Motor Corp. | &nbsp;&nbsp; 74900 | 1814704 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 30400 | 328233 |
| ZOZO, Inc. | &nbsp;&nbsp; 30400 | 220955 |
|  |  | 57480958 |
| **Netherlands — 4.6%** | **Netherlands — 4.6%** | **Netherlands — 4.6%** |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 299 | 351124 |
| ASM International NV | &nbsp;&nbsp; 683 | 576034 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| ASML Holding NV | &nbsp;&nbsp; 5699 | $8288672 |
| ASR Nederland NV | &nbsp;&nbsp; 4199 | 305111 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 1732 | 388120 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 5893 | 650764 |
| DSM-Firmenich AG | &nbsp;&nbsp; 3449 | 246327 |
| EXOR NV, NVS | &nbsp;&nbsp; 2849 | 250026 |
| ING Groep NV | &nbsp;&nbsp; 6322 | 182408 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 26142 | 469246 |
| NN Group NV | &nbsp;&nbsp; 10959 | 898830 |
| Prosus NV | &nbsp;&nbsp; 25953 | 1333995 |
| QIAGEN NV | &nbsp;&nbsp; 6024 | 299508 |
| Universal Music Group NV | &nbsp;&nbsp; 11402 | 256743 |
| Wolters Kluwer NV | &nbsp;&nbsp; 773 | 62447 |
|  |  | 14559355 |
| **New Zealand — 0.4%** | **New Zealand — 0.4%** | **New Zealand — 0.4%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 120881 | 664196 |
| Contact Energy Ltd. | &nbsp;&nbsp; 25993 | 144897 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 12148 | 296984 |
|  |  | 1106077 |
| **Norway — 1.4%** | **Norway — 1.4%** | **Norway — 1.4%** |
| DNB Bank ASA | &nbsp;&nbsp; 42896 | 1357848 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 21620 | 610855 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 2999 | 121613 |
| Mowi ASA | &nbsp;&nbsp; 45028 | 1063714 |
| Orkla ASA | &nbsp;&nbsp; 21748 | 297731 |
| Salmar ASA | &nbsp;&nbsp; 14916 | 894582 |
|  |  | 4346343 |
| **Portugal — 0.5%** | **Portugal — 0.5%** | **Portugal — 0.5%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 48971 | 773652 |
| EDP SA | &nbsp;&nbsp; 142086 | 755975 |
|  |  | 1529627 |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 532000 | 1130097 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 970910 | 1878409 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 15200 | 36732 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 11600 | 522524 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 78459 | 331097 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 5907 | 640614 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 20497 | 294350 |
|  |  | 4833823 |
| **Spain — 3.3%** | **Spain — 3.3%** | **Spain — 3.3%** |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 48595 | 1531626 |
| Amadeus IT Group SA | &nbsp;&nbsp; 7552 | 467106 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 54971 | 1273216 |
| Banco Santander SA | &nbsp;&nbsp; 205181 | 2587756 |
| CaixaBank SA | &nbsp;&nbsp; 48008 | 591712 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 2399 | 91176 |
| Ferrovial SE | &nbsp;&nbsp; 24301 | 1811123 |
| Iberdrola SA | &nbsp;&nbsp; 48858 | 1153208 |
| Redeia Corp. SA | &nbsp;&nbsp; 54197 | 1007336 |
|  |  | 10514259 |
| **Sweden — 3.8%** | **Sweden — 3.8%** | **Sweden — 3.8%** |
| AddTech AB, Class B | &nbsp;&nbsp; 2699 | 99766 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 7532 | 320600 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 54763 | 1178185 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 41009 | 768781 |
| Epiroc AB, Class A | &nbsp;&nbsp; 16113 | 484043 |
| Epiroc AB, Class B | &nbsp;&nbsp; 9009 | 234233 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 213 | 12829 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 6042 | 45401 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 10159 | $216587 |
| Hexagon AB, Class B | &nbsp;&nbsp; 60468 | 687898 |
| Holmen AB, Class B | &nbsp;&nbsp; 6340 | 249562 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 2152 | 122136 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 6638 | 374807 |
| Indutrade AB | &nbsp;&nbsp; 3599 | 93310 |
| Investor AB, Class B | &nbsp;&nbsp; 24946 | 1040536 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 40421 | 165163 |
| Nordea Bank Abp | &nbsp;&nbsp; 36750 | 711132 |
| Sagax AB, Class B | &nbsp;&nbsp; 13728 | 290564 |
| Sandvik AB | &nbsp;&nbsp; 20858 | 919237 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 34381 | 730981 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 1664 | 856860 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 40856 | 554655 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 44432 | 710347 |
| Swedbank AB, Class A | &nbsp;&nbsp; 6909 | 265396 |
| Tele2 AB, Class B | &nbsp;&nbsp; 21448 | 452642 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 36615 | 423269 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 4219 | 184937 |
|  |  | 12193857 |
| **Switzerland — 10.3%** | **Switzerland — 10.3%** | **Switzerland — 10.3%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 41396 | 3855466 |
| Alcon AG | &nbsp;&nbsp; 7384 | 640107 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 2441 | 373438 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 299 | 298007 |
| BKW AG | &nbsp;&nbsp; 4552 | 894463 |
| Chocoladefabriken Lindt & Spruengli AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 9 | 148587 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 4 | 658899 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 159 | 131910 |
| Galderma Group AG | &nbsp;&nbsp; 2473 | 466680 |
| Geberit AG, Registered | &nbsp;&nbsp; 1373 | 1154496 |
| Givaudan SA, Registered | &nbsp;&nbsp; 228 | 915737 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 4552 | 387056 |
| Logitech International SA, Registered | &nbsp;&nbsp; 2609 | 239358 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 977 | 679545 |
| Novartis AG, Registered | &nbsp;&nbsp; 30644 | 5152536 |
| Partners Group Holding AG | &nbsp;&nbsp; 449 | 498952 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 449 | 222551 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 9916 | 4719038 |
| Sandoz Group AG | &nbsp;&nbsp; 7384 | 650473 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 1672 | 636583 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 828 | 301845 |
| SGS SA | &nbsp;&nbsp; 899 | 113567 |
| Sika AG, Registered | &nbsp;&nbsp; 2013 | 415791 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 960 | 250277 |
| Straumann Holding AG | &nbsp;&nbsp; 2699 | 323139 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 599 | 685949 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 9149 | 1745810 |
| Swiss Re AG | &nbsp;&nbsp; 5249 | 924030 |
| Swisscom AG, Registered | &nbsp;&nbsp; 749 | 702562 |
| UBS Group AG, Registered | &nbsp;&nbsp; 45477 | 1889562 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 1425 | 1005031 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 2467 | 1860919 |
|  |  | 32942364 |
| **United Kingdom — 10.5%** | **United Kingdom — 10.5%** | **United Kingdom — 10.5%** |
| 3i Group PLC | &nbsp;&nbsp; 26322 | 1175959 |
| Admiral Group PLC | &nbsp;&nbsp; 4649 | 185725 |
| Antofagasta PLC | &nbsp;&nbsp; 36296 | 2085305 |
| Ashtead Group PLC | &nbsp;&nbsp; 15665 | 1122034 |
| AstraZeneca PLC | &nbsp;&nbsp; 22067 | 4643619 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 11402 | $75526 |
| Aviva PLC | &nbsp;&nbsp; 116410 | 1072768 |
| Barclays PLC | &nbsp;&nbsp; 286780 | 1740673 |
| Barratt Redrow PLC | &nbsp;&nbsp; 36457 | 178488 |
| Bunzl PLC | &nbsp;&nbsp; 10719 | 316273 |
| Coca-Cola HBC AG, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 2616 | 169808 |
| Compass Group PLC | &nbsp;&nbsp; 9172 | 280879 |
| Diageo PLC | &nbsp;&nbsp; 42645 | 956380 |
| Experian PLC | &nbsp;&nbsp; 11558 | 435034 |
| GSK PLC | &nbsp;&nbsp; 67393 | 2002468 |
| Haleon PLC | &nbsp;&nbsp; 156621 | 859683 |
| Halma PLC | &nbsp;&nbsp; 13805 | 776802 |
| HSBC Holdings PLC | &nbsp;&nbsp; 236087 | 4412705 |
| Informa PLC | &nbsp;&nbsp; 42053 | 474958 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 2699 | 370897 |
| Intertek Group PLC | &nbsp;&nbsp; 449 | 28610 |
| Land Securities Group PLC | &nbsp;&nbsp; 61499 | 534287 |
| Legal & General Group PLC | &nbsp;&nbsp; 192133 | 701815 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 1013720 | 1384758 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 4258 | 507313 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 83715 | 695037 |
| Next PLC | &nbsp;&nbsp; 4199 | 765224 |
| Pearson PLC | &nbsp;&nbsp; 12000 | 154432 |
| Prudential PLC | &nbsp;&nbsp; 19385 | 296910 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 5475 | 482342 |
| RELX PLC | &nbsp;&nbsp; 23397 | 817336 |
| Rentokil Initial PLC | &nbsp;&nbsp; 55245 | 341322 |
| Schroders PLC | &nbsp;&nbsp; 21173 | 166725 |
| Segro PLC | &nbsp;&nbsp; 97080 | 1098981 |
| Severn Trent PLC | &nbsp;&nbsp; 19948 | 880492 |
| Smith & Nephew PLC | &nbsp;&nbsp; 16091 | 297040 |
| Smiths Group PLC | &nbsp;&nbsp; 6489 | 239901 |
| Spirax Group PLC | &nbsp;&nbsp; 4199 | 447433 |
| United Utilities Group PLC | &nbsp;&nbsp; 16048 | 300810 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 5746 | 66578 |
|  |  | 33543330 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $257,475,102)** | **Total Common Stocks — 99.3%** <br>**(Cost: $257,475,102)** | 316297289 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(b)</sup> | &nbsp;&nbsp; 6149 | 299774 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 2714 | 266212 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 599 | 169548 |
|  |  | 735534 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $729,861)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $729,861)** | 735534 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $258,204,963)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $258,204,963)** | 317032823 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 829177 | 829591 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 30000 | $30000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $859,583)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $859,583)** | 859591 |
| **Total Investments — 99.8%** <br>**(Cost: $259,064,546)** | **Total Investments — 99.8%** <br>**(Cost: $259,064,546)** | 317892414 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 614887 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $318507301 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1012775 | $— | &nbsp;&nbsp; $(183140 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(44)<br>| $— | $829591 | 829177 | $1465 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 20000 | 10000 <br><sup>(a)</sup><br>|  |  |  | 30000 | 30000 | 3145 |  |
|  |  |  |  | $(44) | $— | $859591 |  | $4610 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| STOXX Euro 600 | 29 | 03/20/26 | &nbsp;&nbsp; $1087 | $19595 |

---

**Equity Swap Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Redeia Corp. SA | JPMorgan Chase Bank N.A. | $283155 | 02/11/27 | 0.28% | 1D ESTR | Monthly | &nbsp;&nbsp; $11424 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**Equity Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Singapore Exchange Ltd. | HSBC Bank PLC | $41540 | 02/10/28 | 0.55% | SORA | Monthly | &nbsp;&nbsp; $149 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | 11573 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; 1998 |
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $13571 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13571 | &nbsp;&nbsp;&nbsp; $— |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19595 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13571 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13571 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33166 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129006 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129006 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (60371)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (60371)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68635 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68635 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22672 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22672 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11538)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11538)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11134 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11134 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1313511 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $610562 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $2638 | &nbsp;&nbsp;&nbsp; $— |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 13571 | &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 16209 | &nbsp;&nbsp;&nbsp; — |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (2638)<br>| &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $13571 | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

The following table presents the Fund's derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| HSBC Bank PLC | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 11424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11424 |
|  | &nbsp;&nbsp; $11573 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $48492792 | &nbsp;&nbsp; $267804497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $316297289 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 735534 | &nbsp;&nbsp; — | &nbsp;&nbsp; 735534 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 859591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 859591 |
|  | &nbsp;&nbsp; $49352383 | &nbsp;&nbsp; $268540031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317892414 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $19595 | &nbsp;&nbsp; $13571 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>ESG Aware MSCI <br> EAFE ETF <br>| &nbsp;&nbsp; iShares <br>ESG MSCI <br> EM Leaders <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Sustainable <br> Development <br> Goals ETF <br>| &nbsp;&nbsp; iShares <br>MSCI World <br> Small-Cap <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $11644046783 | $34389753 | $169824733 | $843326012 |
| Investments, at value—affiliated<sup>(c)</sup> | 2687683 | 437900 | 1519834 | 40566840 |
| Cash | 6228 | 15786 | 464498 | 101828 |
| Cash pledged for futures contracts |  | 3000 | 35000 | 196620 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 3274558 |  |  |  |
| Foreign currency, at value<sup>(e)</sup> | 20954178 | 41107 | 455782 | 1471567 |
| Receivables: |  |  |  |  |
| Investments sold | 576524033 | 720370 | 15126515 | 25084393 |
| Securities lending income—affiliated | 1514 | 390 | 142 | 24433 |
| Swaps |  |  |  | 50045 |
| Loans |  |  | 303000 |  |
| Capital shares sold | 43733 |  |  |  |
| Dividends—unaffiliated | 11147091 | 37956 | 85360 | 796859 |
| Dividends—affiliated | 10917 | 639 | 316 | 9737 |
| Tax reclaims | 19170992 | 4696 | 523772 | 55953 |
| Variation margin on futures contracts | 336822 |  |  |  |
| Unrealized appreciation on OTC swaps |  |  |  | 23494 |
| Total assets | 12278204532 | 35651597 | 188338952 | 911707781 |
| **LIABILITIES** |  |  |  |  |
| Bank borrowings |  |  | 303000 |  |
| Collateral on securities loaned, at value | 173690 | 214498 | 1520299 | 37144910 |
| Payables: |  |  |  |  |
| Investments purchased | 574331036 | 709814 | 15978480 | 25594359 |
| Swaps |  |  |  | 142852 |
| Deferred foreign capital gain tax |  | 193190 |  | 3816 |
| Investment advisory fees | 1760962 | 4227 | 63738 | 96126 |
| Professional fees | 24791 |  | 13405 |  |
| Due to custodian |  |  | 303000 |  |
| Variation margin on futures contracts |  | 181 | 2525 | 24510 |
| Unrealized depreciation on OTC swaps |  |  |  | 232093 |
| Total liabilities | 576290479 | 1121910 | 18184447 | 63238666 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $11701914053 | $34529687 | $170154505 | $848469115 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $8145374679 | $25538589 | $265174438 | $665338260 |
| Accumulated earnings (loss) | 3556539374 | 8991098 | (95019933) | 183130855 |
| NET ASSETS | $11701914053 | $34529687 | $170154505 | $848469115 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 112000000 | 550000 | 1950000 | 25400000 |
| Net asset value | $104.48 | $62.78 | $87.26 | $33.40 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares<br> ESG Aware MSCI <br> EAFE ETF <br>| &nbsp;&nbsp; iShares<br> ESG MSCI <br> EM Leaders <br> ETF <br>| &nbsp;&nbsp; iShares<br> MSCI Global <br> Sustainable <br> Development <br> Goals ETF <br>| &nbsp;&nbsp; iShares<br> MSCI World <br> Small-Cap <br> ETF <br>|
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $7610626819 | $23197117 | $152735737 | $684712498 |
| <sup>(b)</sup> Securities loaned, at value | $167277 | $198046 | $1469348 | $35218454 |
| <sup>(c)</sup> Investments, at cost—affiliated | $2687683 | $437890 | $1519834 | $40564241 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $3272701 | $— | $— | $— |
| <sup>(e)</sup> Foreign currency, at cost | $21005637 | $40797 | $455383 | $1470706 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited)(continued)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Paris-Aligned <br> Climate <br> Optimized <br> MSCI World <br> ex USA ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $317032823 |
| Investments, at value—affiliated<sup>(c)</sup> | 859591 |
| Cash pledged for futures contracts | 112000 |
| Foreign currency, at value<sup>(d)</sup> | 1560271 |
| Receivables: |  |
| Investments sold | 522631 |
| Securities lending income—affiliated | 180 |
| Swaps | 7352 |
| Capital shares sold | 177058 |
| Dividends—unaffiliated | 336598 |
| Dividends—affiliated | 257 |
| Tax reclaims | 105542 |
| Variation margin on futures contracts | 2638 |
| Unrealized appreciation on OTC swaps | 13571 |
| Total assets | 320730512 |
| **LIABILITIES** |  |
| Bank overdraft | 14364 |
| Collateral on securities loaned, at value | 829643 |
| Payables: |  |
| Investments purchased | 1343398 |
| Swaps | 5854 |
| Investment advisory fees | 28367 |
| Professional fees | 1585 |
| Total liabilities | 2223211 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $318507301 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $260765444 |
| Accumulated earnings | 57741857 |
| NET ASSETS | $318507301 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 4560000 |
| Net asset value | $69.85 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $258204963 |
| <sup>(b)</sup> Securities loaned, at value | $791286 |
| <sup>(c)</sup> Investments, at cost—affiliated | $859583 |
| <sup>(d)</sup> Foreign currency, at cost | $1558964 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>ESG Aware MSCI <br> EAFE ETF <br>| &nbsp;&nbsp; iShares <br>ESG MSCI <br> EM Leaders <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Sustainable <br> Development <br> Goals ETF <br>| &nbsp;&nbsp; iShares <br>MSCI World <br> Small-Cap <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $85701481 | &nbsp;&nbsp;&nbsp; $266675 | &nbsp;&nbsp;&nbsp; $1051021 | &nbsp;&nbsp;&nbsp; $6490659 |
| Dividends—affiliated | &nbsp;&nbsp; 62829 | &nbsp;&nbsp;&nbsp; 3975 | &nbsp;&nbsp;&nbsp; 2311 | &nbsp;&nbsp;&nbsp; 64430 |
| Interest—unaffiliated | &nbsp;&nbsp; 46352 | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp; 54324 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 77911 | &nbsp;&nbsp;&nbsp; 2168 | &nbsp;&nbsp;&nbsp; 7409 | &nbsp;&nbsp;&nbsp; 189539 |
| Other income—unaffiliated | &nbsp;&nbsp; 4996 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4110 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (5735575)<br>| &nbsp;&nbsp;&nbsp; (28206)<br>| &nbsp;&nbsp;&nbsp; (49796)<br>| &nbsp;&nbsp;&nbsp; (281855)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 167102 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40465 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 80325096 | &nbsp;&nbsp;&nbsp; 244792 | &nbsp;&nbsp;&nbsp; 1056411 | &nbsp;&nbsp;&nbsp; 6517097 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 10612769 | &nbsp;&nbsp;&nbsp; 26054 | &nbsp;&nbsp;&nbsp; 411471 | &nbsp;&nbsp;&nbsp; 1158961 |
| Professional | &nbsp;&nbsp; 29196 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9579 | &nbsp;&nbsp;&nbsp; — |
| Commitment costs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 10641965 | &nbsp;&nbsp;&nbsp; 26372 | &nbsp;&nbsp;&nbsp; 422260 | &nbsp;&nbsp;&nbsp; 1158961 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (580992)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 10641965 | &nbsp;&nbsp;&nbsp; 26372 | &nbsp;&nbsp;&nbsp; 422260 | &nbsp;&nbsp;&nbsp; 577969 |
| Net investment income | &nbsp;&nbsp; 69683131 | &nbsp;&nbsp;&nbsp; 218420 | &nbsp;&nbsp;&nbsp; 634151 | &nbsp;&nbsp;&nbsp; 5939128 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 209896997 | &nbsp;&nbsp;&nbsp; 501580 | &nbsp;&nbsp;&nbsp; 636170 | &nbsp;&nbsp;&nbsp; 27884035 |
| Investments—affiliated | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; (328)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (405369)<br>| &nbsp;&nbsp;&nbsp; 2311 | &nbsp;&nbsp;&nbsp; (15147)<br>| &nbsp;&nbsp;&nbsp; (42482)<br>|
| Futures contracts | &nbsp;&nbsp; 7157323 | &nbsp;&nbsp;&nbsp; (1374)<br>| &nbsp;&nbsp;&nbsp; 101128 | &nbsp;&nbsp;&nbsp; 247867 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 115270451 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2359736 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32397 |
|  | &nbsp;&nbsp; 331919585 | &nbsp;&nbsp;&nbsp; 502521 | &nbsp;&nbsp;&nbsp; 3082637 | &nbsp;&nbsp;&nbsp; 28121489 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 1334712169 | &nbsp;&nbsp;&nbsp; 3949943 | &nbsp;&nbsp;&nbsp; 10078320 | &nbsp;&nbsp;&nbsp; 80227774 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (181)<br>| &nbsp;&nbsp;&nbsp; 29 |
| Foreign currency translations | &nbsp;&nbsp; 236777 | &nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp; 16705 | &nbsp;&nbsp;&nbsp; 515 |
| Futures contracts | &nbsp;&nbsp; 1243433 | &nbsp;&nbsp;&nbsp; 2209 | &nbsp;&nbsp;&nbsp; 27833 | &nbsp;&nbsp;&nbsp; 11556 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (208604)<br>|
|  | &nbsp;&nbsp; 1336192379 | &nbsp;&nbsp;&nbsp; 3952749 | &nbsp;&nbsp;&nbsp; 10122677 | &nbsp;&nbsp;&nbsp; 80031270 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1668111964 | &nbsp;&nbsp;&nbsp; 4455270 | &nbsp;&nbsp;&nbsp; 13205314 | &nbsp;&nbsp;&nbsp; 108152759 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1737795095 | &nbsp;&nbsp;&nbsp; $4673690 | &nbsp;&nbsp;&nbsp; $13839465 | &nbsp;&nbsp;&nbsp; $114091887 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1076)<br>| &nbsp;&nbsp;&nbsp; $(3115)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11773 | &nbsp;&nbsp;&nbsp; $17557 | &nbsp;&nbsp;&nbsp; $1673 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (unaudited)(continued)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>Paris-Aligned <br> Climate <br> Optimized <br> MSCI World <br> ex USA ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $2100870 |
| Dividends—affiliated | &nbsp;&nbsp; 3145 |
| Interest—unaffiliated | &nbsp;&nbsp; 2699 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1465 |
| Foreign taxes withheld | &nbsp;&nbsp; (189485)<br>|
| Total investment income | &nbsp;&nbsp; 1918694 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 164358 |
| Professional | &nbsp;&nbsp; 1602 |
| Total expenses | &nbsp;&nbsp; 165960 |
| Net investment income | &nbsp;&nbsp; 1752734 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1016725)<br>|
| Investments—affiliated | &nbsp;&nbsp; (44)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 11935 |
| Futures contracts | &nbsp;&nbsp; 129006 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 3536157 |
| Swaps | &nbsp;&nbsp; (60371)<br>|
|  | &nbsp;&nbsp; 2599958 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 36966457 |
| Foreign currency translations | &nbsp;&nbsp; (3012)<br>|
| Futures contracts | &nbsp;&nbsp; 22672 |
| Swaps | &nbsp;&nbsp; (11538)<br>|
|  | &nbsp;&nbsp; 36974579 |
| Net realized and unrealized gain | &nbsp;&nbsp; 39574537 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $41327271 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>ESG Aware MSCI EAFE ETF  | iShares <br>ESG Aware MSCI EAFE ETF  | iShares <br>ESG MSCI EM Leaders ETF  | iShares <br>ESG MSCI EM Leaders ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $69683131 | &nbsp;&nbsp;&nbsp; $257782338 | &nbsp;&nbsp;&nbsp; $218420 | &nbsp;&nbsp;&nbsp; $759455 |
| Net realized gain (loss) | &nbsp;&nbsp; 331919585 | &nbsp;&nbsp;&nbsp; 14409645 | &nbsp;&nbsp;&nbsp; 502521 | &nbsp;&nbsp;&nbsp; (1007454)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1336192379 | &nbsp;&nbsp;&nbsp; 844075523 | &nbsp;&nbsp;&nbsp; 3952749 | &nbsp;&nbsp;&nbsp; 5833492 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1737795095 | &nbsp;&nbsp;&nbsp; 1116267506 | &nbsp;&nbsp;&nbsp; 4673690 | &nbsp;&nbsp;&nbsp; 5585493 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (202260549 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (283175426)<br>| &nbsp;&nbsp;&nbsp; (700648 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (895391)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 280277952 | &nbsp;&nbsp;&nbsp; 434737201 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4729355)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1815812498 | &nbsp;&nbsp;&nbsp; 1267829281 | &nbsp;&nbsp;&nbsp; 3973042 | &nbsp;&nbsp;&nbsp; (39253)<br>|
| Beginning of period | &nbsp;&nbsp; 9886101555 | &nbsp;&nbsp;&nbsp; 8618272274 | &nbsp;&nbsp;&nbsp; 30556645 | &nbsp;&nbsp;&nbsp; 30595898 |
| End of period | &nbsp;&nbsp; $11701914053 | &nbsp;&nbsp;&nbsp; $9886101555 | &nbsp;&nbsp;&nbsp; $34529687 | &nbsp;&nbsp;&nbsp; $30556645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Global Sustainable Development <br> Goals ETF  | iShares <br>MSCI Global Sustainable Development <br> Goals ETF  | iShares <br>MSCI World Small-Cap ETF  | iShares <br>MSCI World Small-Cap ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Period From <br>04/01/25<sup>(a)</sup> <br>to 08/31/25 <br> 08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $634151 | &nbsp;&nbsp;&nbsp; $3068640 | &nbsp;&nbsp;&nbsp; $5939128 | &nbsp;&nbsp;&nbsp; $3765253 |
| Net realized gain (loss) | &nbsp;&nbsp; 3082637 | &nbsp;&nbsp;&nbsp; (13956829)<br>| &nbsp;&nbsp;&nbsp; 28121489 | &nbsp;&nbsp;&nbsp; 5501318 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10122677 | &nbsp;&nbsp;&nbsp; 9559723 | &nbsp;&nbsp;&nbsp; 80031270 | &nbsp;&nbsp;&nbsp; 78424926 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 13839465 | &nbsp;&nbsp;&nbsp; (1328466)<br>| &nbsp;&nbsp;&nbsp; 114091887 | &nbsp;&nbsp;&nbsp; 87691497 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1661373 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (3509810)<br>| &nbsp;&nbsp;&nbsp; (17108950 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (1543579)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (12655898)<br>| &nbsp;&nbsp;&nbsp; (66978334)<br>| &nbsp;&nbsp;&nbsp; 12141686 | &nbsp;&nbsp;&nbsp; 653196574 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (477806)<br>| &nbsp;&nbsp;&nbsp; (71816610)<br>| &nbsp;&nbsp;&nbsp; 109124623 | &nbsp;&nbsp;&nbsp; 739344492 |
| Beginning of period | &nbsp;&nbsp; 170632311 | &nbsp;&nbsp;&nbsp; 242448921 | &nbsp;&nbsp;&nbsp; 739344492 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $170154505 | &nbsp;&nbsp;&nbsp; $170632311 | &nbsp;&nbsp;&nbsp; $848469115 | &nbsp;&nbsp;&nbsp; $739344492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Paris-Aligned Climate Optimized MSCI <br> World ex USA ETF  | iShares <br>Paris-Aligned Climate Optimized MSCI <br> World ex USA ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $1752734 | &nbsp;&nbsp;&nbsp; $2721452 |
| Net realized gain (loss) | &nbsp;&nbsp; 2599958 | &nbsp;&nbsp;&nbsp; (176464)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 36974579 | &nbsp;&nbsp;&nbsp; 17725917 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 41327271 | &nbsp;&nbsp;&nbsp; 20270905 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4769932 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2564556)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 59612980 | &nbsp;&nbsp;&nbsp; 150742532 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 96170319 | &nbsp;&nbsp;&nbsp; 168448881 |
| Beginning of period | &nbsp;&nbsp; 222336982 | &nbsp;&nbsp;&nbsp; 53888101 |
| End of period | &nbsp;&nbsp; $318507301 | &nbsp;&nbsp;&nbsp; $222336982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Aware MSCI EAFE ETF  | iShares ESG Aware MSCI EAFE ETF  | iShares ESG Aware MSCI EAFE ETF  | iShares ESG Aware MSCI EAFE ETF  | iShares ESG Aware MSCI EAFE ETF  | iShares ESG Aware MSCI EAFE ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $90.78 | &nbsp;&nbsp;&nbsp; $83.35 | &nbsp;&nbsp;&nbsp; $71.75 | &nbsp;&nbsp;&nbsp; $62.03 | &nbsp;&nbsp;&nbsp; $80.85 | &nbsp;&nbsp;&nbsp; $65.21 |
| Net investment income<sup>(a)</sup> | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 2.40 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 14.87 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp; (18.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.47 |
| Net increase (decrease) from investment operations | 15.49 | &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp; (16.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.31 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.79 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $104.48 | &nbsp;&nbsp;&nbsp; $90.78 | &nbsp;&nbsp;&nbsp; $83.35 | &nbsp;&nbsp;&nbsp; $71.75 | &nbsp;&nbsp;&nbsp; $62.03 | &nbsp;&nbsp;&nbsp; $80.85 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 17.30 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.36 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.80 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.42<br> %<br>| &nbsp;&nbsp;&nbsp; (20.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.69<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.20 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.20 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.31 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $11701914 | &nbsp;&nbsp;&nbsp; $9886102 | &nbsp;&nbsp;&nbsp; $8618272 | &nbsp;&nbsp;&nbsp; $7260643 | &nbsp;&nbsp;&nbsp; $6376262 | &nbsp;&nbsp;&nbsp; $6694669 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares ESG MSCI EM Leaders ETF  | iShares ESG MSCI EM Leaders ETF  | iShares ESG MSCI EM Leaders ETF  | iShares ESG MSCI EM Leaders ETF  | iShares ESG MSCI EM Leaders ETF  | iShares ESG MSCI EM Leaders ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $55.56 | &nbsp;&nbsp;&nbsp; $47.07 | &nbsp;&nbsp;&nbsp; $44.19 | &nbsp;&nbsp;&nbsp; $46.46 | &nbsp;&nbsp;&nbsp; $63.49 | &nbsp;&nbsp;&nbsp; $51.84 |
| Net investment income<sup>(a)</sup> | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.09 | &nbsp;&nbsp;&nbsp;&nbsp;8.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (16.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| Net increase (decrease) from investment operations | 8.49 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (15.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.68 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.27 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $62.78 | &nbsp;&nbsp;&nbsp; $55.56 | &nbsp;&nbsp;&nbsp; $47.07 | &nbsp;&nbsp;&nbsp; $44.19 | &nbsp;&nbsp;&nbsp; $46.46 | &nbsp;&nbsp;&nbsp; $63.49 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 15.55 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (0.48)%<br>| &nbsp;&nbsp;&nbsp; (25.25 )%<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.68<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.16 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.34 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $34530 | &nbsp;&nbsp;&nbsp; $30557 | &nbsp;&nbsp;&nbsp; $30596 | &nbsp;&nbsp;&nbsp; $53025 | &nbsp;&nbsp;&nbsp; $60394 | &nbsp;&nbsp;&nbsp; $882529 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(h)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(h)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(h)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(h)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(h)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(h)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Global Sustainable Development Goals ETF  | iShares MSCI Global Sustainable Development Goals ETF  | iShares MSCI Global Sustainable Development Goals ETF  | iShares MSCI Global Sustainable Development Goals ETF  | iShares MSCI Global Sustainable Development Goals ETF  | iShares MSCI Global Sustainable Development Goals ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $81.25 | &nbsp;&nbsp;&nbsp; $80.82 | &nbsp;&nbsp;&nbsp; $78.75 | &nbsp;&nbsp;&nbsp; $78.45 | &nbsp;&nbsp;&nbsp; $100.03 | &nbsp;&nbsp;&nbsp; $81.68 |
| Net investment income<sup>(a)</sup> | 0.32 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (21.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.09 |
| Net increase (decrease) from investment operations | 6.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; (19.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.21 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.85 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $87.26 | &nbsp;&nbsp;&nbsp; $81.25 | &nbsp;&nbsp;&nbsp; $80.82 | &nbsp;&nbsp;&nbsp; $78.75 | &nbsp;&nbsp;&nbsp; $78.45 | &nbsp;&nbsp;&nbsp; $100.03 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.48 %<sup>(b)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp; (19.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.60<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 0.76 %<sup>(b)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $170155 | &nbsp;&nbsp;&nbsp; $170632 | &nbsp;&nbsp;&nbsp; $242449 | &nbsp;&nbsp;&nbsp; $374082 | &nbsp;&nbsp;&nbsp; $415791 | &nbsp;&nbsp;&nbsp; $565145 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months period ended <br> February 28, 2026 and year ended August 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.03.<br> .• Total return by 0.02% and 0.04%.<br> .• Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months period ended <br> February 28, 2026 and year ended August 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.03.<br> .• Total return by 0.02% and 0.04%.<br> .• Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months period ended <br> February 28, 2026 and year ended August 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.03.<br> .• Total return by 0.02% and 0.04%.<br> .• Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months period ended <br> February 28, 2026 and year ended August 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.03.<br> .• Total return by 0.02% and 0.04%.<br> .• Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months period ended <br> February 28, 2026 and year ended August 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.03.<br> .• Total return by 0.02% and 0.04%.<br> .• Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months period ended <br> February 28, 2026 and year ended August 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.03.<br> .• Total return by 0.02% and 0.04%.<br> .• Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months period ended <br> February 28, 2026 and year ended August 31, 2025 respectively:<br> • Net investment income per share by $0.02 and $0.03.<br> .• Total return by 0.02% and 0.04%.<br> .• Ratio of net investment income to average net assets by 0.04% and 0.03%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares MSCI World Small-Cap ETF  | iShares MSCI World Small-Cap ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Period From <br>04/01/25<sup>(a)</sup> <br>to 08/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $29.57 | &nbsp;&nbsp;&nbsp; $25.07 |
| Net investment income<sup>(b)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain<sup>(c)</sup> | 4.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| Net increase from investment operations | 4.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| **Distributions** |  |  |
| From net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.41 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| From net realized gain | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $33.40 | &nbsp;&nbsp;&nbsp; $29.57 |
| **Total Return**<sup>(f)</sup> <br>|  |  |
| Based on net asset value | 15.50 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.33 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |
| Total expenses | 0.30 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.15 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(i)</sup><br>|
| Net investment income | 1.54 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $848469 | &nbsp;&nbsp;&nbsp; $739344 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF  | iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF  | iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Period From <br>01/17/24<sup>(a)</sup> <br>to 08/31/24 <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $61.25 | &nbsp;&nbsp;&nbsp; $56.13 | &nbsp;&nbsp;&nbsp; $49.02 |
| Net investment income<sup>(b)</sup> | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net realized and unrealized gain<sup>(c)</sup> | 9.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 |
| Net increase from investment operations | 9.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.58 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.07 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $69.85 | &nbsp;&nbsp;&nbsp; $61.25 | &nbsp;&nbsp;&nbsp; $56.13 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |
| Based on net asset value | 15.95 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.06 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |
| Total expenses | 0.12 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 %<sup>(i)</sup><br>|
| Net investment income | 1.28 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $318507 | &nbsp;&nbsp;&nbsp; $222337 | &nbsp;&nbsp;&nbsp; $53888 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; Diversified |
| ESG MSCI EM Leaders | &nbsp;&nbsp; Diversified |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; Diversified |
| MSCI World Small-Cap | &nbsp;&nbsp; Diversified |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Certain Russian securities held by iShares ESG MSCI EM Leaders ETF declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund's net asset value per share.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| ESG Aware MSCI EAFE |  |  |  |  |
| Morgan Stanley | &nbsp;&nbsp; $167277 | &nbsp;&nbsp;&nbsp; $(167277) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| ESG MSCI EM Leaders |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $81656 | &nbsp;&nbsp;&nbsp; $(81656) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 18985 | &nbsp;&nbsp;&nbsp; (18985) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 5994 | &nbsp;&nbsp;&nbsp; (5994) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 70880 | &nbsp;&nbsp;&nbsp; (70880) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 20531 | &nbsp;&nbsp;&nbsp; (20531) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $198046 | &nbsp;&nbsp;&nbsp; $(198046) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Global Sustainable Development Goals |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $1469348 | &nbsp;&nbsp;&nbsp; $(1469348) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| MSCI World Small-Cap |  |  |  |  |
| BMO Capital Markets | &nbsp;&nbsp; $41 | &nbsp;&nbsp;&nbsp; $(41) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 3687737 | &nbsp;&nbsp;&nbsp; (3687737) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 5907117 | &nbsp;&nbsp;&nbsp; (5907117) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 8471676 | &nbsp;&nbsp;&nbsp; (8471676) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 2393727 | &nbsp;&nbsp;&nbsp; (2393727) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 6644538 | &nbsp;&nbsp;&nbsp; (6644538) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 1023428 | &nbsp;&nbsp;&nbsp; (1023428) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 4289328 | &nbsp;&nbsp;&nbsp; (4289328) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 537611 | &nbsp;&nbsp;&nbsp; (537611) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp;&nbsp;(736) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1212826 | &nbsp;&nbsp;&nbsp; (1212826) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 1049689 | &nbsp;&nbsp;&nbsp; (1049689) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $35218454 | &nbsp;&nbsp;&nbsp; $(35218454) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Paris-Aligned Climate Optimized MSCI World ex USA |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $791286 | &nbsp;&nbsp;&nbsp; $(791286) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares MSCI World Small-Cap ETF and iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a spread.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| ESG Aware MSCI EAFE | 0.20% |
| ESG MSCI EM Leaders | 0.16 |
| MSCI Global Sustainable Development Goals | 0.49 |
| MSCI World Small-Cap | 0.30 |
| Paris-Aligned Climate Optimized MSCI World ex USA | 0.12 |

---

**Expense Waivers:** BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). For the iShares MSCI World Small-Cap ETF, BFA has elected to implement a voluntary fee waiver in order to limit the Fund's total annual operating expenses after fee waiver to 0.15%. This voluntary waiver may be terminated by BFA at any time without notice.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2026, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI World Small-Cap | &nbsp;&nbsp; $580992 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specific threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $19591 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 510 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 2404 |
| MSCI World Small-Cap | &nbsp;&nbsp; 39254 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 506 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2026, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $625710034 | &nbsp;&nbsp;&nbsp; $432137156 | &nbsp;&nbsp;&nbsp; $47716865 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 569136 | &nbsp;&nbsp;&nbsp; 187478 | &nbsp;&nbsp;&nbsp; (3807) |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 14116820 | &nbsp;&nbsp;&nbsp; 14792316 | &nbsp;&nbsp;&nbsp; 483301 |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***7. PURCHASES AND SALES***

For the six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $1795046106 | &nbsp;&nbsp;&nbsp; $1735363636 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 1603934 | &nbsp;&nbsp;&nbsp; 2144859 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 40676480 | &nbsp;&nbsp;&nbsp; 42992134 |
| MSCI World Small-Cap | &nbsp;&nbsp; 78137108 | &nbsp;&nbsp;&nbsp; 78030075 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 27519252 | &nbsp;&nbsp;&nbsp; 21198716 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $348977430 | &nbsp;&nbsp;&nbsp; $241973657 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10798825 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 61943365 | &nbsp;&nbsp;&nbsp; 10989183 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 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 August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $(668932808)<br>|
| ESG MSCI EM Leaders | &nbsp;&nbsp; (1976771)<br>|
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; (112726295)<br>|
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; (1249027)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

As of February 28, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $7706330941 | &nbsp;&nbsp;&nbsp; $4186530698 | &nbsp;&nbsp;&nbsp; $(243795676) | &nbsp;&nbsp;&nbsp; $3942735022 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 24217621 | &nbsp;&nbsp;&nbsp; 12298600 | &nbsp;&nbsp;&nbsp; (1686359) | &nbsp;&nbsp;&nbsp; 10612241 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 156531045 | &nbsp;&nbsp;&nbsp; 25797035 | &nbsp;&nbsp;&nbsp; (10950909) | &nbsp;&nbsp;&nbsp; 14846126 |
| MSCI World Small-Cap | &nbsp;&nbsp; 728538700 | &nbsp;&nbsp;&nbsp; 199723091 | &nbsp;&nbsp;&nbsp; (44528096) | &nbsp;&nbsp;&nbsp; 155194995 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 260507212 | &nbsp;&nbsp;&nbsp; 67789684 | &nbsp;&nbsp;&nbsp; (10371316) | &nbsp;&nbsp;&nbsp; 57418368 |

---

***9. LINE OF CREDIT***

The iShares ESG MSCI EM Leaders ETF, iShares and MSCI Global Sustainable Development Goals ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the six months ended February 28, 2026, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| ESG MSCI EM Leaders | &nbsp;&nbsp; $215000 | &nbsp;&nbsp;&nbsp; $2376 | &nbsp;&nbsp;&nbsp;&nbsp;5.05% |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 12740 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 |

---

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect**,** the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Aware MSCI EAFE |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; $525445640 | &nbsp;&nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp; $542912698 |
| Shares redeemed | &nbsp;&nbsp; (2500000)<br>| &nbsp;&nbsp;&nbsp; (245167688)<br>| &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (108175497)<br>|
|  | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; $280277952 | &nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; $434737201 |
| ESG MSCI EM Leaders |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $24020 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (4753375)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(4729355)<br>|
| MSCI Global Sustainable Development Goals |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $11512 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $23082 |
| Shares redeemed | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (12667410)<br>| &nbsp;&nbsp;&nbsp; (900000)<br>| &nbsp;&nbsp;&nbsp; (67001416)<br>|
|  | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; $(12655898)<br>| &nbsp;&nbsp;&nbsp; (900000)<br>| &nbsp;&nbsp;&nbsp; $(66978334)<br>|
| MSCI World Small-Cap<sup>(a)</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $12141686 | &nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp; $653196574 |
| Paris-Aligned Climate Optimized MSCI World ex USA |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp; $71582500 | &nbsp;&nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp; $154013559 |
| Shares redeemed | &nbsp;&nbsp; (180000)<br>| &nbsp;&nbsp;&nbsp; (11969520)<br>| &nbsp;&nbsp;&nbsp; (60000)<br>| &nbsp;&nbsp;&nbsp; (3271027)<br>|
|  | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; $59612980 | &nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp; $150742532 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund commenced operations on April 1, 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 State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of February 28, 2026 and have not been recorded in the applicable Fund's net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares ESG Aware MSCI EAFE ETF and iShares MSCI Global Sustainable Development Goals ETF is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

***13. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D ESTR | EUR - 1D Euro Short Term Rate |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ADR | American Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SORA | SGD - Overnight Rate Average |

---

Glossary of Terms Used in this Report

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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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©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.

![](g839764img21f0bfb92.gif)

![](g839764img68d8eef13.gif)

------

February 28, 2026

![](g839764img944d39501.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI India ETF \| INDA \| Cboe BZX Exchange |
| • iShares MSCI India Small-Cap ETF \| SMIN \| Cboe BZX Exchange |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_2367f369-2714-4b02-a64b-90f53be3b4c3_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_2367f369-2714-4b02-a64b-90f53be3b4c3_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 14 |
| [Statements of Operations](#xx_2367f369-2714-4b02-a64b-90f53be3b4c3_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 15 |
| [Statements of Changes in Net Assets](#xx_2367f369-2714-4b02-a64b-90f53be3b4c3_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 16 |
| [Financial Highlights](#xx_2367f369-2714-4b02-a64b-90f53be3b4c3_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 17 |
| [Notes to Financial Statements](#xx_2367f369-2714-4b02-a64b-90f53be3b4c3_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 19 |
| [Additional Information](#xx_2367f369-2714-4b02-a64b-90f53be3b4c3_SAI-Footer-iSharesReport-246_1)  | &nbsp;&nbsp; 25 |
| [Glossary of Terms Used in these Financial Statements](#xx_2367f369-2714-4b02-a64b-90f53be3b4c3_Abbreviations-Footer-iSharesReport-246_1)  | &nbsp;&nbsp; 26 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI India ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 22280959 | $109097547 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 1221962 | 52560770 |
|  |  | 161658317 |
| **Automobile Components — 1.5%** | **Automobile Components — 1.5%** | **Automobile Components — 1.5%** |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 475709 | 12483211 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 1463203 | 30804866 |
| Bosch Ltd. | &nbsp;&nbsp; 45177 | 18094642 |
| MRF Ltd. | &nbsp;&nbsp; 14295 | 22166666 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 25781534 | 37837451 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 650040 | 19667743 |
|  |  | 141054579 |
| **Automobiles — 6.9%** | **Automobiles — 6.9%** | **Automobiles — 6.9%** |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 409368 | 44912581 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 835317 | 73606306 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 734777 | 46169202 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 994720 | 23676143 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 5680332 | 212310437 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 765954 | 125213870 |
| Tata Motors Passenger Vehicles Limited | &nbsp;&nbsp; 12335085 | 51951261 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 1446774 | 61619734 |
|  |  | 639459534 |
| **Banks — 20.2%** | **Banks — 20.2%** | **Banks — 20.2%** |
| AU Small Finance Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3368583 | 35469056 |
| Axis Bank Ltd. | &nbsp;&nbsp; 13995251 | 213172049 |
| Bank of Baroda | &nbsp;&nbsp; 6317427 | 22380190 |
| Canara Bank | &nbsp;&nbsp; 11080861 | 19183322 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 69359712 | 677991235 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 32118111 | 488410637 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 21966130 | 17756580 |
| IndusInd Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3540114 | 37250688 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 33336545 | 152353599 |
| Punjab National Bank | &nbsp;&nbsp; 14039973 | 19994376 |
| State Bank of India | &nbsp;&nbsp; 11251313 | 148761505 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 9298573 | 20698085 |
| Yes Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 95812385 | 21840292 |
|  |  | 1875261614 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| United Spirits Ltd. | &nbsp;&nbsp; 1780869 | 27029295 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 8259145 | 41047260 |
|  |  | 68076555 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Vishal Mega Mart Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12881888 | 16742437 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Astral Ltd. | &nbsp;&nbsp; 739942 | 13579796 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 389227 | 17035407 |
|  |  | 30615203 |
| **Capital Markets — 0.7%** | **Capital Markets — 0.7%** | **Capital Markets — 0.7%** |
| BSE Ltd. | &nbsp;&nbsp; 879936 | 26253023 |
| HDFC Asset Management Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1182676 | 35102326 |
|  |  | 61355349 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| Asian Paints Ltd. | &nbsp;&nbsp; 2336817 | 61150579 |
| Coromandel International Ltd. | &nbsp;&nbsp; 722964 | 17656144 |
| PI Industries Ltd. | &nbsp;&nbsp; 461894 | 15849820 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 1868855 | 30676743 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 165805 | 24649254 |
| SRF Ltd. | &nbsp;&nbsp; 908308 | 25627210 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| UPL Ltd. | &nbsp;&nbsp; 3097205 | $21728747 |
|  |  | 197338497 |
| **Construction & Engineering — 2.4%** | **Construction & Engineering — 2.4%** | **Construction & Engineering — 2.4%** |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 4107300 | 193231379 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 3174730 | 11048635 |
| Voltas Ltd. | &nbsp;&nbsp; 1317591 | 22616001 |
|  |  | 226896015 |
| **Construction Materials — 2.0%** | **Construction Materials — 2.0%** | **Construction Materials — 2.0%** |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 3763692 | 20684784 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 1657901 | 51051808 |
| Shree Cement Ltd. | &nbsp;&nbsp; 55205 | 15824210 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 718604 | 100192778 |
|  |  | 187753580 |
| **Consumer Finance — 4.6%** | **Consumer Finance — 4.6%** | **Consumer Finance — 4.6%** |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 17054262 | 187036127 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 2575137 | 49064078 |
| L&T Finance Ltd. | &nbsp;&nbsp; 5335578 | 16669911 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 737229 | 27208649 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 1747356 | 14902991 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 8617020 | 102453519 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 408045 | 24750349 |
|  |  | 422085624 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 993677 | 42140847 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| Indus Towers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8053181 | 40348226 |
| Tata Communications Ltd. | &nbsp;&nbsp; 697793 | 12258405 |
|  |  | 52606631 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 28322901 | 93132120 |
| Tata Power Co. Ltd.(The) | &nbsp;&nbsp; 9754654 | 40555175 |
| Torrent Power Ltd. | &nbsp;&nbsp; 1079547 | 18629061 |
|  |  | 152316356 |
| **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** |
| ABB India Ltd. | &nbsp;&nbsp; 323584 | 21615048 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 6380613 | 18592712 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 4342699 | 34622336 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 779732 | 32998988 |
| Havells India Ltd. | &nbsp;&nbsp; 1345323 | 20659796 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 81441 | 22905538 |
| Polycab India Ltd. | &nbsp;&nbsp; 320901 | 30404481 |
| Siemens Energy India Ltd., NVS | &nbsp;&nbsp; 543797 | 17542231 |
| Suzlon Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 62799854 | 29510336 |
|  |  | 228851466 |
| **Financial Services — 2.5%** | **Financial Services — 2.5%** | **Financial Services — 2.5%** |
| Aditya Birla Capital Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4782427 | 18116180 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 2335575 | 51219702 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 163691 | 19460035 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 17412360 | 48961410 |
| One 97 Communications Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 2350043 | 28416236 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 9066818 | 41290890 |
| REC Ltd. | &nbsp;&nbsp; 7217003 | 27795509 |
|  |  | 235259962 |
| **Food Products — 1.9%** | **Food Products — 1.9%** | **Food Products — 1.9%** |
| Britannia Industries Ltd. | &nbsp;&nbsp; 661644 | 43654449 |
| Marico Ltd. | &nbsp;&nbsp; 3177910 | 27555988 |
| Nestle India Ltd. | &nbsp;&nbsp; 4122403 | 58577924 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 3626517 | 45504555 |
|  |  | 175292916 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI India ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| GAIL India Ltd. | &nbsp;&nbsp; 14056446 | $26229260 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 656796 | 56567677 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 2997378 | 31118998 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 4760923 | 57306747 |
|  |  | 144993422 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Eternal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14767714 | 39963360 |
| Indian Hotels Co. Ltd. (The), Class A | &nbsp;&nbsp; 5215155 | 38296296 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 2418228 | 13830354 |
| Swiggy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8448086 | 28082338 |
|  |  | 120172348 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 221765 | 25708036 |
| **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** |
| Adani Power Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 17706554 | 27318185 |
| JSW Energy Ltd. | &nbsp;&nbsp; 2674559 | 14347530 |
| NHPC Ltd., NVS | &nbsp;&nbsp; 18446026 | 15281085 |
| NTPC Ltd. | &nbsp;&nbsp; 26576118 | 111705670 |
|  |  | 168652470 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| Siemens Ltd. | &nbsp;&nbsp; 544951 | 20496867 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| HDFC Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5913482 | 46525435 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1483874 | 31055695 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2207648 | 15895014 |
| PB Fintech Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2120802 | 34558189 |
| SBI Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2748504 | 61590068 |
|  |  | 189624401 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Info Edge India Ltd. | &nbsp;&nbsp; 2178324 | 24673791 |
| **IT Services — 7.5%** | **IT Services — 7.5%** | **IT Services — 7.5%** |
| HCL Technologies Ltd. | &nbsp;&nbsp; 5784701 | 88543547 |
| Infosys Ltd. | &nbsp;&nbsp; 19762977 | 283260209 |
| LTIMindtree Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 454142 | 22344618 |
| Mphasis Ltd. | &nbsp;&nbsp; 756986 | 19135753 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 673769 | 35161764 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 5509037 | 160110791 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 3290778 | 49245401 |
| Wipro Ltd. | &nbsp;&nbsp; 16011876 | 35483644 |
|  |  | 693285727 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 731228 | 51611632 |
| **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 17930630 | 41637309 |
| Cummins India Ltd. | &nbsp;&nbsp; 846011 | 45622720 |
| Tata Motors Ltd./new, NVS<sup>(b)</sup> | &nbsp;&nbsp; 12368501 | 68697089 |
|  |  | 155957118 |
| **Metals & Mining — 4.3%** | **Metals & Mining — 4.3%** | **Metals & Mining — 4.3%** |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 1099122 | 27027560 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 8235748 | 83816447 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 2018535 | 17256215 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 2174515 | 29775694 |
| JSW Steel Ltd. | &nbsp;&nbsp; 3723541 | 51861878 |
| NMDC Ltd. | &nbsp;&nbsp; 18835487 | 16949672 |
| Tata Steel Ltd. | &nbsp;&nbsp; 45618952 | 106662303 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Vedanta Ltd. | &nbsp;&nbsp; 8335746 | $65929353 |
|  |  | 399279122 |
| **Oil, Gas & Consumable Fuels — 8.8%** | **Oil, Gas & Consumable Fuels — 8.8%** | **Oil, Gas & Consumable Fuels — 8.8%** |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 9272787 | 39284587 |
| Coal India Ltd. | &nbsp;&nbsp; 11292742 | 53499168 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 5861083 | 28269873 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 17201225 | 35454703 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 19210364 | 59206244 |
| Oil India Ltd. | &nbsp;&nbsp; 2980635 | 15893434 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 4596340 | 16342593 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 37100491 | 569393729 |
|  |  | 817344331 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| InterGlobe Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1153731 | 61387581 |
| **Personal Care Products — 2.2%** | **Personal Care Products — 2.2%** | **Personal Care Products — 2.2%** |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 750074 | 18600368 |
| Dabur India Ltd. | &nbsp;&nbsp; 3257082 | 18574711 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 2504940 | 33551541 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 5008607 | 128776092 |
|  |  | 199502712 |
| **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 293089 | 18175893 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 1601737 | 21554919 |
| Cipla Ltd./India | &nbsp;&nbsp; 3443817 | 51140588 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 3313474 | 47017290 |
| Lupin Ltd. | &nbsp;&nbsp; 1534241 | 38996120 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 758869 | 18776227 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 5845171 | 112058356 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 725940 | 34625669 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 1229220 | 12509720 |
|  |  | 354854782 |
| **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** |
| DLF Ltd. | &nbsp;&nbsp; 4522804 | 30051991 |
| Godrej Properties Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 919888 | 17518235 |
| Lodha Developers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1835758 | 19977508 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 779911 | 13071565 |
| Phoenix Mills Ltd.(The) | &nbsp;&nbsp; 1201312 | 21932333 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 1052375 | 16123548 |
|  |  | 118675180 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| WAAREE Energies Ltd. | &nbsp;&nbsp; 528835 | 15748865 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 133854 | 10243620 |
| **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** |
| FSN E-Commerce Ventures Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7014082 | 20556343 |
| Trent Ltd. | &nbsp;&nbsp; 1109746 | 47684112 |
|  |  | 68240455 |
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 2528140 | 11414519 |
| Page Industries Ltd. | &nbsp;&nbsp; 37463 | 13237003 |
| Titan Co. Ltd. | &nbsp;&nbsp; 2164971 | 103131484 |
|  |  | 127783006 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| ITC Ltd. | &nbsp;&nbsp; 18313985 | 63196392 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 984144 | 23420035 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI India ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Transportation Infrastructure — 0.8%** | **Transportation Infrastructure — 0.8%** | **Transportation Infrastructure — 0.8%** |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 3298580 | $55220486 |
| GMR Airports Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16158157 | 17902879 |
|  |  | 73123365 |
| **Wireless Telecommunication Services — 3.7%** | **Wireless Telecommunication Services — 3.7%** | **Wireless Telecommunication Services — 3.7%** |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 15632835 | 323674379 |
| Vodafone Idea Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 165993942 | 19356328 |
|  |  | 343030707 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $7,063,200,606)** | **Total Common Stocks — 99.4%** <br>**(Cost: $7,063,200,606)** | 9212000707 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| TVS Motor Co. Ltd., 6.00% | &nbsp;&nbsp; 5980432 | 657362 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost: $682,756)** | **Total Preferred Stocks — 0.0%** <br>**(Cost: $682,756)** | 657362 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $7,063,883,362)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $7,063,883,362)** | 9212658069 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 267630000 | $267630000 |
| **Total Short-Term Securities — 2.9%** <br>**(Cost: $267,630,000)** | **Total Short-Term Securities — 2.9%** <br>**(Cost: $267,630,000)** | 267630000 |
| **Total Investments — 102.3%** <br>**(Cost: $7,331,513,362)** | **Total Investments — 102.3%** <br>**(Cost: $7,331,513,362)** | 9480288069 |
| **Liabilities in Excess of Other Assets — (2.3)%** | **Liabilities in Excess of Other Assets — (2.3)%** | (213654262)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9266633807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| $256650000<br> $10980000 <br><sup>(a)</sup><br>| $— | $— | $— | $267630000 | 267630000 | $5648538 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| NSE IFSC Nifty 50 Index | 786 | 03/30/26 | &nbsp;&nbsp; $39817 | $(773793) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $773793 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $773793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI India ETF**

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2469685)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2469685)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(483627)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(483627)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $29544498 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $285025395 | &nbsp;&nbsp; $8926975312 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9212000707 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 657362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 657362 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 267630000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 267630000 |
|  | &nbsp;&nbsp; $552655395 | &nbsp;&nbsp; $8927632674 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9480288069 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(773793)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(773793)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI India Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
| Data Patterns India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 49199 | $1736544 |
| Garden Reach Shipbuilders & Engineers Ltd. | &nbsp;&nbsp; 55988 | 1497878 |
| Paras Defence & Space Technologies Ltd. | &nbsp;&nbsp; 69006 | 483904 |
| Zen Technologies Ltd. | &nbsp;&nbsp; 86641 | 1300249 |
|  |  | 5018575 |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| Blue Dart Express Ltd. | &nbsp;&nbsp; 11329 | 707905 |
| Delhivery Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1021749 | 4872008 |
| Transport Corp. of India Ltd. | &nbsp;&nbsp; 46117 | 508786 |
|  |  | 6088699 |
| **Automobile Components — 6.7%** | **Automobile Components — 6.7%** | **Automobile Components — 6.7%** |
| Apollo Tyres Ltd. | &nbsp;&nbsp; 558136 | 2786954 |
| Asahi India Glass Ltd. | &nbsp;&nbsp; 149356 | 1479976 |
| ASK Automotive Ltd. | &nbsp;&nbsp; 96075 | 439425 |
| Banco Products India Ltd. | &nbsp;&nbsp; 82380 | 565090 |
| Belrise Industries Ltd., NVS | &nbsp;&nbsp; 435956 | 901480 |
| Ceat Ltd. | &nbsp;&nbsp; 39110 | 1518745 |
| CIE Automotive India Ltd. | &nbsp;&nbsp; 258034 | 1339764 |
| Dynamatic Technologies Ltd. | &nbsp;&nbsp; 6579 | 725727 |
| Endurance Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 68676 | 2013670 |
| Exide Industries Ltd. | &nbsp;&nbsp; 829991 | 3052987 |
| Gabriel India Ltd. | &nbsp;&nbsp; 126278 | 1387681 |
| JBM Auto Ltd. | &nbsp;&nbsp; 94540 | 573904 |
| JK Tyre & Industries Ltd. | &nbsp;&nbsp; 214365 | 1182234 |
| Lumax Auto Technologies Ltd. | &nbsp;&nbsp; 59699 | 1153213 |
| Minda Corp. Ltd. | &nbsp;&nbsp; 159967 | 978303 |
| Motherson Sumi Wiring India Ltd. | &nbsp;&nbsp; 5180441 | 2464666 |
| Pricol Ltd. | &nbsp;&nbsp; 142283 | 942754 |
| Sansera Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 85063 | 2193330 |
| Sharda Motor Industries Ltd. | &nbsp;&nbsp; 40301 | 413291 |
| Shriram Pistons & Rings Ltd. | &nbsp;&nbsp; 26031 | 892414 |
| SKF India Ltd. | &nbsp;&nbsp; 47547 | 909639 |
| Sona Blw Precision Forgings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 849920 | 5006983 |
| Sundram Fasteners Ltd. | &nbsp;&nbsp; 204310 | 1963823 |
| Suprajit Engineering Ltd. | &nbsp;&nbsp; 136709 | 656369 |
| TSF Investments Ltd. | &nbsp;&nbsp; 174268 | 770104 |
| TVS Holdings Ltd. | &nbsp;&nbsp; 9809 | 1629043 |
| UNO Minda Ltd. | &nbsp;&nbsp; 394385 | 5155375 |
| Varroc Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 75441 | 449096 |
| ZF Commercial Vehicle Control Systems India Ltd. | &nbsp;&nbsp; 14817 | 2471684 |
|  |  | 46017724 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Ola Electric Mobility Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2613224 | 724425 |
| **Banks — 4.4%** | **Banks — 4.4%** | **Banks — 4.4%** |
| Bandhan Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1541588 | 3086938 |
| City Union Bank Ltd. | &nbsp;&nbsp; 710137 | 2210471 |
| CSB Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 96188 | 420166 |
| Equitas Small Finance Bank Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1088111 | 769890 |
| Federal Bank Ltd. | &nbsp;&nbsp; 3558454 | 11741592 |
| Jammu & Kashmir Bank Ltd.(The) | &nbsp;&nbsp; 755304 | 1008632 |
| Karnataka Bank Ltd.(The) | &nbsp;&nbsp; 364606 | 813746 |
| Karur Vysya Bank Ltd.(The) | &nbsp;&nbsp; 924744 | 3317680 |
| RBL Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 885913 | 3118233 |
| South Indian Bank Ltd.(The) | &nbsp;&nbsp; 2491217 | 1127808 |
| Tamilnad Mercantile Bank Ltd. | &nbsp;&nbsp; 152097 | 1119169 |
| Ujjivan Small Finance Bank Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1841489 | 1175217 |
|  |  | 29909542 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Allied Blenders & Distillers Ltd. | &nbsp;&nbsp; 107067 | 560725 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Radico Khaitan Ltd. | &nbsp;&nbsp; 143816 | $4188351 |
| Tilaknagar Industries Ltd. | &nbsp;&nbsp; 210257 | 1050212 |
|  |  | 5799288 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| Biocon Ltd. | &nbsp;&nbsp; 1178191 | 5059401 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| V-Mart Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 77864 | 475413 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Blue Star Ltd. | &nbsp;&nbsp; 261007 | 5562877 |
| Cera Sanitaryware Ltd. | &nbsp;&nbsp; 11150 | 599605 |
| Electrosteel Castings Ltd. | &nbsp;&nbsp; 587884 | 447185 |
| Greenlam Industries Ltd. | &nbsp;&nbsp; 123932 | 326293 |
| Kajaria Ceramics Ltd. | &nbsp;&nbsp; 155523 | 1637373 |
|  |  | 8573333 |
| **Capital Markets — 6.6%** | **Capital Markets — 6.6%** | **Capital Markets — 6.6%** |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 434756 | 5280893 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | &nbsp;&nbsp; 140990 | 1386867 |
| Anand Rathi Wealth Ltd. | &nbsp;&nbsp; 79445 | 2686421 |
| Angel One Ltd. | &nbsp;&nbsp; 873370 | 2243441 |
| Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 331694 | 1758553 |
| Central Depository Services India Ltd. | &nbsp;&nbsp; 199999 | 2801864 |
| Choice International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 122442 | 992836 |
| CRISIL Ltd. | &nbsp;&nbsp; 35704 | 1718072 |
| Edelweiss Financial Services Ltd. | &nbsp;&nbsp; 1109095 | 1395723 |
| ICRA Ltd. | &nbsp;&nbsp; 8591 | 522299 |
| IIFL Capital Services Ltd. | &nbsp;&nbsp; 245067 | 778909 |
| Indian Energy Exchange Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 856734 | 1184553 |
| JM Financial Ltd. | &nbsp;&nbsp; 750780 | 1054963 |
| Kfin Technologies Ltd. | &nbsp;&nbsp; 202077 | 2128745 |
| Maharashtra Scooters Ltd. | &nbsp;&nbsp; 5315 | 775329 |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 293490 | 2342752 |
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 244009 | 6565721 |
| National Securities Depository Ltd., NVS | &nbsp;&nbsp; 97646 | 984013 |
| Nippon Life India Asset Management Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 311047 | 3186127 |
| Nuvama Wealth Management Ltd. | &nbsp;&nbsp; 142021 | 1944927 |
| Prudent Corporate Advisory Services Ltd. | &nbsp;&nbsp; 36691 | 947722 |
| Tata Investment Corp. Ltd. | &nbsp;&nbsp; 247021 | 1788165 |
| UTI Asset Management Co. Ltd. | &nbsp;&nbsp; 88483 | 961955 |
|  |  | 45430850 |
| **Chemicals — 6.8%** | **Chemicals — 6.8%** | **Chemicals — 6.8%** |
| Aarti Industries Ltd. | &nbsp;&nbsp; 354058 | 1742257 |
| Akzo Nobel India Ltd. | &nbsp;&nbsp; 35575 | 1149170 |
| Alkyl Amines Chemicals | &nbsp;&nbsp; 30785 | 503223 |
| Archean Chemical Industries Ltd. | &nbsp;&nbsp; 107916 | 684432 |
| Atul Ltd. | &nbsp;&nbsp; 25874 | 1897415 |
| BASF India Ltd. | &nbsp;&nbsp; 21248 | 807037 |
| Bayer Crop.Science Ltd./India | &nbsp;&nbsp; 26219 | 1346313 |
| Carborundum Universal Ltd. | &nbsp;&nbsp; 223158 | 2023640 |
| Castrol India Ltd. | &nbsp;&nbsp; 772671 | 1588058 |
| Chambal Fertilisers and Chemicals Ltd. | &nbsp;&nbsp; 312977 | 1590186 |
| Clean Science & Technology Ltd. | &nbsp;&nbsp; 91567 | 740788 |
| DCM Shriram Ltd. | &nbsp;&nbsp; 45760 | 521700 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | &nbsp;&nbsp; 123707 | 1355980 |
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 106546 | 1850552 |
| EID Parry India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 173870 | 1655672 |
| Fine Organic Industries Ltd. | &nbsp;&nbsp; 15013 | 777403 |
| Finolex Industries Ltd. | &nbsp;&nbsp; 482377 | 982709 |
| Galaxy Surfactants Ltd. | &nbsp;&nbsp; 21024 | 454739 |
| Garware Hi-Tech Films Ltd. | &nbsp;&nbsp; 15801 | 737628 |
| GHCL Ltd. | &nbsp;&nbsp; 119861 | 630994 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI India Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 64358 | $2468834 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 156931 | 787100 |
| Gujarat State Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 430778 | 801676 |
| Gulf Oil Lubricants India Ltd. | &nbsp;&nbsp; 34452 | 418577 |
| Himadri Speciality Chemical Ltd. | &nbsp;&nbsp; 344833 | 1841519 |
| India Glycols Ltd. | &nbsp;&nbsp; 41672 | 440992 |
| Indigo Paints Ltd. | &nbsp;&nbsp; 46404 | 478538 |
| Jubilant Ingrevia Ltd. | &nbsp;&nbsp; 156257 | 1006968 |
| Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 393272 | 879733 |
| Navin Fluorine International Ltd. | &nbsp;&nbsp; 65046 | 4480353 |
| Paradeep Phosphates Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 915101 | 1225663 |
| PCBL CHEMICAL Ltd. | &nbsp;&nbsp; 307360 | 1047127 |
| Privi Specility Chemical Ltd. | &nbsp;&nbsp; 19487 | 652400 |
| Rallis India Ltd. | &nbsp;&nbsp; 167368 | 509691 |
| Rashtriya Chemicals & Fertilizers Ltd. | &nbsp;&nbsp; 278065 | 388274 |
| Sudarshan Chemical Industries Ltd. | &nbsp;&nbsp; 85184 | 822198 |
| Sumitomo Chemical India Ltd. | &nbsp;&nbsp; 241182 | 1064485 |
| Supreme Petrochem Ltd. | &nbsp;&nbsp; 128639 | 1013544 |
| Tata Chemicals Ltd. | &nbsp;&nbsp; 273635 | 2160451 |
| Vinati Organics Ltd. | &nbsp;&nbsp; 50603 | 821747 |
|  |  | 46349766 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| CMS Info Systems Ltd. | &nbsp;&nbsp; 300429 | 1002572 |
| Doms Industries Ltd. | &nbsp;&nbsp; 35943 | 921471 |
| ION Exchange India Ltd. | &nbsp;&nbsp; 159638 | 639920 |
|  |  | 2563963 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Astra Microwave Products Ltd. | &nbsp;&nbsp; 89484 | 952852 |
| Tejas Networks Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 154936 | 742269 |
|  |  | 1695121 |
| **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** |
| Afcons Infrastructure Ltd. | &nbsp;&nbsp; 323214 | 1038385 |
| Ahluwalia Contracts India Ltd. | &nbsp;&nbsp; 58131 | 495049 |
| Cemindia Projects Ltd. | &nbsp;&nbsp; 99483 | 630718 |
| Engineers India Ltd. | &nbsp;&nbsp; 543251 | 1325152 |
| G R Infraprojects Ltd. | &nbsp;&nbsp; 47034 | 493732 |
| GMR Power and Urban Infra Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 356122 | 472334 |
| Hindustan Construction Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3805019 | 728991 |
| Inox Green Energy Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 213391 | 397242 |
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 3544176 | 1626547 |
| IRCON International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 648580 | 1026516 |
| Kalpataru Projects International Ltd. | &nbsp;&nbsp; 233454 | 3184904 |
| KEC International Ltd. | &nbsp;&nbsp; 259934 | 1670721 |
| NBCC India Ltd. | &nbsp;&nbsp; 1845509 | 1881120 |
| NCC Ltd./India | &nbsp;&nbsp; 799582 | 1344702 |
| PNC Infratech Ltd. | &nbsp;&nbsp; 219776 | 499722 |
| Power Mech Projects Ltd. | &nbsp;&nbsp; 28092 | 643871 |
| Praj Industries Ltd. | &nbsp;&nbsp; 229590 | 803228 |
| Sterling and Wilson Renewable<sup>(a)</sup> | &nbsp;&nbsp; 233042 | 507042 |
| Techno Electric & Engineering Co. Ltd. | &nbsp;&nbsp; 102372 | 1323479 |
| Transrail Lighting Ltd. | &nbsp;&nbsp; 65400 | 406943 |
| Waaree Renewable Technologies Ltd. | &nbsp;&nbsp; 52108 | 488626 |
| Welspun Enterprises Ltd. | &nbsp;&nbsp; 80654 | 430805 |
|  |  | 21419829 |
| **Construction Materials — 2.0%** | **Construction Materials — 2.0%** | **Construction Materials — 2.0%** |
| ACC Ltd. | &nbsp;&nbsp; 128356 | 2248556 |
| Birla Corp. Ltd. | &nbsp;&nbsp; 53460 | 587728 |
| India Cements Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 92793 | 413407 |
| JK Cement Ltd. | &nbsp;&nbsp; 67890 | 4225344 |
| JK Lakshmi Cement Ltd. | &nbsp;&nbsp; 121590 | 954330 |
| JSW Cement Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 532508 | 732049 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| Nuvoco Vistas Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 209411 | $755286 |
| Prism Johnson Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 249969 | 345453 |
| Ramco Cements Ltd.(The) | &nbsp;&nbsp; 207657 | 2578288 |
| Rhi Magnesita India Ltd. | &nbsp;&nbsp; 118366 | 566097 |
| Star Cement Ltd. | &nbsp;&nbsp; 193095 | 455603 |
|  |  | 13862141 |
| **Consumer Finance — 2.7%** | **Consumer Finance — 2.7%** | **Consumer Finance — 2.7%** |
| Capri Global Capital Ltd. | &nbsp;&nbsp; 464043 | 815297 |
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 183357 | 3296872 |
| CreditAccess Grameen Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 109434 | 1524067 |
| Five-Star Business Finance Ltd. | &nbsp;&nbsp; 373880 | 1716369 |
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 1085801 | 4471682 |
| Manappuram Finance Ltd. | &nbsp;&nbsp; 991811 | 3087954 |
| MAS Financial Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 126212 | 450577 |
| Poonawalla Fincorp Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 476100 | 2382293 |
| SBFC Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 743404 | 761679 |
|  |  | 18506790 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Medplus Health Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 139842 | 1304006 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| EPL Ltd. | &nbsp;&nbsp; 286098 | 684292 |
| Time Technoplast Ltd. | &nbsp;&nbsp; 397349 | 802554 |
|  |  | 1486846 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| NIIT Learning Systems Ltd. | &nbsp;&nbsp; 158673 | 588760 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| HFCL Ltd. | &nbsp;&nbsp; 1793486 | 1352209 |
| Railtel Corp. of India Ltd. | &nbsp;&nbsp; 191049 | 659794 |
| Tata Teleservices Maharashtra Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 957210 | 437990 |
|  |  | 2449993 |
| **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| CESC Ltd. | &nbsp;&nbsp; 1037487 | 1804837 |
| SJVN Ltd. | &nbsp;&nbsp; 1538352 | 1236032 |
|  |  | 3040869 |
| **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** |
| Amara Raja Energy & Mobility Ltd. | &nbsp;&nbsp; 214460 | 1993103 |
| Elecon Engineering Co. Ltd. | &nbsp;&nbsp; 150325 | 688570 |
| Finolex Cables Ltd. | &nbsp;&nbsp; 135432 | 1359999 |
| Graphite India Ltd. | &nbsp;&nbsp; 134636 | 1063457 |
| HBL Engineering Ltd. | &nbsp;&nbsp; 216691 | 1632941 |
| HEG Ltd. | &nbsp;&nbsp; 149093 | 946773 |
| Inox Wind Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1520710 | 1543565 |
| KEI Industries Ltd. | &nbsp;&nbsp; 121355 | 6783615 |
| RR Kabel Ltd. | &nbsp;&nbsp; 65207 | 1122025 |
| Schneider Electric Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 94078 | 938288 |
| TD Power Systems Ltd. | &nbsp;&nbsp; 228773 | 2274221 |
| Transformers & Rectifiers India Ltd. | &nbsp;&nbsp; 204429 | 698850 |
| Triveni Turbine Ltd. | &nbsp;&nbsp; 279882 | 1504724 |
| V-Guard Industries Ltd. | &nbsp;&nbsp; 381840 | 1317293 |
| Voltamp Transformers Ltd. | &nbsp;&nbsp; 13850 | 1388119 |
|  |  | 25255543 |
| **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** |
| Avalon Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 58465 | 656777 |
| Genus Power Infrastructures Ltd. | &nbsp;&nbsp; 177315 | 512404 |
| Honeywell Automation India Ltd. | &nbsp;&nbsp; 4345 | 1479162 |
| Kaynes Technology India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 58911 | 2498604 |
| PG Electroplast Ltd. | &nbsp;&nbsp; 306462 | 2117149 |
| Redington Ltd. | &nbsp;&nbsp; 1145057 | 3535395 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI India Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Syrma SGS Technology Ltd. | &nbsp;&nbsp; 150665 | $1365237 |
|  |  | 12164728 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| Nazara Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 291158 | 848263 |
| PVR Inox Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 143832 | 1617549 |
| Saregama India Ltd. | &nbsp;&nbsp; 148916 | 545077 |
| Tips Music Ltd. | &nbsp;&nbsp; 87846 | 519595 |
|  |  | 3530484 |
| **Financial Services — 3.8%** | **Financial Services — 3.8%** | **Financial Services — 3.8%** |
| Aadhar Housing Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 211819 | 1068535 |
| Aavas Financiers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 77776 | 1100273 |
| Aptus Value Housing Finance India Ltd. | &nbsp;&nbsp; 733404 | 1969419 |
| AvenuesAI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3055674 | 559119 |
| Can Fin Homes Ltd. | &nbsp;&nbsp; 156033 | 1449037 |
| Home First Finance Co. India Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 142068 | 1693600 |
| IFCI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1292948 | 854450 |
| IIFL Finance Ltd. | &nbsp;&nbsp; 456740 | 2495403 |
| India Shelter Finance Corp. Ltd. | &nbsp;&nbsp; 74531 | 601445 |
| JSW Holdings Ltd./India<sup>(a)</sup> | &nbsp;&nbsp; 6555 | 1200080 |
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 590826 | 3496927 |
| Piramal Finance Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 199208 | 3816132 |
| PNB Housing Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 381564 | 3464305 |
| Sammaan Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1132418 | 1868657 |
|  |  | 25637382 |
| **Food Products — 2.0%** | **Food Products — 2.0%** | **Food Products — 2.0%** |
| Avanti Feeds Ltd. | &nbsp;&nbsp; 79823 | 1132852 |
| AWL Agri Business Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 761828 | 1585325 |
| Balrampur Chini Mills Ltd. | &nbsp;&nbsp; 236044 | 1222700 |
| Bikaji Foods International Ltd. | &nbsp;&nbsp; 122430 | 859854 |
| Bombay Burmah Trading Co. | &nbsp;&nbsp; 34587 | 644661 |
| CCL Products India Ltd. | &nbsp;&nbsp; 143423 | 1603206 |
| Dodla Dairy Ltd. | &nbsp;&nbsp; 47748 | 613754 |
| Godrej Agrovet Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 93698 | 660220 |
| Hindustan Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 68269 | 365818 |
| Kaveri Seed Co. Ltd. | &nbsp;&nbsp; 4571 | 38883 |
| KRBL Ltd. | &nbsp;&nbsp; 111340 | 416344 |
| Kwality Wall's India Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 1580037 | 453641 |
| LT Foods Ltd. | &nbsp;&nbsp; 272150 | 1206696 |
| Manorama Industries Ltd. | &nbsp;&nbsp; 35601 | 559430 |
| Mrs Bectors Food Specialities Ltd. | &nbsp;&nbsp; 294480 | 675839 |
| Shree Renuka Sugars Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1251709 | 334801 |
| Triveni Engineering & Industries Ltd. | &nbsp;&nbsp; 148699 | 645726 |
| Zydus Wellness Ltd. | &nbsp;&nbsp; 186109 | 788120 |
|  |  | 13807870 |
| **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** |
| Gujarat Gas Ltd. | &nbsp;&nbsp; 268895 | 1204136 |
| Gujarat State Petronet Ltd. | &nbsp;&nbsp; 550930 | 1845492 |
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 1093636 | 2056481 |
| Mahanagar Gas Ltd. | &nbsp;&nbsp; 95380 | 1280089 |
|  |  | 6386198 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 520583 | 2839091 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Poly Medicure Ltd. | &nbsp;&nbsp; 69878 | 966157 |
| **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** |
| Aster DM Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 455332 | 3280699 |
| Dr Agarwal's Health Care Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 156557 | 777310 |
| Dr Lal PathLabs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 147246 | 2272960 |
| Entero Healthcare Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 34392 | 390130 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Global Health Ltd./India | &nbsp;&nbsp; 157478 | $1971539 |
| HealthCare Global Enterprises Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 81237 | 514025 |
| Jupiter Life Line Hospitals Ltd. | &nbsp;&nbsp; 43920 | 609151 |
| Kovai Medical Center and Hospital Ltd. | &nbsp;&nbsp; 8205 | 476853 |
| Krishna Institute of Medical Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 468864 | 3848040 |
| Metropolis Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 50413 | 1059077 |
| Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 139054 | 2797705 |
| Rainbow Children's Medicare Ltd. | &nbsp;&nbsp; 99168 | 1299475 |
| Thyrocare Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 124332 | 539762 |
| Vijaya Diagnostic Centre Ltd. | &nbsp;&nbsp; 100443 | 1112368 |
| Yatharth Hospital & Trauma Care Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 66574 | 520252 |
|  |  | 21469346 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Inventurus Knowledge Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 83915 | 1272034 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| Chalet Hotels Ltd. | &nbsp;&nbsp; 149523 | 1328678 |
| Devyani International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 846609 | 1187611 |
| EIH Ltd. | &nbsp;&nbsp; 428587 | 1477057 |
| ITC Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1220294 | 2365028 |
| Le Travenues Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 383154 | 718754 |
| Leela Palaces Hotels & Resorts Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 160970 | 802495 |
| Lemon Tree Hotels Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 931408 | 1165571 |
| Mahindra Holidays & Resorts India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 121491 | 379938 |
| Sapphire Foods India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 473731 | 1065588 |
| Tbo Tek Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 74863 | 1010116 |
| Thomas Cook India Ltd. | &nbsp;&nbsp; 316725 | 359039 |
| Westlife Foodworld Ltd. | &nbsp;&nbsp; 119067 | 647645 |
|  |  | 12507520 |
| **Household Durables — 1.6%** | **Household Durables — 1.6%** | **Household Durables — 1.6%** |
| Amber Enterprises India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 41213 | 3615327 |
| Bajaj Electricals Ltd. | &nbsp;&nbsp; 77845 | 312706 |
| Cello World Ltd. | &nbsp;&nbsp; 86216 | 394709 |
| Crompton Greaves Consumer Electricals Ltd. | &nbsp;&nbsp; 1257514 | 3570076 |
| Eureka Forbes Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 134580 | 703918 |
| Sheela Foam Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 73390 | 442548 |
| TTK Prestige Ltd. | &nbsp;&nbsp; 78315 | 450521 |
| Whirlpool of India Ltd. | &nbsp;&nbsp; 149257 | 1515290 |
|  |  | 11005095 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Jyothy Labs Ltd. | &nbsp;&nbsp; 288741 | 806660 |
| **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** |
| Acme Solar Holdings Ltd. | &nbsp;&nbsp; 232129 | 602888 |
| Jaiprakash Power Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6737380 | 1129596 |
| KPI Green Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 172794 | 734800 |
| NLC India Ltd. | &nbsp;&nbsp; 676998 | 1937975 |
| PTC India Ltd. | &nbsp;&nbsp; 437073 | 800248 |
| RattanIndia Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5385834 | 492344 |
| Reliance Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5254222 | 1388857 |
|  |  | 7086708 |
| **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** |
| 3M India Ltd. | &nbsp;&nbsp; 5500 | 2268298 |
| Apar Industries Ltd. | &nbsp;&nbsp; 35300 | 4344548 |
| Nava Ltd. | &nbsp;&nbsp; 248846 | 1629574 |
|  |  | 8242420 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| Canara HSBC Life Insurance Co. Ltd., NVS | &nbsp;&nbsp; 371055 | 583523 |
| Go Digit General Insurance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 541518 | 1999938 |
| Max Financial Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 539185 | 10747399 |
| Religare Enterprises Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 198344 | 461943 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI India Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Star Health & Allied Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 459638 | $2351839 |
|  |  | 16144642 |
| **IT Services — 2.5%** | **IT Services — 2.5%** | **IT Services — 2.5%** |
| Black Box Ltd. | &nbsp;&nbsp; 64690 | 380875 |
| Coforge Ltd. | &nbsp;&nbsp; 621594 | 8137555 |
| Cyient Ltd. | &nbsp;&nbsp; 162730 | 1640680 |
| Happiest Minds Technologies Ltd. | &nbsp;&nbsp; 163853 | 649143 |
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 298671 | 1557954 |
| Mastek Ltd. | &nbsp;&nbsp; 29656 | 517519 |
| Sonata Software Ltd. | &nbsp;&nbsp; 331758 | 979188 |
| Tata Technologies Ltd. | &nbsp;&nbsp; 316954 | 2044766 |
| Zensar Technologies Ltd. | &nbsp;&nbsp; 222484 | 1385910 |
|  |  | 17293590 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Indegene Ltd. | &nbsp;&nbsp; 163173 | 891827 |
| Onesource Specialty Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 89510 | 1325172 |
| SAI Life Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 268136 | 2944209 |
| Syngene International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 354109 | 1646059 |
|  |  | 6807267 |
| **Machinery — 6.1%** | **Machinery — 6.1%** | **Machinery — 6.1%** |
| Action Construction Equipment Ltd. | &nbsp;&nbsp; 82383 | 803218 |
| AIA Engineering Ltd. | &nbsp;&nbsp; 82011 | 3473027 |
| Azad Engineering Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 56641 | 1068318 |
| Balu Forge Industries Ltd. | &nbsp;&nbsp; 69140 | 370004 |
| BEML Ltd. | &nbsp;&nbsp; 72508 | 1340965 |
| Craftsman Automation Ltd. | &nbsp;&nbsp; 23294 | 1926993 |
| Elgi Equipments Ltd. | &nbsp;&nbsp; 371339 | 2185691 |
| ESAB India Ltd. | &nbsp;&nbsp; 8991 | 544701 |
| Force Motors Ltd. | &nbsp;&nbsp; 9006 | 2413959 |
| GMM Pfaudler Ltd. | &nbsp;&nbsp; 55837 | 572791 |
| Grindwell Norton Ltd. | &nbsp;&nbsp; 86415 | 1579645 |
| Happy Forgings Ltd. | &nbsp;&nbsp; 37052 | 543778 |
| Ingersoll Rand India Ltd. | &nbsp;&nbsp; 15338 | 676137 |
| Inox India Ltd. | &nbsp;&nbsp; 44602 | 570822 |
| ISGEC Heavy Engineering Ltd. | &nbsp;&nbsp; 48782 | 476508 |
| Jupiter Wagons Ltd. | &nbsp;&nbsp; 206097 | 605446 |
| Jyoti CNC Automation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 155545 | 1403876 |
| Kirloskar Brothers Ltd. | &nbsp;&nbsp; 47145 | 821341 |
| Kirloskar Oil Engines Ltd. | &nbsp;&nbsp; 156101 | 2392624 |
| Kirloskar Pneumatic Co. Ltd. | &nbsp;&nbsp; 76408 | 977472 |
| KSB Ltd. | &nbsp;&nbsp; 118154 | 1002994 |
| Lloyds Engineering Works Ltd. | &nbsp;&nbsp; 998352 | 525806 |
| LMW Ltd. | &nbsp;&nbsp; 7316 | 1187190 |
| MTAR Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 42050 | 1762423 |
| Olectra Greentech Ltd. | &nbsp;&nbsp; 81093 | 890080 |
| Shaily Engineering Plastics Ltd. | &nbsp;&nbsp; 40741 | 876951 |
| Shakti Pumps India Ltd. | &nbsp;&nbsp; 110012 | 623551 |
| SKF India Industrial Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 48561 | 1367803 |
| Tega Industries Ltd. | &nbsp;&nbsp; 36680 | 732866 |
| Texmaco Rail & Engineering Ltd., Class L | &nbsp;&nbsp; 390157 | 449642 |
| Thermax Ltd. | &nbsp;&nbsp; 81446 | 2793636 |
| Timken India Ltd. | &nbsp;&nbsp; 73448 | 2804110 |
| Titagarh Rail System Ltd. | &nbsp;&nbsp; 158096 | 1220151 |
| Vesuvius India Ltd. | &nbsp;&nbsp; 177514 | 975237 |
|  |  | 41959756 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| Shipping Corp. of India Ltd. | &nbsp;&nbsp; 320643 | 928508 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Affle 3i Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 123661 | 1873085 |
| Network18 Media & Investments Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1029037 | 377438 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Sun TV Network Ltd. | &nbsp;&nbsp; 192404 | $1372314 |
| Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 1502087 | 1445734 |
|  |  | 5068571 |
| **Metals & Mining — 3.7%** | **Metals & Mining — 3.7%** | **Metals & Mining — 3.7%** |
| Ashapura Minechem Ltd. | &nbsp;&nbsp; 92771 | 539511 |
| Godawari Power and Ispat Ltd. | &nbsp;&nbsp; 457820 | 1341025 |
| Gravita India Ltd. | &nbsp;&nbsp; 65176 | 1157151 |
| Hindustan Copper Ltd. | &nbsp;&nbsp; 566556 | 3532091 |
| Jindal Saw Ltd. | &nbsp;&nbsp; 430211 | 877926 |
| Kirloskar Ferrous Industries Ltd. | &nbsp;&nbsp; 131694 | 575621 |
| Maharashtra Seamless Ltd. | &nbsp;&nbsp; 77019 | 475696 |
| Mishra Dhatu Nigam Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 89147 | 340115 |
| MOIL Ltd. | &nbsp;&nbsp; 115433 | 390400 |
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 1614058 | 6297677 |
| NMDC Steel Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1413280 | 630816 |
| PTC Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10271 | 2025257 |
| Ramkrishna Forgings Ltd. | &nbsp;&nbsp; 160817 | 976553 |
| Ratnamani Metals & Tubes Ltd. | &nbsp;&nbsp; 54687 | 1476236 |
| Sandur Manganese & Iron Ores Ltd.(The) | &nbsp;&nbsp; 242813 | 578244 |
| Sarda Energy & Minerals Ltd. | &nbsp;&nbsp; 173242 | 1051264 |
| Surya Roshni Ltd. | &nbsp;&nbsp; 130144 | 320570 |
| Usha Martin Ltd. | &nbsp;&nbsp; 298684 | 1377032 |
| Welspun Corp. Ltd. | &nbsp;&nbsp; 180307 | 1640264 |
|  |  | 25603449 |
| **Office REITs — 2.0%** | **Office REITs — 2.0%** | **Office REITs — 2.0%** |
| Brookfield India Real Estate Trust<sup>(b)</sup> | &nbsp;&nbsp; 878094 | 3563632 |
| Embassy Office Parks REIT | &nbsp;&nbsp; 1666044 | 7789954 |
| Mindspace Business Parks REIT<sup>(b)</sup> | &nbsp;&nbsp; 443157 | 2252695 |
|  |  | 13606281 |
| **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** |
| Aegis Logistics Ltd. | &nbsp;&nbsp; 239916 | 1817497 |
| Chennai Petroleum Corp. Ltd. | &nbsp;&nbsp; 102159 | 1080728 |
| Great Eastern Shipping Co. Ltd.(The) | &nbsp;&nbsp; 195169 | 2873663 |
| Gujarat Mineral Development Corp. Ltd. | &nbsp;&nbsp; 154679 | 969278 |
|  |  | 6741166 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Century Plyboards India Ltd. | &nbsp;&nbsp; 108424 | 876923 |
| JK Paper Ltd. | &nbsp;&nbsp; 145378 | 579121 |
|  |  | 1456044 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Emami Ltd. | &nbsp;&nbsp; 385870 | 1964023 |
| Gillette India Ltd. | &nbsp;&nbsp; 12727 | 1167707 |
| Honasa Consumer Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 253252 | 845058 |
|  |  | 3976788 |
| **Pharmaceuticals — 8.4%** | **Pharmaceuticals — 8.4%** | **Pharmaceuticals — 8.4%** |
| Aarti Pharmalabs Ltd. | &nbsp;&nbsp; 89876 | 716377 |
| Acutaas Chemicals Ltd. | &nbsp;&nbsp; 103927 | 2466815 |
| Aether Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 63483 | 671012 |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 85396 | 2814561 |
| Alembic Pharmaceuticals Ltd. | &nbsp;&nbsp; 95625 | 749037 |
| Alivus Life Sciences Ltd. | &nbsp;&nbsp; 60930 | 612675 |
| AstraZeneca Pharma India Ltd. | &nbsp;&nbsp; 9756 | 952386 |
| Blue Jet Healthcare Ltd. | &nbsp;&nbsp; 68067 | 304345 |
| Caplin Point Laboratories Ltd. | &nbsp;&nbsp; 37648 | 705997 |
| Cohance Lifesciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 219849 | 749020 |
| Concord Biotech Ltd. | &nbsp;&nbsp; 49959 | 671820 |
| Emcure Pharmaceuticals Ltd. | &nbsp;&nbsp; 55533 | 888455 |
| Eris Lifesciences Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 93182 | 1396397 |
| FDC Ltd./India | &nbsp;&nbsp; 96154 | 377674 |
| Gland Pharma Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 74075 | 1488050 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI India Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 82709 | $2342013 |
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 303114 | 7122864 |
| Granules India Ltd. | &nbsp;&nbsp; 236956 | 1521912 |
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 272457 | 4586148 |
| JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp; 168260 | 3795854 |
| Jubilant Pharmova Ltd. | &nbsp;&nbsp; 140273 | 1336709 |
| Laurus Labs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 685293 | 8124808 |
| Marksans Pharma Ltd. | &nbsp;&nbsp; 444935 | 854788 |
| Natco Pharma Ltd. | &nbsp;&nbsp; 157404 | 1712337 |
| Neuland Laboratories Ltd. | &nbsp;&nbsp; 15033 | 2123504 |
| Piramal Pharma Ltd. | &nbsp;&nbsp; 1168162 | 2007837 |
| Procter & Gamble Health Ltd. | &nbsp;&nbsp; 14546 | 783531 |
| Sanofi Consumer Healthcare India Ltd. | &nbsp;&nbsp; 13436 | 663801 |
| Sanofi India Ltd. | &nbsp;&nbsp; 15791 | 688233 |
| Shilpa Medicare Ltd. | &nbsp;&nbsp; 175486 | 651164 |
| Strides Pharma Science Ltd. | &nbsp;&nbsp; 116330 | 1092002 |
| Wockhardt Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 142795 | 2143813 |
|  |  | 57115939 |
| **Professional Services — 1.6%** | **Professional Services — 1.6%** | **Professional Services — 1.6%** |
| BLS International Services Ltd. | &nbsp;&nbsp; 244969 | 752301 |
| Computer Age Management Services Ltd. | &nbsp;&nbsp; 459147 | 3426218 |
| eClerx Services Ltd. | &nbsp;&nbsp; 41229 | 1440111 |
| Firstsource Solutions Ltd. | &nbsp;&nbsp; 545771 | 1281675 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp; 207657 | 755644 |
| Latent View Analytics Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 100401 | 372703 |
| RITES Ltd. | &nbsp;&nbsp; 238701 | 562168 |
| Sagility Ltd. | &nbsp;&nbsp; 4571129 | 1991085 |
|  |  | 10581905 |
| **Real Estate Management & Development — 1.4%** | **Real Estate Management & Development — 1.4%** | **Real Estate Management & Development — 1.4%** |
| Aditya Birla Real Estate Ltd. | &nbsp;&nbsp; 98623 | 1400653 |
| Anant Raj Ltd. | &nbsp;&nbsp; 234981 | 1370825 |
| Brigade Enterprises Ltd. | &nbsp;&nbsp; 262617 | 2004450 |
| Genus Prime Infra Ltd., NVS | &nbsp;&nbsp; 29552 | 8131 |
| Mahindra Lifespace Developers Ltd. | &nbsp;&nbsp; 209587 | 825702 |
| Max Estates Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 108904 | 482199 |
| NESCO Ltd. | &nbsp;&nbsp; 40323 | 498439 |
| SignatureGlobal India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 54513 | 593372 |
| Sobha Ltd. | &nbsp;&nbsp; 94017 | 1444177 |
| Sunteck Realty Ltd. | &nbsp;&nbsp; 101407 | 447702 |
| Valor Estate Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 307958 | 386051 |
|  |  | 9461701 |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
| Nexus Select Trust | &nbsp;&nbsp; 1627270 | 2892467 |
| **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** |
| Borosil Renewables Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 90614 | 454316 |
| Premier Energies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 221165 | 1777830 |
|  |  | 2232146 |
| **Software — 1.8%** | **Software — 1.8%** | **Software — 1.8%** |
| AurionPro Solutions Ltd. | &nbsp;&nbsp; 42145 | 412711 |
| Birlasoft Ltd. | &nbsp;&nbsp; 326724 | 1403960 |
| BlackBuck Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 194716 | 1248487 |
| CE Info Systems Ltd. | &nbsp;&nbsp; 31163 | 354221 |
| Intellect Design Arena Ltd. | &nbsp;&nbsp; 163446 | 1256414 |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 294459 | 2502710 |
| Newgen Software Technologies Ltd. | &nbsp;&nbsp; 126106 | 706152 |
| Rategain Travel Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 101834 | 593979 |
| Tanla Platforms Ltd. | &nbsp;&nbsp; 115956 | 580635 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 60829 | $3024711 |
|  |  | 12083980 |
| **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
| Aditya Birla Fashion and Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 960231 | 709186 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 835822 | 939506 |
| Aditya Vision Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 112725 | 600108 |
| Arvind Fashions Ltd. | &nbsp;&nbsp; 155833 | 758217 |
| BrainBees Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 182366 | 437251 |
| Cartrade Tech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 84090 | 1665363 |
| Ethos Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26511 | 708903 |
| PC Jeweller Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3835652 | 418996 |
| Redtape Ltd./India | &nbsp;&nbsp; 271698 | 351127 |
| Senco Gold Ltd. | &nbsp;&nbsp; 115392 | 403558 |
| Thanga Mayil Jewellery Ltd. | &nbsp;&nbsp; 20953 | 912872 |
| V2 Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 28484 | 623577 |
|  |  | 8528664 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Netweb Technologies India Ltd. | &nbsp;&nbsp; 33045 | 1404252 |
| **Textiles, Apparel & Luxury Goods — 2.0%** | **Textiles, Apparel & Luxury Goods — 2.0%** | **Textiles, Apparel & Luxury Goods — 2.0%** |
| Alok Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2418690 | 381586 |
| Arvind Ltd. | &nbsp;&nbsp; 309457 | 1199668 |
| Bata India Ltd. | &nbsp;&nbsp; 100134 | 868830 |
| Campus Activewear Ltd. | &nbsp;&nbsp; 179867 | 513621 |
| Garware Technical Fibres Ltd. | &nbsp;&nbsp; 88906 | 628787 |
| Indo Count Industries Ltd. | &nbsp;&nbsp; 134176 | 393810 |
| KPR Mill Ltd. | &nbsp;&nbsp; 233637 | 2313214 |
| Pearl Global Industries Ltd. | &nbsp;&nbsp; 31521 | 535912 |
| Rajesh Exports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 108969 | 172709 |
| Raymond Lifestyle Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 47357 | 458969 |
| Relaxo Footwears Ltd. | &nbsp;&nbsp; 142377 | 545679 |
| Safari Industries India Ltd. | &nbsp;&nbsp; 43532 | 860612 |
| Swan Corp. Ltd. | &nbsp;&nbsp; 212933 | 896230 |
| Trident Ltd./India | &nbsp;&nbsp; 2445213 | 689389 |
| Vardhman Textiles Ltd. | &nbsp;&nbsp; 198568 | 1189350 |
| Vedant Fashions Ltd. | &nbsp;&nbsp; 115979 | 497689 |
| VIP Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 125291 | 493342 |
| Welspun Living Ltd. | &nbsp;&nbsp; 564361 | 781252 |
|  |  | 13420649 |
| **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** |
| Godfrey Phillips India Ltd. | &nbsp;&nbsp; 73284 | 1703493 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| IndiaMART Intermesh Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 58853 | 1382716 |
| **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** |
| Gujarat Pipavav Port Ltd. | &nbsp;&nbsp; 523770 | 1018279 |
| **Water Utilities — 0.2%** | **Water Utilities — 0.2%** | **Water Utilities — 0.2%** |
| VA Tech Wabag Ltd. | &nbsp;&nbsp; 85495 | 1188989 |
| **Total Investments — 99.7%** <br>**(Cost: $540,584,534)** | **Total Investments — 99.7%** <br>**(Cost: $540,584,534)** | 681943812 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 2382048 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $684325860 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI India Small-Cap ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<sup>(a)</sup><br>| $20210000 | $—<br> $(20210000 )<sup>(b)</sup><br>| $— | $— | $— |  | $319771 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| NSE IFSC Nifty 50 Index | 51 | 03/30/26 | &nbsp;&nbsp; $2584 | $(49707) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49707 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49707 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(129901)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(129901)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18867)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18867)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2430093 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI India Small-Cap ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $59501764 | &nbsp;&nbsp; $622442048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $681943812 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(49707)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(49707)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI India ETF <br>| &nbsp;&nbsp; iShares <br>MSCI India <br> Small-Cap <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)</sup> | $9212658069 | $681943812 |
| Investments, at value—affiliated<sup>(b)</sup> | 267630000 |  |
| Cash | 42635554 | 9761678 |
| Cash pledged for futures contracts | 2271000 | 168000 |
| Foreign currency, at value<sup>(c)</sup> | 26176796 | 1248471 |
| Receivables: |  |  |
| Investments sold | 30176946 | 15306051 |
| Capital shares sold | 67571 |  |
| Dividends—unaffiliated | 3265148 | 166478 |
| Dividends—affiliated | 781223 | 18605 |
| Total assets | 9585662307 | 708613095 |
| **LIABILITIES** |  |  |
| Payables: |  |  |
| Investments purchased | 40491807 | 18202636 |
| Capital shares redeemed | 67569 |  |
| Deferred foreign capital gain tax | 273526832 | 5648698 |
| Investment advisory fees | 4413825 | 390618 |
| Variation margin on futures contracts | 528467 | 45283 |
| Total liabilities | 319028500 | 24287235 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $9266633807 | $684325860 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $6625512369 | $587813340 |
| Accumulated earnings | 2641121438 | 96512520 |
| NET ASSETS | $9266633807 | $684325860 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 177150000 | 10250000 |
| Net asset value | $52.31 | $66.76 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $7063883362 | $540584534 |
| <sup>(b)</sup> Investments, at cost—affiliated | $267630000 | $— |
| <sup>(c)</sup> Foreign currency, at cost | $26184004 | $1248645 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI India <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI India <br> Small-Cap <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $38583538 | &nbsp;&nbsp;&nbsp; $2881282 |
| Dividends—affiliated | &nbsp;&nbsp; 5648538 | &nbsp;&nbsp;&nbsp; 319771 |
| Interest—unaffiliated | &nbsp;&nbsp; 92678 | &nbsp;&nbsp;&nbsp; 12881 |
| Foreign taxes withheld | &nbsp;&nbsp; (9503345)<br>| &nbsp;&nbsp;&nbsp; (525636)<br>|
| Total investment income | &nbsp;&nbsp; 34821409 | &nbsp;&nbsp;&nbsp; 2688298 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 28719574 | &nbsp;&nbsp;&nbsp; 2960296 |
| Commitment costs | &nbsp;&nbsp; 20439 | &nbsp;&nbsp;&nbsp; 3905 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3035 |
| Total expenses | &nbsp;&nbsp; 28740013 | &nbsp;&nbsp;&nbsp; 2967236 |
| Net investment income (loss) | &nbsp;&nbsp; 6081396 | &nbsp;&nbsp;&nbsp; (278938)<br>|
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (48179539)<br>| &nbsp;&nbsp;&nbsp; 1680590 |
| Foreign currency transactions | &nbsp;&nbsp; (2507109)<br>| &nbsp;&nbsp;&nbsp; (532834)<br>|
| Futures contracts | &nbsp;&nbsp; (2469685)<br>| &nbsp;&nbsp;&nbsp; (129901)<br>|
|  | &nbsp;&nbsp; (53156333)<br>| &nbsp;&nbsp;&nbsp; 1017855 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 104580482 | &nbsp;&nbsp;&nbsp; (40123795)<br>|
| Foreign currency translations | &nbsp;&nbsp; 231557 | &nbsp;&nbsp;&nbsp; 11206 |
| Futures contracts | &nbsp;&nbsp; (483627)<br>| &nbsp;&nbsp;&nbsp; (18867)<br>|
|  | &nbsp;&nbsp; 104328412 | &nbsp;&nbsp;&nbsp; (40131456)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 51172079 | &nbsp;&nbsp;&nbsp; (39113601)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $57253475 | &nbsp;&nbsp;&nbsp; $(39392539)<br>|
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(1337441)<br>| &nbsp;&nbsp;&nbsp; $(5455985)<br>|
| <sup>(b)</sup> Net of reduction/increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(45360386)<br>| &nbsp;&nbsp;&nbsp; $10102527 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI India ETF  | iShares <br>MSCI India ETF  | iShares <br>MSCI India Small-Cap ETF  | iShares <br>MSCI India Small-Cap ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $6081396 | &nbsp;&nbsp;&nbsp; $46831105 | &nbsp;&nbsp;&nbsp; $(278938)<br>| &nbsp;&nbsp;&nbsp; $404668 |
| Net realized gain (loss) | &nbsp;&nbsp; (53156333)<br>| &nbsp;&nbsp;&nbsp; (134863866)<br>| &nbsp;&nbsp;&nbsp; 1017855 | &nbsp;&nbsp;&nbsp; (13779934)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 104328412 | &nbsp;&nbsp;&nbsp; (988747432)<br>| &nbsp;&nbsp;&nbsp; (40131456)<br>| &nbsp;&nbsp;&nbsp; (66905332)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 57253475 | &nbsp;&nbsp;&nbsp; (1076780193)<br>| &nbsp;&nbsp;&nbsp; (39392539)<br>| &nbsp;&nbsp;&nbsp; (80280598)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; 0 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (75501466)<br>| &nbsp;&nbsp;&nbsp; (15123014 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (58602040)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 35920903 | &nbsp;&nbsp;&nbsp; (1177268839)<br>| &nbsp;&nbsp;&nbsp; (160042824)<br>| &nbsp;&nbsp;&nbsp; 43895171 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 93174378 | &nbsp;&nbsp;&nbsp; (2329550498)<br>| &nbsp;&nbsp;&nbsp; (214558377)<br>| &nbsp;&nbsp;&nbsp; (94987467)<br>|
| Beginning of period | &nbsp;&nbsp; 9173459429 | &nbsp;&nbsp;&nbsp; 11503009927 | &nbsp;&nbsp;&nbsp; 898884237 | &nbsp;&nbsp;&nbsp; 993871704 |
| End of period | &nbsp;&nbsp; $9266633807 | &nbsp;&nbsp;&nbsp; $9173459429 | &nbsp;&nbsp;&nbsp; $684325860 | &nbsp;&nbsp;&nbsp; $898884237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI India ETF  | iShares MSCI India ETF  | iShares MSCI India ETF  | iShares MSCI India ETF  | iShares MSCI India ETF  | iShares MSCI India ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $51.97 | &nbsp;&nbsp;&nbsp; $57.63 | &nbsp;&nbsp;&nbsp; $43.77 | &nbsp;&nbsp;&nbsp; $43.22 | &nbsp;&nbsp;&nbsp; $48.79 | &nbsp;&nbsp;&nbsp; $33.37 |
| Net investment income<sup>(b)</sup> | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.31 | &nbsp;&nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.35 |
| Net increase (decrease) from investment operations | 0.34 | &nbsp;&nbsp;&nbsp; (5.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.49 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; 0 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $52.31 | &nbsp;&nbsp;&nbsp; $51.97 | &nbsp;&nbsp;&nbsp; $57.63 | &nbsp;&nbsp;&nbsp; $43.77 | &nbsp;&nbsp;&nbsp; $43.22 | &nbsp;&nbsp;&nbsp; $48.79 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.65 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; (9.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp; (5.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46.54<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.62 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Net investment income | 0.13 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $9266634 | &nbsp;&nbsp;&nbsp; $9173459 | &nbsp;&nbsp;&nbsp; $11503010 | &nbsp;&nbsp;&nbsp; $5940182 | &nbsp;&nbsp;&nbsp; $4185618 | &nbsp;&nbsp;&nbsp; $6350592 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI India Small-Cap ETF  | iShares MSCI India Small-Cap ETF  | iShares MSCI India Small-Cap ETF  | iShares MSCI India Small-Cap ETF  | iShares MSCI India Small-Cap ETF  | iShares MSCI India Small-Cap ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $71.91 | &nbsp;&nbsp;&nbsp; $84.23 | &nbsp;&nbsp;&nbsp; $62.81 | &nbsp;&nbsp;&nbsp; $54.43 | &nbsp;&nbsp;&nbsp; $57.80 | &nbsp;&nbsp;&nbsp; $34.60 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.53 | &nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.26 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp;&nbsp; (7.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.66 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.25 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; 0 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| From net realized gain | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(f)</sup><br>|
| Total distributions | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (5.23)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $66.76 | &nbsp;&nbsp;&nbsp; $71.91 | &nbsp;&nbsp;&nbsp; $84.23 | &nbsp;&nbsp;&nbsp; $62.81 | &nbsp;&nbsp;&nbsp; $54.43 | &nbsp;&nbsp;&nbsp; $57.80 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (5.29 )%<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; (8.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.50<br> %<br>| &nbsp;&nbsp;&nbsp; (4.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67.25<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.74 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.07 )%<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp; (0.01)%<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $684326 | &nbsp;&nbsp;&nbsp; $898884 | &nbsp;&nbsp;&nbsp; $993872 | &nbsp;&nbsp;&nbsp; $414565 | &nbsp;&nbsp;&nbsp; $304800 | &nbsp;&nbsp;&nbsp; $329466 |
| Portfolio turnover rate<sup>(l)</sup> | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 150<br> %<br>| &nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Rounds to less than $0.01. | <sup>(f)</sup> Rounds to less than $0.01. | <sup>(f)</sup> Rounds to less than $0.01. | <sup>(f)</sup> Rounds to less than $0.01. | <sup>(f)</sup> Rounds to less than $0.01. | <sup>(f)</sup> Rounds to less than $0.01. | <sup>(f)</sup> Rounds to less than $0.01. |
| <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(k)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(k)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(k)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(k)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(k)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(k)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. |
| <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> MSCI India Non-diversified <br> MSCI India Small-Cap Diversified

**Basis of Consolidation:** The accompanying consolidated financial statements for MSCI India Small-Cap included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (each, a "Subsidiary") of the Fund that invested in Indian securities. On June 16, 2023, the Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**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.

**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, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The portion of distributions that exceeds each Fund's current and accumulated earnings and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to the Fund's shareholders and will not constitute

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

non-taxable returns of capital. Return of capital distributions will reduce a shareholder's cost basis and will result in higher capital gains or lower capital losses when each Fund's shares on which distributions were received are sold. Once a shareholder's cost basis is reduced to zero, further distributions will be treated as capital gains.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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.

***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, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares MSCI India ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $4 billion | 0.6500% |
| Over $4 billion, up to and including $6 billion | 0.6175 |
| Over $6 billion, up to and including $8 billion | 0.5867 |
| Over $8 billion | 0.5573 |

---

For its investment advisory services to the iShares MSCI India Small-Cap ETF, BFA is entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

**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.

**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.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI India | &nbsp;&nbsp; $509672076 | &nbsp;&nbsp;&nbsp; $513763216 |
| MSCI India Small-Cap | &nbsp;&nbsp; 108021836 | &nbsp;&nbsp;&nbsp; 275843257 |

---

There were no in-kind transactions for the six months ended February 28, 2026.

***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 February 28, 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary* <br>*Losses*<sup>(b)</sup> <br>|
| MSCI India | &nbsp;&nbsp; $(306395702)<br>| &nbsp;&nbsp;&nbsp; $(93245140)<br>|
| MSCI India Small-Cap | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8538636)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of February 28, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI India | &nbsp;&nbsp; $6118003504 | &nbsp;&nbsp;&nbsp; $3361510772 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3361510772 |
| MSCI India Small-Cap | &nbsp;&nbsp; 571951908 | &nbsp;&nbsp;&nbsp; 170109390 | &nbsp;&nbsp;&nbsp; (60167193) | &nbsp;&nbsp;&nbsp; 109942197 |

---

***8. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2026, the Funds did not borrow under the Syndicated Credit Agreement.

***9. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject 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 the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

The Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***10. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI India |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; $104571517 | &nbsp;&nbsp;&nbsp; 29450000 | &nbsp;&nbsp;&nbsp; $1622628822 |
| Shares redeemed | &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (68650614)<br>| &nbsp;&nbsp;&nbsp; (52550000)<br>| &nbsp;&nbsp;&nbsp; (2799897661)<br>|
|  | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; $35920903 | &nbsp;&nbsp;&nbsp; (23100000)<br>| &nbsp;&nbsp;&nbsp; $(1177268839)<br>|
| MSCI India Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; $24459163 | &nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp; $358412673 |
| Shares redeemed | &nbsp;&nbsp; (2600000)<br>| &nbsp;&nbsp;&nbsp; (184501987)<br>| &nbsp;&nbsp;&nbsp; (4400000)<br>| &nbsp;&nbsp;&nbsp; (314517502)<br>|
|  | &nbsp;&nbsp; (2250000)<br>| &nbsp;&nbsp;&nbsp; $(160042824)<br>| &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $43895171 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***11. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

Glossary of Terms Used in this Report

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©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.

![](g839764img7e758d5f2.gif)

![](g839764img3c5e686e3.gif)

------

February 28, 2026

![](g839764img4f8c13d51.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI United Kingdom ETF \| EWU \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_07b39ef2-2050-4a9b-9632-0660920dec09_SOIs-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_07b39ef2-2050-4a9b-9632-0660920dec09_FS-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 6 |
| [Statement of Operations](#xx_07b39ef2-2050-4a9b-9632-0660920dec09_FS-Footer-iSharesReport-36_2)  | &nbsp;&nbsp; 7 |
| [Statements of Changes in Net Assets](#xx_07b39ef2-2050-4a9b-9632-0660920dec09_FS-Footer-iSharesReport-36_3)  | &nbsp;&nbsp; 8 |
| [Financial Highlights](#xx_07b39ef2-2050-4a9b-9632-0660920dec09_FS-Footer-iSharesReport-36_4)  | &nbsp;&nbsp; 9 |
| [Notes to Financial Statements](#xx_07b39ef2-2050-4a9b-9632-0660920dec09_NTFS-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 10 |
| [Additional Information](#xx_07b39ef2-2050-4a9b-9632-0660920dec09_SAI-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 17 |
| [Glossary of Terms Used in these Financial Statements](#xx_07b39ef2-2050-4a9b-9632-0660920dec09_Abbreviations-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 18 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**iShares® MSCI United Kingdom ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 7.3%** | **Aerospace & Defense — 7.3%** | **Aerospace & Defense — 7.3%** |
| BAE Systems PLC | &nbsp;&nbsp; 2892844 | $82606725 |
| Melrose Industries PLC | &nbsp;&nbsp; 1205096 | 9169864 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 8096296 | 145588266 |
|  |  | 237364855 |
| **Banks — 17.8%** | **Banks — 17.8%** | **Banks — 17.8%** |
| Barclays PLC | &nbsp;&nbsp; 13368273 | 81141612 |
| HSBC Holdings PLC | &nbsp;&nbsp; 16557933 | 309484546 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 56771497 | 77550805 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 7710373 | 64014731 |
| Standard Chartered PLC | &nbsp;&nbsp; 1850696 | 45651873 |
|  |  | 577843567 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| Coca-Cola HBC AG, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 210612 | 13671104 |
| Diageo PLC | &nbsp;&nbsp; 2146333 | 48134819 |
|  |  | 61805923 |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
| Next PLC | &nbsp;&nbsp; 112129 | 20434339 |
| **Capital Markets — 3.1%** | **Capital Markets — 3.1%** | **Capital Markets — 3.1%** |
| 3i Group PLC | &nbsp;&nbsp; 957595 | 42781402 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 441972 | 52658079 |
| Schroders PLC | &nbsp;&nbsp; 699493 | 5508089 |
|  |  | 100947570 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Rentokil Initial PLC | &nbsp;&nbsp; 2439713 | 15073363 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| J Sainsbury PLC | &nbsp;&nbsp; 1662629 | 7819845 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 1976793 | 10568124 |
| Tesco PLC | &nbsp;&nbsp; 6158303 | 39865973 |
|  |  | 58253942 |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
| Pearson PLC | &nbsp;&nbsp; 550432 | 7083682 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| Land Securities Group PLC | &nbsp;&nbsp; 677252 | 5883789 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| BT Group PLC | &nbsp;&nbsp; 5766777 | 16807837 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| SSE PLC | &nbsp;&nbsp; 1163645 | 42060388 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Halma PLC | &nbsp;&nbsp; 365991 | 20594171 |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| M&G PLC | &nbsp;&nbsp; 2193902 | 9367835 |
| Wise PLC, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 638916 | 7403032 |
|  |  | 16770867 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Associated British Foods PLC | &nbsp;&nbsp; 311378 | 8292726 |
| **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
| Smith & Nephew PLC | &nbsp;&nbsp; 778185 | 14365324 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| NMC Health PLC, NVS<sup>(a)(c)</sup> | &nbsp;&nbsp; 122262 | 2 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| Compass Group PLC | &nbsp;&nbsp; 1639224 | 50198730 |
| Entain PLC | &nbsp;&nbsp; 579916 | 4493157 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 138229 | $18995464 |
| Whitbread PLC | &nbsp;&nbsp; 165381 | 5790263 |
|  |  | 79477614 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Barratt Redrow PLC | &nbsp;&nbsp; 1292315 | 6326985 |
| **Household Products — 1.7%** | **Household Products — 1.7%** | **Household Products — 1.7%** |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 621930 | 54791354 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| Smiths Group PLC | &nbsp;&nbsp; 306134 | 11317888 |
| **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
| Segro PLC | &nbsp;&nbsp; 1240598 | 14044019 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| Admiral Group PLC | &nbsp;&nbsp; 250964 | 10025882 |
| Aviva PLC | &nbsp;&nbsp; 2947726 | 27164563 |
| Legal & General Group PLC | &nbsp;&nbsp; 5492618 | 20063180 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 674030 | 6961886 |
| Prudential PLC | &nbsp;&nbsp; 2455281 | 37606304 |
|  |  | 101821815 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Auto Trader Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 833278 | 5519593 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Spirax Group PLC | &nbsp;&nbsp; 70599 | 7522828 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Informa PLC | &nbsp;&nbsp; 1242559 | 14033796 |
| **Metals & Mining — 8.6%** | **Metals & Mining — 8.6%** | **Metals & Mining — 8.6%** |
| Anglo American PLC, NVS | &nbsp;&nbsp; 1078883 | 53828240 |
| Antofagasta PLC | &nbsp;&nbsp; 380150 | 21840659 |
| Endeavour Mining PLC | &nbsp;&nbsp; 186181 | 13302259 |
| Fresnillo PLC | &nbsp;&nbsp; 212107 | 12102667 |
| Glencore PLC | &nbsp;&nbsp; 9624057 | 69539723 |
| Rio Tinto PLC | &nbsp;&nbsp; 1088249 | 107812535 |
|  |  | 278426083 |
| **Multi-Utilities — 3.1%** | **Multi-Utilities — 3.1%** | **Multi-Utilities — 3.1%** |
| Centrica PLC | &nbsp;&nbsp; 4379562 | 11744865 |
| National Grid PLC | &nbsp;&nbsp; 4789837 | 89601772 |
|  |  | 101346637 |
| **Oil, Gas & Consumable Fuels — 10.1%** | **Oil, Gas & Consumable Fuels — 10.1%** | **Oil, Gas & Consumable Fuels — 10.1%** |
| BP PLC | &nbsp;&nbsp; 15177012 | 98368445 |
| Shell PLC | &nbsp;&nbsp; 5495610 | 230171936 |
|  |  | 328540381 |
| **Personal Care Products — 4.8%** | **Personal Care Products — 4.8%** | **Personal Care Products — 4.8%** |
| Unilever PLC | &nbsp;&nbsp; 2102231 | 154476301 |
| **Pharmaceuticals — 14.8%** | **Pharmaceuticals — 14.8%** | **Pharmaceuticals — 14.8%** |
| AstraZeneca PLC | &nbsp;&nbsp; 1495115 | 314621154 |
| GSK PLC | &nbsp;&nbsp; 3928686 | 116734171 |
| Haleon PLC | &nbsp;&nbsp; 8586219 | 47129228 |
|  |  | 478484553 |
| **Professional Services — 3.2%** | **Professional Services — 3.2%** | **Professional Services — 3.2%** |
| Experian PLC | &nbsp;&nbsp; 884547 | 33293631 |
| Intertek Group PLC | &nbsp;&nbsp; 147427 | 9394058 |
| RELX PLC | &nbsp;&nbsp; 1755440 | 61323439 |
|  |  | 104011128 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Sage Group PLC(The) | &nbsp;&nbsp; 920045 | 10123933 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI United Kingdom ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| JD Sports Fashion PLC | &nbsp;&nbsp; 2437123 | $2684796 |
| Kingfisher PLC | &nbsp;&nbsp; 1670587 | 8403100 |
|  |  | 11087896 |
| **Tobacco — 5.1%** | **Tobacco — 5.1%** | **Tobacco — 5.1%** |
| British American Tobacco PLC | &nbsp;&nbsp; 2100038 | 131137693 |
| Imperial Brands PLC | &nbsp;&nbsp; 726487 | 32538528 |
|  |  | 163676221 |
| **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** |
| Ashtead Group PLC | &nbsp;&nbsp; 403950 | 28933646 |
| Bunzl PLC | &nbsp;&nbsp; 310521 | 9162183 |
|  |  | 38095829 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| Severn Trent PLC | &nbsp;&nbsp; 261216 | 11529912 |
| United Utilities Group PLC | &nbsp;&nbsp; 657331 | 12321281 |
|  |  | 23851193 |
| **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** |
| Airtel Africa PLC<sup>(d)</sup> | &nbsp;&nbsp; 867393 | 4069558 |
| Vodafone Group PLC | &nbsp;&nbsp; 18082633 | 27844177 |
|  |  | 31913735 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $2,587,630,172)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $2,587,630,172)** | 3222472127 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 4163172 | 4165254 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 1610000 | $1610000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $5,775,246)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $5,775,246)** | 5775254 |
| **Total Investments — 99.6%** <br>**(Cost: $2,593,405,418)** | **Total Investments — 99.6%** <br>**(Cost: $2,593,405,418)** | 3228247381 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 12437099 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3240684480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $5184941 | $— | &nbsp;&nbsp; $(1019889 )<sup>(a)</sup><br>| $497 | $(295)<br>| $4165254 | 4163172 | $6236 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1060000 | 550000 <br><sup>(a)</sup><br>|  |  |  | 1610000 | 1610000 | 21071 |  |
|  |  |  |  | $497 | $(295) | $5775254 |  | $27307 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| FTSE 100 Index | 119 | 03/20/26 | &nbsp;&nbsp; $17499 | $859635 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI United Kingdom ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $859635 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $859635 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended February 28, 2026, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1945799 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1945799 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $583066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $583066 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $17974742 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $11889403 | &nbsp;&nbsp; $3210582722 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $3222472127 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 5775254 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5775254 |
|  | &nbsp;&nbsp; $17664657 | &nbsp;&nbsp; $3210582722 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $3228247381 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $859635 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $859635 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI United <br> Kingdom ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $3222472127 |
| Investments, at value—affiliated<sup>(c)</sup> | 5775254 |
| Cash | 7038 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 1260053 |
| Foreign currency, at value<sup>(e)</sup> | 12307449 |
| Receivables: |  |
| Investments sold | 13044598 |
| Securities lending income—affiliated | 791 |
| Capital shares sold | 8342071 |
| Dividends—unaffiliated | 9743763 |
| Dividends—affiliated | 2266 |
| Tax reclaims | 78272 |
| Variation margin on futures contracts | 160927 |
| Total assets | 3273194609 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 4165986 |
| Payables: |  |
| Investments purchased | 27212676 |
| Investment advisory fees | 1131467 |
| Total liabilities | 32510129 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $3240684480 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $3344416902 |
| Accumulated loss | (103732422) |
| NET ASSETS | $3240684480 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 66600000 |
| Net asset value | $48.66 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $2587630172 |
| <sup>(b)</sup> Securities loaned, at value | $4005868 |
| <sup>(c)</sup> Investments, at cost—affiliated | $5775246 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $1258773 |
| <sup>(e)</sup> Foreign currency, at cost | $12382299 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI United <br> Kingdom <br> ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $31955026 |
| Dividends—affiliated | &nbsp;&nbsp; 21071 |
| Interest—unaffiliated | &nbsp;&nbsp; 19191 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 6236 |
| Foreign taxes withheld | &nbsp;&nbsp; (17784)<br>|
| Total investment income | &nbsp;&nbsp; 31983740 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 6883938 |
| Commitment costs | &nbsp;&nbsp; 13560 |
| Total expenses | &nbsp;&nbsp; 6897498 |
| Net investment income | &nbsp;&nbsp; 25086242 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (29546417)<br>|
| Investments—affiliated | &nbsp;&nbsp; 497 |
| Foreign currency transactions | &nbsp;&nbsp; 93836 |
| Futures contracts | &nbsp;&nbsp; 1945799 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 50000188 |
|  | &nbsp;&nbsp; 22493903 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 472352914 |
| Investments—affiliated | &nbsp;&nbsp; (295)<br>|
| Foreign currency translations | &nbsp;&nbsp; (136636)<br>|
| Futures contracts | &nbsp;&nbsp; 583066 |
|  | &nbsp;&nbsp; 472799049 |
| Net realized and unrealized gain | &nbsp;&nbsp; 495292952 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $520379194 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI United Kingdom ETF  | iShares <br>MSCI United Kingdom ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $25086242 | &nbsp;&nbsp;&nbsp; $101852220 |
| Net realized gain | &nbsp;&nbsp; 22493903 | &nbsp;&nbsp;&nbsp; 136277667 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 472799049 | &nbsp;&nbsp;&nbsp; 189895618 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 520379194 | &nbsp;&nbsp;&nbsp; 428025505 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (52814498 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (125556497)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (124179612)<br>| &nbsp;&nbsp;&nbsp; (661894111)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 343385084 | &nbsp;&nbsp;&nbsp; (359425103)<br>|
| Beginning of period | &nbsp;&nbsp; 2897299396 | &nbsp;&nbsp;&nbsp; 3256724499 |
| End of period | &nbsp;&nbsp; $3240684480 | &nbsp;&nbsp;&nbsp; $2897299396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statement of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI United Kingdom ETF  | iShares MSCI United Kingdom ETF  | iShares MSCI United Kingdom ETF  | iShares MSCI United Kingdom ETF  | iShares MSCI United Kingdom ETF  | iShares MSCI United Kingdom ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $41.45 | &nbsp;&nbsp;&nbsp; $37.39 | &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $28.90 | &nbsp;&nbsp;&nbsp; $33.05 | &nbsp;&nbsp;&nbsp; $26.88 |
| Net investment income<sup>(a)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 7.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp; (3.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.87 |
| Net increase (decrease) from investment operations | 8.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.07 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.83 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $48.66 | &nbsp;&nbsp;&nbsp; $41.45 | &nbsp;&nbsp;&nbsp; $37.39 | &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $28.90 | &nbsp;&nbsp;&nbsp; $33.05 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 19.68 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.46<br> %<br>| &nbsp;&nbsp;&nbsp; (8.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.46<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.78 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.91<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3240684 | &nbsp;&nbsp;&nbsp; $2897299 | &nbsp;&nbsp;&nbsp; $3256724 | &nbsp;&nbsp;&nbsp; $2697754 | &nbsp;&nbsp;&nbsp; $3299842 | &nbsp;&nbsp;&nbsp; $3579181 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the "Fund"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> MSCI United Kingdom Non-diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2026, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund's tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**Distributions:** Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of the Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Fund's investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI United Kingdom |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $4005868 | &nbsp;&nbsp;&nbsp; $(4005868) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares MSCI United Kingdom ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $7 billion | 0.59% |
| Over $7 billion, up to and including $11 billion | 0.54 |
| Over $11 billion, up to and including $24 billion | 0.49 |
| Over $24 billion, up to and including $48 billion | 0.44 |
| Over $48 billion, up to and including $72 billion | 0.40 |
| Over $72 billion, up to and including $96 billion | 0.36 |
| Over $96 billion | 0.32 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specific threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended February 28, 2026, the Fund paid BTC $2,289 for securities lending agent services.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2026, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI United Kingdom | &nbsp;&nbsp; $20068694 | &nbsp;&nbsp;&nbsp; $10375785 | &nbsp;&nbsp;&nbsp; $(14854873) |

---

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***7. PURCHASES AND SALES***

For the six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI United Kingdom | &nbsp;&nbsp; $67497951 | &nbsp;&nbsp;&nbsp; $50555125 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI United Kingdom | &nbsp;&nbsp; $88065946 | &nbsp;&nbsp;&nbsp; $244148438 |

---

***8. INCOME TAX INFORMATION***

The Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 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 Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

As of August 31, 2025, the Fund had non-expiring capital loss carryforwards of $726,376,539 available to offset future realized capital gains.

As of February 28, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI United Kingdom | &nbsp;&nbsp; $2637520725 | &nbsp;&nbsp;&nbsp; $784242622 | &nbsp;&nbsp;&nbsp; $(192656331) | &nbsp;&nbsp;&nbsp; $591586291 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

During the six months ended February 28, 2026, the Fund did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

The Fund invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund's investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect**,** the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI United Kingdom |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; $134185141 | &nbsp;&nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp; $344497707 |
| Shares redeemed | &nbsp;&nbsp; (6200000)<br>| &nbsp;&nbsp;&nbsp; (258364753)<br>| &nbsp;&nbsp;&nbsp; (26600000)<br>| &nbsp;&nbsp;&nbsp; (1006391818)<br>|
|  | &nbsp;&nbsp; (3300000)<br>| &nbsp;&nbsp;&nbsp; $(124179612)<br>| &nbsp;&nbsp;&nbsp; (17200000)<br>| &nbsp;&nbsp;&nbsp; $(661894111)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, the Fund's custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

***12. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Fund, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Fund from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |

---

Glossary of Terms Used in this Report

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©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.

![](g839764img7b2a5ad52.gif)

![](g839764img89db01ca3.gif)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| 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;(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;(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](d839764dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d839764dex99906cert.htm)

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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

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| | |
|:---|:---|
| By: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of<br> iShares Trust |
| Date: April 21, 2026 | Date: April 21, 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: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of<br> iShares Trust |
| Date: April 21, 2026 | Date: April 21, 2026 |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of<br> iShares Trust |
| Date: April 21, 2026 | Date: April 21, 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 twenty-seven series: iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI EM ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF, iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI China Multisector Tech ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Denmark ETF, iShares MSCI Emerging Markets Quality Factor ETF, iShares MSCI Emerging Markets Value Factor ETF, iShares MSCI Global Quality Factor ETF, iShares MSCI Global Sustainable Development Goals ETF, iShares MSCI India ETF, iShares MSCI India Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Japan Value ETF, iShares MSCI Kuwait ETF, iShares MSCI New Zealand ETF, iShares MSCI Norway ETF, iShares MSCI Peru and Global Exposure ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI United Kingdom ETF, iShares MSCI World Small-Cap ETF and iShares Paris-Aligned Climate MSCI World ex USA ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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---

| |
|:---|
| Date: April 21, 2026 |
| <u>/s/ Jessica Tan</u> |
| Jessica Tan |
| President (principal executive officer) of<br> iShares Trust |

---

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following twenty-seven series: iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI EM ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF, iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI China Multisector Tech ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Denmark ETF, iShares MSCI Emerging Markets Quality Factor ETF, iShares MSCI Emerging Markets Value Factor ETF, iShares MSCI Global Quality Factor ETF, iShares MSCI Global Sustainable Development Goals ETF, iShares MSCI India ETF, iShares MSCI India Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Japan Value ETF, iShares MSCI Kuwait ETF, iShares MSCI New Zealand ETF, iShares MSCI Norway ETF, iShares MSCI Peru and Global Exposure ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI United Kingdom ETF, iShares MSCI World Small-Cap ETF and iShares Paris-Aligned Climate MSCI World ex USA ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| |
|:---|
| Date: April 21, 2026 |
| <u>/s/ Trent Walker</u> |
| Trent Walker |
| Treasurer and Chief Financial Officer (principal financial officer) of<br> 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 February 28, 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: April 21, 2026 |
| <u>/s/ Jessica Tan</u> |
| Jessica Tan |
| President (principal executive officer) of<br> 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 February 28, 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: April 21, 2026 |
| <u>/s/ Trent Walker</u> |
| Trent Walker |
| Treasurer and Chief Financial Officer (principal financial officer) of<br> iShares Trust |

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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**.**